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LIC Jeevan Chhaya


LIC Jeevan Chhaya (Table 103) is a Money back child endowment plan, that is meant to meet the requirements of the child either the parent is alive or not. This policy can also be taken by bachelors.
In this plan, the maturity benefit will be paid to the nominee on the last 4 years of the policy term irrespective of whether the life insured is alive or not.

If the life insured dies within the policy tenure, Sum assured will be paid as immediate death benefit. Future premiums are waived ie., No need to pay any premium after the death of the life insured. 25 % of Sum assured will be paid on the last 4 years of the policy term. Bonus will be paid in the last year when the policy ends.

Features of LIC Jeevan Chhaya :


• 25 % of Sum assured will be paid on the last 4 years of the policy term irrespective of either the life insured survives or not.
• On the death of life insured within the policy term :

Sum assured will be immediately paid to the nominee.
Future premiums are waived. So no premium needs to be paid after that.
25 % of Sum assured will be paid to the nominee on last 4 years of policy term.
Loyalty Addition (Bonus) will be paid at the end of the policy term.



LIC Jeevan Chhaya Eligibility Conditions :


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 18 47
Age at Maturity - 65
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Benefits of LIC Jeevan Chhaya :


Maturity Return – 25 % of Sum assured will be paid on last 4 policy years. Bonus wil be paid on the last year of policy irrespective of the life insured is survives or not.

Death Benefit – On death of the life insured , Sum assured will be paid to the nominee immediately. The policy will continue and maturity benefits will be paid.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available
Housing Loan Surity-Available