The Life Insurance Corporation of India (LIC) has launched a new savings and annuity plan named Jeevan Dhara II, providing a secure financial option for individuals wary of market risks. LIC Chairman Siddhartha Mohanty unveiled the plan on January 19, and it will be open for applications starting January 22, 2024.
Key Features of Jeevan Dhara II:
- Guaranteed Annuity: Policyholders are entitled to a guaranteed annuity from the commencement of the plan, with 11 annuity options available.
- Higher Annuity Rates: The plan assures higher annuity rates as individuals age, enhancing the long-term benefits for investors.
- Life Cover During Deferment: Jeevan Dhara II provides life cover throughout the deferment period, adding a layer of protection to the policy.
- Loan Facility: Annuity options with a return of premium/purchase price offer a loan facility during or after the deferment period, providing financial flexibility.
Eligibility and Age Criteria:
To be eligible for Jeevan Dhara II, individuals must be a minimum of 20 years old (last birthday). The maximum entry age varies based on the chosen annuity option, with limits of 80, 70, or 65 years minus the deferment period.
Benefits Offered:
- Incentive for High Premiums: The plan encourages higher premiums by increasing the annuity rate, offering rewards for substantial premiums, purchase prices, online sales, and top-up annuity.
- Flexibility in Payouts: Applicants have the flexibility to opt for a lump-sum amount in return for a reduction in annuity payments, providing customization based on individual preferences.
As individuals increasingly seek secure financial instruments, Jeevan Dhara II stands as a reliable option, combining guaranteed annuity, life cover, and flexibility for investors.
