LIC Jeevan Chhaya Plan is a Money Back Endowment Plan for the benefit of a child such that Sum Assured is paid immediately to the nominee on death of the Life Insured and the future premiums are waived but the policy continues. 25% of the Sum Assured is given back to the Life Insured on survival or to the nominee on his death in the last 4 policy years and the accrued bonus and final addition bonus would also be paid on maturity, irrespective of whether the life insured is alive or not.
Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 25% of the Sum Assured is paid on each of the last 4 policy years.
Survival Benefit – On Survival of the Life Insured, he receives 25% of the Sum Assured is paid on each of the last 4 policy years.
Maturity Benefit – On maturity, the life insured or his nominee gets the remaining 25% of the Sum Assured plus the Bonus.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
No Limit |
Policy Term (in years) |
18 |
25 |
Premium Payment Term (in years) |
Equal to Policy Term |
|
Entry Age of Policyholder |
18 years |
47 years |
Age at Maturity |
- |
65 years |
Single Premium (in Rs.) |
- |
- |
Payment modes |
Yearly, Half-Yearly, Quarterly & Monthly and SSS |
Premium = Rs.4653/-, Age = 35 years
Policy Term = 25 years, Premium Paying Term = Regular Pay
Sum Assured = Rs 1,00,000
Total Investment = Rs 4653 x 25 = Rs 116325
Guaranteed Return is
Year 22 = Rs 25000/-
Year 23 = Rs 25000/-
Year 24 = Rs 25000/-
Year 25 = Rs 25000/- + Bonus (Variable)
Riders – There is 1 in-built rider available in this policy
Premium Waiver Benefit
There is 1 additional rider available in this policy
Accidental Death Benefit
You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within a specific period.
You want to surrender the policy – If premiums for 3 years have been paid up, 30% of basic premiums paid excluding the first year’s premium and the fixed benefit already paid.
You want a loan against your policy - There is loan available under this plan at 9% p.a.
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