Why is LIC’s New Jeevan Anand Plan the Best Choice for Young Couple?

by Ramsharan Kumar | Jun 25, 2020 | Life Insurance

LIC’s New Jeevan Anand Plan

Post Views: 5,288

LIC New Jeevan Anand Plan No. 915 – is a participating, non-linked, traditional savings cum insurance cover scheme. LIC New Jeevan Anand policy has an average premium, high bonus rate, and great features. The scheme presents an attractive combination of security and savings. This combination provides financial protection against death for the life of the policyholder, with the provision of Lumpsum payment at the end of the selected policy term in the event of survival. Risk coverage under LIC New Jeevan Anand Plan continues even after the policy term and the death benefit is paid even if the insured dies after the completion of the policy term. The scheme also takes care of liquidity needs through its loan facility. LIC New Jeevan Anand Plan is also a whole life plan with guaranteed returns and protection as it is not a market-based plan. LIC New Jeevan Anand is a Double Death Benefit Plan if the life insured survives until the end of the policy term. Here is everything you want to know.

Plan No.	915
Launch Dated	1 Feb 2020

Why we need such a Jeevan Anand policy?

You must be aware of the slogan “Jeendgi ke saath bhi aur Jeendgi ke baad bhi” what does it mean? Have you ever think of it? I am sure your answer is NO. Don’t worry; we just try to bring out some salient features.

No doubt, this is LIC’s New Jeevan Anand is an Endowment cum Whole Life Policy. The main attraction of this policy is:

DAB — Double Accident Benefit
Average Premium with High Return
High Bonus — Being public sector LIC is known for its brand, reliability, and credibility. You may check its settlement ratio as per the IRDAI report.
High Liquidity — This is the best of its kind plan that you can avail loan facility during and after policy term.
Death Benefit after Policy Maturity is only Sum Assured.
Death Benefit before Policy Maturity is Sum Assured+Bonus.
Rebates in premiums are also available for high sum assured and premium paying mode.
Tax exemption on the premium paid under Section 80C and the claim amounts under Section 10(10D) of the Income Tax Act, 1961.

In this plan, the Life Insured receives the Sum Assured + Bonus as Maturity Benefit but the life cover chosen continues till his death. Again an additional Sum Assured is paid whenever the Life Insured dies. Thus, this plan is both an endowment plan and a whole life plan.

However, if the life insured dies before the completion of premium paying term, i.e. within the policy tenure, the entire Sum Assured along with accrued bonus is paid to the nominee and the policy would terminate.

There is also an additional Accidental Death and Disability Benefit is payable till 70 years of age of the life insured.

What is the greatness of this Jeevan Anand plan?

This plan is an endowment cum whole life plan
Maturity Benefit is Sum Assured + accrued Bonus and the Life Cover continues till death
Death Benefit after Policy Maturity is only Sum Assured
Death Benefit before Policy Maturity is Sum Assured + accrued Bonus
Simple Revisionary Bonus is payable on maturity or earlier death.
Accidental Death and Disability Benefit is an inbuilt feature in this plan
Optional higher cover through 1 additional rider of Critical Illness Benefit.
This plan can be provided to people with hazardous occupations with an additional premium.
Large Sum Assured rebate is also provided

What we would get if we go for Jeevan Anand plan?

Tax Deduction Benefit — One can take benefit of Tax Deduction for the premium paid under u/s 80(C).
Maturity Benefit — If one survives till the policy term then he/she deserves for maturity benefit. For example, the maturity amount is calculated as (Sum Assured + Accrued Bonus + Final Addition Bonus)
Income Tax Benefit — Premiums paid under the life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under section 10 (10D).
Death Benefit — In case of death of the Life Insured
Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid
After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies.
Peace of Mind — If you have taken this policy then you can do whatever you wish throughout the policy term and after the term too. No fear, what will happen in your absence? How things will be managed in your absence?

