LIC 's new saving and annuity plan Jeevan Dhara II to hit market on Monday

New Delhi: Life Insurance Corporation of India (LIC) on Friday announced the launch of anew saving and annuity plan's Jeevan Dhara II.

Available for sale from Monday, this individual, savings, deferred annuity plan permits a minimum entry age of 20 years.

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

Unveiled by LIC Chairman Siddhartha Mohanty, the non-participating plan provides life cover during deferment period and offers higher annuity rate at higher age, it said.

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