LIC Jeevan Dhara II (Pension Plan No 872) – Benefits and Review

Not too long ago LIC has launched Jeevan Dhara II, a brand new pension plan geared toward attracting people in search of last-minute tax-saving choices throughout the monetary year-end. On this article, we’ll present an in-depth look into LIC Jeevan Dhara II, masking its options, numerous advantages, and potential drawbacks.

Additionally Learn: LIC New Pension Plus – Do you have to choose?

About LIC Jeevan Dhara II Pension Plan

LIC has launched Jeevan Dhara II, a brand new pension plan on January 22, 2024.

This plan, generally known as LIC’s Jeevan Dhara – II, is a Non-Linked, Non-Taking part, Particular person, Financial savings, Deferred Annuity plan.

This pension plan Ensures a hard and fast revenue to your retirement. It comes with the one life and joint life possibility and with single premium and common premium cost choices. The life cowl is supplied throughout the deferment interval and pension is paid after the deferment interval.

This pension plan is being provided underneath Distinctive Identification Quantity (UIN) 512N364V01

This Plan might be bought Offline via brokers / different intermediaries in addition to On-line straight via web site.

LIC’s  Present Pension Plans

At the moment, LIC has 3 Pension Plans indicated beneath:

• LIC Jeevan Akshay – VII
• LIC New Jeevan Shanti
• LIC Saral Pension Plan

What are several types of Annuity Plans?

Typically, there are two most important varieties of annuity plans, every serving completely different functions:

#1 – Speedy Annuity Plans:

• The way it Works: On this plan, traders make a lump-sum cost, and the pension or annuity kicks in instantly.
• Key Function: This feature is good for individuals who need to begin receiving a daily revenue virtually instantly after making a one-time cost.

#2 – Deferred Annuity Plans:

• The way it Works: In distinction, deferred annuity plans contain making common funds over a predefined interval.
• Key Function: The pension funds begin after this deferment interval, which may vary from 5, 10, and even 20 years, providing a extra strategic method to planning for retirement.

LIC’s Jeevan Dhara II falls into the class of Deferred Annuity Plans

LIC Jeevan Dhara II – New Pension Plan – Options and Eligibility

Under are the options and eligibility particulars.

What are completely different annuity choices accessible on this plan?

Loss of life Profit in LIC Jeevan Dhara II

A) Loss of life throughout the Deferment interval

• Single Life –105% of the overall premiums can be paid to the nominee.
• Joint Life – Within the occasion of the preliminary demise of both policyholder, no dying profit shall be supplied. The coverage, nevertheless, will persist. If the final surviving policyholder passes away, 105% of the overall premiums paid shall be given to the nominee.

B) Loss of life throughout the Pension Fee interval

• Single Life – The pension will stop instantly, and no additional advantages shall be supplied except the policyholder had opted for the return of the premium. If the return of the acquisition worth was chosen, the nominee would obtain 100% of the overall premiums paid.
• Joint Life – Particular circumstances relating to dying advantages for numerous annuity choices are outlined within the coverage doc. It’s endorsed to refer to those coverage particulars for a complete understanding of the dying profit underneath joint life annuity choices.

Constructive Components in LIC Jeevan Dhara II

• This pension plan gives assured pension. We’d know the way a lot about can be paid after the deferment interval.
• Not like earlier pension plans of LIC, this plan comes with extra pension choices comparable to return of the acquisition worth throughout the pension cost interval as much as sure age and many others.,
• Good for traders who’re trying low threat low return pension plans.

Destructive Components in LIC Jeevan Dhara II

• Whereas the plan advertises life lengthy assured revenue, in actuality it’s guaranteeing the quantity after deferment interval. Typical pension plans in any case present the indicated quantity one would get after deferment interval, therefore such ‘assured’ phrases are usually not one thing new.
• The pension quantity obtained after deferment interval is taxable.
• This plan supplies extra incentive of 0.25% to 0.5% elevated pension revenue for offline buy solely. Such offline purchases enhance LIC brokers’ gross sales. If you happen to want for on-line buy solely, it’s possible you’ll not get benefitted with such extra incentives.
• The returns provide in such LIC pension plans is low and fail to beat inflation.

You could like: 7 Funding Choices for Senior Residents – Low Threat to Average Threat

LIC Jeevan Dhara II – Do you have to Subscribe or Keep away from?

Jeevan Dhara II comes with distinctive options, however you will need to word that such pension plans include low returns too. Given the present state of affairs the place inflation is on the rise, choosing funding schemes with low returns will not be advisable. Until you might be LIC fan and like low risk-low return schemes, it is best to keep away from such plans for now.

One can discuss with LIC Jeevan Dhara II Coverage doc for additional particulars about this pension plan.

Suresh KP is the Founding father of Myinvestmentideas. He’s NISM Licensed – Funding Adviser and NISM Licensed – Analysis Analyst. He has been analyzing monetary markets within the final 20 years.He might be reached at suresh@myinvestmentideas.com

Newest posts by Suresh KP (see all)