LIC Jeevan Chhaya Plan 103 was a specialized life insurance plan offered by LIC, designed to help parents plan for the future education and life milestones of their child.

Introduction to LIC Jeevan Chhaya Plan 103

LIC Jeevan Chhaya Plan 103 was aimed particularly at parents with a child less than one year old, to provide financial security for their children’s education and marriage needs. This endowment plan combined insurance protection with periodic payouts and a lump sum maturity benefit. The plan is now withdrawn and no longer available for sale, making it important to reference official sources and use calculators for existing policies only.​

Launch and Withdrawal Dates

• Launch Date: The precise launch date is not widely published, but the plan was available throughout the early 2000s and was one of the popular LIC offerings for children’s future planning.​
• Withdrawal Date: The official withdrawal date for LIC Jeevan Chhaya Plan 103 was 01 January 2014, after which the plan ceased to accept new proposals.​

Plan Overview and Purpose

The Jeevan Chhaya Plan was designed to enable parents to accumulate a corpus for their child’s future, especially for higher education, marriage, or other large expenses. It also provided life cover, bonus participation, and regular payouts in the last years of the policy term.

Key purposes:

• Secure child’s education expenses
• Protect family financially in case of policyholder’s untimely demise
• Provide periodic money-back benefits during the policy term.​

What Makes Jeevan Chhaya Plan 103 Unique?

• Child-centric Planning: Only available to parents with a child less than 1 year old.
• Money-back Benefits: In the last four years of the policy, one-fourth of the Sum Assured is paid each year, providing a steady benefit stream.
• Death Benefit: Immediate payout of the full Sum Assured to nominees upon policyholder’s death, ensuring children’s financial needs are met.
• Bonus Participation: Plan participated in LIC’s profits, so bonus amounts accumulated over the policy term were paid at maturity or on death.​
• Additional Cover: Waiver of premium benefit was offered, plus accident and other riders against extra premium.

Structure of Payouts

• Last 4 years before maturity: Each year, the policyholder receives ¼ of the Sum Assured.
• On maturity: Remaining bonuses and any vested benefits are paid out, providing a lump sum at the end of the plan.​

Who Could Buy This Plan?

• Parents of children under 1 year old (biological; adopted children were not eligible).
• Maturity age and term: Flexible, typically 18 to 25 years depending on need and the child’s age.
• Minimum sum assured: ₹50,000, with multiples allowed.

How LIC Jeevan Chhaya Plan 103 Calculator Works

A calculator for Jeevan Chhaya 103 helps users estimate maturity amounts, yearly payouts, total premiums, and bonus projections. It’s the simplest way for policyholders to check financial outcomes before buying (when plan was active) or for servicing existing policies.

Inputs Required

• Sum Assured (amount chosen for coverage)
• Policy Term (years)
• Age at entry (of policyholder or child, as per plan rules)
• Premium payment mode (monthly, quarterly, yearly)
• Bonus rates (as declared by LIC annually).​

Outputs Provided

• Yearly payout for last 4 years
• Total maturity amount
• Expected bonus payout
• Death benefit (if policyholder dies during the term)
• Surrender value (after minimum 3 years of premium payment, if policyholder wishes to exit early).​

Sample Calculation

Assume:

• Sum Assured: ₹1,00,000
• Policy Term: 21 years
• Age at entry: 30
• Premium (yearly): ₹51,380

Calculation Process

1. Calculate total premiums paid over the term (21 years × ₹51,380).
2. Determine the payout for last 4 years: ₹25,000 each year.​
3. Add cumulative bonuses as declared by LIC (these may fluctuate).
4. On maturity, sum up final bonus + last payout (if pending).
5. In case of death during term, full Sum Assured + bonuses paid to nominee.

Example Table

Year	Annual Payout	Bonus Addition	Total Maturity Benefit
18	₹25,000	As declared	As per LIC
19	₹25,000
20	₹25,000
21	₹25,000 + Maturity	Final bonus	Lump sum on maturity

All values vary with real policy details and LIC bonus announcements each year.

Key Terms to Understand

• Sum Assured: The guaranteed insurance amount for the policy.
• Policy Term: Number of years the insurance covers.
• Premium: Regular payments made to LIC.
• Surrender Value: Amount received if policy is closed before maturity.
• Bonus: Profit share declared by LIC and credited to participating policies.

Surrender and Revival Provisions

• Surrender allowed after payment of at least 3 consecutive annual premiums.
• Surrender value: Usually 30% of total premiums paid, excluding the first year’s premium.
• Policy can be revived within a set time if lapsed due to missed payments by paying dues plus interest.​

Eligibility and Documentation Required

• Proposal Form as specified by LIC
• Age proof (policyholder and child)
• Joint declaration by parents if child is less than one year old
• Non-medical or medical underwriting based on age, sum assured, and policy rules

Exclusions and Restrictions

• Not available for adopted children or pregnant women.
• No occupational extra charge allowed.
• Age limits for entry and maturity are strictly governed by LIC rules.​

Policy Loans and Assignments

• Loans: Available against policy surrender value once sufficient premiums are paid.
• Assignment: Plan could be assigned for securing education loans or similar needs.

Why Use the Jeevan Chhaya Calculator?

Using an online LIC Jeevan Chhaya Calculator made financial planning easy and transparent. It allowed users to:

• Compare premium options and coverage
• Predict periodic payouts for child’s education or marriage
• Assess financial protection amounts for nominees
• Adapt coverage amounts within budget.​

Step-by-Step Guide: How to Use LIC Jeevan Chhaya Plan 103 Calculator

Step 1: Enter Sum Assured, Policy Term, Premium Payment Mode.
Step 2: Input age at entry and other details.
Step 3: The calculator displays yearly payouts, expected maturity amount, and total bonuses.
Step 4: Review periodic payouts and total maturity benefit for desired financial planning.
Step 5: Adjust sum assured or term if budget needs change.​

Frequently Asked Questions

Conclusion

LIC Jeevan Chhaya Plan 103 was an innovative blend of life insurance protection and child-centric financial planning. Although discontinued in 2014, calculators for this plan remain a useful tool for existing policyholders to project their benefits and make informed decisions.

Always use reputable sources and official LIC guidelines for calculation accuracy, and consult your LIC agent for personalized help. For further information, refer to LIC’s official withdrawn plans page, archived calculators, or consult with an LIC advisor.