LIC’s Jeevan Chhaya Table/ Plan No 103:
Premium Ceasing Age : 65 Premium Ceasing Term : 0
•LIC’s Jeevan Chaaya Policy is Ideal for parents having less than a year old child.
• Makes provision for education! marriage of the baby boy girl child/ daughter.
• Extra benefit of waiver of premium in case of death of the policy holder.
This policy is given under non-medical scheme up to sum assured of Rs.1 lakh, if the prospect is having a child of less than one year of age as on date of registering the proposal. This non-medical is exclusive for other policies.
Short term needs like family provision in case of premature death of the policyholder and long term needs like education and marriage of dependents are simultaneously fulfilled by this policy. This policy is a right choice if a person wants to provide for the marriage of his daughter. The term can be fixed so as to receive the maturity benefit when the daughter is of marriageable age. For e.g. If the policy is for 20 years then:
• At the end of 17th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 18th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 19th year – 25% of Sum assured is payable provided the policy is in force.
Maturity : At the end of 20th year – Balance 25% Sum Assured plus bonus plus additional final bonus if any.
Fixed Benefits : 25% of the Sum assured payable each year at the end of last 3 years provided the policy is in full force.
Natural : Besides the fixed benefits, an additional amount equal to the Sum assured will be paid on the death of the policy holder. Further premiums waived
Accidental : Payment of double the Sum assured plus fixed benefit. Further premiums due from the policy anniversary following the date of death will stand waived.
Couples having a less than one year child (not an adopted child) can avail themselves of this plan, in order to ensure that an adequate financial planning provision is made for the higher education of the child/ Kids Baby boy Girl . The child should not have completed one year of age on the date of registration of the proposal. Either father or mother or each one of them individually can take policies under this plan under Non-medical Scheme. This plan is also allowed to others subject to medical examination.
To view Example/ Illustrations Review Premium Chart Calculation for Various Kind of Options Plan Presentaion on Jeevan Chhaya Policy in detail here.