LIC Jeevan Chhaya (Plan 103) is an old with-profit child protection plan taken by a parent on their own life. It paid 25% of the sum assured in each of the last four policy years, with bonuses at the end. If the parent died, the sum assured was paid at once and premiums stopped. A 30-year-old parent with ₹5 lakh for 21 years pays about ₹28,000 a year.
Jeevan Chhaya 103 Premium & Payout Calculator
Your estimate
4 payouts of 25% + assumed bonus
- Premium per instalment
- ₹28,000
- Survival benefits (money back)each year from year 18 to 21
- ₹1,25,000
- Total bonus (estimated)
- ₹4,20,000
- Total premium paid
- ₹5,88,000
- Sum assured on deathpaid at once; premiums stop and the 4 payouts still follow
- ₹5,00,000
- Age at maturity
- 51 years
- Total premium paid₹5,88,00064%
- Net gain₹3,32,00036%
Payouts in the last four years (bonus is an estimate)
| Year | Age | Survival benefits (money back) | Total bonus (estimated) | Amount paid |
|---|---|---|---|---|
| 18 | 48 | ₹1,25,000 | ₹0 | ₹1,25,000 |
| 19 | 49 | ₹1,25,000 | ₹0 | ₹1,25,000 |
| 20 | 50 | ₹1,25,000 | ₹0 | ₹1,25,000 |
| 21 | 51 | ₹1,25,000 | ₹4,20,000 | ₹5,45,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Chhaya Plan 103?
LIC Jeevan Chhaya (Plan 103, UIN 512N096V01) was a child protection plan with a simple idea: a parent insures their own life, and the policy pays out in the years when a child’s big expenses usually arrive, such as college fees. It is a with-profit plan, so bonuses are added every year.
It is different from Jeevan Kishore 102, where the child is the insured person. In Jeevan Chhaya the parent is insured, which is why the death benefit is so strong: if the earning parent dies, the plan pays at once and still keeps its promise to the child.
LIC withdrew the plan on 1 January 2014. This page is for existing policyholders who want to check their premiums and payouts.
Jeevan Chhaya at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 103 / 512N096V01 |
| Life insured | Parent |
| Entry age | 18 to 45 years |
| Maximum maturity age | 65 years |
| Policy term | 18 to 25 years |
| Minimum sum assured | ₹50,000 (no upper limit) |
| Premium modes | Yearly, half-yearly, quarterly, monthly |
| Payouts | 25% of sum assured in each of the last 4 years |
| Status | Withdrawn from 1 January 2014 |
How the premium is calculated
The premium is a rate per ₹1,000 sum assured that rises with the parent’s age and falls as the term gets longer. For ₹10 lakh cover, a 30-year-old pays about ₹60,000 a year for 18 years, ₹56,000 for 21 years and ₹52,000 for 25 years.
The source calculator we started from made premiums rise with a longer term, which is the wrong way round for the same benefits. We corrected that, so treat all figures as estimates. There is no GST in the result. Individual life insurance premiums are GST-exempt from 22 September 2025; before that date traditional plans carried 4.5% in the first year and 2.25% after.
Worked example: a 30-year-old parent takes ₹5 lakh for 21 years.
- Premium: ₹28,000 a year, or ₹2,436 a month. Total over 21 years: ₹5,88,000 paying yearly.
- Payouts: ₹1,25,000 at the end of years 18, 19, 20 and 21.
- Bonus at an assumed ₹40 per ₹1,000: about ₹4,20,000, paid with the last instalment.
- Total received: about ₹9,20,000.
Survival and maturity benefit
The four payouts together return the full sum assured. Bonuses accumulate on the whole sum assured over the term and are paid at the end. Bonus rates are declared by LIC every year and are not guaranteed, so try a cautious rate in the calculator, or check the LIC bonus calculator.
Death benefit
If the parent dies during the term:
- the sum assured is paid immediately to the nominee;
- future premiums are waived;
- the four 25% payouts continue on their original dates;
- bonuses are paid as per the policy terms.
In effect, the family receives cash right away, and the child still gets the planned money later.
Loan, surrender and paid-up value
According to our sources, surrender value is available after three years’ premiums. A policy loan is possible against that value. If premiums stop after the policy has acquired a surrender value, it usually continues as paid-up with a reduced sum assured.
Who should keep it, and what to buy now
If you hold a Jeevan Chhaya policy, the payouts are close to the end of the term, so keeping it running is usually the right choice. New buyers can compare LIC New Children’s Money Back 732 or use our child plan calculator.
How to use this calculator
- Enter the parent’s age.
- Enter the policy term (18 to 25 years).
- Enter the sum assured.
- Choose the premium mode and bonus rate.
- Read the premium, the payout table and the total you can expect.
Frequently asked questions
What was LIC Jeevan Chhaya Plan 103?
It was a with-profit child protection plan. A parent insured their own life to build money for a young child's education or other needs. The plan paid a quarter of the sum assured in each of the last four policy years, plus bonuses at the end.
Can I buy Jeevan Chhaya 103 now?
No. LIC withdrew Plan 103 on 1 January 2014. Existing policies stay valid until maturity with all benefits. For a new child plan, look at LIC's current children's money back plan (732) or Amritbaal (774).
Who could take Jeevan Chhaya?
According to our sources, a parent aged 18 to 45 with a child below one year of age could take it, and adopted children were not covered. The policy term was 18 to 25 years, with maturity by age 65 and a minimum sum assured of ₹50,000.
What happens if the parent dies during the policy term?
The sum assured is paid to the nominee immediately and all future premiums are waived. The four 25% payouts in the last years still arrive on schedule, and bonuses are paid as per the policy terms. So the child's fund stays intact.
How much will I receive from a ₹5 lakh Jeevan Chhaya policy?
You receive ₹1,25,000 at the end of each of the last four years, which adds up to ₹5 lakh. On a 21-year policy at an assumed ₹40 bonus rate, about ₹4,20,000 of bonus is added with the last payout, for a total near ₹9,20,000.
Can a Jeevan Chhaya policy be surrendered?
Yes. Our sources say it acquires a surrender value after at least three years of premiums. The amount is usually low in the early years, so surrender only if you truly need the money. Use a surrender value calculator to estimate it first.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.