LIC Aadhaar Shila Plan

This is a participating, non-linked individual life assurance savings plan specifically designed for female lives. The plan offers the combined benefit of insurance protection and savings. The plan provides financial security to the family in case of an eventuality and helps accumulate wealth in the long term.

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As a life insurance policy, both the death benefit and maturity benefit are offered under the plan. Moreover, it also takes care of liquidity needs through the option of auto cover and loan facility.

Further here, we have discussed in detail about different aspects of the LIC Aadhaar Shila Plan.

Eligibility Criteria of LIC Aadhaar Shila Plan

The following are the eligibility criteria of the policy.




Entry Age

8 years

55 years

Policy Term

10 years

20 years

Maturity Age


70 years

Premium Paying Term

Same as Policy Term

Sum Assured

Rs 75,000

Rs 3,00,000

Benefits Offered by LIC Aadhaar Shila Plan

The following are the key benefits of the LIC Aadhaar Shila Plan by the Life Insurance Corporation of India:

  1. Maturity Benefit

    If the life assured survives the entire tenure of the policy, then after the completion of the policy tenure, the maturity benefit is offered as the basic sum assured and loyalty additions, if any. The maximum tenure of the policy is 20 years, and upon maturity, the policyholder can reinvest the lump sum amount in a new policy.

  2. Death Benefit

    In the event of the unfortunate demise of the life assured, the death benefit is payable to the nominee of the policy. In case of demise of the life assured during the first five policy years, then the sum assured amount on death is payable to the nominee of the policy.

    If the life assured dies after completion of the 5 policy years but before the maturity date, then the sum assured amount and the loyalty addition, if any, is paid to the policy's beneficiary.

    The death benefit payable is defined as:

    • 7 times the annualized premium

    • 110% of the basic sum assured amount.

  3. Loyalty Additions

    The Corporation tracks the first five years of premium payments and entitles a policyholder to Loyalty Additions. It is also awarded to policyholders who are old or loyal customers of LIC of India.

  4. Surrender Benefit

    The policyholder can surrender the policy after the completion of two consecutive policy years. On surrender of the policy, the guaranteed surrender value payable during the policy tenure should equal the total premium paid (excluding taxes, extra premiums, and rider premium, if any) multiplied by the guaranteed surrender value factor applicable to the total paid premium under the plan.

  5. Policy Loan

    Loan benefit is available after the policy achieves surrender value, and the loan amount that can be availed is up to a maximum of 90% of surrender value in-force policies and 80% of surrender value in paid-up policies. 

  6. Tax Benefits

    The benefits enjoyed under this policy are subject to income tax rebates as per prevailing laws.

    * Tax benefit is subject to alterations in tax laws

  7. Payment of Premiums

    The premium payment tenure is equal to the policy tenure in LIC Aadhaar Shila Plan. It can be paid in yearly, monthly, quarterly, or half-yearly modes.

Rebates Applicable

Mode Rebate

Yearly Mode- 2% of Tabular Premium

Half-yearly Mode- 1% of Tabular Premium

Quarterly, Monthly & Salary Deduction- Nil

Higher Basic Sum Assured Rebate:

Basic Sum Assured Rebate

75,0000-1,90,000 Nil

2,00,000-2,90,000 1.50% of BSA

3,00,000             2.00% of BSA

Additional Riders Available Under LIC Aadhaar Shila Plan

Additional riders available are as follows:

  • LIC Accident Benefit Rider is available to the policyholder and can be added to the base policy after completing the first five years. The rider once opted for will be applicable in case the policyholder meets with an unfortunate accident or dies due to an accident. The death benefit then payable will be supported by the benefits of the rider.

  • The death benefit can be withdrawn in installments by the nominee of the policyholder. The period granted is in periods of 5 years, 10 years, or 15 years.

Documents Required to Purchase LIC Aadhaar Shila Plan

To buy LIC Aadhaar Shila policy, one has to provide:

  • Identity proof - Aadhaar card, voter's card, and passport

  • Address proof- Aadhaar card, driving license, electricity bill, ration card, voter's card, and/or passport.

  • Income proof - such as Income tax returns or salary slips.

  • Health records of the life assured.

Exclusions of LIC Aadhaar Shila Plan

LIC Aadhaar Shila Plan reviews indicate that it is a very friendly investment option for female lives in India with assured returns and family protection. Under this policy, the suicide clause is an exclusion wherein the beneficiary receives 80% of the premiums paid if the suicide happens within the first twelve months of inception of policy risk, or the surrender value, whichever is here.

LIC Aadhaar Shila Plan - FAQs

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