LIC Aadhaar Shila
LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Savings Life Insurance designed exclusively for female lives, 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.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
Description
The benefits provided by this insurance policy include:
a) Death Benefit: In the event of the unfortunate demise of the Life Assured during the policy term while the policy is in force (meaning all due premiums have been paid), the following benefits are payable:
- Death During the First Five Years: The “Sum Assured on Death” will be paid.
- Death After Completion of Five Policy Years but Before Maturity: The “Sum Assured on Death” along with Loyalty Addition, if applicable, shall be paid.
The “Sum Assured on Death” is defined as the higher of:
- 7 times the annualized premium.
- 110% of Basic Sum Assured.
The death benefit shall not be less than 105% of the total premiums paid up to the date of death. Please note that the premiums mentioned above do not include taxes, extra premiums, and rider premiums, if any.
b) Maturity Benefit: If the Life Assured survives to the end of the policy term, and all due premiums have been paid (i.e., the policy is in force), the “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. The “Sum Assured on Maturity” is equal to the Basic Sum Assured.
c) Loyalty Addition: The policy becomes eligible for Loyalty Addition provided it has completed five policy years and at least 5 full years’ premiums have been paid. The Loyalty Addition is determined by the Corporation’s experience and is applicable at the time of policy exit, either due to death during the policy term or upon maturity. The rate and terms of Loyalty Addition are declared by the Corporation.
For a paid-up policy, Loyalty Addition shall be payable for the completed policy years during which the policy was in force. Additionally, Loyalty Addition, if any, shall also be factored into the Special Surrender Value calculation if the policy is surrendered during the policy term, provided the policy has completed five policy years, and at least 5 full years’ premiums have been paid.
Eligibility Conditions :
| Minimum Basic Sum Assured per life* | 2,00,000 |
| Maximum Basic Sum Assured per life* | 5,00,000 |
| Minimum Age at entry | 8 years (completed) |
| Maximum Age at entry | 55 years (nearest birthday) |
| Policy Term | 10 to 20 years |
| Premium Paying Term | Same as Policy Term |
| Minimum Age at Maturity | 18 years (completed) |
| Maximum Age at Maturity | 70 years (nearest birthday) |
“The company shall offer the Basic Sum Assured in multiples of 5,000/- for Basic Sum Assured between 2,00,000 to 3,00,000/-.”
“For Basic Sum Assured above 3,00,000/-, the company shall offer it in multiples of 25,000/-.”
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