LIC Insurance Plan: The new insurance plan from LIC, a government-owned insurance business, has gone live. This LIC plan is an annuity with guaranteed income. The designation for it is LIC Jeevan Dhara-2.
LIC Announces New Annuity Plan
LIC issued a press statement with details on this new initiative. LIC Jeevan Section 2 is a non-linked and non-participating plan, according to a statement by the business. On Monday, this strategy will be accessible. Thus, this plan will be available for purchase starting on Monday. According to the company, there are multiple ways to purchase this plan, including online and offline.
Minimum and Maximum Age Eligibility
The minimum age to purchase this LIC annuity plan is twenty years old, and the maximum age will vary depending on the annuity option. The plan can be purchased by individuals who are 80 years of age, 70 years of age, or 65 years of age, less the deferment term. The annuity guarantee is what makes this plan so unique. Eleven annuity options are offered with the plan, according to LIC’s press release. An annuity is guaranteed from the start, and as one ages, a greater annuity rate is available.
Continuous Insurance Coverage
Insurance coverage is offered under this LIC plan throughout the duration of the policy’s deferment period. Top-up annuity is one of the options in this plan to raise the annuity. Anytime throughout the policy’s deferment period, the policyholder may choose to switch to a top-annuity by paying an additional premium in one lump sum.
Liquidity Option for Annuity Gaps
This new plan also includes a liquidity option. To make up for the gap in annuity payments, for instance, the policyholder may decide to receive a lump sum payment. The policyholder is provided with a lending opportunity both during and after the deferment term. There are numerous annuity alternatives in this plan; the three primary possibilities are as follows. The first choice, ordinary premium, has a deferment period ranging from five to fifteen years.
The deferment time for the second option, which is a single premium, ranges from one year to fifteen years.
Annuities for a single life and a joint life constitute the third choice.
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