LIC Aadhaar Shila Plan No.844 is a non-linked with profit endowment plan. It is a regular premium paying plan which also provides loyalty addition. This plan is mainly proposed for females who are having Aadhar card. Any healthy female can buy this plan without any medical test requirement.
Features and details of LIC aadhar Shila endowment plan
- The plan is only available for female policy buyers
- This is a low premium paying plan that means the amount of premium is lesser than as compared to other plans.
- It provides auto cover facilities.
- The minimum age for the entry of this plan is 8 years and the maximum is for the entry of this plan is 55 years
- The minimum policy term is 10 years and the maximum policy term is 20 years
- The maximum age at the time of maturity is can be 70 years
- The minimum sum that can be assured is 75000 and the maximum sum that can be assured is 3,00,000.
- The premium paying mode can be annually, half-yearly, quarterly and monthly.
- There is 2% discount on Premium for yearly premium payers and 1% discount for half yearly premium payers.
Benefits provided under LIC Adhar Shila endowment plan
On the survival of the policyholder throughout the policy term. The maturity benefit is provided to the policyholder. The maturity benefit will be the basic sum assured plus the loyalty addition.
In case of the policyholder meet to an unfortunate death. Then the death benefit is provided to the nominee of the policyholder. If the policyholder dies within 5 years of the policy plan then the death benefit amount will be 110% of the basic sum assured. If the policyholder dies after the 5 years of policy term then the death benefit amount will be equal to 110% of the basic sum assured plus loyalty addition.
There is a provision of optional benefits as add-on benefits. If the policyholder is above 18 years then, he or she can add accidental death and disability benefit to this plan by paying an extra premium. The minimum sum that can be assured for accidental benefit is rupees 20,000 and the maximum sum that can be assured for accidental benefit is can be equal to the basic sum assured.
The premium paid under the LIC Aadhaar Shila plan is exempted from income tax under section 80c and the maturity amount provided is also tax-free under section 10 D.
Documents required for LIC Aadhar Shila
- Fully filled application form with photographs
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
Important points related to LIC Adhaar Shila Endowment plan
Premium Calculator Chart
loan facilities are available in this plan after the completion of 3 years of the policy term. If the premiums of all the 3 years have been paid.
The policy attends a surrender value and can be surrendered at any time after the completion of 3 years of the policy term
Cooling off period
After purchasing the LIC Aadhaar Shila policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after the receipt of the policy document.
There is a grace period of 15 days for the payment of the monthly mode of premium and 30 days for the half-yearly and early mode of premium payment. If the premium would not be paid within the grace period the policy will lapse.
If the policy gets lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not be revived within 2 years then the policy will get terminated.