Jeevan Chhaya

LIC Jeevan Chhaya (Table No.103)  is the perfect policy for someone planning for children’s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for the Jeevan Chhaya policy.

Jeevan Chhaya Features:

• Premium Waiver Benefit
• You will have to pay the premium for the fixed term of the policy.
• Double accident benefit
• Tax Benefits
• With Profit policy
• Policy loan and housing loan available
• If the policyholder is surviving, 25% of the Sum Assured will be given every year during the last 4 years of the policy term.

Maturity Benefits:

• 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder if he is surviving.
• Policy loans and Housing loans can be taken during the premium paying term.

Death Benefits:

If the policyholder expires during the term of the policy, the nominee will receive the sum assured immediately and future premiums will be waived off (No need to pay future premiums). Additionally, 25% of the sum assured will be paid every year during the last 4 years of the policy term. Also, in the final policy year, the nominee will receive the bonus from LIC.

Jeevan Chhaya Conditions and restrictions :

• Min. age at entry: 18 years.
• Max. age at entry: 47 years.
• Min. S.A.: Rs. 50,000.
• Max. SA.: Any amount.
• SA in multiples: Rs. 5,000
• Max. Maturity age: 65 years.
• Modes Allowed: ALL
• Accident benefit per 1000 SA: Re. 1 extra.
• Min Term: 18 years.
• Max Term: 25 years.
• Policy Loan available @ 9%: Yes.
• Revival: Yes.
• Surrender of Policy: Yes.
• Housing Loan: Yes.
• Assignment: Yes.
• Survival Benefits: Yes.

Restrictions: This policy is not allowed to

• When occupational extra is chargeable
• Pregnant ladies

Example:
Let’s assume Mr. Rahul takes Jeevan Chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as an appointee and nominates his daughter Neha aged 4 years.

After few years, Mr. Rahul expires in an accident. Rahul’s wife Mrs.Radha receives 2 times the sum assured Rs. 2 lakhs as a death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul’s daughter Neha receives 25% of S.A. Rs 25,000 every year during the last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of the 20th year.

Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.