LIC Adhaar Shila

As one of the most trusted names in the Indian insurance domain, LIC (Life Insurance Corporation of India) is the largest public sector life insurance company in India. With its humongous customer base, LIC offers a broad catalogue of life insurance products and services to cater the requirement of all types of insurance seekers. LIC of India has once again come up with its new, lucrative plan called LIC Adhaar Shila to ensure maximum savings and comprehensive financial protection for its customers, fans and patrons.

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Launched on 24th April 2017, LIC Ahdaar Shila is a non-linked, with profit endowment insurance plan that offers dual benefits of protection cum savings. This plan has been carefully conceptualized and thoughtfully designed keeping female insurance buyers having adhaar card issued by Unique Identification Authority of India (UIDAI). LIC Adhaar Shila is a brilliant plan that aims at securing the financial future of the family of the insured in the event of death of the insured.

Apart from providing combined benefit of saving and protection, LIC Adhaar Shila also comes loaded with a host of exceptional features and offers manifold benefits.

LIC Adhaar Shila  -  Salient Features

  • LIC Ahdaar Shila is a guaranteed return with profit endowment plan.
  • The plan caters for liquidity needs through its auto cover features and offers the provision of loan.
  • On the demise of the life assured during the tenure of the policy, a lump sum amount of death benefit is paid to the beneficiary or nominees assigned by the primary policy holder.
  • In the event of survival of the life assured till the maturity date of the policy, maturity benefits are paid to the policyholder after the completion of the policy term.
  • This policy also offers an optional coverage as accidental death benefit rider to the insured.
  • The premium payable by the policy holder and the maturity proceeds are applicable for tax exemption under section 80C and 10(10D) of Income Tax Act.
  • This plan is exclusively available to female insurance buyers.

Benefits of LIC Adhaar Shila

1. Death Benefit- LIC Ahdaar Shila provides two distinct death benefit options:

  • On the demise of the policyholder during the first five years of the policy term, the ‘sum assured on death’ is paid to the beneficiary of the policy.
  • On the demise of the insured person after the completion of five years of policy term but before the completion of the maturity date, the ‘sum assured on death’ along with loyalty addition, if any, is paid to the nominee of the policy.

The sum assured on death is defined as 10 times, i.e. highest of the annualized premium paid; Or Sum assured amount equal to 110% of the basic sum assured + loyalty addition (if any). 

Death benefits provided to the beneficiary is no less than 105% of the entire premium paid as on the date of death.

2. Maturity Benefit- If the policy holder survives the entire tenure of the policy and has paid all the premium on time, then ‘sum assured on maturity’ and loyalty addition, if any, is paid to the policyholder, after the completion of the policy tenure.

3. Loyalty Addition- If the policy holder completes five policy years successfully by making all premiums payments on time, then they become eligible for loyalty additions/bonuses. The loyalty addition or bonus is paid along with death or maturity benefits depending upon the relationship of the insured with the insurance company.

Moreover, the loyalty addition, if any, is also provided in special surrender value if the policy holder decided to surrender the plan during the tenure of the policy.

4. Optional Benefit- If the policyholder makes successful and timely premium payments for five consecutive policy years then they have an option to avail the add-on benefit of accidental death rider. Under this rider benefit, an extra sum assured along with the basic sum assured amount is paid to the beneficiary of the policy in the event of accidental demise of the insured person.

LIC Adhaar Shila  - Eligibility Criteria

The plan includes simple eligibility criteria for those looking to invest in it. For your convenience, we have shown the eligibility criteria in a tabular form.




Sum Assured



Policy Term



Premium Payment Term

Same as policy term

Entry Age of Life Insured



Maturity Age



Payment Modes

Yearly, half-yearly, quarterly and monthly

Other Key Features of LIC Adhaar Shila

Revival- The policy lapses in case the insured fails to make the premium payment by the end of the grace period. However, the lapsed policy can be revived within 2 successive years from the first date of your due premium.

Paid-up value- If the insured has paid premiums for less than three years, the policy will cease its benefits after the expiry of the grace period and no benefits of the policy will be passed on to the policyholder.

However, if the policyholder has paid premiums for at least 3 full years then the policy cover is not nullified, but the coverage of the policy continues. If the premiums of at least 5 full policy years have been paid by the insured, the paid-up value plus the loyalty addition, if any, is paid for the complete policy years.

Under Paid-up value an option of an auto cover period is applicable.

Auto Cover Period- Under the paid-up value option, an auto cover period is provided. This period can be defined as the timeframe from the first due date of unpaid premium but before the maturity of the policy term.

The time period of auto cover should be under respective options:-

  • Auto cover of 6 months is available in case the insured fails to pay the premium of 5 full policy years but has paid the premium for 3 full years.
  • Auto cover of 2 years is available if the insured has successfully paid the premium of 5 full policy years but the following premiums are not duly paid.

Policy Loan- Loan benefits are available during the tenure of the policy, if a surrender value is acquired by the policy. The interest rate on the policy loan is determined at periodic intervals. For 2016-17 financial years, the interest rate applicable on LIC policy loans is 10%p.a. payable half-yearly.

For enforce policy, the maximum loan amount of up to 90% of surrender value is offered to the life assured.

For paid-up, policies, the maximum loan of up to 80% of the total surrender value is offered to the life assured.

The insurance holder can recover any outstanding loan along with interest through claim process.

Free Look Period- A free-look period of 15 days from the day the policy is issued is provided by the insurer under which the insured can cancel the policy if he/she is dissatisfied with the terms and conditions of the policy.

Apart from all these features and benefits offered by the policy, LIC Adhar Shila also has some exclusion. These are:-

  • In case, the policy holder commits suicide within a year (12months) from the policy issuance date, the insurance company will not accept any claim except the 80% of the total premiums paid, if the policy is in force.
  • In case, the policyholder commits suicide within a year (12months) from the date of policy revival, either 80% of the total premiums paid till the date of the demise of the policy holder or the total surrender value, whichever is higher is paid to the nominee of the policy.

Wrapping it up!

With all these amazing features and benefits on offer, LIC Adhaar Sila remains one of the best bets for all female insurance seekers, with an adhaar card issued in their name, looking for brilliant insurance instruments to ensure maximum savings and comprehensive protection.


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