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With reference to Product Development Department, CO, Circulars ref. CO/PD/95 & 96 dated 20th April 2017, regarding introduction of Aadhaar Shila (Plan No. 844)- Unique Identification Number (UIN) 512N309V01 . I hereby provide information about this plan to best of my knowledge. LIC of India New Plan Aadhaar Shila (Plan No.844) is a plan specially designed for females and is available to Aadhaar Card holders only. This plan is available only under non-medical scheme.

LIC of India New Plan Aadhaar Shila (No.844)

Sum assured

Minimum sum assured per life: Rs. 75000/-
Maximum sum assured per life: Rs. 300000/-
Note splitting into multiple polices to take bigger advantage of the policy is not allowed.

Elligibility

Minimum Age of Entry: 8 years (completed)
Maximum Age of Entry: 55 years (nearest birthday)
Minimum policy term for all age group is 10 years and maximum is 20 years. Age at maturity shall not be more than 70 years. E.g. a person with age 55 years can take a maximum policy term of 15 years.
Standard medical condition – should not have been declined insurance on medical grounds before. Pregnant ladies are not eligible

Benefits

On death during first five years of the policy: 110% of the sum assured
On death during after completion five years of the policy: 110% of the sum assured + loyalty additions
On Maturity: Sum assured along with loyalty additions
Loan facility available after three years
Surrender of policy and paid up available after three years.
Accidental death benefit available. In this scheme the sum assured payable is doubled in case of accidental death.

KYC Requirements for the Aadhaar Shila

Self-attested copy of Aadhaar card is a must
No other additional proof of identity and residence is required provided address mentioned in proposal form tallies with the Aadhar card.

Mode of Payment

Yearly
Half-yearly
Quarterly
Monthly (through bank mandate only)

Divya (62 Posts)

Divya is a Financial Advisor at DivyaAdvisor.com. She has MBA(Finance) from BIT,Mesra,Ranchi and authorized distributor of financial products listed below. Products: LIC of India, Star Health, Shares and all Mutual Funds Houses in India Others: Tax Free Bonds and Real Estate Advisory