LIC Jeevan Dhara

The policyholder will be given five options for receiving the annuity. The customer can choose any of the five options according to their requirements and necessities.

Eligibility Criteria of LIC Jeevan Dhara

The LIC Jeevan Dhara policy provides an open platform for young adults and the aged to secure their life after retirement. It allows the customers to start early and stay independent by receiving an income even after their retirement.

Minimum age (at entry) - 18 years old

Maximum age (at entry)-65 years old

Minimum age at the vesting period -50 years old

Maximum age at the vesting period-79 years old

Benefits of LIC Jeevan Dhara

This pension plan offered by LIC comes in with its own benefits. Benefits available can be both to the policyholder or the nominees of the policy and sometimes both the parties. The primary benefits are listed and briefly discussed below.

Tax Benefits*

Under Section 88, the LIC Jeevan Dhara plan qualifies for tax benefits.

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits

The maturity proceedings can be converted into money, upto a maximum of 25%, by the customer without any tax levied upon the sum. The leftover balance is then turned into an annuity according to the applicable rates during the maturity of the plan. The customer can also choose to get pensions based on the entire corpus amount. The customer is also given a choice to select between five annuity courses of action. The choices are as listed below -

• Life annuity would increase at the rate of 3% annually, i.e., every year.
• The annuity would be paid throughout the life, i.e., the pension will be paid until the policyholder is alive.
• The annuity would be paid throughout the life based on a set period interval which is selected by the policyholder. For example, for five years or 10/15/ 20 years.
• The annuity would be paid until the policyholder is alive, and upon their death, the rest of the amount is paid to the nominee of the policy as a death benefit.
• The annuity will be paid until the policyholder is alive, and upon the death of them, the pension will be continued in the name of the spouse. As long as the spouse is alive, they will be receiving a regular pension.

Death Benefits

Upon the demise of the policyholder, i.e., the customer, before the lapse of the plan time frame, the premiums which were paid until the death, not taking into account the extra or term assurance rider premiums, totalled with interest (rates as set by LIC) are paid to the nominees of the policy.

Premium Structure of the Plan

TheLIC Jeevan Dhara plan offers multiple time-related options when it comes to the payment of the premium. The customer can pay the whole sum at once or can choose to pay the premium monthly, quarterly, half-yearly, or annually. The customer can link the plan to their salary account and can also pay through automated salary deduction.

The customer is given a choice to set a 'Notional Cash Option.' This Notional Cash Option is not paid wholly and, along with the accumulated bonuses, becomes the maturity proceedings.

For annually paid premiums, the customer also gets to avail of a higher cover (optional) through the Term Assurance Rider.

Documents Required to buy LIC Jeevan Dhara

The following are some standard documents required of the LIC Jeevan Dhara pension plan -

• Identity proof and address proof
• Age proof
• Existence certificate
• Income proof and bank details
• Proposal form and photographs of the customer

Necessary forms advised for raising a claim are -

• For death claims -
• Claim Form "A" in Form no - 3783
• Death certificate
• Original copy of the policy document
• If the insured has passed away in an accident, vehicular or not, documents like the FIR copy and post-mortem copy are required.
• For maturity claims -
• Discharged receipt in Form no - 3825
• Original copy of the policy document (to be submitted at least a month prior to the due date.)
• For survival benefit claims -
• Form no - 5180

The Process to Buy LIC Jeevan Dhara Online

With the digital wave, insurance providers are also offering their plans to be purchased online. This makes it easy for the customer as it reduces hassles on the way. The following are the steps to be taken in order to purchase a plan online:

Step 1:Go to the insurance provider’s website.

Step 2:Under the "Products," select "Pension Plans."

Step 3:Enter the required personal details like name, gender, and date of birth.

Step 4:Enter the required information regarding lifestyle. Few standard questions asked here are whether the customer has any smoking or drinking habits. Medical details may also be asked.

Step 5:Upload the necessary documents and forms.

Step 6:Once the premium quote is set, purchase the plan through a safe banking/ purchase gateway.

Key Exclusions of the Plan

The general exclusions under the LIC deferred annuity pensions plans are the cases of the life insured committing suicide. If the policyholder passes away by committing suicide within a year of the policy commencement, then around 80% of the premiums paid are given back to the policyholder's nominees.

If the policyholder passes away by committing suicide after the revival of a lapsed pension plan, then either the surrender value of the policy is paid, or 80% of the premiums paid are returned to the nominees. Whichever is higher in value is refunded to the nominees.

*For more information about exclusions, please refer to the plan brochure or the policy document.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Standard T&C apply wherever necessary.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

LIC Resources

FAQs