LIC Jeevan Chhaya

LIC Jeevan Chhaya policy is an endowment plan. This is one of the plans of LIC that protects the policyholder and his nominees against death until the maturity of the plan. One of the special features of the Jeevan Chhaya plan by the Life Insurance Corporation of India is that it not only guarantees the Sum Assured at the time of death of the policyholder but also ensures that one-fourth of that will be payable to the policyholder at the end of each of the last four years regardless of whether the policyholder survives or not.

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There are numerous benefits that a policyholder can avail of under this plan, e.g., death/maturity benefits, supplementary/extra benefits, etc.

The premiums are payable yearly, half-yearly, quarterly, or monthly or might also be deducted from the policyholder's salary.

Eligibility Criteria of LIC Jeevan Chhaya Plan

The eligibility to invest under the LIC Jeevan Chhaya Plan is as follows:

  • The minimum Sum assured is Rs. 50000.

  • There is no limit to the maximum Sum assured.

  • The minimum age at entry is 18 years.

  • The maximum age at entry is 45 years (40 years if the age proof is non-standard.)

  • The maximum age of maturity is 65 years.

  • The minimum term is 18 years.

  • The maximum term is 25 years.

Benefits of LIC Jeevan Chhaya

The following are the key benefits offered under the Jeevan Chhaya plan by the Life Insurance Corporation of India:

  1. Death/Survival Benefits

    In each of the last four years of the policy term, the policyholder is guaranteed an amount that will be one-fourth of the Sum assured.

    In the event of either survival of the policyholder to the end of the term of the LIC Jeevan Chhaya Policy or his death, all the bonuses accumulated during the policy term will be payable. 

    As is customary with the Corporation, the Sum Assured will be released immediately on the policyholder's death, provided all the documentation is in order. The policyholders' beneficiaries must keep all policy-related documents handy when they approach the Corporation to claim.

  2. Supplementary Benefits

    These are the benefits that can be added to the LIC Jeevan Chhaya Plan with an additional premium payment. The supplementary benefits are as follows:

    1. Surrender Value

      Even though buying a life insurance policy is a long-term commitment, a policyholder may find that he is unsatisfied with the terms and conditions of the LIC Jeevan Chhaya Policy or unable to pay the premiums required to keep the policy in full force. In such circumstances, he has the option to surrender the LIC policy.

    2. Guaranteed Surrender Value

      Once the policy has completed a period of 3 years, it can be surrendered. The value payable is fixed at 30% of the basic premiums paid apart from the first year's premium and the fixed benefit paid by the policyholder.

    3. Corporation's Policy on Surrenders

      The Corporation follows the practice of paying a Special Surrender Value under the LIC Jeevan Chhaya Plan. This might be equal to or more than the guaranteed surrender value. The benefit available to the policyholder under this is the discounted value of the claim amount that has been further reduced, which would have been payable at the death of the policyholder or his survival to maturity of the policy. This value depends on the total number of premiums that have been paid and the duration at which the surrender value is being calculated. If there is a premature policy termination, the value of the total paid premiums may exceed the Surrender Value payable to the policyholder.

Premium Structure of LIC Jeevan Chhaya

LIC Jeevan Chhaya is an endowment plan. The best part about this plan is that it provides double benefits to the policyholder. The Sum Assured is payable to the nominee in the event of the death policyholder, and 25% of the Sum Assured is also returned in the last four years of the policy. This amount is paid back to the policyholder if he survives to the end of the policy term or his nominee in the event of his death. Premiums may be paid on a monthly, quarterly, semi-annual, or annual basis.

Documents Required to buy the Plan

The following documents are required if a nominee of the policyholder of the LIC Jeevan Chhaya wishes to claim the policy in the event of the death of the policyholder:

  • Original policy document

  • Discharge form

  • Death certificate of the policyholder

The following documents are required if a policyholder survives to the end of the term of the policy.

  • Original policy document

  • Discharge form

  • Address proof of policyholder

  • Proof of age of the policyholder

The Process to buy LIC Jeevan Chhaya Policy Online

The policy is most conveniently purchased online. It cuts out the hassle for the customer to visit the branch office of the Corporation. It is a quick process and completely safe as well.

