LIC Aadhar Shila Table No 844 is a newly launched plan from Life Insurance Corporation of India. This new LIC policy is exclusively designed for females having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). LIC’s Aadhar Shila plan is a non-linked, with profits, regular premium endowment assurance plan (UIN: 512N309V01).
This plan is available for standard healthy lives without any medical examination needs. A similar plan named LIC Aadhar Stambh Table No 843 is also launched exclusively for males. You can read more on the plan LIC Aadhar Stambh. Now let’s checkout the complete details of LIC Aadhar Shila Plan with premium and benefit review.
LIC Aadhaar Shila (T-844) Eligibility
|Minimum Age of Entry||8 Years (Completed)|
|Maximum Age of Entry||55 (Nearest Birthday)|
|Maximum Age at Maturity||70 Years (Nearest Birthday)|
|Minimum Policy Term||10 Years|
|Maximum Policy Term||20 Years|
|Minimum Sum Assured||75,000|
|Minimum Sum Assured||3,00,000|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)|
LIC Aadhaar Shila Benefits
The different benefits under LIC’s Aadhaar Shila Policy are:
Death Benefits in LIC’s New Plan Aadhaar Shila
During the first 5 years of policy:
The Sum Assured on Death will be paid to the nominee, which is 110% of the Basic Sum Assured. The Basic Sum Assured essentially means the assured sum while buying the plan.
After completion of 5 years of policy but before the date of maturity:
The Sum Assured on Death and Loyalty addition (if any) will be paid to the nominee of the Life Assured. The death benefit will not be less than 105% of all the premium paid in the policy as on date of death of the life assured. A good point here is, no taxes or extra amount due to underwriting decision and rider premium, will be levied on the said premium.
You can read the complete details in LIC Official Website.
Maturity Benefits in LIC Aadhaar Shila Table No. 844
The Sum Assured on Maturity along with Loyalty Addition, if any, will be payable to the policy holder. Here the Sum Assured on Maturity is equal to the Basic Sum Assured.
Auto Cover Benefits under LIC’s Aadhaar Shila Policy
In case you fail to pay the insurance premium within due date, then the policy will be converted as Paid Up policy. Auto Cover Period under a paid up policy is a period from the due date of the First Unpaid Period (FUP) including the grace period. One will have full risk cover under this new LIC plan although he failed to pay the premium within due date.
The Auto Cover Benefit available in this plan are as follows:
- Auto Cover period of 6 months from the due date of the first unpaid premium will be available, when atleast 3 policy years (but less than 5 years) are paid and any subsequent premium is not duly paid
- Auto Cover period of 2 years from the due date of the first unpaid premium will be available, when at least 5 policy years are paid but any subsequent premium is not paid
LIC Accident Benefit Rider under Aadhaar Shila Plan
An additional amount termed as Accidental Benefit sum Assured is payable on death caused by an accident. It will be payable within 180 days of the accident provided the rider is inforce at the time of the accident.
One can opt for the accident benefit by paying some additional premium. The accident benefit is available as an optional rider during the policy term. It can be taken at the time of taking the policy or before the premium term is over. The important features of this rider are:
- Minimum Age of Entry: 18 years (completed)
- Maximum Age of Entry: The cover can be opted at any time within policy term of the Base Plan
- Maximum cover ceasing Age: Same as under the Base Plan
- The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000
- Minimum Accident Benefit Sum Assured : Rs. 20,000
- Maximum Accident Benefit Sum Assured: An amount equal to the Basic
LIC Aadhaar Shila Plan Rebates
The rebates available in the base plan of LIC’s Aadhaar Shila policy are as follows:
- Yearly: 2% of tabular premium
- Half Yearly: 1% of tabular premium
- Quarterly and Monthly: NIL
LIC Aadhaar Shila Plan in Hindi
Other Important Features in LIC’s New Plan Aadhaar Shila
- The premium paid under this policy is tax free under section 80C of Income Tax Act
- Maturity value of the LIC Aadhar Shila plan is fully exempted from income tax under section 10(10D) of Income Tax Act
- The policy can be revived within the 2 years of the first unpaid period
- Grace period of one calendar month (not less than 30 days) in yearly, half yearly and quarterly mode and 15 days in monthly mode is available
- Nomination facility is available in the policy
- One can surrender the policy after 3 years, provided the premium is already paid for at least 3 full years
- The policy will acquire paid up value if the premium has been paid for 3 full years
- Loan facility is available in this policy, after at least 3 years of premium is paid
- Free look period of 15 days is allowed from the date of receipt of the policy bond
LIC Aadhaar Shila No.844 Review: Should You Go For It?
From the details available, this new LIC policy seems to be another typical Endowment Plan from the Life Insurance Corporation of India. There is nothing new in this, except the extended auto cover feature. Also the life cover assured is too low. It seems that LIC has come up with a new name to attract the rural population.
If you are happy with a decent interest with guaranteed return, than you may take a look. However, if you want better return on your investment, then there are many other investment instruments available there. So understand your investment objective and choose whether you want to invest in LIC Aadhaar Shila Plan.