LIC Jeevan Dhara II Plan 872 Calculator
Plan Name: LIC's Jeevan Dhara II (UIN: 512N364V01)
Plan Type: Non-Linked, Non-Participating, Individual Savings, Deferred Annuity Plan
Date of Launch: 22nd January 2024
Date of Withdrawal: 1st January 2025
Calculation Results
- This is an indicative calculator. Actual annuity rates may vary based on LIC's official rates.
- The plan was launched on 22nd January 2024 and withdrawn on 1st January 2025.
- Annuity payments are made in arrears throughout the lifetime of annuitant(s).
- GST and other applicable taxes are extra.
- The calculator uses approximate annuity rates for illustration purposes.
Life Insurance Corporation of India (LIC) is one of the most trusted names in the insurance and pension sector. It continuously launches innovative plans catering to various financial needs of the people. One such plan introduced recently is the LIC Jeevan Dhara II Plan 872 — a deferred annuity plan that ensures a guaranteed income after retirement.
Introduction to LIC Jeevan Dhara II Plan 872
LIC Jeevan Dhara II (Plan 872) is a non-linked, non-participating, individual savings deferred annuity plan. It was launched on 22nd January 2024 with the aim of providing financial security and regular income to policyholders post-retirement or after a deferment period.
This plan is especially suitable for those looking for a guaranteed pension after a deferment period, where your money grows safely and then pays out a steady income for life. It has flexibility in terms of premium payment (single or regular), annuity options (single life or joint life), and deferment periods.
Important Dates
- Launch Date: 22nd January 2024
- Withdraw Date: 1st January 2025 (withdrawn from sale but existing policies continue as per terms)
Who Should Choose LIC Jeevan Dhara II?
If you are around 20 years or older and planning for your retirement income, the LIC Jeevan Dhara II plan becomes a suitable choice. It guarantees annuity rates set at the inception of the policy. It is ideal for those who prefer a pension plan with stable returns, life cover during deferment, and various annuity options.
Key Features of LIC Jeevan Dhara II Plan
- Type of Plan: Deferred Annuity Plan (pension starts after a deferment period)
- Premium Payment: Regular premium or Single premium options available
- Annuity Options: 11 options including single life, joint life, and different payout patterns
- Entry Age: Minimum 20 years and maximum up to 80/70/65 years minus deferment period depending on annuity option chosen
- Deferment Period: From 5 years to 15 years as selected by the annuitant
- Life Cover: Available during the deferment period
- Guaranteed Annuity Rates: Fixed at the start of the policy and remain unchanged throughout
- Annuity Payment Frequency: Monthly, quarterly, half-yearly, and yearly options available
- Survival Benefits: Certain options offer survival benefits like return of premium after a specific age
How LIC Jeevan Dhara II Plan Works
You pay premiums during the deferment period, which is the accumulation phase. After completion of this period, you start receiving annuity payments regularly for your lifetime. This pension helps you meet your financial needs during retired life, giving peace of mind.
The annuity rate is guaranteed upfront, meaning it does not depend on market fluctuations.
Annuity Options in LIC Jeevan Dhara II
You get 11 annuity options. Here are some popular ones:
- Option 1: Single Life Annuity without Return of Purchase Price (Pension for life, no survival benefit)
- Option 2: Single Life Annuity with Return of Purchase Price (Nominee gets total premiums on death after deferment period)
- Option 3: Single Life Annuity with 50% Survival Benefit at age 75
- Option 4: Single Life Annuity with 100% Survival Benefit at age 75
- Option 5: Single Life Annuity with 50% Survival Benefit at age 80
- Joint Life Options: Annuity during the lifetime of either the primary or the secondary annuitant
Each option suits different requirements depending on whether you want survival benefits or maximum annuity payout. Your nominee protection can also vary.