What are the Benefits of this Jeevan Anand plan?

Death Benefit:

If the insured dies within the policy term, the Sum Assured and accumulated bonuses are paid to the nominee.

125% of the Basic Sum Assured as per policy terms, or
10 times of the annualized premium, or
Minimum 105% of the total premiums payable as on the date of death, whichever is higher.

If the policyholder dies after the completion of the policy term while Maturity Benefit has already been paid, the Basic Sum Assured is then paid to the nominee and the plan terminates.

Maturity Benefit: In case the policyholder survives the entire policy tenure then, Basic Sum Assured + Accumulated Bonuses is paid to the insured as a maturity benefit after the completion of the policy term.

Rebate:

50%-3% if the Sum Assured is Rs. 2 lakhs and above.
2% for yearly mode.
1% for half-yearly mode.
None for quarterly mode.

Loans: After 3 years policyholders can avail loan facilities. It depends upon the Surrender Value acquired by the policy.

Revival: Lapsed policy can be revived within 2 years from the date of 1st unpaid premium by paying the entire premium with interest and other expenses.

Surrender Value: Policyholder can surrender the policy at any time after 3 years and avail the Surrender Value which is calculated as:

Guaranteed Surrender Value=30% of Total Premiums Paid–Premium of the 1st Year.
The corporation can also fix a particular Surrender Value based on its future performance.

Premium Payment Flexibility: Policyholders can pay the premium monthly/quarterly/bi-annually/annually.

Additional Riders Benefit:

Accidental Death Benefit Rider
Disability Benefit Rider

Premium Discounts: In case of higher Sum Assured and yearly or half-yearly premium paying mode.

Income Tax Benefit:

Premiums: The premiums paid for the plan are exempt from taxation under Section 80C up to 1.5 lakhs.

Claim Amount: Maturity or Death Claim is also tax-free under Section 10(10D) with no limit.

How this plan does works?

The policyholder selects a Sum Assured and Tenure as per the age that will determine the premium of the plan. In this plan, the policyholder has to pay premiums until the policy term.

If the policyholder survives till the policy term then he/she is eligible for Maturity Benefit that is calculated as:

Maturity benefit=Sum Assured + Bonus + if any Final Addition Bonus is declared

If the policyholder dies after the policy term, the nominee will get an additional Sum Assured amount as the Death Benefit.
If the policyholder dies within the policy term then the Death Benefit is calculated as:

Death Benefit = Sum Assured + Vested Bonus + if any Final Additional Bonus is declared

The Sum Assured on Death will be higher — 125% of the Basic Sum Assured or 10 times the annual premiums paid subject to a minimum of 105% of total premiums paid till death.

What are the Eligibility conditions and restrictions in this Jeevan Anand plan?


	Minimum	Maximum
Sum Assured (in Rs.)	1,00,000	No Limit
Policy Term (in years)	15	35
Premium Payment Term (in years)	5	57
Entry Age of Policyholder (last birthday)	18 years	50 years
Age at Maturity (last birthday)	-	75
Payment Modes	Yearly, Half-yearly, Quarterly, Monthly

What are the Paid-up Value and Surrender Value in this plan?

Paid-up Value — If the policyholder has paid the 1^st 3 years’ premiums and does not pay future premiums then the policy becomes a paid-up policy. Consequently, the Basic Sum Assured is reduced in proportion. Future bonuses are not added and on death or maturity, the reduced Sum Assured along with the vested bonuses is paid.

Surrender Value — If the policyholder wants to surrender the policy and avail the Surrender Value then the policy acquires a Surrender Value only if the 1st 3 years’ premiums have been paid.

Higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) is paid. GSV and SSV are calculated as:

GSV = (total premiums paid* GSV Factor) + (vested bonus * GSV factor of Bonus)
SSV is declared by the company based on its performance.

Free-look Period — If the policyholder is not happy with the policy then he/she can cancel the policy within 15 days of the issuance. This period is called the free-look period. Upon cancellation, the premium paid after the deduction of expenses.

