AADHAAR SHILA PLAN
LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Life Assurance plan 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.
MATURITY BENEFIT
On Life assured surviving to the end of the policy term, provided all due premiums have been paid (i.e. the policy is in–force), “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
DEATH BENEFIT
Death benefit payable on death of the Life Assured during the policy term provided policy is in-force (i.e. all due premiums have been paid) then: On death during first five years: “Sum Assured on Death” shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of
- 7 times of annualised premium; or
- 100% of Basic Sum Assured.
The death benefit shall not be less than 105% of total premiums paid upto the date of death. Premiums referred above shall not include any taxes, extra premium and rider premium, if any.
ELIGIBILITY FOR AADHAAR SHILA PLAN
| Minimum Basic Sum Assured per life | `Rs. 75,000 |
| Maximum Basic Sum Assured per life | Rs. 3,00,000 |
| 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 |
| Maximum Age at Maturity | 70 years (nearest birthday) |