LIC Jeevan Chhaya is a money back Endowment plan. Under this plan, the child is the beneficiary in the event of the death of the policyholder who receives the sum assured amount.

Features and benefits

• The minimum and maximum policy term is 18 and 25 years respectively.
• The premium paying term under this policy is equal to the policy term.
• The plan comes with a flexible premium paying condition where the policyholder can choose to pay premiums either monthly, quarterly, half yearly, annually or sss.
• While the minimum sum assured is ?50,000, there's no ceiling on the maximum amount of sum assured under this plan.
• Death benefit - in case of death of the life insured, all future premiums will be waived off and an immediate death benefit will be paid out to the nominee (i.E. The child) and 25% of the sum assured is paid out in the last 4 years of the policy term.
• Maturity benefit - in case where the life insured outlives the policy term, s/he will stand to receive 25% of the sum assured (and accrued bonus if any) during each of the last 4 years of the policy period.
• Premium waiver benefit - as discussed above, in case of death of the policyholder, the future premiums will be waived off. This is an in-built rider under the plan.

Eligibility

Individuals falling within the age group of 18 to 47 years are eligible to sign up for this plan. Besides, the maximum age of maturity is 65 years.