Specification of annuity plans: Central Government designates LIC's New Jeevan Dhara and New Jeevan Akshay under Income tax Act. Central Government specified LIC's New Jeevan Dhara and New Jeevan Akshay as annuity plans under clause (xiiia) of sub section (2) of section 88 of the Income tax Act, 1961, based on filings with the Controller of Insurance under the Insurance Act and Insurance Rules. Notification No. 72 of 2002 dated 2 April 2002 declared the specification and stated it was deemed effective from 1 February 2002.