LIC New Jeevan Dhara II (Plan 892): Features, Eligibility, Benefits
LIC New Jeevan Dhara II is a newly launched deferred annuity plan by the Life Insurance Corporation of India. The policy will be available for purchase from October 19th, 2026. This is a non-linked, non-participating, individual savings plan. The annuity rates of LIC New Jeevan Dhara are guaranteed at the start of the policy.
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- LIC New Jeevan Dhara II (Plan 892)
The annuities will be paid to the annuitant(s) after the deferment period in arrears throughout their lifetime. Read to know about all the plan features in detail.
LIC New Jeevan Dhara II Plan No. 892- An Overview
LIC New Jeevan Dhara - II is a non-linked, individual, deferred annuity savings plan to help people plan their post retirement income. This is a non-participating plan by LIC of India, therefore, the benefits payable on maturity or death are guaranteed. Policyholders will receive fixed policy benefits based on the annuity option they choose.
The Jeevan Dhara plan promises guaranteed annuity from the inception of the policy. The annuity rates are higher for higher ages. For premium payment, policyholders get the option for regular and single premium payment. The life cover offered by this life insurance policy remains active during the deferment period as well. The official LIC New Jeevan Dhara II plan 892 brochure mentions that there are enhanced benefits for existing LIC policyholders.
Note: The deferment period is the waiting period after you buy the plan, during which you pay premiums and build up your pension, before the regular pension payments begin.
What are the Key Features of LIC New Jeevan Dhara II?
The LIC New Jeevan Dhara plan 892 can be purchased offline as well as online. Given below are some of the plan’s distinct features.
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There is a wide range of annuity options.
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Flexibility to choose from the following:
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Single or regular premium
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Single life annuity or joint life annuity
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Mode of annuity payment as yearly, half-yearly, quarterly or monthly
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You can choose the deferment period from 5 years to 15 years (for regular premium) or from 1 year to 15 years (for single premium)
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There are incentives for high premiums.
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There are also incentives for existing LIC policyholders or nominees or beneficiaries of LIC of India.
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Policyholders get an option to top up annuity which means they can increase the annuity by paying extra premium any time during the deferment period.
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The annuitant can decide the payment of the death benefit as a lump sum amount or installments or in the form of annuitization.
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The plan provides a liquidity option where a policyholder can ask for a lump sum amount in exchange of reduction in annuity payments and other benefits.
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There is an advanced annuity option for those who choose joint life annuity. If you buy a joint-life annuity plan with return of premium, and one of the two covered people passes away, the surviving person can choose to get a lump sum instead of waiting for regular pension payments. This lump sum is the present value of the pension payments for the "Advance Annuity Period", which is a set stretch of future payments defined in the plan.
Note: The LIC New Jeevan Dhara - II plan 892 is a revised version of the earlier LIC Jeevan Dhara - II plan 872. This older version was discontinued.
What are the Annuity Options in New LIC New Jeevan Dhara II?
The newly launched LIC Jeevan Dhara - II plan has a total of 11 annuity options which are all described in the table below:
| Premium Payment | Annuity Type | Annuity Options | |
| Regular Premium | Single Life Annuity | Option 1 | Life annuity for Single Life |
| Option 2 | Life annuity with Return of Premium for Single Life | ||
| Option 3 | Life annuity with 50% Return of Premium after attaining age 75 years for Single Life | ||
| Option 4 | Life annuity with 100% Return of Premium after attaining age 75 years for Single Life | ||
| Option 5 | Life annuity with 50% Return of Premium after attaining age 80 years for Single Life | ||
| Option 6 | Life annuity with 100% Return of Premium after attaining age 80 years for Single Life | ||
| Option 7 | Life annuity with 5% Return of Premium after attaining age 76 years to 95 years for Single Life | ||
| Joint Life Annuity | Option 8 | Life annuity for Joint Life | |
| Option 9 | Life annuity with Return of Premium for Joint Life | ||
| Single Premium | Single Life Annuity | Option 10 | Life annuity with Return of Purchase Price for Single Life |
| Joint Life Annuity | Option 11 | Life annuity with Return of Purchase Price for Joint Life | |
What is the Eligibility Criteria of New LIC New Jeevan Dhara-II Plan 892?
