LIC Jeevan Chhaya is an endowment assurance plan which enables the financial security against the death and the protection continues through out the policy term. On the event of death, one-fourth of the assured sum will be paid at the end of each of last 4 years of the term of policy. This is paid as well the payment of the assured sum instantly on the event of death.
Under this LIC policy, the premiums can paid at the intervals of either annual, or half – yearly or quarterly or monthly. It can also be paid by means of the income deductions through out policy term or till the earlier death.
This LIC Jeevan Chhaya policy is revenue plan and it takes part in the profits provided by the corporation’s life insurance business. In the form of bonuses, this insurance policy shares the profits. Yearly at the end each of the financial years, a reversionary bonus is confirmed to be paid for each of the Rs.1000 of the assured sum.
These reversionary bonus forms the division of guaranteed benefits of the plan. Even when death occurs during the term of policy, bonus for the full term or full assured sum will be paid at the end of each term.
The benefits of this LIC Jeevan Chhaya policy are as follows:
Benefits on death or survival
Supplementary or additional benefits
Surrender value. At the end of each of the last 4 years of the term of policy, about one fourth of the assured sum will be paid.
All the bonuses acknowledged during the policy term, will be paid along with the last repayment either on death or survival. These benefits are payable whether the assured life survives the entire term of policy or dies during the policy term.
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