What are the Exclusions in this Jeevan Anand plan?

If the policyholder commits suicide within 12 months of policy inception then only 80% of the premium paid is returned.
If the policyholder commits suicide within 12 months of policy revival then higher of 80% of the premium paid or the Surrender Value is paid.

What is the document’s requirement to buy this New Jeevan Anand plan?

The plan is an offline plan which can be bought only through the agents or brokers. The following documents are required to buy this plan:

Proposal/Application Form duly filled and signed with the required information
Cheque or Cash for the 1st Premium Amount
Identity Proof — PAN Card/Aadhaar Card/Passport/Voter ID Card/Driving License
Address Proof — Aadhaar Card/Passport/Voter ID card/Driving License/Bank Account Statement/Electricity Bill/Telephone Bill/Passport
Age Proof: Birth Certificate/ School Certificate/ Passport /Driving License etc
Income Proof: Salary Slip/Certificate/IT Return
Medical Reports, if needed

Additional Details

Simple Revisionary Bonuses

This is a participating plan. LIC declares bonus as per thousand Sum Assured annually. Once declared, it forms a part of the guaranteed benefits. Bonuses and Final (Additional) Bonus will be added during the term when the policy is in force or till death if it occurs earlier.

Grace Period

The policyholder gets a grace period of 30 days to pay the due premium. In case of non-payment, the policy can lapse.

Cancellation

The policyholder gets an option of free cancellation under which he can cancel his plan within 15 days of commencement.

Surrender Value

After 3 years, the policyholder can surrender the policy.

How to make a maturity or surrender claim?

The policyholder has to fill and sign the claim discharge form and submit it to the insurer.

In case of surrender, the policyholder has to intimate the LIC in writing to get the surrender value.

How to make a death claim?

The nominee has to fill up the claim discharge form and submit it to LIC with the following documents:

Original Policy Bond
NEFT Mandate Form
Nominee’s Identity Proof
Death Certificate
Medical Report
FIR, Newspaper cutting indicating the accident, copy of driving license in case of a road accident, postmortem report, etc.

Read to know more about this – LIC New Jeevan Anand: रोजाना 80 रुपये के निवेश पर पा सकते हैं 50 लाख, जानें क्या है ये पूरी पॉलिसी।

Also, read this – Why is LIC’s New Endowment Plan the Best Choice for Young People?

Plan Illustration

New Jeevan Anand Plan Illustration (1)

Disclaimer:
The Premium amount shown here is indicative and informational. The actual premium amount can vary according to underwriting rules. Maturity calculations shown here are also based on the current bonus rates. It can also vary based on the actual performance of the corporation. For more details on risk factors, terms, and conditions, please read the policy documents carefully before concluding a sale.

FAQs on LIC’s Jeevan Anand Plan

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How much bonus is declared under the plan?

It is not fixed. It depends upon the performance of the corporation and is paid only if the corporation makes a profit.

Is it possible to date back the policy?

Yes, it can be dated back within the same financial year with additional charges.

What type of bonus is declared under the policy?

The plan pays simple reversionary bonuses for every year till the policy is in force. In case of death during the policy term or on maturity, a Final Bonus might also be paid in addition to the vested bonuses.

Does the plan provide a loan facility?

Yes, after 3 years, policyholders can avail loan facility as per the Surrender Value.

Are there any rebates on the premium?

Yes, there are two types of premium rebates available.

The first on the high Sum Assured like 1.50% to 3%.

The second on premium paying Mode like 2% on Yearly or 1% on half-yearly mode.

Are riders available under the plan?

Yes, the plan offers an optional rider like Accidental Death and Disability Benefit Rider.

