LIC New Jeevan Dhara-II: After retirement, everyone desires a fixed monthly income so that they do not have to depend on others for their daily expenses. Keeping this objective in mind, the Life Insurance Corporation of India (LIC) offers a special option: the ‘New Jeevan Dhara-II’ scheme. This is a unique type of pension plan that allows you to invest and secure a regular pension for the future.
A key feature is that the pension rate is determined at the time of purchasing the policy; it remains unaffected by subsequent market fluctuations. You can choose a pension structure that suits your specific needs, and the scheme allows for both individual accounts and joint accounts (for a husband and wife). Let’s explore the scheme in detail.
What is the LIC New Jeevan Dhara-II scheme?
The LIC New Jeevan Dhara-II is a ‘deferred annuity’ pension scheme. You deposit funds initially, and subsequently, you receive a regular pension. Designed to provide a steady income post-retirement, this scheme is a ‘non-linked, non-participating’ plan. This means that the returns are not dependent on stock market fluctuations, and the policy does not accrue bonuses.
Payment options: Lump sum or installments
This LIC scheme offers various ways to pay premiums, allowing you to choose a payment method that aligns with your financial situation. You can opt for either a ‘single premium’—where the entire amount is paid at once—or ‘regular premiums,’ which are paid in installments. The company provides this flexibility to investors.
Who can avail the benefits of this scheme?
There are specific eligibility criteria for investing in this LIC scheme. The investor must be at least 18 years old. The maximum age limit depends on the chosen annuity option and the deferment period. Both single and joint accounts can be opened. Pension payouts can be received on a quarterly, monthly, semi-annual, or annual basis.
Key points regarding this LIC policy:
Before investing, it is important to understand that this is not a standard savings account or a fixed deposit. The invested funds are used to provide a pension through an annuity. The pension amount depends on the investment, the investor’s age, and the chosen duration. Therefore, it is advisable to compare the various available options before making an investment. For further details, you may visit the official LIC website.