LIC’s Aadhar Shila Plan

LIC’s Aadhar Shila Plan is a insurance and investment plan for the women who hold Aadhar Card issued by UIDAI (Unique Identification Authority of India). LIC’s Aadhar Shila Plan is made to financially support the family of policyholder at the time of her death and in case of the survival of insured till the maturity date of the policy.

Key Features Of Aadhar Shila Policy / Plan

LIC’s Aadhar Shila Plan Benefits :

Maturity Benefits : 

If the policyholder survives till the maturity of the LIC’s Aadhar Shila Plan, she would receive Sum Assured i.e. equal to Basic Sum Assured plus the Loyalty Additions, if any.

Death Benefits :

  • If the policyholder dies within the period of 5 policy years and has paid all the premiums on time, the nominee will receive the 110% of the Basic Sum Assured on Death.
  • If the policyholder dies after 5 years of policy years but before the maturity of the policy and has paid all the premiums on time, the nominee will receive the 110% of the Basic Sum Assured on Death along with Loyalty Additions, if any.

Death Benefits shall not be less than 105% of all the premiums paid as on date of death of the insured.

Loyalty Additions :

  • If policyholder has paid all the premiums of 5 policy years then he’ll be eligible for the Loyalty Additions in case of both Maturity and Death.
  • If insured has paid all the premiums of 5 policy years, Loyalty Additions, if any, will also be considered in Special Surrender Value Calculation on surrender of policy.

Rider Benefits : 

LIC’s Accident Benefits Rider has been availed to insured. The insured can avail this by paying extra premium. Rider Sum Assured in this plan shall not exceed Basic Sum Assured.

Revival Benefits : 

The policy can be lapsed if the premiums are not paid within the grace period. But you can also revive this lapsed policy by paying all the arrears of premium altogether with interest  within the period of 2 years since the date of first unpaid premium. The interest rates would fixed by the corporation at the time of the payment.

Loan Benefits : 

LIC’s Aadhar Shila Plan also avails loan to the policyholder within the term according to the terms and conditions of the corporation as follows:

  • Upto 90%  for the inforce policy
  • Upto 80% for the Paid-up policy.

The interest rate of the loan would be decided at periodic intervals by the corporation. 

LIC’S Premium Calculator :- Click On this Link and Calculate Your Premium :- https://ebiz.licindia.in/D2CPM/#qni/basicinfo 

LIC’s Jeevan Lakshya Plan Link :- lics-jeevan-lakshya-plan-no-933  

Paid-up Value : 

  • If one has paid 3 years’ premium on time but stopped paying after that, the Paid-up Value of LIC’s Aadhar Shila Plan would be applicable for Auto Cover Period.
  • If one has stopped paying premium within the period of 3 policy years then after the expiry of grace period the policy will be ceased. 

Surrender Value :

The Guaranteed Surrender Value and Special Surrender Value has been payable to the insured if the insured wants to surrender the policy but only after the 3 full years’ premium have been paid by the insured.

Auto Cover Period : 

The Auto Cover Period starts from the date of the first unpaid premium. In following circumstances the Auto Cover Period will be activated :

  • Auto Cover Period of 6 months will be available if the policyholder has paid at least 3 Years of full premium but less than 5 years.
  • Auto Cover Period of 2 years will be available if the policyholder has paid 5 years of full premium.

Benefits during Auto Cover Period under a Paid-up Policy :

Death Benefits :

  • Death Benefits after deduction of the unpaid premium with interest upto the date of death
  • The balance premium due from the date of death occurred and before the next policy anniversary, if any.

Maturity Benefits :

  • Maturity Paid-up Sum Assured i.e. equal to (No. Of Premius Paid / Total No. Of Premiums Payable) × (Sum Assured on Maturity).
  • Loyalty Benefits, if any.

Benefits after expiry of Auto Cover Period under a Paid-up Policy : 

Death Benefits : 

  • Death Paid-up Sum Assured i.e. qual to [Sum Assured on Death * ( No. Of Premiums Paid / Total No. Of Premiums Payable)]
  • Loyalty Benefits, if any.

Maturity Benefits :

  • Maturity Paid-up Sum Assured i.e. qual to (No. Of Premiums Paid / Total No. Of Premiums Payable) × ( Sum Assured on Maturity)
  • Loyalty Benefits, if any. 

Exclusion : 

  • Only 80% of the Premium paid will be provided to the nominee if the policyholder commits suicide within the period of one year from the commencement of the risk.
  • An amount which is higher of 80% of the Premiums Paid will be provided to the nominee if the insured commits suicide within the period of one year from date of revival.
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Example :- If a person wants term plan he can select "TERM INSURANCE".