New Jeevan Dhara

New Jeevan Dhara Eligibility Minimum age at entry 18 years Maximum age at entry 65 years Minimum vesting age 50 years Minimum term 2 years Maximum deferment term 35 years Features This plan provides for what is called an annuity (income) throughout the lifetime of the annuitant (the person eligible to receive the annuity). The purchaser has to pay the premium either in a single lumpsum or in monthly, quarterly, half yearly, yearly installments. After a certain waiting period, which is called the deferment period, the policy is said to vest and the annuity will commence one month, 3 months, 60 month or 1 year thereafter as may be desired. No medical exam required. No loan available under the plan. No upper limit for annuity. Options available at the time of buying Annuity for life. Annuity guaranteed for 5, 10, 15 & 20 years and thereafter as long as the policyholder is alive. Annuity for life with return of purchase price on death. Options for annuity at the time of vesting The following options can be exercised at least 6 months before the date of vesting but not earlier than 12 months before the date of vesting. Regular income at guaranteed rates. Cash option where deferment period is 10 years or more. Purchase annuity on the basis of prevailing immediate annuity rates. Benefits Annuity option On maturity The annuity is payable from the date of vesting with the first installment due one year or six months or 3 months or one month after the deferment period is over. The annuitant has the option to receive annuity rates as applicable to the corresponding immediate annuity plan at the time of exercising the option in lieu of annuity as per rates specified in the schedule of this policy. The option has to be exercised at least six months before the date of vesting, but not earlier than twelve months before the date of vesting. On death Within the deferment period If the annuitant dies before the date on which the annuity vests and while the policy is in force the total amount of premiums paid but without any interests shall be paid to the nominee. After the deferment period A lump sum amount known as the Gross Insurance Value Element (GIVE) is payable to the nominee/ heirs of the pensioner. Cash option If the deferment period is 10 years or more, the proposer has the option to receive a lumpsum in lieu of payment of annuity. This option is to be exercised at least six months before the date of vesting but not earlier than twelve months before the date of vesting.