LIC’s New Plan Aadhaar Shila (No.844) is the Non-Linked (Non-ULIP),
with profits, regular premium endowment assurance plan. This means it is
not linked to stock market and we may call it as traditional endowment
type of plan.
This is the special plan for females who have Aadhaar Card. There will not be any medical examination in this plan.
You notice one thing that that maximum sum assured is ONLY Rs.3,00,000.
Sum Assured on Death will be payable to the nominee. Sum Assured on Death is nothing but 110% of Basic Sum Assured. Basic Sum Assured means the sum assured you opted while buying this plan.
# If death occurs after 5th year but before maturity
Sum Assured on Death+Loyalty Addition will be payable to the nominee.
The death benefit will not be less than the 105% of all the premium paid in the policy as on date of the death of the policyholder.
Do remember that the premium paid means it will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.
During this Auto Cover Period, the policyholder will have the same life risk cover which he opted in the plan even though he failed to pay the premium within due dates.
The Auto Cover Period benefit available in this plan is as below.
# If at least 3 yrs but less than 5 Yrs paid but any subsequent premium is not duly paid
Auto Cover period of 6 months from the due date of the first unpaid premium will be available.
# If at least 5 Yrs premium have been paid but any subsequent premium is not paid
Auto Cover period of 2 Yrs from the due date of the first unpaid premium will be available.
# You can revive the lapsed policy within the 2 years of first unpaid premium.
# You can opt for LIC’s Accidental Rider Benefit with this plan.
Rest
of the features looks like typical endowment plan with nothing much to
expect than 5% to 6% returns. Also, the biggest drawback of this plan is
restricting the maximum sum assured at Rs.3,00,000. However, for many
of us such death claim amount may last for 1-2 years to survive. Then
how can we buy such low insured product as if the life risk product
which benefits our financial dependents? Strange but logically meant to
encash Aadhaar based news and to trap rural population.
This is the special plan for females who have Aadhaar Card. There will not be any medical examination in this plan.
LIC’s New Plan Aadhaar Shila (No.844) Eligibility
You notice one thing that that maximum sum assured is ONLY Rs.3,00,000.
LIC’s New Plan Aadhaar Shila (No.844) Benefits
The benefits of LIC’s New Plan Aadhaar Shila (No.844) are explained as below.LIC’s New Plan Aadhaar Shila (No.844) Death Benefits
# If death occurs within first 5 yearsSum Assured on Death will be payable to the nominee. Sum Assured on Death is nothing but 110% of Basic Sum Assured. Basic Sum Assured means the sum assured you opted while buying this plan.
# If death occurs after 5th year but before maturity
Sum Assured on Death+Loyalty Addition will be payable to the nominee.
The death benefit will not be less than the 105% of all the premium paid in the policy as on date of the death of the policyholder.
Do remember that the premium paid means it will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.
LIC’s New Plan Aadhaar Shila (No.844) Maturity Benefits
Sum Assured at Maturity+Loyalty Addition. Here, Sum Assured at Maturity is equal to Basic Sum AssuredLIC’s New Plan Aadhaar Shila (No.844) Auto Cover Benefits
When you fail to pay the insurance premium within due date, then the policy will be converted as Paid Up policy. Auto Cover Period is a period from the due date of the first unpaid period (FUP). This also includes grace period.During this Auto Cover Period, the policyholder will have the same life risk cover which he opted in the plan even though he failed to pay the premium within due dates.
The Auto Cover Period benefit available in this plan is as below.
# If at least 3 yrs but less than 5 Yrs paid but any subsequent premium is not duly paid
Auto Cover period of 6 months from the due date of the first unpaid premium will be available.
# If at least 5 Yrs premium have been paid but any subsequent premium is not paid
Auto Cover period of 2 Yrs from the due date of the first unpaid premium will be available.
LIC’s New Plan Aadhaar Shila (No.844) other features
# You can avail loan facility after 3 years from the start of the policy.# You can revive the lapsed policy within the 2 years of first unpaid premium.
# You can opt for LIC’s Accidental Rider Benefit with this plan.