LIC Jeevan Chhaya

LIC Jeevan Chhaya policy is an endowment plan. This is one of the plans of LIC that provides protection to 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 on a yearly, half-yearly, quarterly, or monthly basis 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:

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 that have accumulated during the term of the policy 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.

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:

  • 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 policy.

  • 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.

  • Corporation's Policy on Surrender's

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 termination of the policy 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 PolicyOnline

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 quote for the premiums that are supplied and make an online payment to complete the process.

Key Exclusions of the Plan

In the event that 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 nominee of the policyholder in the event that 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.
  • In the event that 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 can give instructions related to the policy at his convenience.
    • It saves the time of the policyholderas 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 choice from which he wishes the premiums to be deducted. He can also fix the date of deduction of premiums in advance.
    • The policyholder will receive timely intimations regarding his dues or date of policy maturity on his email.
    • Expenses on postage or demand drafts can also be avoided by the policyholder if he 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 premiums for LIC Jeevan Chhaya Policy 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 in the event that 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.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*The investment risk in an investment portfolio is borne by the policyholder.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

***Tax benefit is subject to changes in tax laws.

Average Rating
(Based on 26 Reviews)
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LIC Jeevan Chhaya Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Jaipur, July 19, 2016
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Ahmednagar, March 09, 2016
help me, plane choose
Noida, January 02, 2016
life insurance
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