LIC Jeevan Dhara II Plan 872 Calculator: How It Helps
A calculator simplifies understanding your pension benefits from the plan. By inputting key details like your age, premium amount, premium payment term, and deferment period, the calculator estimates:
- Expected annuity per month/year after the deferment period
- Total premiums paid
- Survival benefits if any
- Death benefit details during the deferment period
This enables easy financial planning and comparison of different annuity options.
Benefits of LIC Jeevan Dhara II Plan 872
- Guaranteed Fixed Pension: Provides steady income post-deferment, useful as retirement income
- Flexibility: Choose between single or regular premium and deferment period between 5 to 15 years
- Wide Age Entry: Entry age from 20 years to up to 80 years minus deferment period
- Life Cover During Deferment: Nominee gets death benefits if death occurs during deferment
- Multiple Annuity Options: Suitable for various financial needs and wishes regarding survival benefits
- Security: Backed by LIC’s credibility and government guarantee
- Tax Benefits: Eligible for tax deductions and tax-free annuity income as per current tax laws
How to Use LIC Jeevan Dhara II Calculator?
- Enter your age: Between 20 and 80 minus deferment period
- Select premium type: Single premium or regular premium
- Enter premium amount: Amount you plan to pay
- Select premium payment term: Number of years you want to pay premium if regular premium is selected
- Choose deferment period: 5-15 years
- Select annuity option: Pick from 11 options based on your preference
- Calculate: View the estimated pension you will receive monthly or annually
This tool helps you make informed decisions before purchasing the plan.
Sample Calculation
Suppose Mr. Sharma is 40 years old and opts for LIC Jeevan Dhara II with a regular premium of Rs. 1,20,000 yearly for 15 years. His deferment period is 15 years, so pension starts at age 55. Based on the selected annuity option, the calculator shows estimated monthly or yearly pension amount.
The calculator will also show what happens if the annuitant dies during deferment or after pension commencement, as per the chosen annuity option.
Why Choose LIC Jeevan Dhara II Over Others?
- Flexible Tenure and Premiums: Almost all ranges covered with options for single or regular premiums.
- Guaranteed Returns: Annuity rates fixed upfront unlike market-linked products.
- Life Cover During Deferment: Protects your investment if unfortunate events happen before pension begins.
- Options for Joint Life Annuity: Good for couples planning retirement income.
- Return of Premium Options: Some plans offer repayment of premiums to nominees ensuring capital protection.
- Backed by LIC: A government-owned trusted insurer.
Important Things to Remember
- The plan was withdrawn from sale on 1st January 2025 but existing policies will continue as per terms.
- The annuity rates are guaranteed from inception; inflation might reduce purchasing power over time.
- Carefully select the annuity option based on needs and beneficiaries.
- Tax implications should be understood with a financial advisor.
Frequently Asked Questions
What is LIC Jeevan Dhara II Plan 872?
It is a deferred annuity pension plan by LIC that provides guaranteed regular income after a deferment period post-retirement.
When was LIC Jeevan Dhara II Plan 872 launched?
It was launched on 22nd January 2024.
Is the plan still available for new customers?
No, the plan was withdrawn from sale on 1st January 2025, but existing policies continue as per terms.
What is the deferment period in this plan?
You can choose a deferment period from 5 years to 15 years, during which premiums are paid and a pension is accumulated.
Are there any tax benefits on this plan?
Yes, you may get tax deductions on premium payments and pension income is tax-free as per existing tax laws.
Is the pension amount fixed or variable?
The pension (annuity) amount is fixed and guaranteed at the start of the policy.
Can I pay premium as a single lump sum?
Yes, you can choose either single premium payment or regular premium mode.
Conclusion
LIC Jeevan Dhara II Plan 872 is a reliable deferred annuity plan designed to provide a steady post-retirement income. Even though the plan has been withdrawn from new sales starting 2025, current policyholders can continue to enjoy its benefits.
The plan offers flexibility, guaranteed pension, and multiple annuity options, making it an attractive option for retirement planning. Using the LIC Jeevan Dhara II calculator, potential buyers can easily estimate their pension benefits and make well-informed decisions.