Jeevan Chhaya

This plan is suitable for a person who wants to provide funds for his/her daughter’s marriage or children higher education. 

Other Details: 

• Premium has to be paid for the fixed term of the Policy
• 25% of Sum assured is given every year during the last 4 years of maturity to the policy holder, if he is surviving. Otherwise, to the nominee if the Policyholder dies anytime during policy life or during the years before maturity

Maturity benefits: On maturity, Bonus on the full sum assured & final additional bonus if any is given along with the last 25% balance of Sum Assured, 

Death benefits: Full Sum assured is immediately paid to the nominee if the policy holder dies during the policy term. Future premiums are waived. Further, 25% of Sum assured every year during the last 4 years of term will also be paid. Apart from this, at the end of the term, bonus for full term along with final additional bonus will be paid.

Examples:                                                                                            

Mr. Ramesh takes a Jeevan Chhaya Policy for 20 years for Rs. 1 lakh sum assured with double benefits.He appoints Mrs. pooja,his wife as appointee and nominates Kum. twinkle,his daughter aged 4 years, as nominee.

After sometime, Mr. Ramesh expires in an accident. In this case, Ramesh's wife Mrs.Pooja receives 2 times the sum assured i.e.,Rs. 2 lakhs as death claim on behalf of her daughter. Again, at the end of 17 years from the commencements of policy,Ramesh's daughter Kum. Twinkle receives 1/4th of S.A.  i.e.Rs 25,000. She receives similar amount at the end of 18th and 19th year of policy. At the end of 20th year, Kum. Twinkle gets Rs.25,000+ Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand p.a.