| Minimum Age at Entry | 20 years (last birthday) | |
| Maximum Age at Entry for Primary Annuitant | Annuity Option | Age in years (last birthday) |
| Option: 1, 2, 8, 9, 10 & 11 | 80 minus Deferment Period | |
| Option: 5, 6 & 7 | 70 minus Deferment Period | |
| Option: 3 & 4 | 65 minus Deferment Period | |
| Maximum Age at Entry for Secondary Annuitant | 75 years (last birthday) for Option 8 and 9 | |
| 79 years (last birthday) for Option 11 | ||
| Minimum Vesting Age | 35 years (last birthday) for Option 1 to 9 | |
| 31 years (last birthday) for Option 10 and 11 | ||
| Maximum Vesting Age for Primary Annuitant | Annuity Option | Age in years (last birthday) |
| Option: 1, 2, 8, 9, 10 & 11 | 80 | |
| Option: 5, 6 & 7 | 70 | |
| Option: 3 & 4 | 65 | |
| Policy Term | Not applicable | |
Deferment Period |
5 to 15 years (Option 1 to 9) | |
| 1 to 15 years (Option 10 & 11) | ||
| Premium Paying Term | Under Regular Premium | Same as Deferment Period |
| Under Single Premium | Single Pay | |
| Maximum Premium | No Limit (as per underwriting decision by LIC) | |
What is the Minimum Premium in LIC New Jeevan Dhara II Plan?
The minimum premium to be paid for the new LIC Jeevan Dhara annuity plan depends on the annuity option you have chosen.
Minimum Yearly Premium for Regular Premium
| Annuity Option | Minimum yearly Premium (Rs.) | |||||
| Deferment Period (10 to 15) | Deferment Period (7 to 9) | Deferment Period (5 to 6) | ||||
| Age 55 years & above | Age below 55 years | Age 55 years & above | Age below 55 years | Age 55 years & above | Age below 55 years | |
| Option-1 | 11,000 | 16,000 | 18,000 | 25,000 | 28,000 | 37,000 |
| Option-2 | 14,000 | 17,000 | 24,000 | 27,000 | 37,000 | 40,000 |
| Option-3 | 16,000 | 17,000 | 27,000 | 27,000 | 42,000 | 41,000 |
| Option-4 | 18,000 | 18,000 | 31,000 | 29,000 | 50,000 | 44,000 |
| Option-5 | 15,000 | 17,000 | 25,000 | 27,000 | 39,000 | 40,000 |
| Option-6 | 16,000 | 17,000 | 27,000 | 27,000 | 44,000 | 40,000 |
| Option-7 | 15,000 | 17,000 | 25,000 | 27,000 | 40,000 | 40,000 |
| Option-8 | 16,000 | 17,000 | 26,000 | 27,000 | 39,000 | 40,000 |
| Option-9 | 17,000 | 17,000 | 27,000 | 27,000 | 41,000 | 41,000 |
Minimum Purchase Price for Single Premium
| Annuity Option | Purchase Price (Rs.) | |||||
| Deferment Period (10 to 15) | Deferment Period (7 to 9) | Deferment Period (5 to 6) | ||||
| Age 55 years & above | Age below 55 years | Age 55 years & above | Age below 55 years | Age 55 years & above | Age below 55 years | |
| Option-10 | 1,00,000 | 1,25,000 | 1,50,000 | 1,65,000 | 2,05,000 | 2,10,000 |
| Option-11 | 1,25,000 | 1,30,000 | 1,70,000 | 1,70,000 | 2,15,000 | 2,15,000 |
Minimum Annuity
| Annuity Mode | Monthly | Quarterly | Half-yearly | Annual |
| Minimum Annuity (₹) | 1,000 per month | 3,000 per quarter | 6,000 per half-year | 12,000 per annum |
Note: The Joint Life Annuity can be taken between any two lineal ascendant or descendant of a family (like grandparent, parent, grandchildren, children) or between spouse or siblings or parent-in-law.
What are the Benefits of LIC New Jeevan Dhara Plan 892?
