LIC Aadhaar Shila 944

LIC Aadhaar Shila 944 plan aims to help women by giving savings and protection. It rewards loyal female policyholders. Healthy women with low income, without any medical tests, probably qualify for this plan. It provides money to the policyholder’s family if she dies before the policy matures and a lump sum when she is still alive when the policy matures.

Let’s look at Aadhaar Shila 944 LIC plan chart:

Age	Min. age – 8 yrs. Max. age -55 yrs
Policy Term	Min. 10 yrs. Max. 20 yrs.
Premium Term	Same as Policy Term
Sum Assured	Min. Sum Assured – Rs. 75,000/- Max. Sum Assured – Rs 3,00,000/-
Maturity Age	70 years.
Premium Paying Mode	Monthly, Quarterly, Half-yearly and Yearly
Riders (Optional)	Accidental Benefit Rider
Tax Benefits	Premium is exempted (80c) and Maturity/Death Claim is Tax-Free 10(10D)
Maturity Amount	Basic Sum Assured + Loyalty Additions if any
Death Claim	First 5 years of Policy: Sum Assured on Death. 6th year onwards: Sum Assured on Death + Loyalty additions if any
Death Sum Assured	100% of Basic Sum Assured or 7 times the Annualized Premium, whichever is higher.

LIC Aadhaar Shila 944 policy details and benefits:

Death Benefit

On death during the first 5 years of the policy:

The death claim amount will be equal to the Basic Sum Assured.
On death after five years of the policy and before maturity:
The death claim amount will equal the Basic Sum Assured + Loyalty Addition.

Note: The Loyalty Addition is applicable only after completing 5 Policy years.

Maturity Benefit

Maturity Benefit will be paid in installments for 5, 10, or 15 years or in lumpsum amounts chosen by the policyholder. The policyholder has to inform at least three months before the maturity claim. If maturity benefits are paid in installments, the policyholder will get interest on the unpaid amount.

Basic Sum Assured + Loyalty Additions if any

Tax Benefits

Under section 80C of the Income Tax Act, the premiums paid for the New Aadhaar Stambh Plan 943 are not taxed. Also, section 10(10D) of the same act says that money received from maturity or death claim is not taxed.

Rider Option

In LIC Aadhaar Shila 944 plan, there is a choice of taking the following rider by paying an extra premium amount:

LIC’s Accident Benefit Rider

Rebate

This plan offers rebates based on premium paying terms and the sum-assured rebate that we have chosen.

Premium paying terms:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium Quarterly.
Quarterly & Monthly – NIL

High Sum Assured Rebate:

BASIC SUM ASSURED	REBATE
Rs. 2,00,000/- to Rs. 2,95,000/-	–
Rs. 3,00,000/- to Rs. 3,75,000/-	.50% of Basic Sum Assured
Rs. 4,00,000/- to Rs. 4,75,000	1.50 % of Basic Sum Assured
Rs. 5,00,000/- and above	2.5 % of Basic Sum Assured

Loan Facility

The policyholder can borrow money if he has paid at least two years of premiums and needs to follow the terms and conditions set by the Corporation, which may change over time.

The maximum loan on surrender value shall be as follows:

For enforcing policies – up to 90%.
For paid-up policies(Lum Sum) – up to 80%

Grace Period

There will be a grace period of 30 days for yearly, half-yearly, or quarterly payments and 15 days for monthly payments beginning on the date of the first unpaid premium.
The grace period mentioned above also applies to rider premiums, which must be paid in addition to the base insurance premium.

Revival Period

The policy will expire if premiums are not paid within the grace period. If necessary, lapsed insurance may be revived within five years, starting on the first unpaid premium date and before the date of maturity.

Surrender Value

The policy is eligible for a refund if the required premiums have been paid for at least two years. The “Special Surrender Value” or the “Guaranteed Surrender Value,” whichever is higher, may be paid to the policyholder by LIC.

Free Look Period

If a policyholder is not satisfied with the terms and conditions of the insurance policy. In that case, the policyholder have 30 days from receipt to return it and get a full refund after deducting the examination charges, stamp duty, and any other charges, if any.

Aadhar Shila Policy Example

Plan: Aadhaar Shila 944 Premium and Maturity Calculation.

Current Age:30
Policy Term:15
Sum Assured Taken:3,00,000

1st-year Premium With TAX 4.5% :
Yearly: (16464 + 741) = 17205
Half-yearly: 8690 (8316 + 374) = 17205
Quarterly: 4389 (4200 + 189) = 4389
Monthly (ECS): 1463 (1400 + 63) = 1463

Note: Remember, tabular rebate comes into play when you choose yearly, half-yearly, quarterly, or monthly into the premium.

From 2^nd year Premium With TAX 2.25% :
Yearly: (16464 + 370) = 16834
Half-yearly: (8316 + 187) = 8503
Quarterly: (4200 + 95) = 4295
Monthly (ECS): (1400 + 32) = 1432

Return at Maturity Time:

Sum Assured: 3,00,000

Loyalty Addition: 60,000

Total Return at Maturity Time: (300000+60000) =3,60,000

The total approximate premium we paid in these 15 years: 2,52,881

In the Case of Death Before Maturity:

(110% of Basic Sum Assured) =3,00,000 + 30,000

Total Payable to Nominee (Tax-Free):3,30,000

Note: The premium shown here is indicative but not exact. Actual premium may vary as per underwriting rules. However, the maturity calculation shown here is accurate per the current bonus rate.