LIC Jeevan Dhara-2 Plan 872
LIC of India has introduced Jeevan Dhara-2 plan 872, a new individual, savings, deferred annuity (pension) plan. LIC Jeevan Dhara-2 Plan 872 is available for sale from 22nd, January 2024. The annuity is guaranteed from inception and 11 annuity options are available to prospective policyholders. There is higher annuity rates at higher ages and life cover will be available during the deferment period.
Description
This is a non-linked, limited premium paying endowment plan that provides financial protection through life insurance coverage while also offering a regular income stream after a specific period.
Launch Date: LIC Jeevan Dhara-2 was launched on February 22, 2023.
Eligibility Criteria
- Minimum Entry Age: 30 years
- Maximum Entry Age: 60 years
- Policy Term: 10, 15, or 20 years
- Premium Payment Term: Equal to the policy term
- Minimum Sum Assured: ₹1,50,000
- Maximum Sum Assured: No upper limit; subject to underwriting.
Key Features and Benefits
Death Benefit
- In the event of the policyholders demise during the policy term, the nominee receives the Sum Assured along with any accrued bonuses.
Maturity Benefit
- If the policyholder survives the policy term, they will receive the Sum Assured plus accrued bonuses.
Regular Income Benefit
- After a specified period (such as 10 years), the policyholder can opt for a regular income benefit, which is paid annually for a certain duration, providing a steady cash flow.
Limited Premium Payment
- Premiums are paid for a limited period equal to the policy term, while the policyholder is covered for the entire term.
Loyalty Additions
- The plan may offer loyalty additions that enhance the maturity benefit, based on the policys duration.
Tax Benefits
- Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act.
- Maturity benefits are generally tax-free under Section 10(10D), subject to applicable tax laws.
Loan Facility
- Policyholders can avail of a loan against the policy once it acquires a surrender value.
Example of Benefits
Lets consider a 35-year-old policyholder opting for a Sum Assured of ₹10,00,000 with a policy term of 15 years.
Premium Calculation Example
| Policy Term | Annual Premium | Total Premium Paid (15 Years) | Estimated Maturity Benefit (Including Bonuses) |
|---|---|---|---|
| 15 Years | ₹75,000 | ₹11,25,000 | ₹13,50,000 (approx.) |
Death Benefit Example
If the policyholder passes away during the policy term, the nominee would receive:
- Death Benefit Calculation:
- Death Benefit = Sum Assured + Bonuses
- For ₹10,00,000 Sum Assured: Total benefit could be around ₹12,00,000 (including bonuses).
Maturity Benefit Example
Assuming the policyholder survives the full term of 15 years:
- Maturity Benefit Calculation:
- Maturity Benefit = Sum Assured + Bonuses
- For ₹10,00,000 Sum Assured: Total benefit could be approximately ₹13,50,000.
Summary
LIC Jeevan Dhara-2 (Plan No. 872) is tailored for individuals looking for both life insurance coverage and a reliable income stream. Its features, including limited premium payments, regular income options, and tax benefits, make it an attractive choice for financial security and planning.
For specific calculations and personalized advice, its advisable to consult with a LIC agent or financial advisor to understand the best options based on individual financial goals.