  • Step 1: Locate the official company website online.

  • Step 2: Scroll to "Products" and search for LIC Jeevan Chhaya Policy.

  • Step 3: Click on the "Buy Online" option.

  • Step 4: Enter personal details like name, gender, date of birth, occupation, medical history, contact number, etc.

  • Step 5: Choose financial parameters and upload scanned copies of all the documents requested.

  • Step 6: Study the quoted premiums and make an online payment to complete the process.

Key Exclusions of the Plan

If a policyholder commits suicide, he will automatically be excluded from the LIC Jeevan Chhaya Plan. The following conditions must be kept in mind:

  • 80% of the total premiums paid will be payable to the policyholder's nominee if the policyholder (whether stable or unstable) should commit suicide within a year from the risk commencement, under the policy, provided the policy has not lapsed. The Corporation will not adhere to any other claims made under this policy apart from this.

  • If a policyholder (whether stable or unstable) is to commit suicide within 12 months from the policy revival date, an amount that is higher than 80% of the total premiums paid till the date of death or the surrender value available as of the day of death will be payable, provided the policy has not lapsed. The Corporation will not entertain any other claims made under this policy apart from this.


  • Q1. What are the benefits of paying LIC Jeevan Chhaya Policy premiums through the net or phone banking modes?

    A1. The benefits of paying LIC Jeevan Chhaya Policy premiums via net banking/phone banking are as follows:
    • Indefinite access to the internet provides the policyholder with the opportunity to make decisions regarding the policy at any time. He/she can give instructions related to the policy at his/her convenience.
    • It saves the time of the policyholders; she/he does not need to stand in long lines at the branch office of the Corporation.
    • It saves the expense of hiring a registered aggregator for policy-related work.
    • The policyholder can choose a bank of his/her choice from which he/she wishes the premiums to be deducted. He/she can also fix the date of deduction of premiums in advance.
    • The policyholder will receive timely intimations regarding his/her dues or date of policy maturity on his email.
    • The policyholder can also avoid expenses on postage or demand drafts if he/she chooses the option of net/mobile banking.
  • Q2. What changes are to be incurred if the policyholder of LIC Jeevan Chhaya Plan chooses to use internet/mobile banking to pay his premiums?

    A2. This service is provided free of cost to all policyholders of LIC. The Corporation has tie-ups with authorized banks/service providers, and they pay them a fixed sum at the end of each month, per transaction. The policyholders are not for this facility from the Corporation. 
  • Q3. Which organizations are authorized to collect LIC Jeevan Chhaya Policy premiums through their net/mobile banking facility?

    A3. Banks like HDFC Bank, ICICI Bank, Bank of Punjab, Federal Bank, UTI Bank, Corporation Bank, Citi Bank, and service providers alike,,, and are authorized by LIC to collect premium on its behalf. 
  • Q4. Who can register with the authorized banks?

    A4. Those who can register with the authorized banks are:
    • Any LIC policyholder with a bank account in any of the mentioned authorized banks in any branches across India.
    • The policyholder must opt for a net banking facility with their respective bank. The details and downloadable forms can be easily found on the official websites of the respective banks.
    • A policyholder who has access to the login and password that the bank has provided.
  • Q5. Can a policyholder avail of a loan under this policy?

    A5. Yes, a policyholder may avail of a loan under the policy.   
  • Q6. Are there any bonuses available under the LIC Jeevan Chhaya Policy?

    A6. A share of the profits of the Corporation is added to the policy as Bonuses. Simple Reversionary Bonus is declared as per thousand of Sum Assured. Once these bonuses are declared, they become a component of the Guaranteed Benefits of the LIC Jeevan Chhaya Plan. Even if the policyholder dies during the policy term, the bonuses for a full term on the full Sum assured are still payable. The policyholder might also avail of additional bonuses or his nominees provided the policy has been in full force for a certain amount of time. 
  • Q7. When can the premiums for the LIC Jeevan Chhaya plan be paid?

    A7. The premiums might be paid on a yearly, half-yearly, monthly, or quarterly basis. The policyholder might also opt for the premiums to be deducted from his salary.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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