Organisation : Life Insurance Corporation of India
Scheme Name : LIC Aadhaar Shila Scheme
Applicable For : Female
Website : https://licindia.in/Home
LIC Aadhaar Shila Scheme
LIC’s Aadhaar Shila is a plan designed exclusively for female lives, which offers a combination of protection and savings.
Related / Similar Facility : LIC eServices Registration
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.In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
Scheme Benefits
a) Death Benefit:
** Death benefit: payable On death of the Life Assured during the policy term provided the policy is in-force : On death during first five years: “Sum Assured on Death” shall be payable.
** On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
** Where “Sum Assured on Death” is defined as the higher of 7 times of annualised premium; or 110% of Basic Sum Assured.
** The death benefit shall not be less than 105% of total premiums paid upto the date of death. Premiums referred above shall not include any taxes, extra premium and rider premium, if any.
b) Maturity Benefit:
On Life assured surviving to the end of the policy term, 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.
c) Loyalty Addition:
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 paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in-force.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.
Eligibility Conditions
This plan is only available for standard healthy lives without undergoing any medical examination
a) Minimum Basic Sum Assured per life*: Rs. 75,000
b) Maximum Basic Sum Assured per life*: Rs. 300,000. The Basic Sum Assured shall be in multiples of Rs. 5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs. 10,000/- for Basic Sum Assured aboveRs. 1,50,000/-
c) Minimum Age at entry8 years (completed
d) Maximum Age at entry 55 years (nearest birthday)
e) Policy Term 10 to 20 years
f) Premium Paying Term Same as Policy Term
g) Maximum Age at Maturity 70 years (nearest birthday)
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives
Options Available
I.The policyholder has an option of availing LIC’s Accident Benefit Rider (UIN: 512B203V03) under this plan at any time within the policy term of the Base plan provided the outstanding policy term of the base plan is atleast 5 years. The benefit cover under this rider shall be available during the policy term or before the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier.
If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan.The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.
II. Option to take Death Benefit in instalments:This is an option to receive death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy.
This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
Payment of Premiums
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals(monthly premiums through NACH only) or through salary deductions over the term of policy.
Grace Period
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterlypremiums and 15 days for monthly premiums from the date of first unpaid premium. During this period the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy.
If the premium is not paid before the expiry of the days of grace, the Policy lapses.The above grace period will also apply to rider premium which is payable along with premium for base policy
Download Scheme Details Here : https://www.statusin.in/uploads/pdf2021/54100-LIC.pdf