🧕 What is LIC Aadhaar Shila Plan 944?
LIC Aadhaar Shila is a non-linked, participating, individual life insurance plan exclusively designed for women who have Aadhaar cards. This plan offers the dual benefits of protection and savings, making it ideal for women who want a low-cost insurance policy with guaranteed returns and participation in LIC’s profits (via bonuses).
It is a limited-premium, endowment plan suitable for housewives, working women, and young girls (minimum age 8 years).
🔑 Key Features of LIC Aadhaar Shila Plan 944
| Feature | Description |
|---|---|
| Plan Type | Non-linked, Participating, Endowment |
| Gender Eligibility | Only for female lives with Aadhaar card |
| Maturity Benefit | Basic Sum Assured + Loyalty Additions (if any) |
| Death Benefit | Financial protection for the family |
| Premium Payment Term | Limited premium payment |
| Tax Benefits | Under Sections 80C and 10(10D) |
| Policy Participation | Eligible for loyalty additions (after 5 policy years) |
| Loan Facility | Available after 3 years |
📋 Eligibility Conditions & Parameters
| Parameter | Details |
|---|---|
| Minimum Age at Entry | 8 years (completed) |
| Maximum Age at Entry | 55 years (nearest birthday) |
| Policy Term | 10 to 20 years |
| Premium Paying Term | Same as policy term |
| Minimum Sum Assured | ₹75,000 |
| Maximum Sum Assured | ₹3,00,000 |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Premium Paying Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS) |
💰 Benefits of LIC Aadhaar Shila Plan
1. ✅ Maturity Benefit
If the policyholder survives the policy term:
- Basic Sum Assured + Loyalty Addition (if any) will be paid.
2. ☠️ Death Benefit
If the policyholder dies during the policy term:
- Before risk commencement (for age below 8 years): return of premiums (excluding taxes and rider premiums)
- After risk commencement: Sum Assured on Death + Loyalty Addition (if any)
Sum Assured on Death is higher of:
- 10 times of annualized premium, OR
- 105% of all premiums paid (excluding taxes), OR
- Basic Sum Assured
3. 💸 Loyalty Addition
- Payable on maturity or death (after completing 5 years)
- Depends on LIC’s performance (non-guaranteed)
4. 🏦 Loan Facility
Available after payment of 3 full years’ premiums.
📌 Optional Rider: LIC’s Accidental Benefit Rider
Available for individuals aged 18 years and above by paying extra premium. The rider provides additional amount in case of accidental death or disability.
🧮 LIC Aadhaar Shila Example
Let’s understand this with an example.
👩 Profile:
- Policyholder Name: Priya
- Age: 30 years
- Policy Term: 20 years
- Sum Assured: ₹2,00,000
- Premium Mode: Yearly
- Annual Premium: ₹6,155 (excluding taxes)
📅 Premium & Benefit Overview
| Particulars | Values |
|---|---|
| Age at Entry | 30 years |
| Policy Term | 20 years |
| Premium Paying Term | 20 years |
| Sum Assured | ₹2,00,000 |
| Yearly Premium | ₹6,155 |
| Total Premium Paid | ₹1,23,100 (₹6,155 × 20) |
| Maturity Year | After 20 years (Age 50) |
📈 Estimated Maturity Calculation (Approx.)
| Component | Amount (₹) |
|---|---|
| Basic Sum Assured | ₹2,00,000 |
| Loyalty Addition (est.) | ₹70,000 |
| Total Maturity Payout | ₹2,70,000 |
☠️ Death Benefit Example
If Priya dies in the 10th policy year, the nominee will get:
- Sum Assured on Death = Higher of:
- 10 × Annualized Premium = ₹61,550
- 105% of Premiums Paid = ₹64,627
- Basic Sum Assured = ₹2,00,000
✅ So, ₹2,00,000 + Loyalty Additions (if applicable) will be paid to the nominee.
📊 Year-wise Policy Illustration (Summary)
| Policy Year | Age | Annual Premium | Sum Assured | Loyalty Addition | Loan Eligible? |
|---|---|---|---|---|---|
| 1 | 30 | ₹6,155 | ₹2,00,000 | NIL | ❌ |
| 3 | 32 | ₹6,155 | ₹2,00,000 | NIL | ✅ |
| 5 | 34 | ₹6,155 | ₹2,00,000 | Starts Accruing | ✅ |
| 10 | 39 | ₹6,155 | ₹2,00,000 | Moderate | ✅ |
| 20 | 49 | ₹6,155 | ₹2,00,000 | ₹70,000 (est.) | ✅ |
📑 Additional Information
| Feature | Details |
|---|---|
| Risk Cover | Starts immediately (after age 8) |
| Grace Period | 30 days (yearly/HY), 15 days (monthly) |
| Revival Period | 5 years from the date of first unpaid premium |
| Surrender | Allowed after 3 full years of premium payment |
| Tax Benefits | Under Section 80C and 10(10D) |
| Nomination & Assignment | Allowed |
| Backdating | Permitted within same financial year |
| Cooling-off Period | 15 days from policy receipt |
📝 Final Thoughts
LIC Aadhaar Shila Plan 944 is ideal for women seeking a simple and secure savings + insurance combo with minimal investment. It’s best suited for:
- Young women (ages 8–40)
- Homemakers wanting life cover + savings
- Parents looking to gift a low-risk policy to their daughters
It may not offer high returns compared to ULIPs or market-linked plans, but it guarantees security, tax benefits, and a lump sum payout — all backed by LIC’s trust.
