India's insurance market leader 'Life Insurance Corporation of India' (LIC) introduced a new insurance plan – Jeevan Dhara II, which is an individual, savings and deferred annuity plan.

In a press release, LIC shares the information for the same. This is a non-linked and non-participating annuity plan. LIC Jeevan Dhara II can be purchased both online and offline from January 22, 2024.

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Eligibility for LIC Jeevan Dhara II

The minimum age an individual should have to buy a Jeevan Dhara II policy is 20 years and the maximum age to enter into the policy can be 80/70/65 years minus a deferment period, depending on the annuity option chosen. As per LIC, there are 11 annuity options available for the policyholders. Additionally, there is a provision for higher annuity rates at older ages.

Features of LIC Jeevan Dhara II

  • Here life insurance cover is available during the moratorium period of the policy.
  • There is an option to increase the annuity (top-up annuity) during the deferment period and when the policy is in force, by paying an additional premium.
  • Under the scheme, there is an option to take the death claim as a lump sum, annuity or instalments. A liquidity option is also available in this plan.
  • Policyholders can avail the benefit of a loan

Annuity Options in LIC Jeevan Dhara II

Regular Premium: The deferment period ranges from 5 years to 15 years.

Single Premium: The deferment period ranges from 1 year to 15 years.
Single Life Annuity and Joint Life Annuity

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