Annual Premium
Total Premium Paid
Money Back Each Year
Total Money Back
Reversionary Bonus
Terminal Bonus
Maturity Benefit
Death Benefit
Surrender Value
This calculator uses LIC Jeevan Chhaya Plan 103 illustration methodology and provides estimated values. Actual bonuses depend upon LIC declarations.
LIC Jeevan Chhaya Plan 103 Calculator
LIC Jeevan Chhaya Plan 103 was a unique life insurance policy introduced by LIC to help parents build a financial foundation for their children's future educational and personal milestones. The plan combined insurance protection, bonus participation, periodic payouts, and maturity benefits within a single policy framework.
Overview of LIC Jeevan Chhaya Plan 103
LIC Jeevan Chhaya Plan 103 was specially created for parents who wished to secure their child's future financial needs from an early stage. The policy focused on providing funds for major life events such as higher education, marriage, and other important expenses while simultaneously offering life insurance protection.
As the plan has been discontinued, it is now relevant primarily for existing policyholders and those researching LIC's legacy insurance products.
Launch and Discontinuation Details
Launch Period
Although the exact launch date is not widely documented, LIC Jeevan Chhaya Plan 103 was actively offered during the early 2000s and became a popular child-oriented insurance solution.
Discontinuation Date
LIC officially withdrew Jeevan Chhaya Plan 103 from new sales on 1 January 2014. No fresh proposals have been accepted since that date.
Purpose of LIC Jeevan Chhaya Plan 103
The policy was designed to help parents systematically accumulate funds for their child's future financial requirements while ensuring insurance protection throughout the policy term.
Primary Objectives of the Plan
- Building a corpus for higher education expenses.
- Creating financial support for marriage-related expenses.
- Providing life insurance protection to the family.
- Offering periodic payouts during the later years of the policy term.
- Participating in LIC's bonus declarations for enhanced returns.
Eligibility Criteria for LIC Jeevan Chhaya Plan 103
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years | 45 Years |
| Maturity Age | 65 Years | 65 Years |
| Policy Term | 18 Years | 25 Years |
| Basic Sum Assured | ₹50,000 | No Upper Limit |
| Premium Payment Mode | Monthly / Quarterly / Half-Yearly / Yearly | Monthly / Quarterly / Half-Yearly / Yearly |
| Plan Status | Withdrawn from 01 January 2014 | Withdrawn from 01 January 2014 |
Distinctive Features of LIC Jeevan Chhaya Plan 103
Child-Focused Insurance Planning
The plan was exclusively intended for parents with a child below one year of age, making it a dedicated child-future planning solution.
Scheduled Money-Back Benefits
One of the most attractive features of the policy was its structured payout arrangement.
During the final four years of the policy term, LIC paid 25% of the Basic Sum Assured each year, helping policyholders meet important financial requirements as they arose.
Comprehensive Death Protection
In the unfortunate event of the policyholder's death during the policy term, the full Sum Assured became payable immediately to the nominee, helping ensure continued financial security for the child and family.
Participation in LIC Bonuses
As a participating insurance plan, LIC Jeevan Chhaya Plan 103 was eligible for bonus declarations made by LIC.
The accumulated bonus amount was payable either:
- At policy maturity, or
- Upon the death of the life assured
This feature enhanced the overall policy value over time.
Additional Protection Benefits
The policy also offered valuable supplementary benefits through optional features.
Premium Waiver Benefit
The waiver of premium provision helped ensure that policy benefits continued even under specified adverse circumstances.
Rider Benefits
Policyholders could enhance coverage by opting for additional riders such as accident-related benefits and other optional protections upon payment of extra premiums.
Why LIC Jeevan Chhaya Plan 103 Was Popular
LIC Jeevan Chhaya Plan 103 gained popularity because it addressed multiple financial goals within a single insurance policy. It combined life cover, bonus participation, child-focused financial planning, and periodic payouts, making it particularly attractive to parents seeking a structured approach to securing their child's future.
The combination of guaranteed insurance protection and long-term savings benefits helped many families prepare for major educational and personal milestones without relying solely on traditional savings methods.
Benefit Payout Structure Under LIC Jeevan Chhaya Plan 103
One of the distinguishing features of LIC Jeevan Chhaya Plan 103 was its structured payout arrangement, which helped policyholders receive benefits during the final years of the policy rather than waiting until maturity.
Benefits During the Final Four Policy Years
Beginning from the fourth year prior to maturity, the policyholder received 25% of the Basic Sum Assured every year.
This ensured a steady stream of funds that could be utilized for important financial milestones such as higher education, professional courses, or other future expenses of the child.
