LIC Aadhaar Shila Plan – Features, Benefits & Eligibility Criteria

LIC Aadhaar Shila Plan: Moreover, it also take care of liquidity needs through option of auto cover and loan facility. Further here we have discussed in details about different aspects of LIC Aadhaar Shila Plan.

Benefits Offered by LIC Aadhaar Shila Plan

The following are the key benefits of LIC Aadhaar Shila Plan by Life Insurance Corporation of India:

Maturity Benefit

If the life assured survives the entire tenure of the policy, then after completion of the policy tenure, maturity benefit is offered as the basic sum assured and loyalty additions, if any. The maximum tenure of the policy is 20 years and upon maturity, the policyholder can reinvest the lump sum amount in a new policy. 

Death Benefit

In the event of unfortunate demise of the life assured, death benefit is payable to the nominee of the policy. In case of demise of the life assured during the first five policy years then the sum assured amount on death is payable to the nominee of the policy.

If, the life assured dies after completion of the 5 policy years but before the maturity date then the sum assured amount along with the loyalty addition, if any is paid to the beneficiary of the policy.

Loyalty Additions

 The Corporation tracks the first five years of premium payments and entitles a policyholder to Loyalty Additions. It is also awarded to policyholders who are old or loyal customers of LIC of India .

Surrender Benefit

The policyholder can surrender the policy after completion of two consecutive policy years. On surrender of the policy, the guaranteed surrender value payable during the policy tenure should be equal to the total premium paid (excluding taxes, extra premiums and rider premium, if any) multiplied by guaranteed surrender value factor applicable to the total paid premium under the plan. 

Policy Loan

 Loan benefit is available after the policy achieves surrender value, and the loan amount that can be availed is up to a maximum of 90% of surrender value in-force policies and 80% of surrender value in paid-up policies. 

Tax Benefits

 The benefits enjoyed under this policy are subject to income tax rebates as per prevailing laws.

Eligibility Criteria of LIC Aadhaar Shila Plan

The following are the eligibility criteria of the policy.

Entry Age8 years55 years
Policy Term10 years20 years
Maturity AgeN/A70 years
Premium Paying TermSame as Policy Term
Sum AssuredRs 75,000Rs 3,00,000

Documents Required to Purchase LIC Aadhaar Shila Plan

To buy LIC Aadhaar Shila policy, one has to provide:

  • Identity proof – Aadhaar card, voter’s card, and passport
  • Address proof- Aadhaar card, driving license, electricity bill, ration card, voter’s card, and/or passport
  • Income proof – such as Income tax returns or salary slips
  • Health records of the life assured