LIC Jeevan Chhaya Plan 103 Calculator
UIN: 512N096V01 | A Unique Plan with Guaranteed Benefits
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Policy Benefits Summary
| Benefit Type | Amount |
|---|
Survival Benefits (Last 4 Years)
Key Features of LIC Jeevan Chhaya Plan 103
- Regular Income: Get 25% of Sum Assured at the end of each of the last 4 years
- Death Benefit: Sum Assured plus accrued bonuses payable immediately on death
- Maturity Benefit: 25% of Sum Assured plus accumulated bonuses
- Tax Benefits: Under Section 80C and Section 10(10D) of Income Tax Act
- Loan Facility: Available after 3 full years' premiums are paid
- Flexible Premium Payment: Monthly, Quarterly, Half-yearly, or Yearly options
Eligibility Criteria
- Minimum Entry Age: 18 years
- Maximum Entry Age: 45 years (40 years for non-standard age proof)
- Minimum Policy Term: 18 years
- Maximum Policy Term: 25 years
- Maximum Maturity Age: 65 years
- Minimum Sum Assured: ₹50,000
- Maximum Sum Assured: No Limit
LIC Jeevan Chhaya Plan 103 offers solid protection for families, especially those planning for kids’ future. Even though withdrawn years ago, many still hold active policies and need calculators to check benefits.
LIC Jeevan Chhaya Plan 103
LIC Jeevan Chhaya is an endowment plan from Life Insurance Corporation of India. It gives death cover and survival benefits over 18 to 25 years.
The plan pays one-fourth of the sum assured each year for the last four years of the term. This happens whether you live or not.
It also adds bonuses yearly, making it a savings tool with insurance. UIN is 512N096V01.
Launch and Withdrawal Dates
LIC launched Jeevan Chhaya around the early 2000s, with brochures from 2004-05 showing details. The exact launch date isn’t pinned, but it was active before 2010.
The plan was withdrawn on January 1, 2014, due to new IRDA rules on insurance products. No new sales after that date.
Existing policies continue with full benefits. Check the LIC site for updates: LIC Withdrawn Plans.
Key Features
Premiums are paid yearly, half-yearly, quarterly, or monthly. No single premium option.]
The sum assured starts at Rs. 50,000 with no upper limit. Entry age 18-45 years, maturity up to 65.
Policy term matches premium term: 18-25 years. It’s a with-profits plan, so bonuses apply.
Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 45 years |
| Maturity Age | – | 65 years |
| Policy Term | 18 years | 25 years |
| Sum Assured | Rs. 50,000 | No limit |
Non-smokers get standard rates. Extra for smokers or high-risk jobs.
Benefits Explained
Death Benefit
On death anytime, get full sum assured right away. Plus, the last four yearly payments continue to the nominee. All bonuses are paid at end.
Survival Benefit
Live to term end? Get one-fourth of the sum assured for each of the last four years. Plus full bonuses and final bonus if eligible.
Example: Rs. 1 lakh Sum Assured. Get Rs. 25,000 yearly for years 22-25, plus bonuses.
Maturity Benefit
At term end, survival payments plus vested bonuses. Final additional bonus for long-running policies.
Premium Details
Premiums are based on age, term, and sum assured. Sample: 35-year-old, 25-year term, Rs. 1 lakh SA – yearly premium Rs. 4,653.
Pay modes have rebates: 2% yearly, 1% half-yearly. GST applies now.
Use online tools for exact quotes on old policies.
Bonus Structure
Simple Reversionary Bonuses per Rs. 1,000 SA yearly. Rates vary by valuation, around Rs. 40-50 for similar endowment plans in the past.
Final additional bonus for policies over minimum years. Once declared, guaranteed.
Bonuses on full SA even if death is early.
Surrender Value
Surrender after 3 years. Guaranteed: 30% of premiums paid (minus first year and fixed benefits).
Special surrender value is often higher, based on paid-up value. Check with the LIC branch.
Early surrender may give less than premiums paid.
Riders Available
Add optional riders like Accidental Death Benefit. Extra premium needed.
Not core, but boosts protection.
What is the Calculator?
LIC Jeevan Chhaya Plan 103 Calculator estimates premiums, maturity, and death benefits. Inputs: age, gender, sum assured, term, premium mode.
It shows year-wise benefits at 6% and 10% assumed returns. Helps plan finances.
Great for existing policyholders to project returns.
How to Use the Calculator
Step 1: Go to the LIC site or tools like the Policybazaar LIC calculator. Or liccalculator.xyz for old plans.
Step 2: Pick Plan 103. Enter age at entry and policy term (18-25 years).
Step 3: Input Sum Assured and payment mode. Add DOB if needed.
Step 4: View results: premiums, yearly benefits, and total maturity with bonuses.
Adjust to fit budget. Instant results, no agent needed.
Sample Calculation
Take a 35-year-old male, Rs. 1,00,000 SA, 25-year term.
Yearly premium: Rs. 4,653. Total premiums: Rs. 1,16,325.
Last 4 years: Rs. 25,000 each (guaranteed).
Year 25 maturity addition: Bonuses of ~Rs. 69,500 at 6%, plus final.
Death anytime: Rs. 1 lakh + future Rs. 25,000 x4 + bonuses.
Why Use Calculator for Old Policies?
In 2026, policies from 2013 still active. Bonuses were added yearly, but rates changed.
The calculator updates projections. Check the actual via LIC portal or app.
Avoid surprises at maturity.
Tax Benefits
Premiums qualify under Section 80C up to Rs. 1.5 lakh. Maturity is tax-free if conditions are met (pre-2014 plans).
Consult tax advisor. GST on premiums now.
Alternatives Today
LIC withdrew Plan 103 in 2014. New plans: Jeevan Labh (736), Jeevan Umang for similar child/endowment needs.
Compare using modern calculators.
Common Mistakes to Avoid
Don’t ignore bonuses in projections. Use official rates, not guesses.
Surrender early only if needed better to hold for benefits.
Update nominee details yearly.
Maintaining Your Policy
Pay premiums on time. Grace: 30 days yearly mode.
Loans are available after 3 years on surrender value.
Free look: 15 days to cancel.
FAQ
Q1: Is LIC Jeevan Chhaya still available?
A: No new policies since Jan 1, 2014. Existing ones continue.
Q2: How to calculate maturity online?
A: Use Policybazaar or liccalculator.xyz tools. Enter policy details.
Q3: What if I miss premiums?
A: Grace period, then paid up. Benefits reduce.
Q4: Bonus rates for 2025-26?
A: Check the LIC bonus page. Similar plans cost ~Rs. 45-50 per 1000 SA.
Q5: Can I add riders now?
A: Depends on policy terms. Contact the branch.
Q6: Surrender after 10 years worth it?
A: Often no hold for fixed benefits and bonuses.
Conclusion
LIC Jeevan Chhaya Plan 103 suits long-term family protection with steady payouts. Use the calculator to track your policy’s value today. Talk to your LIC agent for personalized advice to secure your family’s future step by step.