Why is LIC’s Aadhaar Shila Plan So Important for Women?

by Ramsharan Kumar | Jun 10, 2020 | Life Insurance

LIC’s Aadhaar Shila Plan

Post Views: 4,641

LIC’s Aadhaar Shila Plan No. 944 – is a non-linked, with profits and regular premium paying, participating, endowment plan. The Aadhaar Shila plan is an exclusive insurance plan for women who have a valid Aadhaar card issued by the Government of India. This plan is a combination of savings and protection. This is a Loyalty Addition based plan. The plan is available to standard healthy women without having to undergo any medical testing requirements. Under the Aadhaar Shila plan, the family of the policyholder receives financial support in the event of her sudden death before the end of the policy term. If the policyholder survives the term of the policy, the policyholder will receive a Lumpsum as a maturity benefit. The policy also offers a loan facility and automatic coverage to meet liquidity requirements. Here is everything you want to know.

Plan No.	944
Launch Dated	1 Feb 2020

Why we need such a Aadhaar Shila policy?

LIC’s Aadhaar Shila is a plan designed exclusively for female lives, which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.

What are the other benefits of this Aadhaar Shila plan?

Death Benefit Payable:

On the death of the Life Assured during the policy term provided the policy is in force:

On death during the first five years: “Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of

7 times of annualized premium; or
110% of Basic Sum

The death benefit shall not be less than 105% of total premiums paid up to the date of death. Premiums referred above shall not include any taxes, extra premium and rider premium, if any.

Maturity Benefit:

On Life assured surviving to the end of the policy term, provided the policy is in force, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Loyalty Addition:

Provided the policy has completed five policy years and at least 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate, and on such terms, as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of the policy during the policy term, provided the policy has completed five policy years and at least 5 full years’ premium have been paid.

What are the Eligibility Conditions and Other Restrictions?

(This plan is only available for standard healthy lives without undergoing any medical examination)

Minimum Basic Sum Assured per life*: Rs. 75,000

Maximum Basic Sum Assured per life*: Rs. 300,000

The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.

Minimum Age at entry: 8 years (completed)

Maximum Age at entry: 55 years (nearest birthday)

Policy Term: 10 to 20 years

Premium Paying Term: Same as Policy Term

Maximum Age at Maturity: 70 years (nearest birthday)

* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh.

What would be the Date of Commencement of risk?

Under this plan, the risk will commence immediately from the date of acceptance of the risk including minor lives.

What is the Date of Vesting under the Aadhaar Shila plan?

The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

What are the Death Benefit Options available for this Aadhaar Shila plan?

The policyholder has the option of availing LIC’s Accident Benefit Rider under this plan at any time within the policy term of the Base plan provided the outstanding policy term of the base plan is at least 5 years. The benefit cover under this rider shall be available during the policy term or before the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan.

The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.

Option to take Death Benefit in installments:

This is an option to receive a death benefit in installments over the chosen period of 5 or 10 or 15 years instead of a lump-sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during the minority of the Life Assured or by Life Assured aged 18 years and above, during his/her lifetime; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being as under:


Mode of Installment Payment	Minimum Installment Amount
Monthly	Rs. 5,000/-
Quarterly	Rs. 15,000/-
Half-Yearly	Rs. 25,000/-
Yearly	Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum installment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lump-sum only.

The interest rates applicable for arriving at the installment payments under this option shall be as fixed by the Corporation from time to time.

For exercising the option to take Death Benefit in installments, the Policyholder during the minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her life while in the currency of the policy, specifying the period of Installment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

What is the Payment of Premium Mode available?

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions over the term of the policy.

How many days are available for Grace Period?

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of the first unpaid premium. During this period the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premium which is payable along with a premium for the base policy.

How can I understand through Sample Illustrative Premium?

