Jeevan Chhaya
Features
Special Features
Benefits
Policy Parameters
Suitable For
Features
- Ideal for parents having less than a year old child.
- Makes provision for education/marriage of the child.
- Extra benefit of waiver of premium in case of death of the policy holder.
Special Features
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 of other policies.
Benefits
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.
Survival Benefits
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.
Death Benefits
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.
Policy Parameters
| | Min | Max | | Entry Age | 18 | 40 (Nearer Birthday) | | Sum Assured | 50000 | No limit | | Term | 18 | 25 |
| Mode of Payment | Max Maturity Age | Policy loan available | | Yearly, Half Yearly, Quarterly, Monthly, Salary Saving Scheme | 65 (Nearer Birthday) | No |
Suitable For
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 provision is made for the higher education of the child. 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.
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