LIC Jeevan Chhaya Plan is a Money Back Endowment Plan for the benefit of a child such that Sum Assured is paid immediately to the nominee on death of the Life Insured and the future premiums are waived but the policy continues. 25% of the Sum Assured is given back to the Life Insured on survival or to the nominee on his death in the last 4 policy years and the accrued bonus and final addition bonus would also be paid on maturity, irrespective of whether the life insured is alive or not.
Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 25% of the Sum Assured is paid on each of the last 4 policy years.
Survival Benefit – On Survival of the Life Insured, he receives 25% of the Sum Assured is paid on each of the last 4 policy years.
Maturity Benefit – On maturity, the life insured or his nominee gets the remaining 25% of the Sum Assured plus the Bonus.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Policyholder
Age at Maturity
Single Premium (in Rs.)
Yearly, Half-Yearly, Quarterly & Monthly and SSS
Premium = Rs.4653/-, Age = 35 years
Policy Term = 25 years, Premium Paying Term = Regular Pay
Sum Assured = Rs 1,00,000
Total Investment = Rs 4653 x 25 = Rs 116325
Guaranteed Return is
Year 22 = Rs 25000/-
Year 23 = Rs 25000/-
Year 24 = Rs 25000/-
Year 25 = Rs 25000/- + Bonus (Variable)
Riders – There is 1 in-built rider available in this policy
Premium Waiver Benefit
There is 1 additional rider available in this policy
Accidental Death Benefit
You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within a specific period.
You want to surrender the policy – If premiums for 3 years have been paid up, 30% of basic premiums paid excluding the first year’ s premium and the fixed benefit already paid.
You want a loan against your policy - There is loan available under this plan at 9% p.a.
1. MetLife Junior Moneyback
2. Tata AIG Assure Educare 18