LIC’s Aadhaar Shila 844 is a plan for the Female with the premium paying terms equal to policy term, non-linked Endowment Assurance Plan with Profit. Other benefits are also available under this plan like tax benefits, loan facility, and rider benefits. This policy can be opted by the female who possesses Aadhaar card Number Issued by UIDAI Government of India. Aadhaar card is mandatory for this plan. Death Sum Insured 10 % extra on Basic Sum Insured.
Sum Assured: Minimum limit for the sum assured is Rs. Rs. 75,000/- and maximum limit is Rs. 3,00,000/-
Policy Term: 10 to 20 Years.
Premium Paying Term: Policy Term.
Entry Age: The minimum entry age of the policy holder should be 8 years and the maximum age limit is 55 years.
Maximum Maturity Age: 70 Years.
Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.
Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.
Death Benefits: If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)
Rider benefits: Accidental Death and Disability benefits are available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Accidental Death and Disability benefits are paid till 70 years of age of the policy holder.
Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).
Liquidity Benefit: Policy holder can take a loan under this policy after completion of 3 full years of the Policy.
For simplicity study following table
|Min Age||8 Year|
|Max Age||55 Year|
|Max Maturity Age||70 Year|
|Policy Term||10 to 20 Year|
|Premium Paying Term||10 to 20 Year|
|Min Sum Assured||Rs.75,000/-|
|Max Sum Assured||Rs.3,00,000/-|
|Loan||Yes- After 3 Year|
An example of Aadhaar Shila, 844
Following is the example of Aadhaar Shila Plan 844 Include Policy terms 10 and 20 years for Sum Assured Rs. 75,000/- and Rs. 3,00,000/-. It illustrates the flow of Cash as per policy terms and Sum Assured for 30 years age of Female Individual.
“Aadhaar Shila” Table 844
Age: 30 Year
|Plan||Aadhaar Shila||Aadhaar Shila||Aadhaar Shila||Aadhaar Shila|
|Age||30 Year||30 Year||30 Year||30 Year|
|Premium Paying Term||10 Year||10 Year||20 Year||20 Year|
|Policy Term||10 Year||10 Year||20 Year||20 Year|
|Basic Sum Assured||Rs. 75,000/-||Rs. 3,00,000/-||Rs. 75,000/-||Rs. 3,00,000/-|
|Double Accidental Benefit||Rs. 75,000/-||Rs. 3,00,000/-||Rs. 75,000/-||Rs. 3,00,000/-|
|Death Sum Insured||Rs. 82,500/-||Rs. 3,30,000/-||Rs. 82,500/-||Rs. 3,30,000/-|
|Premium First Year||Rs. 6,921/-||Rs. 27,057/-||Rs. 2,893/-||Rs. 10,943/-|
|Premium second Year Onwards||Rs. 6,772/-||Rs. 26,475/-||Rs. 2,830/-||Rs. 10,708/-|
|Total Premium Paid||Rs. 67,869/-||Rs. 2,65,332/-||Rs. 56,663/-||Rs. 2,14,395/-|
|Maturity Return||Rs. 82,500/-||Rs. 3,30,000/-||Rs. 99,375/-||Rs. 3,97,500/-|
|Total Return||Rs. 82,500/-||Rs. 3,30,000/-||Rs. 99,375/-||Rs. 3,97,500/-|
|Life Time Cover||NA||NA||NA||NA|
Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.