LIC Aadhaar Shila Plan 944
Offline Premium & Maturity Calculator for Females
LIC Aadhaar Shila Plan 944 Overview
LIC Aadhaar Shila Plan 944 is a non-linked, participating, regular premium endowment life insurance plan designed specifically for female lives who have a valid Aadhaar Card. It provides life cover and savings benefits at a highly competitive premium rate.
Eligibility & Rules
- Death Benefit: "Sum Assured on Death" (higher of 7x annualized premium or 110% of Basic SA) + Loyalty Addition (if any).
- Maturity Benefit: Basic Sum Assured + Loyalty Addition (after 5 years of premium payment).
- Auto Cover: Extended risk cover for 6 to 24 months even if premiums are missed (after 3-5 years).
Key Plan Benefits
- Death Benefit: "Sum Assured on Death" (higher of 7x annualized premium or 110% of Basic SA) + Loyalty Addition (if any).
- Maturity Benefit: Basic Sum Assured + Loyalty Addition (after 5 years of premium payment).
- Auto Cover: Extended risk cover for 6 to 24 months even if premiums are missed (after 3-5 years).
Detailed Maturity Benefit
Basic Sum Assured + Loyalty Addition (if any declared). Payable on survival to the end of the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹2,00,000 |
| Age of Policyholder | 30 Years |
| Policy Term | 15 Years |
| Yearly Premium (Approx) | ₹10,100 |
| Total Paid Premium (Approx) | ₹1,51,500 |
| Total Maturity Payout | ₹3,35,000 |
Calculating…