Insurance behemoth Life Insurance Corporation of India (LIC) has announced the launch of a new non-participating product, Jeevan Dhara-II.

This product, which will be available from Monday, is a non-linked, non-participating, individual savings deferred annuity plan, LIC said in an exchange filing.

The annuity is guaranteed from inception, and 11 annuity options are available to prospective policyholders, LIC has said.

The minimum age at entry is 20 years (last birthday) for annuitant/primary/secondary annuitant. The maximum age is 80, 70, and 65 years minus the deferment period, depending upon the annuity option chosen. 

This product, which LIC Chairman Siddhartha Mohanty unveiled on Friday, provides life cover during the deferment period and offers a higher annuity rate at higher ages. 

A loan facility would be available during or after the deferment period under annuity options with the return of premium/purchase price, it added.

This Plan can be purchased Offline through agents/other intermediaries as well as Online directly through the website

In November last year, LIC rolled out a new non-linked, non-participating individual savings whole life insurance product - Jeevan Utsav.