The sample illustrative annual premiums for Basic Sum Assured of Rs 1 Lakh for Standard lives are as under:


AGE/ POLICY TERM	10	15	20
10	8732	5248	3562
20	8761	5282	3597
30	8781	5312	3641
40	8874	5444	3817
50	9197	5841	4283

Rebates:

High Basic Sum Assured Rebate:


Basic Sum Assured (BSA)	Rebate (Rs.)
75,000 to 1,90,000	Nil
2,00,000 to 2,90,000	1.50% of BSA
3,00,000	2.00% of BSA

Mode Rebate:


Yearly mode	2% of Tabular Premium
Half-yearly mode	1% of Tabular premium
Quarterly, Monthly (through NACH) & Salary deduction	NIL

What is the Revival of Policy, how can I revive my policy?

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be fixed by the Corporation from time to time and on the satisfaction of Continued Insurability of the Life Assured on the basis of the information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured.

The Corporation reserves the right to accept at original terms, accept with modified terms, or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Life Assured.

The revival of rider, if opted for, will be considered along with the revival of the Base Policy, and not in isolation.

The Revival Period and Auto Cover Period (as mentioned in para 8 below) shall run concurrently

i.e. Auto Cover period does not extend the period of revival.

What is Paid-up Value?

If less than two years’ premiums have been paid and any subsequent premium is not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable.

If, after at least two full years’ premiums have been paid and any subsequent premiums are not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of the policy term. However, if at least three full year’s premiums have been and any subsequent premiums are not duly paid, under such policies Auto Cover Period as mentioned below shall be applicable.

What is Auto Cover Period?

“Auto Cover Period” under a paid-up policy shall be the period from the due date of the first unpaid premium (FUP). The duration of the Auto Cover Period shall be as under:

If at least three full years’ but less than five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be
If at least five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: the Auto Cover Period of two years shall be available.

What are the benefits payable under a paid-up policy during the Auto Cover Period?

On Death:

The death benefit, as payable under an in-force policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and (b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.

On maturity:

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to Sum Assured on Maturity multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [(Number of premiums paid / Total Number of premiums payable ) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

What are the benefits payable under a paid-up policy after the expiry of the Auto Cover Period?

On death: Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called “Death Paid-up Sum Assured” and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable .i.e. [Sum Assured on Death * (Number of premiums paid / Total number of premiums payable)]. In addition to the Death Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on death after the expiry of Auto Cover Period.

On maturity: The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to Sum Assured on Maturity multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e.. [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

Under a Paid-up policy, Loyalty Addition, if any, shall be payable for the completed policy years for which the policy was in force, provided the premium has been paid for at least 5 full years and after completion of 5 policy years.

Rider shall not acquire any paid-up value and rider benefit cease to apply if the policy is in lapsed condition.

What is Surrender and how can I surrender my Aadhaar Shila policy?

The policy can be surrendered at any time provided premiums have been paid for at least two consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.

The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender Value payable during the policy term shall be equal to the total premiums paid (excluding extra premiums, taxes, and premiums for the rider, if opted for) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid under the policy.

These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered.

What is a policy loan and how can I avail policy loans?

The loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

The interest rate to be charged for policy loan and as applicable for the entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

The maximum loan as a percentage of surrender value shall be as under:

For in-force policies – up to 90%
For paid-up policies – up to 80%

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

What is Tax implication?

Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of applicable taxes as per the prevailing rates shall be payable by the policyholder on premiums payable (for base policy and rider if any including extra premiums, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan

Regarding, Income tax benefits/implications on the premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.

What is Free look period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period of cover and stamp duty charges.

What are the Exclusions in this Aadhaar Shila plan?

Suicide: – This policy shall be void

If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the total premiums paid, provided the policy is in force.
If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the Surrender Value available as on the date of death, shall be payable. The Corporation will not entertain any other

This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.

Read to know more about this – महिलाओं के लिए खास है LIC’s Aadhaar Shila Plan, जानें पॉलिसी से जुड़ी सारी बातें।

Also, read this – Why is LIC’s New Jeevan Anand Plan the Best Choice for Young Couple?

Plan Illustration

Aadhaar Shila Plan Illustration (1)