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Overview
LIC's Aadhaar Shila Plan (Plan No: 944) is a non-linked, with-profits, regular premium-paying endowment plan. This plan offers a combination of savings and protection.
LIC's Aadhaar Shila Plan is primarily for female policyholders who have an Aadhaar card issued by UIDAI (Unique Identification Authority of India). This is a Loyalty Addition-based plan and does not require any medical tests.
The plan provides financial assistance to the policyholder's family in the event of their unfortunate demise even during the maturity period. If the policyholder survives the policy term, a fixed sum assured is paid upon maturity.
Key Benefits of LIC Aadhaar Shila Plan
- Death Benefits
- Maturity Benefits
- Loyalty Additions
- Auto Cover Continuance
- Policy Loan
How to Buy LIC Aadhaar Shila Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.
Benefits of LIC Aadhaar Shila Plan
There are various benefits to buying the LIC Aadhaar Shila Plan. Let's understand each of them in detail:
Death Benefit
If the insured dies during the first five policy years, the benefit is payable. Before the date of commencement of risk, a refund of premiums paid without interest will be payable.
Maturity Benefit
If the insured survives till the end of the policy period and all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
Loyalty Additions
If all premiums have been paid for at least 5 years and the policy has completed 5 years, the plan is eligible for Loyalty Addition at the time of exit during the policy term or maturity, provided the policy is in force.
Policy Revival
A revival period of 2 years is allowed from the date of the first unpaid premium, but before the date of maturity. This applies if the policy has lapsed due to non-payment of premiums by the end of the grace period.
Grace Period
A grace period of 30 days shall be allowed for payment of yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums from the date of the first unpaid premium.
Loan Facility
You can avail of a loan against your LIC Aadhaar Shila Plan for a certain period at the prevailing interest rate.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC Aadhaar Shila Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
Inclusions
- Death Benefit: Financial protection for your family in case of the policyholder's unfortunate demise during the policy term.
- Maturity Benefit: A fixed sum assured along with Loyalty Additions (if applicable) paid upon policy maturity.
- Loyalty Additions: Additional benefits for policies that have completed at least 5 years and all premiums are paid.
- Policy Revival: A grace period of 2 years to revive a lapsed policy by paying unpaid premiums.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one of the following).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one of the following).
- Address Proof: Utility bill, passport, voter ID, ration card (any one of the following).
- Medical Records: Medical records of the policyholder (if requested).
- Income Proof: Bank statement, last three months' salary slips (if salaried) (any one of the following).
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High Sum Assured Rebate |
| Auto Cover Continuance | Top-up Premium |
| Profit Participation |
In a Nutshell
If you are looking for a life insurance plan for a female policyholder that provides death benefits to your family in case of your unfortunate demise, along with maturity benefits, consider the LIC Aadhaar Shila Plan. If you are unsure whether this plan is right for you, contact us at PolicyX.com.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
