LIC Jeevan Chhaya Plan

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.

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Key Features

This is a Double Benefit Plan as the Sum Assured is paid twice if the Life Insured dies, once immediately when he dies and again 25% of the Sum Assured is paid in the last 4 policy years
Premium needs to be paid till maturity or earlier death
There are inbuilt benefits like Premium Waiver Benefit rider and an additional Accidental Death Benefit rider
In the last 4 policy years, 25% of the Sum Assured is paid to the Life Insured or his nominee


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.


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

Tax Benefit


Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C


  Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 18 25
Premium Payment Term (in years) Equal to Policy Term
Entry Age of Life Insured (in years) 18 years 47 years
Age at Maturity (in years) - 65
Single Premium (in Rs.) - -
Payment modes Yearly, Half-Yearly, Quarterly &  Salary Savings Scheme 


Sample illustration of LIC Jeevan Chhaya Plan

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)

LIC Jeevan Chhaya Plan Sample Returns Benefits


angle down iconWhat happens if you stop paying the premium

The policy will lapse if the premium stops. However, it can be revived within a specific period.

angle down iconWhat happens if 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.

angle down icon What happens if you want a loan against your policy

There is loan available under this plan at 9% p.a.