LIC's Aadhaar Shila Plan

LIC's Aadhaar Shila Plan offers a combination of protection and savings. This plan is exclusively designed for female lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). 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.

Death Benefit:

On death of the Life Assured during the policy term provided 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 highest of

  • 10 times of annualised premium; or
  • Sum Assured on Maturity as defined in 1. b) below; or
  • Absolute amount assured to be paid on death, i.e. 110% of Basic Sum Assured.

Maturity Benefit:

On the life assured surviving to the end of the policy term, provided all due premiums have been paid, "Sum Assured on Maturity" along with Loyalty Addition, if any, shall be payable. Where "Sum Assured on Maturity" is equal to Basic Sum Assured.

Loyalty Addition:

Provided the policy has completed five policy years and atleast 5 full years premium have been paid, then depending upon the Corporation's experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years premium have been paid.

Optional Benefit:

The policyholder has an option of availing LIC's Accident Benefit Rider (UIN: 512B203V02). Rider sum assured cannot exceed the Basic Sum Assured. For more details on the above riders, refer to the rider brochure or contact LIC's nearest Branch Office.

Eligibility conditions and other restrictions

(This plan is only available for standard healthy lives without undergoing any medical examination)

  • Minimum Basic Sum Assured per life* : Rs. 75,000
  • Maximum Basic Sum Assured per life* : Rs. 300,000

The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.

  • 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)

Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.

* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions over the term of policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.