LIC Aadhar Shila T-844 is a new plan offered by Life Insurance Corporation of India exclusively for female lives who own an Aadhar Card issued by UIDAI. LIC’s Asdhar Shila plan is a non-linked, with profits, regular premium endowment assurance plan.
The plan becomes attractive with low premium, Accident and Disability Benefit, loyalty addition (along with maturity) etc. This plan is available for standard healthy female lives with out any medical examination. This article provides you complete information on premium and all available benefits of LIC Aadhar Shila Plan, with illustrations and calculators.
LIC has also introduced a similar plan LIC’s Aadhar Stambh (T-843) exclusively for gents. Read complete details of LIC Aadhar sthambh with premium and benefit calculators.
|Plan Details – LIC ‘s Aadhar Shila (T-844)|
|Eligibility||Female lives with Aadhar card|
|Age at entry||8 to 55 years|
|Policy Term||10 to 20 years|
|Minimum Sum Assured||75000|
|Maximum Sum Assured||300000|
|Mode Rebate||2% for yearly, 1% for half yearly and Nil for other modes|
|Sum Assured Rebate||75,000 to 1,90,000 – Nil|
|2,00,000 to 2,90,000 – 1.50/ thousand sum assured|
|3,00,000 2.00/thousand sum assured|
|Loan||After payment of premium for 3 full years|
|Surrender||After three year premium payment|
|Revival of a lapsed policy||up to 2 years from date of lapsation|
|Accident and disability benefit premium||0.5 / 1000 Sum assured|
LIC Aadhar Shila T-844 – Online Premium, Insurance and Benefit Calculator
LIC Aadhar Shila – Calculator is a powerful online calculator to provide complete idea on premium, maturity and insurance coverage benefits, in a simple and user-friendly manner. Riders such as Accident and Disability Benefit (DAB) has been incorporated in to this calculator.
|Premium and Maturity Calculators – LIC’s Aadhar Shila T-844|
|Premium Calculator – Aadhar Shila T-844||Maturity and Benefit Calculator – Aadhar Shila T-844|
Click the links given above to open calculators.
LIC Aadhar Shila T-844 – Important points to remember
- LIC Aadhar Shila is an Endowment type of policy, where the maturity is given as a single lump sum payment after completion of the term.
- Maturity amount of LIC Aadhar Shila is the total of Sum Assured plus Loyalty Addition(if any).
- Normal insurance coverage will be equal to 110% basic Sum Assured and Loyalty Addition will be paid additionally if death occurs after 5 years.
- Additional accident coverage equal to basic sum assured and extended permanent disability benefit is available under the plan as a rider.
- Critical Illness Benefit is not available under this plan.
- Loan is available after the completion of three years.
- Income Tax benefit under section 80C of Income Tax Act is available for the premium paid under this policy. You can calculate your income tax liability using this Income Tax Calculator
- Maturity value of the LIC Aadhar Shila plan is full exempted from income tax u/s 10(10d) of Income Tax Act. Read more on the Income Tax rules applicable for insurance policies.
LIC Aadhar Shila T- 844 -Example with benefit illustration
In order to get a clear idea on the benefits of LIC Aadhar Shila policy, let us take an example of a person with following details and assume that he is taking a new policy.
|Plan Details Considered for Illustration|
|Total Premium Paid||2,17,300|
The possibilities after taking LIC Aadhar Shila plan are
- Policy holder survives the term of the policy of 20 years and receives maturity benefit – Scenario 1
- Death occurs before completion of 5 years of period. – Scenario 2
- Death occurs after completion of 5 years of period – Scenario 3
The maturity amount of the policy includes Sum Assured along with loyalty addition (if any ) declared by Life Insurance Corporation of India from time to time.
If the death occurs before completion of five years, nominee will be eligible for ‘Sum Assured on Death’ only. Where Sum assured on death is defined as the higher of 10 times of annualised premium or 110 % of basic sum assured.
If the death occurs after completion of 5 years ‘Sum Assured at Death’ plus loyalty addition available as per the year of completion of the policy will be paid to the nominee. Where Sum assured on death is defined as the higher of 10 times of annualised premium or 110 % of basic sum assured.
The table provided here will help you to get a clear idea on the insurance coverage available on various years.
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*Benefit Illustrations provided here to provide some information on the plan and is not an exhaustive document. Please read the documents provided at LIC web site for more information.
Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.