LIC’s Aadhaar Shila Plan 944, UIN 512N309V03

The LIC Adhaar Shila plan comes with a list of very useful features which are listed below. Let’s take a look at these features to understand this plan better.

1. Death Benefits: The LIC Adhaar Shila plan offers death benefit which is payable to the nominee or family members of the policyholder upon death of the life assured during the policy term. If the policyholder dies during the first five years of the policy term, the sum assured amount on death is payable to their beneficiary. If death of the policyholder happens after the completion of five policy years but before the date of maturity, then the sum assured on death and loyalty addition, if any, is paid.

2. Maturity Benefits: Another important feature of this plan is that it provides policyholders with a maturity benefit amount that is paid when the life assured survives to the end of the policy term, provided all due premiums have been paid and the policy is in-force. The benefit amount paid equals the sum assured amount on maturity and includes loyalty additional profits as well.

3. Add-on riders: The LIC Aadhaar Shila plan provides policyholders with an additional accident benefit rider which can be availed by paying extra premium amounts. This rider can be purchased at any point in time, while the policy is still in force and till the term of the base plan.

4. Loyalty additions: The LIC company provides its customers with loyalty additions points. In order to avail of this benefit, customers should complete at least five years and pay at least five years’ premium diligently.

5. Loan facility: With this plan, customers can also avail the benefit of the loan facility during the policy term. In order to avail of this benefit, the policy should have acquired a surrender value. The interest rate to be charged for policy loan and as applicable for the entire term of the loan shall be determined at periodic intervals. The maximum loan as a percentage of surrender value shall be as under:- For inforce policies – upto 90%
   – For paid-up policies – upto 80%

6. Maturity Benefit in installments: Another interesting feature of the LIC Aadhaar Shila plan is that it provides customers with the flexibility to receive their maturity benefit in installments over the chosen period of 5, 10 or 15 years instead of lumpsum amount.
   The installments shall be paid in advance at intervals, as opted for, subject to minimum installment amount for different modes of payments being as under: