LIC’s Aadhaar Shila (Table No. 944)
INTRODUCTION :- Aadhaar Shila (Plan No. 944) is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan is exclusively designed for the FEMALE lives only, which offers a combination of protection and savings. 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. This plan shall be available to standard healthy lives without any medical examination and the total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 5 lakhs. This LIC policy is the best policy for those people whose income is less and also not regular.
Basic Eligibility Conditions and Features of LIC’s Aadhaar Shila Plan (Table No. 944): –
a) Minimum Basic Sum Assured per life*:- 2,00,000
b) Maximum Basic Sum Assured per life*:- 5,00,000
The Basic Sum Assured shall be in multiples of 5,000/- from Basic Sum Assured 2,00,000 to 3,00,000/ and
in multiple of 25,000/ for Basic Sum Assured above 3,00,000/
c) Minimum Age at entry:- 8 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) Minimum Age at Maturity:- 18 years (completed)
h) Maximum Age at Maturity:– 70 years (nearest birthday)
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.
Benefits:- a) Death Benefit:- Death benefit payable : On death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) then:
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.
b) Maturity Benefit:- On Life assured surviving to the end of the policy term, provided all due premiums have been paid (i.e. 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
Auto Cover Period:- “Auto Cover Period” under a paid-up policy shall be the period from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as under:
1. If at least three full years but less than five full years premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.
2. If at least five full years premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of two years shall be available.