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AADHAAR SHILA 844

LICs AADHAAR SHILA (Plan No. 844)

The plan is :

    Non-linked
    With-profits
    Regular Premium Endowment Assurance Plan

Salient Features :

    Exclusively designed for Female Lives
    Aadhaar Card issued by UIDAI mandatory
    Available for Standard healthy lives
    Non- Medical
    S.A. maximum 3 lakhs

Maturity Benefit: On survival 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.

Death Benefit: On death during first five years: “Sum Assured on Death” shall be payable. On death after completion of five policy years 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 higher of 10 times of annualised premium OR Absolute amount assured to be paid on death, i.e. 110% of Basic Sum Assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death.

LIC’s Accident Benefit Rider : LIC’s Accident Benefit Rider is available as an optional rider by payment of additional premium during the term of the policy. Under an inforce policy the LIC’s Accident Benefit Rider can be opted for at any time within policy term of the Base Policy provided, the outstanding policy term of the Base Policy is atleast five years. If this benefit is opted for, and if Life Assured 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: “Auto Cover Period” under a paid-up policy is the period from due date of first unpaid premium (FUP), which includes the Grace Period. The applicable duration of Auto Cover Period shall be as under: If at least three full years’ but less than five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of six months from the due date of first unpaid premium (FUP) shall be available. If at least five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of two years from the due date of first unpaid premium (FUP) shall be available.

The benefits payable under a paid-up policy during Auto Cover Period shall be as follows:

    On death: Death benefit, as payable under an inforce policy will be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon upto the date of death, and (b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.
    On maturity: “Maturity Paid-up Sum Assured” is payable and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

The benefits payable under a paid-up policy after the expiry of Auto Cover Period shall be as follows:

    On death: “Death Paid-up Sum Assured” is payable and shall be equal to [Sum Assured on Death * (Number of premiums paid / Total number of premiums payable)]. In addition to the Death Paid-up Sum Assured Loyalty Addition, if any, shall also be payable on death after the expiry of Auto Cover Period.
    On maturity: “Maturity Paid-up Sum Assured” is payable and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.