LIC Aadhaar Shila Plan 844 is a female-only policy that comes with profit and a non-linked regular premium paying endowment plan. It has features of both savings and life insurance. Female lives with Aadhaar Card registered by UIDAI are the primary focus of this plan. The plan was officially launched in April 2017.
Life insured’s family will receive financial aid in case of the unfortunate demise of the policyholder. And a lump sum amount shall be payable to the policyholder in case of successful completion of the entire policy term. The policy is based on Loyalty Addition and doesn’t require any type of medical observation.
Table of Contents
Key features
- A female-oriented policy
- Tax benefits under Income Tax Act 80C and 10 (10D)
- Loan availability
- The facility of auto cover
- The plan is low premium with death and maturity benefits
- Freelook period of 15 days
- Choice of accidental benefit rider
Eligibility
| Entry Age | Minimum- 8 years Maximum- 55 years |
| Policy Term Period | Minimum- 10 years Maximum- 20 years |
| Age At Maturity | Maximum- 70 years (nearest birthday) |
| Basic Sum Assured | Minimum- Rs.75,000 Maximum- Rs.3,00,000 |
| Premium Payment Mode | Monthly Quarterly Half-yearly Yearly |
| Gender | Female only |
Benefits
- Death benefits:
Sum assured on death shall be payable to the nominee in case of the unfortunate death of the life insured within the first five years of the policy term.
Sum assured on death along with Loyalty Addition shall be payable to the nominee in case of the unfortunate demise of the life insured after completion of the first five years prior to the maturity date.
- Maturity benefit:
Basic sum assured along with the loyalty addition will be paid as a maturity benefit to the policyholder in case of the successful completion of the entire policy term. Subject to all premiums paid on time throughout the policy.
- Participation in profits:
LIC Aadhaar Shila Plan 844 is eligible for participation in profits by LIC. For the availability of profits, the policyholder needs to complete the initial five years of the policy. The rates applicable in this feature will be determined by the Life Insurance Corporation of India.
- Loan facility:
A maximum of 80% can be availed as a loan amount against the surrender value to the life insured.
- Tax benefits:
LIC Aadhaar Shila Plan 844 comes with income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act.
- Grace period:
Life insured can pay premiums in various modes as yearly, half-yearly, quarterly and monthly. However, there is also relaxation of 30 days is given to pay the premium except for the monthly payment mode. A 15 days grace period is provided in case of monthly premiums payment mode.
Exclusion
- 80% of the total premiums paid shall be payable to the nominee in case life insured commits suicide in the course of 12 months from the starting date of the policy term.
- 80% of the total premiums paid or surrender value whichever of one is higher shall be paid to the nominee in case the policyholder commits suicide during 12 months from the revival of the policy.
Final words
LIC Aadhaar Shila Plan 844 is a regular premium payment endowment plan. The plan mainly focuses on female candidates with Aadhaar Card issued by the Unique Identification Authority of India.
The policy has dual benefits of life insurance and savings. So your family will get the financial help even if you are not around. Lump-sum amount paid at the maturity in case you survived the policy term. And with the addition of loan facility, this plan can be a very good choice for the female lives. Also, the medical test is not mandatory for standard healthy females.
Different options of premiums payment mode like yearly, half-yearly, quarterly or monthly along with the grace period make it convenient for most policyholders. LIC has launched hundreds of policies and life insurances keeping every class of the society in mind. LIC Aadhaar Shila Plan 844 is designed for the females who want a specified policy for themselves. For more information, you can contact the LIC Customer Care Number and find details.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
Our main goal is to empower individuals through financial education. We believe that everyone should have the opportunity to build a strong financial foundation. Whether you’re a seasoned investor or just getting started, we provide articles, guides, and resources to help you navigate the financial landscape.
I invite you to join our community of financially savvy individuals. Feel free to ask questions, engage with our content, and explore the topics that matter to you. Together, let’s take control of our financial futures.
