LIC Aadhaar Shila Plan: LIC Aadhar Shila Policy is an insurance plan for women, meant specifically for protection and saving income. Notably, this plan is only for women who have a valid Aadhaar card/UID number.
LIC Aadhaar Shila Plan: Benefits
Death Benefit: Death benefit payable in case of death of the Life Assured before the stipulated Date of Maturity provided the policy is inforce shall be as under On death during first five years: “Sum Assured on Death”.
On death after completion of five policy years but before the stipulated Date of Maturity: “Sum assured on Death” along with Loyalty Addition if any. Where “Sum Assured on Death” is defined as the higher of
• 7 times of annualised premium; or
• 110% of Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid excluding any extra premium, any rider premium and taxes) upto the date of death.
The Death Benefit shall be paid in lumpsum as specified above and/or in instalments, as specified in Condition 8 of Part D of this Policy Document, as per the option exercised by the Policyholder/Life Assured.
On Life Assured surviving the stipulated Date of Maturity provided the policy is in- force, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured. The Policyholder/Life Assured shall have an option to receive the Maturity benefit in lumpsum as specified above and/or in instalments (Settlement Option), as specified in Condition 9 of Part D of this Policy Document.
Participation in profits:
Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paidup policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years’ premium have been paid.
Payment of Premiums :
(a).The policyholder has to pay the Premium on the due dates as specified in the Schedule of this Policy Document along with applicable taxes if any from time to time.
(b).In case of death of Life Assured under an in-force policy wherein all the premiums due till the date of death have been paid and where the mode of payment of premium is other than yearly, balance premium(s), if any, falling due from the date of death and before the next policy anniversary shall be deducted from the claim amount.
The Corporation does not have any obligation to issue a notice that the premium is due or for the amount that is due.
A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of the first unpaid premium. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
If the death of the Life Assured occurs within the grace period but before the payment of the premium is then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium(s), if any, falling due from the date of death and before the next policy anniversary.
The above grace period will also apply to rider premiums which are payable along with premiums for a base policy.
LIC Aadhaar Shila Plan: Eligibility/Minimum
|Minimum Basic Sum Assured per life
Maximum Basic Sum Assured per life
The Basic Sum Assured shall be in multiples of ` 5,000/- from Basic Sum Assured `75,000
|Minimum Age at entry
|8 years completed
|Maximum Age at entry
|55 years (nearest birthday)
|10 to 20 years
|Premium Paying Term
|Same as Policy Term
|Maximum Age at Maturity
|70 years (nearest birthday)
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