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This is a participating, non-linked individual life assurance savings plan, which is specifically designed for female lives. The plan offers the combined benefit of insurance protection and savings.
LIC's AADHAAR SHILA
(A Non-Linked, Participating, Individual, Life Assurance Savings 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.
Benefits:
a) Death Benefit:
Death benefit: payable On death of the Life Assured during the policy term provided the 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
i. 7 times of annualised premium; or
ii. 110% of Basic Sum Assured.
The death benefit shall not be less than 105% of total premiums paid up to the date of death.
Premiums referred above shall not include any taxes, extra premium and rider premium, if any.
b) 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.
c) Loyalty Addition:
Provided the policy has completed five policy years and at least 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 in-force.
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 at least 5 full years' premium have been paid.
