LIC Jeevan Dhara II-872

LIC's Jeevan Dhara - II is an individual savings deferred annuity plan offering non-linked, non-participating features. Annuity rates are fixed at policy inception, with guaranteed annuity payments after the deferment period throughout the annuitant's lifetime.

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We are rated~
rating
6.7 Crore
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LIC Jeevan Dhara II- An Overview

LIC Jeevan Dhara II is a deferred annuity policy offered by the LIC of India, which is designed to look after your financial needs post-retirement. With an entry age range of 20 to 80/70/65 years, depending on the chosen annuity option, the plan guarantees annuity rates from inception. Offering 11 annuity choices provides flexibility with options like a top-up annuity and death claim proceeds in a lump sum, annuitization, or installments. The policy also includes incentives for high premiums, a liquidity option, and loan facilities. This comprehensive plan caters to various needs with options like regular and single premiums, single life, and joint life annuities.

Key Features of LIC Jeevan Dhara-II

  • Annuity Options: LIC Jeevan Dhara-II 872 offers 11 annuity options, giving policyholders flexibility and choice in tailoring their financial strategy.

  • Guaranteed Annuity Rates: The plan assures fixed annuity rates from the policy's inception, providing policyholders with predictability and stability in their income stream.

  • Online and Offline Purchase: This LIC Pension Plan can be easily purchased online and offline, enhancing accessibility for potential policyholders.

  • Top-Up Annuity Option: Policyholders can increase their annuity through a top-up option involving a single premium payment during the deferment period while the policy is in force.

  • Loan Facility: Jeevan Dhara-II offers a loan facility during or after the deferment period, particularly under annuity options with the return of premium or purchase price.

Eligibility Criteria of LIC Jeevan Dhara-II

Parameters Minimum Maximum
Entry Age 20 years 80 minus Deferment Period 70 minus Deferment Period 65 minus Deferment Period
Vesting Age 31 years 80/70/65 years
Policy Term NA
Deferment Period 5 to 15] years (Option 1 to 9) [1 to 15] years (Option 10 & 11)

Benefits of LIC Jeevan Dhara II

The LIC Jeevan Dhara II provides flexibility with 11 annuity options. Depending on the selected annuity option, policyholders can enjoy various benefits, from life annuities to the return of premiums, ensuring a customized financial solution for their unique needs.

Option 1: Life Annuity for Single Life

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • If the policyholder dies, annuity payments will stop, and no death benefit will occur.

Option 2: Life Annuity with Return of Premium for Single Life

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • If the policyholder dies, the nominee will receive 100% of the total premiums as the death benefit, and the policy ends.

Option 3: Life Annuity with 50% Return of Premium after attaining age 75 years for Single Life

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • Additionally, once the policyholder reaches 75 years, an Early Return of Premium of 50% of Total Premiums will be paid.

  • If the policyholder passes away, the nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid.

Option 4: Life Annuity with 100% Return of Premium after attaining age 75 years for Single Life

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • In addition, at age 75, the policyholder will get an early return of 100% of total premiums.

  • If the policyholder passes away, the nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid.

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

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • Additionally, once the policyholder reaches 80 years, an Early Return of Premium of 50% of Total Premiums will be paid.

  • In case of death, the nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid.

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

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • In addition, at age 80, the policyholder will get an early return of 100% of total premiums.

  • In case of death, the nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid.

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

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

  • Regular annuity payments are made.

  • Between ages 76 and 95, the policyholder will receive an early return of 5% of total premiums on each policy anniversary.

  • If the policyholder passes away, the nominee will receive 100% of the total premiums paid, minus any early return of the premium already paid.

Option 8: Life Annuity for Joint Life

During Deferment Period:

  • If either annuitant survives, nothing is paid.

  • No death benefit is paid on the first death, and the policy continues with due premium payments.

  • The nominee will receive 105% of the total premiums paid on the last survivor's death, and the policy ends.

After Deferment Period:

  • Regular annuity payments are made as long as either annuitant is alive.

  • No death benefit is paid on the first death, and 100% of the annuity continues until the last survivor's death.

