Life Insurance Corporation of India is going to launch its new plan Aadhaar Shila (Plan No. 844) on 24/04/2017. LIC’s Aadhaar Shila is non-linked, with-profits, regular premium endowment assurance plan. LIC has designed this plan exclusively for females lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). Aadhaar Shila plan is only available for standard healthy lives without any medical examination. An individual can have a maximum of Rs. 3,00,000 Basic sum Assured in all policies issued under this plan.
LIC’s Aadhaar Shila (Plan No. 844) will be available for sale from 24/04/2017 and Unique Identification Number (UIN) of this plan is 512N309V01.
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“Auto Cover period” in a paid-up policy will be the period from the due date of first unpaid premium (FUP), which includes the grace period. “Auto Cover period” is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period. The duration of “Auto Cover period” will be available as follows:
Benefits which are payable in inforce LIC’s Aadhaar Shila Policy are
During the first 5 policy years: “Sum Assured on Death” will be paid to the nominee. Where “Sum Assured on Death” is equal to 110% of Basic sum assured.
After completion of 5 policy years but before the date of maturity: “Sum Assured on Death” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.
The death benefit will not be less than the 105% of all the premium paid in the policy as at the date of death of the life assured. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.)
If the Life Assured survives till the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any will be payable to the Life Assured.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.
If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident within 180 days of the accident, provided the rider is inforce at the time of the accident. This rider can be taken at the inception of the policy or before the premium term is over.
Following rebates to proposer is available on the premium if he opts for the higher mode and takes the high-risk cover policy. Rebates available in LIC’s Aadhaar Shila are as follows:
Disclaimer: This is a summary of plan Aadhaar Shila (Plan No. 844), in the case of any ambiguity or to get the benefit illustration of this plan, please contact your LIC agent or LIC office.
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your information is very helpful now i can sell this plan to my customers