LIC Aadhaar Shila Plan 844 Review

By | April 29, 2017
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LIC has launched a new aadhaar based policy on April 24, 2017 “AADHAAR SHILA”. LIC’s Aadhaar Shila is exclusively designed for women having Aadhaar card issued by UIDAI. It offers a combination of protection and saving.  It is a Non- linked, with profits, regular premium Endowment assurance life insurance plan. It offers financial support for the family in case of unfortunate death of the policy holder any time before maturity and a lump sum amount at the time of maturity of policy for the surviving policy holder.


Key Features of this plan

  • This plan is exclusively designed for females.
  • It is only available for standard healthy lives
  • Aadhaar card issued by UDAI is mandatory
  • Non- Medical ( without medical examination)
  • Sum assured is maximum of Rs. 3 lakh.

Benefit Structure

Death Benefit

On death of the policy holder during the policy term provided all due premiums have been paid then:

  • On death during first five years: “Sum Assured on Death “shall be payable.
  • On death after completion of five years of policy but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
  • Where “Sum Assured on Death” is defined as the highest of 10 times of annualized premium; or

Absolute amount assured to be paid on death, i.e. 110% of Basic Sum Assured.

  • The death benefit should not be less than 105% of all the premiums paid as on date of death.

Maturity Benefit

If the policy holder survive to the end of the policy term “sum assured on maturity “along with Loyalty Addition, if any, shall be payable.

Where “Sum assured on maturity” is equal to basic sum assured.

 Loyalty Addition

If the policy has completed five years and at least 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force.

Rider Benefits

 LIC’s Accident Benefit Rider is available as an optional rider by payment of additional premium. This rider will not be available under the policy on the life of minors, during minority of the Life Assured. During the policy term the LIC’s Accident benefit rider can be opted for at any time within policy term of the Base policy is at least five years.

If this benefit is opted for, and if the policy holder is involved in an accident, leading to death and such incident shall occur within 180 days from the date of accident then an additional amount equal to the accident benefit sum assured is payable. However, the policy shall have to be in force at the time of accident irrespective of whether or not it is in force at the time of death.

Auto cover Period

It is the period under paid up policy from the due date of first unpaid premium. The duration of Auto Cover Period shall be as under:

  • If the premiums have been paid at least for complete three years but less than full five years, and if any subsequent premium is not duly paid the auto cover period shall be available for six months.
  • If the premiums have been paid for complete five years and if any subsequent premium is not duly paid the auto cover period shall be available for two years.

Eligibility Criteria: For Base Plan:

Parameters Minimum Limit Maximum Limit
Entry Age 8 years (Completed) 55 years (nearest Birthday)
Maturity Age ——- 70 years (nearest Birthday)
Policy Term 10 years 20 years
Sum Assured 75 ,000/- 3,00,000/-

The Basic Sum Assured shall be in multiplies of Rs. 5000/- from Basic Sum Assured Rs. 75,000/- to 150,000/- and Rs. 10,000/- for Basic Sum Assured above Rs. 150,000/- .

Under this plan the total basic sum assured issued to individuals shall not exceed Rs. 3 Lakh.

Eligibility Criteria: For Accident Benefit Rider:

Parameters Minimum Limit Maximum Limit
Entry Age 18 years (Completed) The cover can be opted for any time within policy term of the Base Policy provided; the outstanding policy term of the Base Policy is at least five years.
Cover Ceasing Age Same as under the Base Plan
Sum Assured   Rs. 20,000/-

Maximum Accident Benefit Sum Assured: An amount equal  to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs. 100 Lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

Premium Payment Frequency

You can pay the premiums under this plan as per the below mentioned modes:

  • Yearly
  • Half Yearly
  • Quarterly
  • Monthly (Through NACH only or through salary deductions)

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.


Following are the rebates under the base plan:

Rebate Mode:

Yearly                                    : 2 % of tabular premium

Half- Yearly                         : 1 % of tabular premium

Quarterly / Monthly       : NIL

High Basic Sum Assured Rebate:

Basic Sum Assured

75,000 to 190,000/-                          No Rebate

2, 00,000 /-to 2, 90,000/-               1.5 % of Basic Sum Assured

3, 00,000/-                                           2.0 % of Basic Sum Assured


Under this plan loan facility is available. After payment of premiums for at least three complete years you can avail loan facility subject to certain policy conditions.

Surrender Value

The policy can be surrendered any time after three years provided, premium payment has been made for the complete three years.


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