LIC Aadhaar Shila Plan-944 (UIN: 512N309V02): How to Apply, Key features, Eligibility, and Claim Requirements

Today in this article we will discuss about LIC Aadhaar Shila Plan-944 (UIN: 512N309V02). This plan has been specially designed by the Life Insurance Corporation of India for women as well as for those women who have low income and want to buy insurance too. The table number for this plan is 944. Earlier, the table number for this plan was 844, which was changed to 944.

LIC Aadhar Shila Plan-944 (UIN: 512N309V02) also provides the option of savings to the policyholder. If one invests only Rs 29 per day on an average, then he can get up to Rs 4 lakh after maturity. This LIC policy not only gives the option of savings to the insured, but also provides life insurance. The insured is paid a lump sum amount at the time of maturity of the policy. Assistance is also provided to the family in the event of the death of the insured. Additionally, with the loan facility and auto cover of the scheme, one can easily meet his/her liquidity requirements as and when required.

Plan Name	LIC Aadhaar Shila
Policy Type	A Non-linked, Participating, Individual Life Assurance Savings Plan
Plan detail	Plan No. 944
UIN	512N309V02
Official Website	www.licindia.in

About LIC’s Aadhaar Shila Plan-944

• According to the Life Insurance Corporation of India, LIC Aadhar Shila plan-944 is a non-linked plan, which means that this plan is not linked to the market.
• It is a regular premium endowment plan, which means that the insured has to pay a regular premium for the number of years for which the policy is taken out.
• This plan is specially made for the women’s category, meaning only women can buy this plan.
• This plan also provides protection along with savings.
• The special thing about this plan is that a loyalty addition bonus is also added to it at the time of maturity.

Eligibility Requirements for LIC Aadhaar Shila Plan-944 (UIN: 512N309V02)

For Women Only: This policy is specially designed for women, so only women can take advantage of it.

Minimum Age at Entry	8 Years (Completed)
Maximum Age at Entry	55 Years (Nearest Birthday)
Minimum Policy Term	10 Years
Maximum Policy Term	20 Years
Maximum Age Maturity	70 Years
Minimum Sum Assured	Rs. 75,000
Maximum Sum Assured	Rs. 3,00,000

Required Documents:

• Examine Single Premium
• Address proof
• A passport-sized photo
• Proof of birth date
• Identity proof
• Income proof
• Completed application form with accurate medical history and proof

Key Features of the LIC Aadhaar Shila Plan-944 (UIN: 512N309V02)

• Women in the age group of 8–55 years can invest in this scheme.
• Women get many benefits under this scheme.
• Under this scheme, any woman can buy insurance for a minimum of Rs 75,000 and a maximum of Rs 3 lakh.
• Under this scheme, you can invest on a quarterly, half-yearly, and yearly basis.
• Under this scheme, you can invest for a minimum period of 10 years and a maximum of 20 years.
• The maximum age of maturity in Aadhar Shila Plan-944 is 70 years.
• This plan also includes an Accident Benefit Rider for the subscriber.
• There is no rider cover for critical illnesses under this plan.
• A Loyalty Addition on Maturity is also provided on the death of the policyholder after 5 years of taking the policy.
• If the policy holder dies before the end of the policy term, then the benefit of this plan is provided to the family of the policy holder.
• A lump sum amount is also provided at the end of the policy term.
• Policyholders can avail a loan facility against the LIC Aadhar Shila Plan-944.
• Policyholders can avail tax benefits under the LIC Aadhar Shila Plan-944.

Benefits in LIC’s Aadhaar Shila Plan-944

The following benefits are payable under the LIC Aadhaar Shila Plan-944:

Maturity Benefit: Under this plan, if the policyholder is alive on completion of the policy term and all premiums have been paid, the sum assured on maturity is paid.

For example, if you deposit 899 rupees every month for 20 years, at the end of those 20 years you will get a total investment of 2 lakh 14 thousand rupees. You will receive 3 lakh 97 thousand rupees when the policy matures. By investing in this policy, women can secure their future and deposit a huge amount after 20 years.

