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LIC Aadhaar Shila Plan – 944
LIC Aadhaar Shila is an endowment plan that offers the dual benefit of savings and life protection. The plan offers financial coverage to the family in case the policyholder dies during the policy term. Additionally, the plan also offers maturity benefits in case the policyholder survives till the end of the policy tenure. Moreover, it also takes care of liquidity needs through the option of auto cover and loan facility.
Eligibility Criteria of LIC Aadhaar Shila Plan
The following are the eligibility criteria of the policy.
|Entry Age||8 years||55 years|
|Policy Term||10 years||20 years|
|Maturity Age||N/A||70 years|
|Premium Paying Term||Same as Policy Term|
|Sum Assured||Rs 75,000||Rs 3,00,000|
LIC Aadhaar Shila policy is primarily a women-oriented plan that incorporates the components of protection and savings. The plan has been formulated specifically for female lives who have their Aadhaar cards from Unique Identification Authority of India (UIDAI).
Under LIC Aadhaar Shila policy, the family of the policyholder receives financial support from LIC in case of his/her (the policyholder’s) sudden death before the policy matures. Moreover, the surviving policyholder receives a lump sum amount of money when the policy matures. Additionally, with the plan’s loan facility feature and auto cover, one can effortlessly take care of his/her liquidity requirements when required.
Benefits Offered Under LIC Aadhaar Shila Plan
- Death Benefit: If the policyholder passes away during the initial five years of the policy, the ‘Sum Assured on Death’ is paid to his/her family members. In case of death after completion of five years of the policy, but prior to the maturity date, the ‘Sum Assured on Death’ is provided to the family members along with loyalty additions (if applicable). The ‘Sum Assured on Death’ component in this case is interpreted as the highest figure of ten times of the annualised premiums.
- Maturity Benefit: ‘Sum Assured on Maturity’ is paid to the surviving policyholder at the end of the term of the policy, provided he/she has diligently paid all the premiums throughout the policy. The ‘Sum Assured on Maturity’ element will be equivalent to the Basic Sum Assured in this case.
- Rider Benefit: Under the LIC Aadhaar Shila plan, one can opt for an Accident Benefit Rider as well, however, this benefit will not be extended to minors. The policyholder will be required to pay extra premiums in order to leverage the rider benefits. The Accident Benefit Rider can be purchased at any point of time, while the policy is still in force and till the term of the base plan.
- Participation in LIC Profits: Loyalty additions by LIC are offered to policyholders under LIC Aadhaar Shila. However, in order to be eligible for these profits, the existing policy has to have completed at least five years and the policyholder has to have paid at least five years’ premium diligently. Loyalty additions/profits from LIC are typically made available with maturity and death benefits, and at the time of exit. The terms and conditions and rates surrounding this feature are declared by LIC.
What are the Eligibility Conditions Under LIC Aadhaar Shila?
- Minimum entry age: 8 years
- Maximum entry age: 55 years
- Term of the policy: 10 to 20 years
- Term for paying premiums: 10 to 20 years
- Minimum sum assured amount: Rs.75,000
- Maximum sum assured amount: Rs.3 lakh
According to the free-look feature of the policy, an individual may return the same to LIC if he/she is not satisfied with the existing terms and conditions.
LIC Aadhaar Shila Plan Installtments/Premium
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:
|Mode of Instalment payment||Minimum instalment amount|