LIC Aadhaar Shila Plan (844)

LIC Aadhaar Shila Plan (844): Features, Benefits and Premium Calculator

LIC Aadhaar Shila Plan (844)

LIC Aadhaar Shila Plan (844): Features, Benefits and Premium Calculator

LIC Aadhaar Shila Plan (844) is a non-linked, with profits regular premium paying endowment plan of LIC. This plan has just launched by LIC and exclusively designed for females lives. This is Aadhar based Plan of LIC and is available  for females having Aadhar Card issued by unique Identification Authority of India (UIDAI).

LIC Aadhaar Shila Plan (844) offers a combination of protection and savings. The Plan provide financial support for the family in case of unfortunate death of  the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.

This Plan also takes care of the liquidity needs through its loan facility.

Key Features of LIC Aadhaar Shila Plan (844):

  • LIC Aadhaar Shila Plan is exclusively available for women having Aadhar Number.
  • This is a  participating plan.
  • This is a low premium plan and provide auto cover facility.
  • Accidental death rider makes this plan more beneficial.
  • Rebate is also offered to policy holder if he opt for higher sum assured.
  • Premium Paid are exempted from income tax under section 80C.
  • Amount received on maturity or on death is exempted under section 10 (10D).

Benefits of LIC Aadhaar Shila Plan (844) :

Death Benefits:

On death during first 5 years of the Policy: In case of death during the first  five years of the policy, an amount equal to ‘Sum Assured on Death’ will be payable.

On death after completion of 5 years of the Policy and before the maturity: In case of death occurs after the completion of  five years and before the date maturity, a sum equal to ‘Sum Assured on Death’ and Loyality Addition, if any, shall be payable.

Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

Maturity Benefits:

If the policyholder survives till the end of policy term he will get Sum Assured on Maturity and Loyalty Addition, if any, provided all the premiums due have been paid.

Loyalty Addition:

The Policyholder, under this plan, will be eligible for Loyalty Addition at the time of death or maturity of the policy. For Loyalty Addition, the policy must have completed five years or at least five full years premium must have been paid. The rate and terms of Loyalty Addition will depend upon the declaration by the Corporation.

Optional Benefits:

Accidental Death Benefits Rider is also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

Tax Benefits:

Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

Loan Facility: Loan facility is also available after the completion of 3 years.

Eligibility and other restrictions:

  • Minimum age of entry   :    8 years
  • Maximum age of entry : 55 years
  • Maximum Age of  Maturity: 70 years
  • Basic Sum Assured  :   Minimum Rs. 75000 and Maximum Rs.30000 (in multiple of Rs.5000 upto Rs.150000 Basic Sum Assured and Rs.10000 above Rs.150000 Basis Sum Assured).
  • Policy Term/Premium Paying Term: 10 to 20 years

Mode of Payment of Premium:

Premium can be paid monthly, quarterly, half yearly and yearly.

Rebate on mode and high sum assured:

  • Quarterly and monthly mode  nil
  • Half yearly mode      1%
  • Yearly mode               2%

Basis sum assured rebate:

  • 75000 to 190000         Nil
  • 200000 to 290000      1.50% of Basic Sum Assured
  • 300000                       2.0% of Basic Sum Assured

Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

Surrender Value:

The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

Premium Calculator: For the calculation of  premium of LIC  Aadhaar Shila  Plan (844), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

Also See: LIC New Jeevan Anand Plan: Features, Benefits and premium calculator

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