<p>LIC <strong>Jeevan Chhaya</strong> (Table No.103) ; is the perfect policy for someone planning for children&#8217;s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for the Jeevan Chhaya policy.</p>



<h3 class="wp-block-heading"><strong>Jeevan Chhaya Features:</strong></h3>



<ul class="wp-block-list"><li>Premium Waiver Benefit</li><li>You will have to pay the premium for the fixed term of the policy.</li><li>Double accident benefit</li><li><a href="https://mypaisa.in/income-tax-benefits-for-life-insurance-plans/">Tax Benefits</a></li><li>With Profit policy</li><li>Policy loan and housing loan available</li><li>If the policyholder is surviving, 25% of the Sum Assured will be given every year during the last 4 years of the policy term.</li></ul>



<h4 class="wp-block-heading"><strong>Maturity Benefits:</strong></h4>



<ul class="wp-block-list"><li>25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder if he is surviving.</li><li>Policy loans and Housing loans can be taken during the premium paying term.</li></ul>



<p><strong>Death Benefits:</strong></p>



<p>If the policyholder expires during the term of the policy, the nominee will receive the sum assured immediately and <a href="https://mypaisa.in/lic-child-future-plan/">future </a>premiums will be waived off (No need to pay future premiums). Additionally, 25% of the sum assured will be paid every year during the last 4 years of the policy term. Also, in the final policy year, the nominee will receive the bonus from LIC.</p>



<h3 class="wp-block-heading"><strong>Jeevan Chhaya Conditions and restrictions :</strong></h3>



<ul class="wp-block-list"><li>Min. age at entry: 18 years.</li><li>Max. age at entry: 47 years.</li><li>Min. S.A.: Rs. 50,000.</li><li>Max. SA.: Any amount.</li><li>SA in multiples: Rs. 5,000</li><li>Max. Maturity age: 65 years.</li><li>Modes Allowed: ALL</li><li>Accident benefit per 1000 SA: Re. 1 extra.</li><li>Min Term: 18 years.</li><li>Max Term: 25 years.</li><li>Policy Loan available @ 9%: Yes.</li><li>Revival: Yes.</li><li>Surrender of Policy: Yes.</li><li>Housing Loan: Yes.</li><li>Assignment: Yes.</li><li>Survival Benefits: Yes.</li></ul>



<p><strong>Restrictions:</strong> This policy is not allowed to</p>



<ul class="wp-block-list"><li>When occupational extra is chargeable</li><li>Pregnant ladies</li></ul>



<p><em><strong>Example:</strong></em><br />Let&#8217;s assume Mr. Rahul takes Jeevan Chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as an appointee and nominates his daughter Neha aged 4 years.</p>



<p>After few years, Mr. Rahul expires in an accident. Rahul&#8217;s wife Mrs.Radha receives 2 times the sum assured Rs. 2 lakhs as a death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul&#8217;s daughter Neha receives 25% of S.A. Rs 25,000 every year during the last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of the 20th year.</p>



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<p class="has-text-align-center"><span style="color: #ff0000;"><strong>Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.</strong></span></p>



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This post was last modified on March 22, 2021
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