Maturity Benefit
At the end of the policy term, LIC paid all remaining benefits, including accrued bonuses and any vested additions, providing a final lump-sum payout to the policyholder.
Who Was Eligible to Purchase LIC Jeevan Chhaya Plan 103?
The plan was specifically intended for parents planning for their young child's future financial needs.
Child Eligibility Requirement
The policy could be purchased only if the child was below one year of age at the time of policy commencement.
Adopted children were generally not eligible under the plan provisions.
Policy Term Flexibility
Policy terms ranged between 18 and 25 years, allowing parents to align policy maturity with anticipated educational or personal milestones.
Minimum Sum Assured
The minimum Basic Sum Assured available under the plan was ₹50,000, with higher amounts selectable in prescribed multiples.
How the LIC Jeevan Chhaya Plan 103 Calculator Works
The LIC Jeevan Chhaya Plan 103 Calculator is a useful planning tool that helps estimate premiums, future payouts, maturity benefits, and bonus projections.
It allows existing policyholders to understand the financial value of their policies and evaluate expected returns more accurately.
Information Required for Calculation
The calculator generally requires the following inputs:
Basic Sum Assured
The insurance amount selected under the policy.
Policy Duration
The chosen policy term ranging from 18 to 25 years.
Age at Entry
The age of the policyholder as per policy eligibility conditions.
Premium Payment Frequency
The selected payment mode, such as:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Bonus Assumptions
Estimated bonus rates based on LIC's historical bonus declarations or current projections.
Benefits Estimated by the Calculator
After entering the required information, the calculator can estimate:
Periodic Money-Back Benefits
The yearly payouts payable during the final four years of the policy term.
Maturity Proceeds
The projected maturity value including eligible bonus additions.
Bonus Accumulation
An estimate of accumulated bonuses over the policy duration.
Death Benefit
The expected amount payable to the nominee if the life assured passes away during the policy term.
Surrender Value
An estimate of the amount receivable if the policy is surrendered after meeting the minimum qualifying period.
Illustrative Calculation Example
Consider the following hypothetical example:
Policy Details
- Basic Sum Assured: ₹1,00,000
- Policy Term: 21 Years
- Entry Age: 30 Years
- Annual Premium: ₹51,380
Estimated Benefit Illustration
Step 1: Total Premium Outgo
Total premiums paid over the policy term:
₹51,380 × 21 years
Step 2: Annual Money-Back Benefits
During the final four policy years, the policyholder receives:
₹25,000 per year (25% of the Basic Sum Assured)
Step 3: Bonus Accumulation
Simple Reversionary Bonuses and other eligible bonus additions accumulate throughout the policy duration based on LIC's declarations.
Step 4: Maturity Benefit
At maturity, the policyholder receives the remaining benefits together with accumulated bonus additions and any applicable terminal benefits.
Step 5: Death Benefit
If the policyholder dies during the policy term, the nominee becomes entitled to receive the applicable Death Benefit along with eligible bonus accumulations according to policy provisions.
Illustrative Benefit Schedule
| Policy Year | Annual Benefit | Bonus Component | Benefit Payable |
|---|---|---|---|
| 18 | ₹25,000 | As Declared by LIC | Periodic Benefit |
| 19 | ₹25,000 | As Declared by LIC | Periodic Benefit |
| 20 | ₹25,000 | As Declared by LIC | Periodic Benefit |
| 21 | ₹25,000 + Final Benefits | Final Bonus Additions | Maturity Payout |
Actual payouts may vary depending on policy conditions and LIC's bonus declarations.
Important Insurance Terms Explained
Basic Sum Assured
The guaranteed insurance amount selected at the commencement of the policy and used for calculating policy benefits.
Policy Term
The duration for which the insurance policy remains active and provides coverage.
Premium
The amount payable to LIC at specified intervals to keep the policy in force.
Surrender Value
The amount payable by LIC if the policyholder decides to terminate the policy before maturity after satisfying the minimum eligibility conditions for surrender.
Surrender and Policy Revival Provisions
Surrender Facility
Policyholders become eligible to surrender the policy after paying at least three consecutive annual premiums.
Surrender Value
Upon surrender, LIC generally pays a surrender value calculated as a percentage of the premiums paid, excluding the first year's premium. The exact amount depends on the policy duration, premium history, and LIC's prevailing surrender value factors.
Revival of a Lapsed Policy
If the policy lapses due to non-payment of premiums, it may be revived within the period prescribed by LIC. Revival generally requires payment of all outstanding premiums together with applicable interest and fulfillment of LIC's revival requirements.
