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Life Insurance Corporation of India - /

Home » Products » Withdrawn Plans » LIC's Jeevan Chhaya (Plan No. 103) » Benefits
Benefits

Benefits

Benefits on death/survival:

One fourth of the sum assured is payable at the end of  each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last instalment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.

Supplementary/Extra Benefits:

These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:

Buying a life insurance contract is a long-term commitment.  However, surrender values are available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium and the fixed benefit already paid.

Corporation’s policy on surrenders:

In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time depending on the economic environment, experience and other factors.

Note: The above is the product summary giving the key features of the plan.  This is for illustrative purpose only.  This does not represent a contract and for details please refer to your policy document.

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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