LIC’s JEEVAN CHHAYA is a right policy for a person who wants to provide funds for daughter's marraige.

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IN LIC's PENSION PLUS, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover. You have a choice of investing your premiums in one of the two types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

Survival Benefit:

On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. However, you may opt to commute up to one-third of the Benefit to be paid as a lump sum. Further, you may choose to purchase annuity from LIC or other life insurance company.

Death Benefit:

The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates under the annuity option chosen.

Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.