LIC Aadhaar Shila Plan

LIC Aadhaar Shila Plan (844) Details

LIC Aadhaar Shila plan (Table 844) with profit is a non-linked regular premium paying endowment assurance plan based on loyalty addition. This Policyexclusively designed for Female lives having Aadhaar Card (UIDAI). This plan will be available to standard healthy lives without any medical test requirement.

Key Features

  • Female Only Plan
  • Low Premium Plan
  • Auto Cover Facility
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

GenderFemale Only
Age at Entry8 Years (Completed)
Maximum Age at Entry55 (Nearest Birthday)
Minimum Term10 Years
Maximum Term20 Years
Maximum Age at Maturity70 Years (Nearest Birthday)
Sum AssuredMinimum 75,000 and Maximum 3,00,000
Premium Paying ModeYearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Maturity benefit

  • On survival of year term, Maturity will beBasic Sum Assured+Loyalty Addition.

Death benefits

  • On death duringFirst Five Yearsof the policy:
    • Death claim amount will be equal to 110% of Basic Sum Assured.
  • On deathafter 5 yearsof the policy and before maturity:
    • Death claim amount will be equal to 110% Basic Sum Assured + Loyalty Addition(LA).

Please Note: It understandable that Loyalty Addition is applicable after successful completion of 5 Policy years.

Optional Accidental Benefit Rider

Policy holders above 18 years of age have option to opt forAccidental Benefit Riderwith this plan, which will provide additional amount equal to basic sum assured in case of death caused due to accident.

LIC Aadhaar Shila (843) with an Example

With the help of following policy details, Maturity and Risk cover details have been explained below.

Sum Assured (Rs.)3,00,000
Age (Years)30
Policy Term(Years)20
Purchase Year2017
Yearly Premium (Rs.) (Without ST)10,472

So, as per above example, policy holder needs to pay the premium ofRs. 10,472per year for20 yearsand maturity will happen after completion of 20 years. The details of year-wise policy progress and maturity is explained below.

Maturity Details

If Policy holder completes 20 years and pays all premium successfully, then Maturity will be as under.

Maturity YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)
2037502,08,8603,00,000 + Loyalty Addition

Death Claim Details

Following table provides policy year-wise and age-wise total premium paid and death claim details. The death claim in first five year will be 110% of Basic Sum Assured and after completion of 5 years, death claim amount will be 110% of Sum Assured + Loyalty Addition (LA). In case of accidental death, additional amount equal to Sum Assured is also included in death claim amount.

How to Understand Following Table

Suppose if, unfortunate death of policy holder happens in year 2023 (at age 34), then by that time total premium paid will be Rs. 94,248 and nominee will get death claim as3,30,000 + Loyalty Additionin case of normal death or Rs.6,30,000 + Loyalty Additionas accidental death claim in case of death due to accident and policy will stop.

YearAgeTotal Paid PremiumNormal Life Cover (Approx.)Accidental Life Cover (Approx.)Return
20172810472330000630000
20182920944330000630000
20193031416330000630000
20203141888330000630000
20213252360330000630000
20223362832330000 + LA630000 + LA
20233473304330000 + LA630000 + LA
20243583776330000 + LA630000 + LA
20253694248330000 + LA630000 + LA
202637104720330000 + LA630000 + LA
202738115192330000 + LA630000 + LA
202839125664330000 + LA630000 + LA
202940136136330000 + LA630000 + LA
203041146608330000 + LA630000 + LA
203142157080330000 + LA630000 + LA
203243167552330000 + LA630000 + LA
203344178024330000 + LA630000 + LA
203445188496330000 + LA630000 + LA
203546198968330000 + LA630000 + LA
203647209440330000 + LA630000 + LA
203748Maturity300000 + LA

Above example has been prepared for illustration purpose only, for more details, please refer toLIC Websiteand in case of any query please write your comment below.