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Jeevan Chhaya (Endowment Policy With Double Accident Benefit)
Jeevan Chhaya
Table. 103
(Endowment Policy With
Double Accident Benefit)
This is a fixed term
policy. Short term needs like family provision in case of premature death of
the policy holder and long term needs like education and marriage of dependents
are simultaneously fulfilled with 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 in marriageable age of the daughter.
On policy holder
surviving till maturity, he receives 25% of sum assured every year during the
last four years. On maturity, the policy holder gets bonus in addition to 4th
installment of 25% of s.a . The bonus is paid on full sum assured till the end
of the term or dies before the term, the above mentioned amounts are paid by
the L.I.C . If the policy holder
survives he would get these amounts. But if he dies before the term his nominee
would receive these amounts. One of the
important features of this policy is that in case of the premature death of the
policy holder the sum assured (with double accident benefit, if he dies in an
accident) is immediately paid to the nominee.
Future premiums are waived and the above mentioned fixed benefit is
again paid to the nominee. Another
important feature is that this policy is given under non-medical scheme up to
sum assured 1 lakh for age between 18
and 40, 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
Ø Maturity Benefits:
ü
25% of sum assured
every year during the last four years plus bonus in the last year.
Ø Death Benefits:
ü
Sum Assured is immediately
given to nominee and he/she
is eligible for maturity benefits
also
Ø Mode Benefit:
ü
The following table shows the rebate available on the mode
of premium payment.
Mode
|
Rebate
|
Yearly
|
3% of tabular premium
|
Half - Yearly
|
1.5% of tabular premium
|
Quarterly
|
Nil
|
Ø
Sum Assured Benefit:
ü
The following table shows the rebate available on the sum
assured.
Sum Assured
|
Rebate
|
Up To Rs. 50,000
|
Nil
|
Rs. 50,001 To Rs. 1,00,000
|
Re. 1 Per Thousand
|
Rs. 1,00,001 And Above
|
Re. 2 Per Thousand
|
Features
Ø Minimum Sum Assured - Rs.
50,000/-
Ø No maximum limit.
Ø Minimum age at entry -18
year
Ø Maximum age at entry- 47
year
Ø Maximum Maturity age - 65 years
Ø Minimum Term - 18 years
Ø Maximum Term - 25 years
Ø Modes Allowed - All
Ø Age proof compulsory
o This policy is given
under non-medical scheme up to s.a 1
lakh for age between 18 and 40 if the
prospect is having a child of less than one year of age as on date of registering the proposal
o On the death of the
policy holder , future premiums are waived and
maturity benefit is again paid to the nominee.
