Jeevan, now ranked 102, stood out with his well- calculated lobs and precise strokeplay, making a huge difference to the outcome of the match.
India's sole ATP event will be held in Pune from next year.
It is the first time that an Indian team has clinched the Chennai Open trophy since the legendary Leander Paes and Mahesh Bhupathi took the title in 2011
The Indian duo, who will meet Purav Raja and Divij Sharan in the final, defeated the US-New Zealand pair by 7-6 (4), 6-4.
Somdev Devvarman and Jeevan Nedunchezhiyan pair have secured a wildcard entry for the Chennai Open.
Somdev Devvarman, who won two gold medals in the last edition of the Asian Games in Guangzhou and a singles gold in the 2010 Commonwealth Games in New Delhi, has opted out to concentrate on the ATP professional circuit and thereby improve his ranking on the Tour.
Left-handed Jeevan lost 5-7 2-6 to another left-hander and world number 85 Jiri Vesely of Cezch Republic in the first singles main draw match of the tournament at the centre court.
Yuki Bhambri had won Traralgon Challenger event this season and will make his Grand Slam debut next year at the Australian Open men's doubles event.
The prize purse for women winners at the Fenesta Open National Tennis Championship was increased and brought at par with the men on Sania Mirza's suggestion here Saturday.
The young Indian pair of Jeevan Nedunchezhiyan and Sriram Balaji went down fighting tonight to second seeded American pair of Scott Lipsky and Rajeev Ram in the doubles event of the Aircel Chennai Open 2012.
Jeevan Nedunchezhiyan and N Sriram Balaji along with Ramkumar Ramanathan and Mohit Mayur have been given wild card entries into the doubles main draw of the ATP Aircel Chennai Open to be held here from Jan 2 to 8.