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 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