Documentation and Eligibility Requirements
The following documents were typically required while applying for LIC Jeevan Chhaya Plan 103:
Proposal Form
A duly completed proposal form prescribed by LIC.
Age Proof
Valid age proof documents for both the policyholder and the child.
Parental Declaration
A joint declaration from the parents was generally required when the child was less than one year old.
Underwriting Requirements
Depending on factors such as age, Sum Assured, and LIC's underwriting guidelines, the proposal could be processed under medical or non-medical underwriting requirements.
Important Restrictions and Exclusions
Certain eligibility restrictions applied under LIC Jeevan Chhaya Plan 103.
Child Eligibility Restriction
The policy was available only for biological children below one year of age.
Ineligibility for Adopted Children
Adopted children were generally not eligible under the plan provisions.
Restrictions Related to Pregnancy
Specific restrictions applied to proposals involving pregnant women according to LIC's underwriting guidelines.
Occupational Restrictions
The policy did not generally permit occupational extra premium ratings under its standard terms.
Age Limit Compliance
All entry age and maturity age conditions were required to strictly comply with LIC's eligibility rules.
Loan and Assignment Provisions
Policy Loan Facility
Policyholders could avail a loan against the policy after it acquired sufficient surrender value and satisfied LIC's loan eligibility conditions.
This feature provided financial flexibility without requiring policy termination.
Assignment Facility
The policy could be assigned to financial institutions or other eligible entities for purposes such as securing educational loans or meeting other financial obligations.
Benefits of Using the LIC Jeevan Chhaya Plan 103 Calculator
The LIC Jeevan Chhaya Plan 103 Calculator helps policyholders understand the financial value of their policy and estimate future benefits more effectively.
Compare Coverage and Premium Options
Users can evaluate different Sum Assured values and policy terms to identify a suitable coverage level.
Estimate Child-Focused Payouts
The calculator helps project future payouts that may be utilized for educational expenses, marriage planning, and other significant milestones.
Evaluate Family Protection Benefits
It provides an estimate of the financial protection available to nominees in case of an unfortunate event.
Plan Within Budget
Users can modify coverage amounts and policy parameters to match their affordability and long-term financial goals.
How to Use the LIC Jeevan Chhaya Plan 103 Calculator
Step 1: Enter Policy Details
Provide the Basic Sum Assured, selected policy term, and preferred premium payment frequency.
Step 2: Enter Personal Information
Input the policyholder's age and other required details according to policy conditions.
Step 3: Generate Benefit Estimates
The calculator estimates:
- Premium payable
- Periodic money-back benefits
- Bonus projections
- Expected maturity value
Step 4: Review Future Payouts
Analyze the scheduled payouts during the final policy years along with the projected maturity proceeds.
Step 5: Adjust Policy Parameters
Modify the Sum Assured or policy term if necessary to align the policy with your financial planning objectives.
Frequently Asked Questions About LIC Jeevan Chhaya Plan 103
Can LIC Jeevan Chhaya Plan 103 still be purchased?
No. LIC Jeevan Chhaya Plan 103 was withdrawn from new sales on 1 January 2014 and is no longer available for purchase. Existing policies, however, continue according to their original terms and conditions.
Who was eligible to purchase this policy?
The policy was designed specifically for parents with a biological child below one year of age at the time of proposal.
What was the minimum Sum Assured available?
The minimum Basic Sum Assured under the plan was ₹50,000, with higher amounts available according to LIC's guidelines.
What benefits were offered under the plan?
The policy provided life insurance protection, periodic money-back benefits during the final four policy years, maturity benefits, and participation in LIC's bonus declarations.
How were the periodic payouts structured?
During each of the final four years before maturity, the policyholder received 25% of the Basic Sum Assured as a scheduled payout.
Could the policy be surrendered before maturity?
Yes. The policy could generally be surrendered after payment of at least three years' premiums, subject to LIC's surrender value provisions.
Conclusion
LIC Jeevan Chhaya Plan 103 was a distinctive child-oriented insurance solution that successfully combined life insurance protection, bonus participation, periodic payouts, and long-term financial planning for children's future needs. The plan helped parents systematically prepare for important milestones such as higher education and marriage while maintaining valuable insurance protection.
Although the policy was discontinued in 2014, the LIC Jeevan Chhaya Plan 103 Calculator continues to be a useful tool for existing policyholders seeking to estimate future benefits, maturity proceeds, and policy values. For the most accurate calculations and policy-specific guidance, policyholders should always refer to official LIC documentation or consult an authorized LIC representative.
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