LIC Aadhaar Shila: Endowment Plan For Women

LIC Aadhaar Shila: Endowment Plan For Women

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

Maturity benefit

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.

Death benefit

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.

Optional benefits

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.

Tax benefits

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

  1. Fully filled application form with photographs
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history

Important points related to LIC Adhaar Shila Endowment plan

Premium Calculator Chart

Loan facilities

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.

Surrender value

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.

Grace period

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.

Policy Revival

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.

LIC’s Jeevan Bharati-1

Special Money Back Plan for Women

LIC Jeevan Bharati 1 Table No.  192

Summary:

LIC’s Jeevan Bharati –I Plan no.192 has been designed exclusively for females. This is a money-back plan having optional Accident Benefit, Critical Illness Benefit, and Congenital Disability Benefit as Riders.

Benefits:

a) Death Benefit:
An amount equal to the Sum Assured under the basic plan along with Reversionary Bonuses, and Final Addition Bonus, if any, will be payable.

b) Survival Benefits:
Survival benefits will be payable as given below:

Survival to end of15-year plan20-year plan
5 yrs 20% 20%
10 yrs 20% 20%
15 yrs
20%

c) Maturity Benefit:

For policy term of 15 years: 60% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

For policy term of 20 years: 40% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

Optional Benefits:

a) Critical Illness Benefit Rider :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together including the new proposal under consideration. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan.

b) Accident Benefit Rider :
Accident Benefit as an optional rider will be available under the plan for an amount equal to the Accident Benefit Rider Sum Assured subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

c) Congenital Disability Benefit Rider: An Amount equal to 50% of the Congenital Disability Benefit Rider Sum Assured will be payable if the Life Assured gives birth to a child with specified congenital disabilities. This benefit is payable for a maximum of 2 such congenitally disabled children.

Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Riders under all policies of the life assured including the new proposal into consideration.

Special Features:

i. Encashment of survival benefits as and when needed:
A policyholder can take the survival benefits on or after the due dates, but before the date of maturity. In case of deferment of a due survival benefit, the Corporation will pay increased survival benefit and the increment will be at such rate as decided by the Corporation from time to time compounding yearly for a complete number of months, a fraction of a month being ignored. This option shall be required to be exercised six months before the due date of the Survival Benefit. To start with, the rate of increment will be 4% p.a. compounding yearly for a complete number of months, ignoring a fraction of a month.

ii. Flexibility to pay premiums in advance:
A policyholder will have the flexibility to pay the next yearly premium in advance (in a maximum of three installments). The policyholder will be eligible for a premium rebate at such a rate as may be decided by the Corporation from time to time. The premium mentioned above will also include premiums for Critical Illness Rider, Congenital Disability Benefit Rider, and Accident Benefit Rider if opted for. She will be eligible for a premium rebate of 5% p.a. for a complete number of months on the portion of the premium paid.

iii. Option to receive maturity benefits in the form of an annuity:
The policyholder will have the option (to be exercised 6 months before the date of maturity) to receive the maturity proceeds (including bonuses) in the form of an annuity. The immediate annuity rates prevalent at the time of maturity will be applicable.

iv. Auto cover :
Provided at least two years’ premiums have been paid under a policy, full death cover will be admissible for a period of three years from the date of the first unpaid premium. If the death of Life Assured occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest will be payable along with the vested bonuses and Final Additional Bonus, if any. However, claims under the Critical Illness Rider, Congenital Disability Benefit Rider, and Accident benefit will not be admissible during the Auto Cover period. Further,

(a) If Critical Illness Rider is not opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest thereon until the due date of the survival benefit, provided it is more than the unpaid premiums with interest thereon. If the survival benefit is insufficient to cover the arrears of premiums with interest thereon up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest thereon, during the period of the aforesaid 3 years or on the revival of the policy thereafter.

(b) If Critical Illness Rider is opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid only on the revival of the policy.

Loans:
A loan facility will be available under this plan after the policy acquires paid-up value. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Eligibility Conditions and Restrictions Basic Plan

a) Minimum Sum Assured : Rs.50,000/-
b) Maximum Sum Assured : Rs 25,00,000/-
c) Minimum age at entry : 18 years completed.
d) Maximum age at entry : 55 years nearest birthday
e) Maximum age at maturity : 70 years nearest birthday
f) Policy Term : 15 & 20 years

The Sum Assured shall be in multiples of Rs. 5,000.

Accident Benefit Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

The Sum Assured shall be in multiples of Rs. 5,000.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 55 years nearest Birthday
e) Policy Term : 15 & 20 years
f) Maximum Maturity Age : 70 years nearest Birthday.

Critical Illness Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to Critical Illness Rider Sum Assured subject to the maximum of Rs.5 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.

The Sum Assured shall be in multiples of Rs.10,000/-.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 50 years nearest Birthday
e) Policy Term : Same as basic plan or till age 60 years nearest birthday whichever is earlier. If PWB is opted for, then the term of the rider should be same as that of the term of the basic plan.
f) Maximum Maturity Age : 60 years nearest Birthday. If PWB (under the Critical Illness Rider) is opted for, then the following conditions apply:
(i) The term of all the riders opted for must be same as that of the basic plan.
(ii) The Sum Assured of all the riders opted for must be same as that of the basic plan.

Congenital Disability Benefit Rider:
a) Minimum Sum Assured : Rs.50,000
b) Maximum Sum Assured : Rs 500,000
Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Rider under all policies of the life assured including the new proposal into consideration.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 35 years nearest birthday
e) Maximum Benefit Ceasing Age : 40 years nearest birthday
f) Terms allowed : Same as the basic plan or till age 40 years (nearest birthday, whichever is earlier.)
Sum Assured will be in multiples of Rs 5000 only.

Mode of Premium Payment :
Only a Yearly mode of Premium Payment is allowed under Jeevan Bharati 1 plan.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

The Unique Identification Number (UIN) for LIC’s Jeevan Bharati – I plan is 512N247V01.

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.