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Jeevan Chhaya

Jeevan Chhaya (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***

Jeevan Chhaya (THIS PLAN IS NO LONGER AVAILABLE)





Jeevan Chhaya (Plan no. 103)

This is an endowment plan to arrange for child's higher education and  other needs. This plan provides financial protection against death along with maturity benefits. The maturity proceeds in this plan are paid in last four years of the policy term (25% of sum assured each year). At end of the policy term all accrued bonuses with 25% of sum assured is paid.

 This plan is not exactly a children plan but it can be taken for children by making them nominee under this plan. The Premium Waiver Benefit (PWB) is inbuilt in this policy, therefore it is suitable for children.

Features


  • Inbuilt Premium Waiver Benefit (PWB)
  • 25% of sum assured is payable in last four years of the policy term
  • Loan is available against this policy
  • Additional Accidental sum assured (Maximum Rs 50 Lakhs)
  • Double tax benefit ( u/s 80C and u/s 10-D )


Eligibility Conditions
Minimum age at entry
18 years
Maximum age at entry
47 years
Minimum Term  
18 years
Maximum Term 
25 years
Maximum age at maturity
65 years
Minimum sum assured
Rs 50,000.00
Maximum sum assured
No higher limit


Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)


Possible Events during policy duration


On Death
If the policy holder dies during the policy term, nominee will receive following benefits:
1. Sum assured will be paid to the nominee
2. All future premiums will be waived off and the policy will continue as usual
3. In last four years of policy term, 25% of sum assured will be paid each year
4. On completion of policy term, all accrued bonuses will be paid to the nominee

On Accidental Death
In case, the policy holder dies due to an accident, nominee will receive following benefits:
1. Sum assured + Additional accidental sum assured will be paid to the nominee
2. All future premiums will be waived off and the policy will continue as usual
3. In last four years of policy term, 25% of sum assured will be paid each year
4. On completion of policy term, all accrued bonuses will be paid to the nominee

On Survival
If policy holder survives the term of the policy, he will get 25% of the sum assured in last four years of policy term along with the accrued bonuses in the last year.



Understand Jeevan Chhaya plan with an example


Mr. Pankaj aged 30 years takes LIC's Jeevan Chhaya Plan for his 5 year old son Bunty. He chooses sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only) and the term of 21 years. 

The annual premium payable on this plan will be Rs 10,276.00 (Rupees Ten Thousand Two Hundred and Seventy Six only).


 Possible Events

On Death
If Mr. Pankaj dies during the policy term, Bunty will receive following benefits:
1. Sum assured will be paid immediately
2. All future premiums will be waived off
2. 25% of the basic sum assured will be paid each year in last four years of the policy term
3. At the end of policy term, Bunty will receive accrued bonuses.


On Accidental Death
If Mr. Pankaj dies due to an accident, during the policy term, Bunty will receive following benefits:
1. Sum assured + Additional accidental sum assured will be paid immediately
2. All future premiums will be waived off
2. 25% of the basic sum assured will be paid each year in last four years of the policy term
3. At the end of policy term, Bunty will receive accrued bonuses.

  
On Survival
If Mr. Pankaj survives the term of the policy, he will receive 25% of sum assured in last four years of the policy term along with the accrued bonuses at the end of the term.




*** To buy a new LIC plan call Vikas 99111-70785 ***

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