The table below describes the survival or death benefits for an in-force LIC New Jeevan Dhara - II policy for each annuity option.
| Option | Who is covered | If the policyholder dies during the waiting period (deferment period) | Pension phase (after the waiting period) | If the policyholder dies after the waiting period |
| Option-1: Life annuity | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. | Pension stops. Nothing more is paid. |
| Option-2: Life annuity with return of premium | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. | Pension stops. 100% of total premiums paid is given to the family. |
| Option-3: Life annuity with 50% return of premium at age 75 | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. On reaching the policy anniversary at or after age 75, 50% of total premiums paid is also returned. | Pension stops. The family gets 100% of total premiums paid, minus any early return already paid. |
| Option-4: Life annuity with 100% return of premium at age 75 | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. On reaching the policy anniversary at or after age 75, 100% of total premiums paid is also returned. | Pension stops. The family gets 100% of total premiums paid, minus any early return already paid. |
| Option-5: Life annuity with 50% return of premium at age 80 | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. On reaching the policy anniversary at or after age 80, 50% of total premiums paid is also returned. | Pension stops. The family gets 100% of total premiums paid, minus any early return already paid. |
| Option-6: Life annuity with 100% return of premium at age 80 | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. On reaching the policy anniversary at or after age 80, 100% of total premiums paid is also returned. | Pension stops. The family gets 100% of total premiums paid, minus any early return already paid. |
| Option-7: Life annuity with 5% return of premium every year from age 76 to 95 | One person | 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid for life. In addition, 5% of total premiums paid is returned each year, on each policy anniversary from age 76 to 95 (both included). | Pension stops. The family gets 100% of total premiums paid, minus the early returns already paid. |
| Option-8: Life annuity for joint life | Two people | If one person dies, nothing is paid and the policy continues (premiums are still paid, if due). When the second person dies, 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid as long as either person is alive. | If one person dies, nothing is paid and the survivor keeps getting 100% of the pension. When the second person dies, the pension stops and nothing is paid. |
| Option-9: Life annuity with return of premium for joint life | Two people | If one person dies, nothing is paid and the policy continues (premiums are still paid, if due). When the second person dies, 105% of total premiums paid is given to the family, and the policy ends. | Pension is paid as long as either person is alive. | If one person dies, nothing is paid and the survivor keeps getting 100% of the pension. When the second person dies, the pension stops and 100% of total premiums paid is given to the family. |
| Option-10: Life annuity with return of purchase price | One person | 105% of the purchase price is given to the family, and the policy ends. | Pension is paid for life. | Pension stops. 100% of the purchase price is given to the family. |
| Option-11: Life annuity with return of purchase price for joint life | Two people | If one person dies, nothing is paid and the policy continues. When the second person dies, 105% of the purchase price is given to the family, and the policy ends. | Pension is paid as long as either person is alive. | If one person dies, nothing is paid and the survivor keeps getting 100% of the pension. When the second person dies, the pension stops and 100% of the purchase price is given to the family. |
LIC New Jeevan Dhara Calculator
The LIC New Jeevan Dhara-II calculator is a free online tool that estimates the pension (annuity) you can expect from the plan. It is available on the LIC website.
The pension depends on the annuity option you choose, and with 11 options the amounts can differ a lot. Working this out by hand takes time and invites mistakes, so the calculator saves effort and gives a clear picture quickly.
What you need to enter:
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Your date of birth, so the tool can work out your age at entry
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The premium amount you plan to pay
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Your premium type: single premium or regular premium
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Your preferred annuity option
What you get: This LIC Calculator gives you a detailed illustration of the benefits you can expect from your policy, based on the details you entered. You can download this illustration as a pdf for reference in future.
