LIC Jeevan Chhaya Plan

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.

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Key Features

This is a Double Benefit Plan as the Sum Assured is paid twice if the Life Insured dies, once immediately when he dies and again 25% of the Sum Assured is paid in the last 4 policy years

Premium needs to be paid till maturity or earlier death

There are inbuilt benefits like Premium Waiver Benefit rider and an additional Accidental Death Benefit rider

In the last 4 policy years, 25% of the Sum Assured is paid to the Life Insured or his nominee

Benefits

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.

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

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

Eligibility

	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 Life Insured (in years)	18 years	47 years
Age at Maturity (in years)	-	65
Single Premium (in Rs.)	-	-
Payment modes	Yearly, Half-Yearly, Quarterly & Salary Savings Scheme