LIC JEEVAN DHARA - II
LIC Jeevan Dhara - 2 (Plan 872) is a regular or single premium deferred annuity plan - a guaranteed pension plan in which premium can be paid on for specified number of years or one-time payment. In return, policyholders start receiving a yearly pension for their entire lifetime, ensuring financial security in retirement.
Before going into a detailed and comprehensive explanation of the LIC Jeevan Dhara-2 plan, let's explore the key features through five quick examples. These practical scenarios will provide a clearer understanding of how the plan works in various situations. (Pension amounts are not exact).
Example-1
Mr. John, at the age of 45, buys LIC Jeevan Dhara -2. He pays a yearly premium of Rs. 1,00,000 for a duration of 15 years. After completion of 15 years when he reaches the age of 60, John start receiving guaranteed pension of Rs. 30,000 per month for life time. Importantly, in the unfortunate event of John's demise, the deposited amount of Rs. 15,00,000 is returned to his nominee, providing financial protection for his loved ones.
Example-2
Mr. Sohan, at the age of 35, opts for LIC Jeevan Dhara - 2 (Plan No. 872). He pays an annual premium payment of Rs. 1,00,000 for a duration of 15 years. Upon reaching the age of 50, Sohan begins receiving a yearly pension of Rs. 25,000 for the rest of his life. It's important to note that in the unfortunate event of Sohan's demise, the purchase price is not returned to his nominee.
Example-3
Mr. Rajesh, at the of 40 years buys LIC Jeevan Dhara -2. He pays premium of 1,20,000 per year for 15 years. Upon reaching the age of 55, Rajesh starts receiving a yearly pension of Rs. 30,000 for rest of his life. When he reaches age of 80, he gets back total paid premium which comes to 18,00,000.
Example-4
Mr. Ramesh, aged 50, and his wife Mrs. Shalini, aged 45, opt for a joint LIC Jeevan Dhara -2 policy. They commit to an annual premium payment of Rs. 2,00,000 for a period of 10 years. Upon Ramesh reaching the age of 60, he begins receiving a monthly pension of Rs. 35,000 for as long as he is alive. In the unfortunate event of Ramesh's demise, Mrs. Shalini seamlessly takes over and continues to receive the same pension amount throughout her lifetime. Moreover, in the event of Mrs. Shalini's demise, the deposited amount of Rs. 20,00,000 is returned to their nominee.
Example-5
Mrs. Sushma, aged 45, opts for the LIC Dhara-2 policy and makes a wise financial decision by paying a single premium of Rs. 20,00,000. Fifteen years later, at the age of 60, she begins receiving a guaranteed monthly pension of Rs. 45,000 for the entirety of her lifetime. In the unfortunate event of Mrs. Sushma's demise, the deposited amount of Rs. 20,00,000 is returned to her nominee, ensuring financial protection for her loved ones.
LIC Jeevan Dhara-II has 11 options, specifications and benefits of each options are explained below.
| OPTION - 1 | |
|---|---|
| Annuity/Pension Type | Single Life (One Policyholder) |
| Minimum Age at Entry | 20 years |
| Maximum Age at Entry - Deferment Period | 80 years |
| Minimum Pension Starting Age | 35 years |
| Premium Payment Term/Deferment Period | 5 to 15 Years |
| Starting of Pension/Annuity | Starts upon completion of the Deferment Period, providing the policyholder with a lifetime pension. |
| Survival Benefit | 0 |
| Death Benefit (During Deferment Period) | 105% of total premium paid up to the time of death |
| Death Benefit (After Deferment Period) | Nothing |
| OPTION - 2 | |
|---|---|
| Annuity/Pension Type | Single Life (One Policyholder) |
| Minimum Age at Entry | 20 years |
| Maximum Age at Entry - Deferment Period | 80 years |
| Minimum Pension Starting Age | 35 years |
| Premium Payment Term/Deferment Period | 5 to 15 Years |
| Starting of Pension/Annuity | Starts upon completion of the Deferment Period, providing the policyholder with a lifetime pension. |
| Survival Benefit | 0 |
| Death Benefit (During Deferment Period) | 105% of total premium paid up to the time of death |
| Death Benefit (After Deferment Period) | Return of Total Premium Paid to the nominee and policy is closed. |
| OPTION - 3 | |
|---|---|
| Annuity/Pension Type | Single Life (One Policyholder) |
| Minimum Age at Entry | 20 years |
| Maximum Age at Entry - Deferment Period | 80 years |
| Minimum Pension Starting Age | 35 years |
| Premium Payment Term/Deferment Period | 5 to 15 Years |
| Pension/Annuity | Starts upon completion of the Deferment Period, providing the policyholder with a lifetime pension. |
| Survival Benefit | 50% of total premium paid is returned to the policyholder at age 75 |
| Death Benefit (During Deferment Period) | 105% of total premium paid up to the time of death |
| Death Benefit (After Deferment Period) | 50% of Total Premium Paid is returned to the nominee and policy is closed. |
| OPTION - 4 | |
|---|---|
| Annuity/Pension Type | Single Life (One Policyholder) |
| Minimum Age at Entry | 20 years |
| Maximum Age at Entry - Deferment Period | 80 years |
| Minimum Pension Starting Age | 35 years |
| Premium Payment Term/Deferment Period | 5 to 15 Years |
| Pension/Annuity | Starts upon completion of the Deferment Period, providing the policyholder with a lifetime pension. |
| Survival Benefit | 100% of total premium paid is returned to the policyholder at age 75 |
| Death Benefit (During Deferment Period) | 105% of total premium paid up to the time of death |
| Death Benefit (After Deferment Period) | Nothing is paid to the nominee and policy is closed |
| OPTION - 5 | |
|---|---|
| Annuity/Pension Type | Single Life (One Policyholder) |
| Minimum Age at Entry | 20 years |
| Maximum Age at Entry - Deferment Period | 80 years |
| Minimum Pension Starting Age | 35 years |
| Premium Payment Term/Deferment Period | 5 to 15 Years |
| Starting of Pension/Annuity | Starts upon completion of the Deferment Period, providing the policyholder with a lifetime pension. |
| Survival Benefit | 50% of total premium paid is returned to the policyholder at age 80 |
| Death Benefit (During Deferment Period) | 105% of total premium paid up to the time of death |
| Death Benefit (After Deferment Period) | 50% of Total Premium Paid is returned the nominee and policy is closed. |
More to follow....