LIC New Jeevan Dhara-II 2026: The Life Insurance Corporation of India (LIC) has introduced a new deferred annuity plan for people who want to create a regular income source for retirement. Called LIC New Jeevan Dhara-II, the scheme allows policyholders to pay premiums during a selected period and receive annuity payments after the deferment period ends.

According to the announcement reported on October 27, 2026, the new policy became available for purchase from October 19, 2026.

The plan is designed for individuals looking for predictable retirement income rather than returns linked directly to stock market performance.

One important point is that the new policy is different from LIC's earlier Jeevan Dhara-II product. The previous version carried Plan Number 872, while the newly introduced version is identified as Plan Number 892.

Before purchasing the policy, customers should compare the annuity options, premium commitments, death benefits and surrender conditions.

What Is LIC New Jeevan Dhara-II?

LIC New Jeevan Dhara-II is a non-linked, non-participating, individual savings-based deferred annuity plan.

In simple terms, it is a pension-oriented insurance product in which the policyholder pays the required premium and chooses when regular annuity payments should begin.

Unlike a market-linked investment, the annuity rate is determined according to the policy terms at the time of purchase.

Once the deferment period ends, the policyholder receives pension payments according to the selected annuity option.

The payment amount depends on factors such as the purchase amount, entry age, deferment period, annuity frequency and selected benefits.

LIC New Jeevan Dhara-II: Important Plan Details

LIC has officially listed the new product as Plan Number 892, with Unique Identification Number (UIN) 512N398V01. The policy has been available since October 19, 2026.

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The precise entry-age limits and benefits vary according to the annuity option and deferment period.

How Does LIC New Jeevan Dhara-II Work?

The plan has two main stages.

During the first stage, the policyholder pays the required premium. This may involve a single payment or regular instalments.

The second stage begins after the selected deferment period. LIC then starts paying the agreed annuity according to the policy terms.

For example, someone who purchases a policy at age 40 and selects a 15-year deferment period would generally begin receiving annuity payments at around age 55.

The actual pension amount cannot be calculated from the premium alone without knowing the applicable annuity rate and selected option.

What Are the Main Benefits?

LIC has introduced several features intended to meet different retirement planning needs.

• Lifetime annuity: Regular payments can continue throughout the lifetime of the covered annuitant or annuitants.
• Guaranteed annuity rate: The applicable rate is fixed when the policy begins.
• Single or regular premium: Customers can select the permitted payment arrangement.
• Joint-life options: Certain options provide continuing income for a second covered person.
• Annuity top-up: Policyholders may increase the annuity by paying an additional premium during the deferment period.
• Death benefits: The amount and payment method depend on the selected policy option.
• Purchase incentives: Certain higher-premium purchases and eligible existing LIC customers may qualify for incentives.

These features are subject to LIC's official policy conditions.

Can Husband and Wife Receive Pension Under One Policy?

Yes. The plan offers joint-life annuity options.

A married couple may choose an eligible joint-life arrangement to provide retirement income for both individuals.

Depending on the option, annuity payments may continue to the surviving annuitant after the first death.

Some options also provide for the return of premiums or purchase price under specified circumstances.

The exact survivor benefit must be checked before purchasing the policy because not all annuity options offer the same protection.

How Much Monthly Pension Will You Receive?

The pension depends on the amount invested, the policyholder's age, the deferment period and the annuity option.

For illustration, a policy that provides an annual annuity of ₹60,000 would have a simple monthly equivalent of ₹5,000.

However, that is only an arithmetic example. It does not mean that a particular investment in LIC New Jeevan Dhara-II guarantees ₹5,000 every month.

The actual monthly payout may differ from one-twelfth of the annual annuity because LIC can apply different rates for different payment frequencies.

Customers should obtain a personalised benefit illustration before investing.

What Happens if the Policyholder Dies?

Death benefits vary according to the selected annuity option and whether death occurs during the deferment period or after annuity payments begin.

Depending on the policy terms, benefits may be payable as a lump sum, through instalments or by purchasing an annuity.

Customers should also understand whether their chosen option returns premiums or purchase price to the eligible beneficiary.

A lifetime annuity without a return-of-premium feature can have a different payout structure from one that includes such a benefit.

Is LIC New Jeevan Dhara-II Better Than an FD?

Both products can provide predictable income, but they serve different financial purposes.

A bank fixed deposit generally has a defined maturity period and deposit repayment terms.

A deferred annuity is designed primarily to provide regular income after a selected waiting period, potentially for life.

Annuity payments may be attractive to individuals concerned about outliving their retirement savings. However, they can offer less liquidity than bank deposits, and fixed annuity payments may lose purchasing power because of inflation.

Tax treatment also differs. Annuity income is generally taxable according to the recipient's applicable income tax rules.

Where Can You Buy LIC New Jeevan Dhara-II?

The new policy can be purchased through LIC's official website and authorised distribution channels, including licensed agents.

LIC confirmed the introduction of Plan 892 in its October 13, 2026 announcement.

Customers can review the sales brochure, policy document and Customer Information Sheet on the official LIC New Jeevan Dhara-II product page.

Conclusion

LIC New Jeevan Dhara-II is a retirement-focused deferred annuity product designed for individuals who want a predictable income stream after a selected period.

The plan offers single-premium and regular-premium choices, individual and joint-life annuities, guaranteed annuity rates and optional top-up facilities.

The most important consideration is not simply the premium amount, but the pension payable under the chosen option and the benefits available to surviving family members.

Before purchasing Plan 892, customers should compare the available options and obtain an official LIC benefit illustration showing the premium, pension amount, death benefit and applicable conditions.

Sources: LIC official product page and October 13, 2026 press announcement; product information reported by The Economic Times and Outlook Money. This article provides general information and is not a personalised insurance recommendation.