LIC AADHAAR SHILA (Plan No: 944)
LIC Aadhaar SHILA Plan offers a combination of protection and savings. This plan is exclusively designed for female lives.
This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
This plan will only be available for standard healthy lives without any medical examination. Total Basic Sum Assured under all the policies issued to an individual under this plan and under the earlier version of this plan (Plan No 844) shall not exceed Rs 3 Lakh
Unique Identification Number: 512N309V02
Launch Date: 1st February 2020
Maturity Benefit:
Sum Assured on Maturity + Loyalty Additional, if any.
- Sum Assured on Maturity is equal to Basic Sum Assured
- Survival to the end of the policy term provided all due premiums have been paid.
- Payable in Lump Sum or as per Settlement Option exercised
Death benefit:
During Policy first Five Years: “Sum Assured on Death” shall be payable.
Death after completing Five Years: “Sum Assured on Death + Loyalty Addition if any.”
- In case of death during the policy term provided all due premiums have been paid.
- Where “Sum Assured on Death” is defined as a higher of 110% of Basic Sum Assured or 7 times of annualized premium.
- This death benefit shall not be less than 105% of all the premiums paid as on the date of death. Where premiums exclude service tax, extra premium, and rider premiums if any.
Income Tax Benefit:
under section 80C of the Income Tax Act, premiums paid under the LIC Aadhaar Shila Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductible
Synopsis LIC Aadhaar SHILA Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 8 years completed Maximum -55 yrs nearest birthday |
| 2 | Policy Term & Premium paying term | Minimum – 10 Years Maximum – 20 Years |
| 3 | Maximum Maturity Age | 70 years (nearer birthday) |
| 4 | Basic Sum assured (in multiples of 5,000/-for upto Rs 1,50,000/- & 10,000/- for above 1,50,000/-) | Minimum – 75,000/- Maximum – 3,00,000/- |
| 5 | Mode rebate | Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil |
| 6 | Large Sum Assured rebate (per 1000 S.A) | 75,000 to 1,90,000 – NIL 2,00,000 to 2,90,000 – Rs: 1.50 %o B.S.A. 3,00,000 – Rs: 2 %o B.S.A. |
| 7 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme |
| 8 | Grace Period | 30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes |
| 9 | Surrender & Policy Loan | After payment of premiums of 2 full years *conditions apply |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider L.I.C’s Premium Waiver Benefit Rider |
LIC Aadhaar Shila Auto Cover Period:
“Auto Cover Period” under a paid-up policy shall be the period from the due date of the first unpaid premium (FUP). The duration of Auto Cover Period shall be as under:
- If at least three full years’ but less than five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.
- If at least five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: the Auto Cover Period of two years shall be available.
The benefits payable under a paid-up policy during Auto Cover Period shall be as follows:
- On death: Death benefit, as payable under an in-force policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and (b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.
- On maturity: The Sum Assured on Maturity under paid-up policy shall be altered to such an amount called “Maturity Paid-up Sum Assured” which shall be payable on Life Assured surviving to end of the policy term. The Maturity Paid-up Sum Assured shall be equal to [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- Settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in installment to the policy holder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in installment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
