LIC’s New Plan Aadhaar Shila (No.844) – Features, Benefits and Review

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LIC will launch one more new plan from 24th April 2017. This plan is called LIC’s New Plan Aadhaar Shila (No.844). Let us see it’s features, benefits, and review.

Along with this plan, LIC launched one more new plan “LIC’s New Plan Aadhaar Stambh (No.843)” Refer the complete post on this at “LIC’s New Plan Aadhaar Stambh (No.843) – Features, Benefits, and Review“.

LIC's New Plan Aadhaar Shila (No.844)

LIC’s New Plan Aadhaar Shila (No.844) is the Non-Linked (Non-ULIP), with profits, regular premium endowment assurance plan. This means it is not linked to stock market and we may call it as traditional endowment type of plan.

This is the special plan for females who have Aadhaar Card. There will not be any medical examination in this plan.

LIC’s New Plan Aadhaar Shila (No.844) Eligibility

Eligibility of LIC's New Plan Aadhaar Shila (No.844)

You notice one thing that that maximum sum assured is ONLY Rs.3,00,000.

LIC’s New Plan Aadhaar Shila (No.844) Benefits

The benefits of LIC’s New Plan Aadhaar Shila (No.844) are explained as below.

LIC’s New Plan Aadhaar Shila (No.844) Death Benefits

# If death occurs within first 5 years

Sum Assured on Death will be payable to the nominee. Sum Assured on Death is nothing but 110% of Basic Sum Assured. Basic Sum Assured means the sum assured you opted while buying this plan.

# If death occurs after 5th year but before maturity

Sum Assured on Death+Loyalty Addition will be payable to the nominee.

The death benefit will not be less than the 105% of all the premium paid in the policy as on date of the death of the policyholder.

Do remember that the premium paid means it will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.

LIC’s New Plan Aadhaar Shila (No.844) Maturity Benefits

Sum Assured at Maturity+Loyalty Addition. Here, Sum Assured at Maturity is equal to Basic Sum Assured

LIC’s New Plan Aadhaar Shila (No.844) Auto Cover Benefits

When you fail to pay the insurance premium within due date, then the policy will be converted as Paid Up policy. Auto Cover Period is a period from the due date of the first unpaid period (FUP). This also includes grace period.

During this Auto Cover Period, the policyholder will have the same life risk cover which he opted in the plan even though he failed to pay the premium within due dates.

The Auto Cover Period benefit available in this plan is as below.

# If at least 3 yrs but less than 5 Yrs paid but any subsequent premium is not duly paid

Auto Cover period of 6 months from the due date of the first unpaid premium will be available.

If at least 5 Yrs premium have been paid but any subsequent premium is not paid

Auto Cover period of 2 Yrs from the due date of the first unpaid premium will be available.

LIC’s New Plan Aadhaar Shila (No.844) other features

# You can avail loan facility after 3 years from the start of the policy.

# You can revive the lapsed policy within the 2 years of first unpaid premium.

# You can opt for LIC’s Accidental Rider Benefit with this plan.

LIC’s New Plan Aadhaar Shila (No.844) Review

As of now I have limited source of information. However, if one go by the features and benefits of this product, it is one more pathetic product from LIC. Nothing is new in this plan except they used Aadhaar as a compulsory to buy this plan and also this plan is meant only for females.

Rest of the features looks like typical endowment plan with nothing much to expect than 5% to 6% returns. Also, the biggest drawback of this plan is restricting the maximum sum assured at Rs.3,00,000. However, for many of us such death claim amount may last for 1-2 years to survive. Then how can we buy such low insured product as if the life risk product which benefits our financial dependents? Strange but logically meant to encash Aadhaar based news and to trap rural population.


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6 Responses

  1. so how do you make money , by writing such articles trapping users then get paid by advertisements.

    **Think other way, poor people can afford the insurance or investment product and without market risk” **
    hope you can understand it Mr CFP, pls dont take it personally

    1. Suresh-I can understand your frustration Mr.LIC Agent 🙂 Don’t be so angry. Now regarding my income, yes I have many sources of income and hence I express what is truth. But do you have any defense to say against what I said? Can’t poor people afford INSURANCE? Check your facts properly. The government itself offering Life Insurance (in my view pure term life insurance) for less than the cost of Rs.300.
      Why POOR PEOPLE need LIC’s Rs.2 lakh ENDOWMENT and Money Back to cover their life risk? It is just psychological game which you people play with buyers.

  2. Basu ji
    You have made a crystal clear assessment of the plan.The plan is a trap to lure the innocents.

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