Death Benefit:-Death benefit is provided in the event of the death of the policyholder before the completion of the policy term and he has paid all the premiums till his death. Then he will get “Sum Assured on Death” + accrued Simple Reversionary Bonus + Final AD 105% of the Basic Sum Assured + Loyalty Additions is paid to his/her nominee as a Death Benefit.

Premium Payment: The premium payment modes for this plan are:

• Yearly
• Half-yearly
• Quarterly
• Monthly (SSS and NACH only)

Riders’ Benefit: The policyholder can also avail the option LIC’s Accident Benefit Rider. The Sum Assured cannot exceed the Sum Assured. You can avail this rider by paying an additional premium.

Free Look Period: A period of 15 days from the date of receipt of the policy document by the policyholder to review the terms and conditions of this policy. Where the policyholder disagrees with any of those terms and conditions, he/she may have the option to return the policy.

If the policyholder commits suicide during the first 12 months of policy purchase, only 80% of the premium or surrender value (whichever is less) will be paid to the policyholder.

Participation in LIC Profits: Loyalty Addition is offered to the policyholders under the LIC Aadhar Shila Plan-944. However, to be eligible for these benefits, the existing policy has to be in force for at least five years and the policyholder needs to pay at least five years’ premiums diligently. Loyalty additions and benefits from LIC are generally provided along with maturity and death benefits and at the time of exit. The terms and conditions and rates surrounding this facility have been announced by the Life Insurance Corporation of India.

Grace and Surrender Period in the LIC Aadhaar Shila Plan-944

Grace Period:

Here, “grace period” means the extra time which is available to pay the premium while all the coverage of the policy continues. That is called the grace period. If the claim comes during the grace period, then LIC will pay it. The grace period depends on the point at which you have taken your premium payment.

If you have taken your monthly turn, then you get a grace period of 15 days.

If you have changed your quarterly, half-yearly, or yearly premium payment, then you get a grace period of 30 days.

Surrender Period:

Under LIC Aadhaar Shila Plan-944, the policy can be surrendered by the policyholder at any time during the policy term provided the full two years’ premiums have been paid. The corporation shall pay the surrender value equal to the greater of the guaranteed surrender value or the special surrender value upon surrender of the policy. Remember that surrendering the policy can result in a loss, so make this decision after thinking carefully.

Loan Policy in LIC’s Aadhaar Shila Plan-944

If you have paid premiums for the full two years, then you can avail a loan facility under this plan. The policy amount depends on the number of years the policy has run and its surrender value.

• 90% of the loan surrender value is available for inforce policy.
• The loan for a paid-up policy is 80% of the surrender value.

Normal claim requirements in the LIC Aadhaar Shila Plan-944

Death Claim: In the case of the death of the insured, the claimant shall submit the following documents to the corporation within 90 days from the date of death.

• The Original Policy Document
• Claim Form
• Proof of Title.
• Proof of Death (Death Certificate)
• Age Proof
• School/College Certificate
• Employer’s Certificate
• Medical treatment prior to death (if any), etc.

Maturity/Surrender Claim: In the event of a maturity claim or surrender of the policy, the life assured must submit the following documents to the Corporation in order for the claim to be lodged.

• Discharge Form
• The Original Policy Document
• Bank details
• Age Proof, etc.

How to Apply Online for LIC Aadhar Shila Plan-944?

This plan of LIC gives the benefit of both savings and protection to its investors. If the woman who buys the insurance dies prematurely, a certain amount is given back to her family members. Under LIC’s Aadhar Shila plan-944, a minimum of Rs 75,000 and a maximum of Rs 3,000 can be insured.

All eligible applicants who want to apply for LIC Aadhaar Shila Plan-944 online must read all instructions carefully.

Follow these steps to fill out the online application form for LIC’s Aadhaar Shila Plan-944:

Step 1-Visit the official website of LIC at www.licindia.in.

Step 2-On the home page, you have to click on the option of “Aadhar Shila Plan.”

Step 3-The application form will open in front of you.

Step 4-Now enter all the required details (mention all the details like name, father/husband name, date of birth, bank details, gender, caste, and other information) and upload the documents.

Step 5-Click on the submit button for the final submission of the application.

From this article, I hope you have got all the information related to the LIC Aadhaar Shila Plan-944. For any queries related to this Plan, You can contact us in the comments section below.