Sample Premium Illustration for LIC New Jeevan Dhara II
To give you a clearer picture of the premiums payable under several options, given below is a sample premium illustration based on the following scenario:
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For Regular Premium
Annual premium: ₹50,000 (excluding taxes)
Age of annuitant at entry: 45 years (last birthday)
Age of secondary annuitant at entry: 40 years (last birthday)
| Option | Deferment Period | ||
| 5 years | 10 years | 15 years | |
| Option 1: Life annuity for Single Life | 20,545 | 53,810 | 1,04,695 |
| Option 2: Life annuity with Return of Premium for Single Life | 17,480 | 45,030 | 86,740 |
| Option 3: Life annuity with 50% Return of Premium after attaining age 75 years for Single Life | 16,845 | 43,060 | 82,300 |
| Option 4: Life annuity with 100% Return of Premium after attaining age 75 years for Single Life | 16,215 | 41,090 | 77,860 |
| Option 5: Life annuity with 50% Return of Premium after attaining age 80 years for Single Life | 17,185 | 44,115 | 84,680 |
| Option 6: Life annuity with 100% Return of Premium after attaining age 80 years for Single Life | 16,890 | 43,200 | 82,615 |
| Option 7: Life annuity with 5% Return of Premium after attaining age 76 years to 95 years for Single Life | 17,170 | 44,065 | 84,570 |
| Option 8: Life annuity for Joint Life | 18,610 | 47,355 | 89,380 |
| Option 9: Life annuity with Return of Premium for Joint Life | 17,120 | 42,855 | 79,690 |
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For Single Premium
Purchase Price: ₹5,00,000 (excluding taxes)
Age of annuitant at entry: 45 years (last birthday)
Age of secondary annuitant at entry: 40 years (last birthday) [applicable for Option 11]
| Option | Deferment Period | |||
| 1 | 5 | 10 | 15 | |
| Option 10: Life annuity with Return of Purchase Price for Single Life | 32,500 | 43,400 | 63,400 | 95,650 |
| Option 11: Life annuity with Return of Purchase Price for Joint Life | 32,100 | 41,900 | 58,200 | 83,150 |
LIC New Jeevan Dhara II Plan 892 Details
To know each and every important detail about the policy, refer to the following LIC New Jeevan Dhara plan details.
Top-Up Annuity
One of the USPs of the plan is that it allows policyholders to increase their annuity by paying additional premium as a single premium. However, the policyholder must pay it anytime during the deferment period while the policy is in-force.
Liquidity Option
In times of financial need, policyholders can request for a lump-sum amount in return of reduction in annuity payments and other benefits of the base policy. Liquidity option shall not be applicable for top-up annuity and shall be available for annuity options with Return of Premium (Option 2, 9, 10 and 11).
Death Benefit Payment Option
At the time of buying the policy, the annuitant must choose how the death benefit will be paid to the nominee, either as a lump sum or as a pension (immediate annuity) bought with that amount, and the nominee cannot change this later.
The annuitant can change the choice any time during their lifetime, and if the amount is too small or the nominee doesn't meet the conditions to buy an annuity, it is paid as a lump sum instead. This applies to both in-force and paid-up policies.
The third option is to receive the benefit in installments. The criteria of installment payment is as follows:
| Mode of Instalment Payment | Minimum Instalment Amount (₹) |
| Monthly | 5,000 |
| Quarterly | 15,000 |
| Half-Yearly | 25,000 |
| Yearly | 50,000 |
Payment of Premiums
This plan lets you pay either a single lump-sum premium or regular premiums over time. If you choose regular premiums, you can pay yearly, half-yearly, quarterly or monthly. Monthly payments are possible only through NACH (automatic bank debit), and you can also pay through salary deductions under the Salary Savings Scheme (SSS).
Premium Conversion Factor (For Regular Premium)
You can choose your own premium amount for the payment mode you prefer (yearly, half-yearly, quarterly or monthly). LIC converts this into a yearly figure called the Annual Equivalent Premium, by dividing your instalment by a set conversion factor for that mode, and uses it to calculate your annuity rates and incentives. The conversion factors are given below:
| Mode of Premium Payment | Premium Conversion Factor |
| Yearly | 1.0000 |
| Half-yearly | 0.5090 |
| Quarterly | 0.2568 |
| Monthly | 0.0861 |
Mode of Annuity Payment
You can receive your annuity (pension) yearly, half-yearly, quarterly or monthly. It is paid in arrears, meaning each payment comes at the end of the period. Your first payment arrives 1 year, 6 months, 3 months or 1 month after the Date of Vesting, depending on whether you chose yearly, half-yearly, quarterly or monthly payments. The Date of Vesting is the date your deferment period ends and the pension starts.
