LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Savings Life Insurance plan designed exclusively for female lives. It offers a combination of protection and savings. This plan provides financial support to the family in case of the policyholder’s unfortunate death before maturity and a lump sum amount at the time of maturity for the surviving policyholder. Additionally, this plan addresses liquidity needs through its Auto Cover and loan facility.

Benefits

Death Benefit:

Death Benefit: If the policy is in-force and the Life Assured passes away during the policy term:

In the first five years, “Sum Assured on Death” is payable.
After completing five policy years but before maturity, “Sum Assured on Death” and Loyalty Addition, if any, are payable.
“Sum Assured on Death” is the higher of 7 times the annualized premium or 110% of Basic Sum Assured. The death benefit is at least 105% of the total premiums paid to date. Premiums mentioned do not include taxes, extra premiums, or rider premiums, if any.

Maturity Benefit:

If the policy is in-force and all due premiums have been paid, on the Life Assured surviving until the end of the policy term, “Sum Assured on Maturity” along with any Loyalty Addition, if applicable, will be paid. The “Sum Assured on Maturity” is equal to the Basic Sum Assured.

Loyalty Addition

For policies that have been in force for at least five years and have had a minimum of five full years of premium payments, Loyalty Additions may apply upon policy maturity or in the event of death during the policy term. The specific Loyalty Addition rate and terms are determined by the Corporation.

In the case of paid-up policies, Loyalty Additions will be paid for completed policy years when the policy was active.

Loyalty Additions, if applicable, will also be considered in the Special Surrender Value calculation when surrendering the policy during the policy term, provided the policy meets the minimum payment and duration criteria.

Eligibility Conditions

Minimum Basic Sum Assured per life* Rs 2,00,000
Maximum Basic Sum Assured per life* Rs 5,00,000
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
Minimum Age at Maturity 18 years (completed)
Maximum Age at Maturity 70 years (nearest birthday)

Payment Options Available

Mode of Instalment payment Minimum instalment amount
Monthly Rs 5,000/-
Quarterly Rs 15,000/-
Half-Yearly Rs 25,000/-
Yearly Rs 50,000/-

Exclusion:

Suicide: i. If the Life Assured commits suicide within 12 months from the date of risk commencement, whether sane or insane, the nominee or beneficiary will receive 80% of the total premiums paid, provided the policy is active. ii. If the Life Assured commits suicide within 12 months from the date of revival, the higher of either 80% of premiums paid till the date of death or the Surrender Value as of the date of death will be payable. No other claims will be honored under this policy. This provision does not apply to policies that have lapsed without acquiring a paid-up value. Premiums mentioned above do not include taxes, extra premiums, or any rider premiums.
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