LIC introduces Jeevan Dhara II deferred annuity plan 

LIC introduces Jeevan Dhara II, a new annuity plan with flexible options and guaranteed annuity rates.

The Life Insurance Corporation of India (LIC) has introduced Jeevan Dhara II, a new individual, savings, deferred annuity plan.

Under the plan, available for sale from January 22, annuity is guaranteed from inception and as many as 11 annuity options will be available. There is higher annuity rates at higher ages and life cover will be available during the deferment period, LIC said on Friday following launch of the plan by Chairperson Siddhartha Mohanty.

The minimum age at entry should be 20 years (last birthday) and maximum 80, 70, 65 years minus the deferment period depending upon the annuity option chosen. There is flexibility to choose from, including regular and single premium; single life and joint life annuity; and available deferment period. Other features of the non-linked, non-participating plan, subject to certain conditions, include incentive by way of increase in the annuity rate for high premium/purchase price/for online sale; top-up annuity and option to receive a lump-sum amount in return of reduction in annuity payments.