Srinagar, Jan 20: Chairperson, Life Insurance Corporation of India (LIC), Siddhartha Mohanty, announced the latest plan, LIC’s Jeevan Dhara II, set to be available for purchase from January 22, 2024.
LIC’s Jeevan Dhara-II is an Individual, Savings, Deferred Annuity Plan with the Unique Identification Number (UIN): 512N364V01, the insurance company said in a press release.
According to the statement, Minimum Age at Entry is 20 years (last birthday) for Annuitant/Primary/Secondary Annuitant, and the Maximum Age at Entry is 80, 70, 65 years minus the deferment period, depending upon the annuity option chosen. The annuity is guaranteed from inception with 11 available annuity options, offering higher rates at higher ages. Life cover is available during the deferment period.
There is flexibility in choosing Regular Premium and Single Premium, along with options for Single Life Annuity and Joint Life Annuity. The deferment period is adjustable, ranging from 5 years to 15 years for Regular Premium and from 1 year to 15 years for Single Premium. Annuity payment modes include yearly, half-yearly, quarterly, and monthly.
Once an annuity option is chosen, it cannot be altered. Incentives are provided for High Premium/Purchase price/Online Sale through increased annuity rates for existing Policyholders/Nominee/Beneficiary. There is an option to increase the Annuity (Top-up annuity) by paying additional Single Premium during the deferment period while the policy is in force.
Options for death claim proceeds include Lump-sum, Annuitisation, or instalments. A Liquidity Option allows a lump-sum amount in return for a reduction in annuity payments under annuity options with Return of Premium/Purchase Price. Loan facilities are available during or after the deferment period under annuity options with Return of Premium/Purchase Price.
The Plan is a Non-Linked, Non-Participating Plan. Benefits are payable under an in-force policy on the survival or death of the Annuitant(s) based on the selected Annuity Options. For comprehensive details, refer to the full Product Prospectus and Sales Brochure or visit www.licindia.in. The plan is available for purchase both offline through agents/other intermediaries and online directly through the website, the LIC said.
