• LIC Jeevan Chhaya Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Jeevan Chhaya Plan from Life Insurance Corporation of India (LIC) is a “with-profit”, endowment assurance policy that provides financial security to the policyholder during the policy tenure and his/her nominee in case of an unfortunate eventuality. In addition to the regular benefits, this policy also offers survival benefits during certain policy anniversaries along with the inclusion of bonuses. The policy buyer can opt for additional riders when purchasing this policy. Policyholders can avail tax rebates under the prevailing laws of the Income Tax Act, 1961.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The policy buyer will have to choose the sum assured at the time of purchasing the policy. This is the amount that will be paid to the policyholder/nominee by the insurer, at the end of the policy tenure or in case the policyholder suffers an untimely death. Before opting for the sum assured, one should make sure to consider his/her own financial needs/goals, liabilities/debts, and the needs of his/her family.


    The premium is a certain sum of money that the policyholder pays to the insurer to avail the coverage offered by the policy.

    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • Quarterly
    • Monthly
    Premium Amount As per the policy brochure

    *Premiums vary based on age, location, plan term, GST, and other factors.

    Plan Coverage - What the LIC Jeevan Chhaya Plan covers?

    Death Benefit If the policyholder passes away while the policy is in-force, the sum assured and all bonuses that are declared by the company during the policy tenure will be paid to the nominee.
    Survival Benefits One fourth of the sum assured amount will be paid during each of the last four policy anniversaries. In addition, all bonuses payable will be paid along with the last survival benefit instalment.

    Riders/Add-On Plans – Additional coverage under the LIC Jeevan Chhaya Plan

    The insurer offers additional riders/add-ons that provide benefits which can be availed for an additional premium. While it is optional to purchase these plans, they will help you customise your policy and avail a higher degree of policy coverage.

    Exclusions - What the LIC Jeevan Chhaya Plan doesn’t cover?

    Any exclusions that are mentioned in the policy brochure will be applicable.

    Other Key Features

    Surrender Value If the policy has been running for a minimum period of 3 years, the life assured has the option of surrendering the policy. Upon surrendering the policy, the insurer will pay the Guaranteed Surrender Value to the policyholder. The insurer might pay the Special Surrender Value instead if this sum is equal to or higher than the Guaranteed Surrender Value.
    Bonuses Under this policy, the life assured is eligible to receive a share in the profits by way of the Simple Reversionary Bonus and the Final Additional Bonus. The Simple Reversionary Bonus is declared by the insurer at the end of each policy year. The Final Additional Bonus will be paid if the policy has been in-force for a certain number of years.

    Tax Benefits – How you can save with the LIC Jeevan Chhaya Plan

    Life insurance plans can help you save on tax, up to certain predefined limits. Both premiums paid towards the policy and benefits received via the policy are eligible for tax deductions under the prevailing laws of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Other Benefits – How you can save with the LIC Jeevan Chhaya Plan?

    LIC customers can avail certain other facilities and benefits, such as:

    • Digital Purchase of Insurance Plans: Prospective policy buyers can choose to purchase certain insurance policies online, on the LIC website. Policy buyers can also apply for policies online, and continue the rest of the process offline.
    • Online Loan Repayment: Policyholders who have availed a loan against their policy can pay the loan amount or interest online through the LIC website. One can choose pay it through ‘Pay Direct’ without logging-in or through the Customer Portal, if they are a registered user.
    • Premium Payment Channels: Premiums can be paid online or offline. You can pay your due premium via credit card, debit card, or net banking on the LIC website, or pay the premium though authorised banks, merchants, franchisees, or the nearest branch of the insurer.
    • Choice of Insurance Plans: The insurer has a range of insurance policies on offer. The policy buyer can thus choose a plan that best matches his/her needs.

    Why you should buy the Jeevan Chhaya Plan from Life Insurance Corporation of India (LIC)?

    Along with providing a risk cover on the policyholder’s life, the Jeevan Chhaya Plan from LIC also provides significant survival benefits, which can help the policyholder meet key milestones in his/her life. LIC is also one of the most preferred life insurance firms in the country. Along with offering a range of life insurance solutions to the general public, they also have group insurance plans and health insurance plans on offer. The insurer’s Grievances Resolved Ratio for FY15-16 was 100%, one of the best in the industry. They also reported a high Claim Settlement Ratio of 98.33% during the same period. The insurer also has a dedicated Customer Service Team with a range of customer service channels to help you in times of need.

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