LIC’s Aadhaar Shila

LIC’s Aadhaar Shila Plan

1. Plan Overview: LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Savings Life Insurance Plan designed exclusively for female lives, offering a combination of protection and savings. The plan provides financial support for the family in case of the policyholder’s death before maturity and a lump sum amount at maturity for the surviving policyholder. Additionally, it offers liquidity through its Auto Cover and loan facilities.

2. Benefits:

  • Death Benefit:
    • During the first five years: Sum Assured on Death is payable.
    • After five years but before maturity: Sum Assured on Death plus Loyalty Addition, if any, are payable.
    • Sum Assured on Death: Higher of 7 times the annualized premium or 110% of the Basic Sum Assured.
    • Minimum Death Benefit: 105% of total premiums paid up to the date of death.
  • Maturity Benefit:
    • Sum Assured on Maturity (equal to Basic Sum Assured) along with Loyalty Addition, if any, is payable on survival to the end of the policy term.
  • Loyalty Addition:
    • Available after five policy years and subject to certain conditions, including policy completion of five full years and payment of at least five full years’ premiums. It is payable on death, maturity, or surrender of the policy.

3. Eligibility Conditions and Other Restrictions:

  • Minimum Basic Sum Assured: ₹2,00,000
  • Maximum Basic Sum Assured: ₹5,00,000
  • Age at Entry: 8 to 55 years
  • Policy Term: 10 to 20 years
  • Premium Paying Term: Same as Policy Term
  • Age at Maturity: 18 to 70 years

4. Options Available:

  • Rider Benefits: Option to avail LIC’s Accident Benefit Rider.
  • Settlement Option for Maturity Benefit: Receive Maturity Benefit in installments over 5 years.
  • Option to take Death Benefit in Installments: Receive Death Benefit in installments over 5, 10, or 15 years.

5. Premium Payment: Premiums can be paid yearly, half-yearly, quarterly, or monthly (through NACH) or via salary deductions.

6. Grace Period:

  • 30 days for yearly, half-yearly, or quarterly premiums.
  • 15 days for monthly premiums.

7. Sample Illustrative Premium: For a Basic Sum Assured of ₹2,00,000:

  • Age 10 years:
    • 10-year term: ₹17,787
    • 15-year term: ₹10,868
    • 20-year term: ₹7,595
  • Age 30 years:
    • 10-year term: ₹17,885
    • 15-year term: ₹10,986
    • 20-year term: ₹7,732

8. Revival: A lapsed policy can be revived within 5 years from the first unpaid premium date by paying all arrears with interest and meeting other conditions as specified by LIC.

9. Paid-up Policy: If premiums are unpaid after paying at least two full years’ premiums, the policy will continue as a paid-up policy. Benefits are proportionally reduced based on the number of premiums paid.

This summary encapsulates the main features and benefits of the LIC Aadhaar Shila plan. For more detailed information, please refer to the official policy document or contact an LIC agent.