The LIC Jeevan Dhara-II is a comprehensive annuity plan designed to meet the diverse needs of individuals seeking a stable and reliable income stream post-retirement. This plan stands out for its flexibility, offering a range of annuity options, premium payment modes, and deferment periods to tailor the plan according to personal financial goals and retirement timelines.
Tabular representation of the benefits of the LIC Jeevan Dhara-II annuity plan:
| Feature | Benefit |
|---|---|
| Annuity Options | Wide range of single and joint life annuity options |
| Premium Payment Flexibility | Choice between regular and single premium payments |
| Deferment Period | Options ranging from 1 to 15 years |
| Annuity Payment Modes | Yearly, half-yearly, quarterly, or monthly payments |
| Additional Benefits | High premium incentives, death benefits, top-up options |
| Eligibility Criteria | Specific age and premium payment limits |
| Death Benefits | Detailed benefits based on annuity option and policy year |
| Loan Facility | Available under certain conditions |
| Taxation | As per Insurance Act; GST applicable |
| Free Look Period | Option to return policy within a specified timeframe |
Key Features:
- Diverse Annuity Options: The plan offers a wide array of annuity options, including single and joint life annuities, catering to different family structures and income requirements.
- Premium Payment Flexibility: Policyholders can choose between regular premium payments or a single premium payment, providing flexibility in managing their financial commitments.
- Deferment Period Options: The plan allows policyholders to select their preferred deferment period, ranging from 1 to 15 years, enabling them to align the start of their annuity payments with their retirement plans.
- Mode of Annuity Payments: The plan accommodates various modes of annuity payments – yearly, half-yearly, quarterly, or monthly – to suit different income needs.
- Additional Benefits: The plan includes high premium incentives, benefits for existing policyholders/nominees/beneficiaries of LIC, and options for top-up annuities, death benefits, liquidity options, and advanced annuity options in case of joint life annuity with return of premium.
- Eligibility Criteria: The plan has specific age criteria for entry, vesting, and deferment periods, varying according to the chosen annuity option. It also details minimum and maximum limits for premium payments and annuity payments.
- Death Benefits and Surrender Values: The plan outlines specific death benefits and surrender value options, which vary based on the chosen annuity option and policy year.
- Loan Facility: A loan facility is available under certain conditions, providing financial support in times of need.
- Taxation and Legal Aspects: The plan outlines the taxation implications, including GST, and adheres to the Insurance Act’s provisions. Policyholders are advised to consult with a tax advisor for detailed implications.
- Free Look Period: The policy offers a free look period, allowing policyholders to return the policy within a specified timeframe if they are not satisfied with the terms and conditions.
The LIC Jeevan Dhara-II annuity plan is a versatile and secure option for individuals looking to ensure a stable financial future post-retirement. Its varied features cater to different needs and preferences, making it a suitable choice for a wide range of customers.
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