  • Annuity payments cease on the last survivor's death, and no death benefit is paid.

Option 9: Life Annuity with Return of Premium for Joint Life

During Deferment Period:

  • If either annuitant survives, nothing is paid.

  • No death benefit is paid on the first death, and the policy continues with due premium payments.

  • The nominee will receive 105% of the total premiums paid on the last survivor's death, and the policy ends.

After Deferment Period:

  • Regular annuity payments are made as long as either annuitant is alive.

  • No death benefit is paid on the first death, and 100% of the annuity continues until the last survivor's death.

  • Annuity payments cease on the last survivor's death, and beneficiaries receive 100% of the total premiums paid.

Option 10: Life Annuity with Return of Purchase Price for Single Life

During Deferment Period:

  • If the policyholder survives, nothing is paid.

  • If the policyholder dies, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

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

  • If the policyholder dies, the nominee will receive 100% of the total premiums as the death benefit, and the policy ends.

Option 11: Life Annuity with Return of Purchase Price for Joint Life

During Deferment Period:

  • If any of the annuitants survive, nothing is paid.

  • The policy continues; no death benefit is paid on the first death.

  • On the death of the second annuitant, the nominee will receive 105% of the total premiums as the death benefit, and the policy ends.

After Deferment Period:

  • Regular annuity payments are made as long as either annuitant is alive.

  • No death benefit is paid on the first death, and 100% of the annuity continues until the last survivor's death.

  • Annuity payments will stop on the last survivor's death, and the nominee will receive 100% of the total premiums paid.

Optional Benefits Available Under LIC Jeevan Dhara II

  • Top-up Annuity:

    Policyholders can enhance their annuity by opting for a Top-up Annuity during the deferment period. Additional premiums for the Top-up annuity will determine the increased annuity amount based on prevailing rates. The total annuity, combining the base and Top-up, will be paid in the chosen mode. 

  • Liquidity Option:

    After 5 years from the first annuity payment, policyholders can opt for the Liquidity Option, allowing them to receive a lump sum in exchange for reduced annuity payments. This can be done up to three times, not exceeding 60% of the total premiums paid. The annuity amount, death benefit, and other benefits will be revised after each exercise of this option.

  • Advanced Annuity Option:

    Under Joint Life Annuity Options with Return of Premium, the surviving Annuitant can choose to receive a discounted lump sum during the 'Advance Annuity Period' on the first death of either covered life. This option is exercisable within 6 months from the date of the first death, allowing withdrawal of up to 5 years annuities as a lump sum, subject to specific calculations. Once the 'Advanced Annuity Period' ends, regular annuity payments resume.

  • Options for Death Benefit Payment:

    Policyholders can choose from three options for paying the death benefit to the nominee(s): lumpum death benefit, annuitisation of death benefit, or Installment. The annuity option enables the purchase of an Immediate Annuity for the nominee(s), and the In Installment option allows the death benefit to be received in installments over 5, 10, or 15 years. The chosen option at the proposal stage can be modified during the policy's term.

  • Option for Dependents with Disability:

    If the policyholder has a dependent person with a disability (Divyangjan), they can opt for Option-10 (Life Annuity with Return of Purchase Price for Single Life) for the dependent's benefit. The death benefit, if less than the minimum purchase price, is compulsorily utilized to purchase an Immediate Annuity for the dependent. The eligible disability is determined based on applicable disability legislation.

What is Not Covered Under LIC Jeevan Dhara II?

Suicide Exclusion:

In the unfortunate event of the Annuitant or Last Survivor (for Joint life annuity) taking their own life within 12 months from the start of the policy or within 12 months from the date of revival, the Nominee will receive 80% of the total premiums paid till the date of death, provided the policy is active. The Nominee will receive the higher of 80% of the total premiums paid or the surrender value available as of the date of death. No other claims will be payable under the policy in such cases.

Note: LIC Jeevan Dhara is a non-participating- non-linked deferred annuity plan that was designed to look after the post-retirement needs of the policyholder. However, the plan is no longer available for sale, and those individuals who wish to secure their golden years can buy LIC Jeevan Dhara II.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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