LIC Jeevan Dhara II

o   Regular Premium and Single Premium

o   Single Life Annuity and Joint Life Annuity

o   Available Deferment Period

§  Five years to 15 years (in case of Regular Premium)

§  One year to 15 years (in case of Single Premium)] i.e. when to start annuity payments as per your requirements.

o   Mode of Annuity payments, such as:

§  Yearly

§  Half-yearly

§  Quarterly

§  Monthly

1. Offers high premium incentive

1. The policy provides incentive for:

o   Existing Policyholders

o   Nominee

o   Beneficiary of the Corporation

1. undefined
2. By paying additional premium at any time during the Deferment Period, the policyholder can increase the annuity.
3. In the form of Annuitisation or in instalments, the policy provides option to take death benefit as Lump-sum.

1. Offers liquidity option thereby allowing policyholder to receive a lump-sum amount in return for a reduction in annuity payments and other benefits.

1. Provides advanced annuity option in case of Joint Life Annuity Options with Return of Premium.

Eligibility Criteria for LIC Jeevan Dhara II

Here is the list of eligibility criteria to apply for LIC’s Jeevan Dhara II:

1. Minimum entry age for primary and secondary annuitant is 20 years

1. Maximum entry age:

o   For Primary Annuitant:

§  Annuity Option of 1, 2, 8, 9, 10 and 11: 80 minus Deferment Period

§  Annuity Option of 5, 6 and 7: 70 minus Deferment Period

§  Annuity Option of 3 and 4: 65 minus Deferment Period

o   For Secondary Annuitant:

§  Annuity Option of 8 and 9: 75 years

§  Annuity Option of 11: 79 years

1. Minimum vesting age:

o   Annuity Option of 1 to 9: 35 years

o   Annuity Option of 10 and 11: 31 years

1. Maximum vesting age:

o   Annuity Option of 1, 2, 8, 9, 10 and 11: 80 years

o   Annuity Option of 5,6 and 7: 70 years

o   Annuity Option of 3 and 4: 65 years

1. Deferment Period

o   Annuity Option of 1 to 9: Five to 15 years

o   Annuity Option of 10 and 11: One to 15 years

1. Policy term: Not Applicable

1.  Premium Payment Term

o   Under Regular Premium: Same as Deferment Period

o   Under Single Premium: Single Pay

1. Maximum Premium: No limits

1. Minimum Annuity:

o   Monthly: Rs.1000 per month

o   Quarterly: Rs.3,000 per quarter

o   Half-yearly: Rs.6,000 per half-year

o   Annual: Rs.12,000 per annum

Benefits of LIC Jeevan Dhara II

Here is the list of key benefits of LIC Jeevan Dhara II:

1. Annuity Option 1: Life annuity for Single Life

o   During Deferment Period:

§  Nothing shall be payable, on survival of the annuitant.

§  Provides death benefit equal to 105% of Total Premiums Paid up to the date of death shall be payable, on death of the Annuitant.

1. After Deferment Period:

§  As long as the Annuitant is alive, annuity payments will be made in arrears as per chosen mode.

§  The annuity payments shall cease immediately on death of the annuitant.

1. Annuity Option-2: Life annuity with Return of Premium for Single Life

o   During Deferment Period:

§  Nothing shall be payable, on survival of the annuitant.

§  Provides death benefit equal to 105% of Total Premiums Paid up to the date of death shall be payable, on death of the Annuitant.

o   After Deferment Period:

§  As long as the Annuitant is alive, annuity payments will be made in arrears as per chosen mode.

§  Death benefit equal to 100% of Total Premiums Paid up to the date of death shall be payable on death of the annuitant and the annuity payment shall cease immediately.

1.  Annuity Option-3: After attaining age 75 years for Single Life, Life annuity with 50% Return of Premium

o   During Deferment Period:

§  Nothing shall be payable, on survival of the annuitant.

§  Death benefit equal to 105% of Total Premiums Paid up to the date of death shall be payable on death of the annuitant.

o   After Deferment Period:

§  As long as the Annuitant is alive, annuity payment will be made as per chosen mode in arrears.

§  Death benefit equal to 100% of Total Premiums Paid up to the date of death shall be paid.

1. Annuity Option-4:  After attaining age 75 years for Single Life, Life annuity with 100% Return of Premium

o   During Deferment Period:

§  Nothing shall be payable, on survival of the annuitant.

§  Death benefit equal to 105% of Total Premiums Paid up to the date of death shall be payable on death of the annuitant.

o   After Deferment Period:

§  Annuity payment shall be made in arrears as per the chosen mode as long as the Annuitant is alive.

§  Death benefit equal to 100% of Total Premiums Paid up to the date of death shall be paid and the annuity payments shall cease immediately on death of the annuitant.

1.  Annuity Option-5: Life annuity with 50% Return of Premium after attaining age 80 years for Single Life

o   During Deferment Period:

§  Nothing is payable if policyholder is alive

§  The nominee will receive 105% of the total premiums as the death benefit on death of the policyholder.

o   After Deferment Period:

§  Regular pension is paid as per the chosen mode till the policyholder is alive.

§  An Early Return of Premium of 50% of Total Premiums will be paid, once the policyholder reaches 80 years of age.

§  The nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid on death of the annuitant.