Grace Period (Only Applicable for Regular Premium Payment)
If you miss a premium, you get extra time to pay it, called a grace period. This is 30 days for yearly, half-yearly or quarterly premiums and 15 days for monthly premiums, counted from the date of the first unpaid premium. Your policy stays active during this time, and the cover continues without interruption. If you don't pay before the grace period ends, the policy lapses.
Incentive
Policyholders get incentives for high premiums in case of regular premiums and for high purchase price in case of a single premium. The incentive depends on the annuity option you choose the slab in which your amount falls. The incentive shall also depend on the age at entry of the policyholder.
The table below shows the incentive by online sale by way of increase in the annuity rate.
| Regular Premium | Single Premium | ||
| Deferment Period | Incentive (%) | Deferment Period | Incentive (%) |
| 5 years | 4.00% | 1 to 15 years | 2.00% |
| 6 to 10 years | 3.50% | ||
| 11 to 15 years | 2.00% | ||
Policy Revival (Only for Regular Premium Policies)
If you don't pay a due premium before the grace period ends, your policy lapses. A lapsed policy can be revived (restarted) while the annuitant(s) are alive, but only within 5 years of the date of the first unpaid premium.
Paid-Up Policy (Only for Regular Premium Policies)
If you have paid premiums for less than two full years and then miss a premium, all benefits end once the grace period is over, and nothing is paid. If you have paid premiums for at least two full years and then miss a premium, the policy does not end completely. It continues as a Paid-up policy. You still receive policy benefits but they are less than what you were originally supposed to receive.
Surrender Value
If you pay regular premiums, you can surrender (close) the policy at any time, during or after the deferment period, once you have paid at least two full years of premiums. If you pay a single premium, you can surrender the policy at any time after paying the Purchase Price.
Loan Facility
You can take a loan against the policy during or after the deferment period, but only under annuity options that return the premium or purchase price. If you pay regular premiums, the loan is available once you have paid at least two full years of premiums, under Options 2, 3, 4, 5, 6, 7 and 9. If you pay a single premium, the loan is available under Options 10 and 11, from 3 months after the policy is issued or after the free-look period ends, whichever is later.
Free Look Period
If you're not satisfied with the terms and conditions of the policy, you can return it to LIC within 30 days of receiving the policy bond, counted from whichever comes first, the electronic copy or the physical copy. You must state your reasons for the objection. LIC will then cancel the policy and refund the premium you paid, after deducting stamp duty charges and any annuity already paid.
Is LIC New Jeevan Dhara Policy a Good Retirement Plan?
LIC's New Jeevan Dhara-II is a deferred annuity plan designed to give you a steady and guaranteed income for life after retirement. With 11 annuity options, including joint-life cover for couples and return of premium, you can pick the structure that fits your retirement needs and your family's security. You can pay a single premium or regular premiums and receive your pension monthly, quarterly, half-yearly or yearly. It's a good fit for anyone who values certainty and peace of mind in retirement and a licensed advisor can help you choose the right annuity option.
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FAQs
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What is the new LIC New Jeevan Dhara II retirement plan?
Ans: LIC New Jeevan Dhara II is a new deferred annuity life insurance plan launched by LIC of India. It is a non-linked, non-participating, individual plan that helps planning income after retirement. The annuity rates are guaranteed at the start of the policy and after the deferment period you receive a pension for life. The plan is available for purchase from October 19, 2026. -
What are the annuity options in the new LIC New Jeevan Dhara II policy?
Ans: LIC New Jeevan Dhara plan has 11 annuity options. Options 1 to 9 are for regular premium payment and Options 10 and 11 are for single premium payment. You can choose a single life or joint life annuity with or without return of premium or purchase price and receive your pension yearly, half-yearly, quarterly or monthly. -
How does the LIC New Jeevan Dhara calculator work?
Ans: The LIC New Jeevan Dhara plan calculator is an online tool that estimates the pension you can expect from the new Jeevan Dhara plan. You need to enter your date of birth, the premium amount, your premium type (single or regular) and your preferred annuity option. It then gives you a detailed illustration of your benefits.
Different types of Plans
*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
++Returns are 10 years returns of Nifty 100 Index benchmark
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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