The Jeevan Dhara II saving and annuity plan, from Life Insurance Corporation of India (LIC), provides a safe alternative for those who are mindful of market risks. The scheme, which was unveiled on January 19 by LIC Chairman Siddhartha Mohanty, is now taking applications through January 22, 2024.
This is meant to be an individual savings plan with pushed-back annuity benefits, Jeevan Dhara II offers life insurance throughout the deferral period and increases annuity rates as a person becomes older.
Key Features Of Jeevan Dhara II
Guaranteed Annuity
From the start, policyholders are promised a guaranteed annuity, with 11 different possibilities.
Higher Annuity Rates
When people get older, the scheme guarantees greater annuity rates.
Life Cover During Deferment
The availability of life insurance throughout the deferral period strengthens the policy’s protective elements.
Loan Facility
A lending facility is provided by annuity choices that allow a return of premium or purchase price either during or after the deferral term.
Eligibility And Age Criteria
To be eligible for Jeevan Dhara II, a person must be at least 20 years old as of their last birthday. The maximum age of enrollment is 80, 70, or 65 years old less the waiting term, depending on the annuity type selected.
Benefits Offered
Reward for Excessive Premiums
By raising the annuity rate for high premiums, purchase prices, online sales, and top-up annuities, the plan offers an incentive.
Flexibility in Payouts
In exchange for a lower annuity payout, applicants may choose to receive a lump sum settlement.