1.  Annuity Option-6: Life annuity with 100% Return of Premium after attaining age 80 years for Single Life

o   During Deferment Period:

§  Nothing is payable if policyholder is alive

§  The nominee will receive 105% of the total premiums as the death benefit on death of the policyholder.

o   After Deferment Period:

§  Regular pension is paid as per chosen mode till the policyholder is alive.

§  Early return of 100% of total premiums will be paid to the policyholder at the age of 80 years.

§  The nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid on death of the annuitant.

1. Annuity Option-7: Life annuity with 5% Return of Premium after attaining age 76 years to 95 years for Single Life

o   During Deferment Period:

§  Nothing is payable if policyholder is alive

§  The nominee will receive 105% of the total premiums as the death benefit on death of the policyholder.

o   After Deferment Period:

§  Regular annuity payments

§  On each policy anniversary, the policyholder will receive an early return of 5% of total premiums between 76 and 95 years of age.

§  The nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid on death of the annuitant.

1. Annuity Option-8: Life annuity for Joint Life

o   During Deferment Period:

§  Nothing is paid if either annuitant survives

§  The policy continues with due premium payments and no death benefit is paid on death of first annuitant.

§  The nominee will receive 105% of the total premiums as the death benefit on death of the last survivor.

o   After Deferment Period:

§  As long as either annuitant is alive, regular annuity payments will be made.

§  On the last survivor's death, annuity payment will cease.

§  On death of first annuitant, no death will be paid and 100% of the annuity continues till the death of the last survivor.

1. Annuity Option-9: Life annuity with Return of Premium for Joint Life

o   During Deferment Period:

§  Nothing will be paid if either annuitant survives

§  The policy continues with due premium payments and no death benefit will be paid on death of first annuitant.

§  On the death of the last survivor and nominee will receive 105% of the total premiums paid.

o   After Deferment Period:

§  As either annuitant is alive, regular annuity payment will be made.

§  As death benefit, 105% of total premium will be paid if the policyholder dies.

1. Annuity Option-10: Life annuity with Return of Purchase Price for Single Life

o   During Deferment Period:

§  Nothing shall be payable, on survival of the annuitant.

§  Death benefit equal to 105% of Purchase Price shall be payable on death of annuitant.

o   After Deferment Period:

§  As per the chosen mode, annuitant payment will be made as per the chosen mode in arrears as long as the annuitant is alive.

§  The annuity payments shall cease immediately on death of annuitant and 100% of Purchase Price shall be payable as death benefit.

1.   Annuity Option-11: Life annuity with Return of Purchase Price for Life

o   During Deferment Period:

§  Nothing shall be payable, on survival of the Primary Annuitant and/or Secondary Annuitant

§  Death benefit equal to 105% of Purchase Price shall be payable on death of the last survivor.

§  No death benefit shall be payable on first death and policy will continue.

o   After Deferment Period:

§  As long as the Primary Annuitant and/ or Secondary Annuitant is alive, the annuity payment is made in arrears

§  No death benefit shall be payable on death of first annuitant and as long as the last survivor is alive, 100% of the annuity amount shall continue to be paid

§  Death benefit equal to 100% of Purchase Price shall be payable and on death of the last survivor, the annuity payments shall cease immediately.

Additional Features of LIC Jeevan Dhara II

The following are some of the additional features of LIC’s Jeevan Dhara II:

Option available:

Here are the payment options available under LIC’s Jeevan Dhara II:

o   Top-up Annuity: Policyholders can increase their annuity during the deferment period by opting for a Top-up Annuity and by paying additional premium as a Single Premium.

o   Liquidity Option: The policyholders can opt for a lump sum under the Liquidity Option, resulting in reduced annuity payments. The facility can be availed under Annuity Options of 2, 9, 10, and 11 with Return of Premium.

o   Advanced Annuity Option: Under Joint Life Annuity Options with Return of Premium, the surviving annuitant can choose to receive a discounted lump sum in cash on the first death.

o   Death Benefit Payment Options: Policyholders can select one of three options for the death benefit: a lump sum, annuitisation of the death benefit, or installments over 5, 10, or 15 years. These choices, made at the proposal stage, can be modified during the policy term.

o   Option for Dependents with Disability: The policyholder can choose Option-10 (Life Annuity with Return of Purchase Price for Single Life) if they have a dependent with a disability.

1. Premium payment: Regular Premium or Single Premium payment options are available under this plan.

1. Premium Conversion Factor

1.  Annuity payment mode: The annuity payment mode offered under this policy are yearly, half-yearly, quarterly, and monthly.

1. Grace period:

o   Yearly, half-yearly, or quarterly premiums: 30 days

o   Monthly: 15 days

1. Revival: Within a period of 5 consecutive years from the date of First Unpaid Premium, the policy can be revived during the lifetime of the annuitant(s).

1.  Surrender

o   The policy can be surrendered by the Policyholder at any time during or after Deferment Period, only if premium is paid for two years under regular premium payment mode.

o   The policy can be surrendered by the policyholder at any time on payment of Purchase Price, under single premium payment mode.

1. Policy loan: Under annuity options with Return of Premium/ Purchase Price, loan can be availed by the policyholders during or after the deferment period.

1.  Free look period: 30 days
2. Taxes: The policyholder must pay applicable taxes as per prevailing rates on Premium or Purchase Price.