LIC Aadhaar Shila Plan 844 was a specially designed insurance plan from LIC that combined life protection and savings benefits exclusively for women Aadhaar card holders. The policy offered financial security during the policy term along with a lump-sum maturity benefit, making it suitable for women seeking long-term protection and disciplined savings.
Introduction to LIC Aadhaar Shila Plan 844
LIC Aadhaar Shila Plan 844 was a non-linked, with-profit endowment assurance plan created exclusively for female lives possessing a valid Aadhaar card issued by UIDAI. The plan provided insurance coverage, maturity benefits, loyalty additions, and optional rider benefits while maintaining affordable premium rates.
Although the plan has been discontinued for new sales, existing policyholders continue to enjoy all benefits according to the original policy terms and conditions.
Launch and Withdrawal Dates
- Launch Date: 24 April 2017
- Withdrawal Date: 01 February 2020
The plan remained available for nearly three years and gained popularity among women seeking a combination of life insurance protection and long-term savings.
Eligibility Criteria
Who Could Purchase LIC Aadhaar Shila Plan 844?
Only female individuals possessing a valid Aadhaar card issued by UIDAI were eligible to buy this policy.
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 8 Years | 55 Years |
| Maturity Age | — | 70 Years |
| Policy Term | 10 Years | 20 Years |
| Basic Sum Assured | ₹75,000 | ₹3,00,000 |
Key Features of LIC Aadhaar Shila Plan 844
Protection and Savings in One Plan
The plan offered life insurance protection throughout the policy term while helping policyholders build a savings corpus payable at maturity.
Non-Linked Insurance Plan
Policy benefits were not linked to stock market performance, ensuring stable and predictable returns.
Loyalty Addition Benefit
Eligible policies received Loyalty Addition benefits, subject to LIC’s declaration and policy conditions.
Simplified Underwriting
For standard healthy female lives, the policy was generally available without requiring extensive medical examinations.
Loan Facility
Policyholders could avail policy loans after paying the required number of premiums, subject to LIC rules prevailing at the time.
Surrender Benefit
The policy acquired surrender value after completion of the minimum premium payment period specified by LIC.
Flexible Premium Payment Modes
Premiums could be paid through:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
These options allowed policyholders to choose a payment frequency according to their financial convenience.
Eligibility Criteria of LIC Aadhaar Shila Plan 844
Before purchasing LIC Aadhaar Shila Plan 844, applicants had to satisfy specific eligibility requirements related to age, gender, policy term, and sum assured limits.
| Criteria | Details |
|---|---|
| Gender | Female only |
| Entry Age | 8 to 55 years |
| Maximum Maturity Age | 70 years |
| Basic Sum Assured | ₹75,000 to ₹3,00,000 |
| Policy Term | 10 to 20 years |
| Premium Payment Term | Equal to the policy term |
| Medical Examination | Generally not required for standard healthy lives |
Benefits of LIC Aadhaar Shila Plan 844
Maturity Benefit
If the policyholder survived until the end of the policy term and all premiums were paid, LIC paid the Basic Sum Assured along with any applicable Loyalty Addition declared under the plan.
Death Benefit
In the unfortunate event of the life assured’s death during the policy term, the payable benefit depended on the duration completed under the policy.
- During the first five policy years, the nominee received the Sum Assured on Death.
- After completion of five policy years, the nominee received the Sum Assured on Death along with applicable Loyalty Addition, if declared.
The Sum Assured on Death was the higher of:
- 10 times the annualized premium, or
- The Basic Sum Assured
Additionally, the death benefit could not be less than 105% of the total premiums paid up to the date of death.
Surrender Benefit
The policy acquired surrender value after payment of at least three full years’ premiums, allowing policyholders to exit the policy before maturity subject to LIC’s surrender value rules.
Loan Facility
A policy loan could be availed after payment of three full years’ premiums, providing financial flexibility during emergencies.
Tax Benefits
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act, subject to prevailing tax provisions.
- Maturity and death benefits were generally eligible for exemption under Section 10(10D), subject to applicable tax rules.
How Premiums Were Calculated
Premium amounts under LIC Aadhaar Shila Plan 844 depended on several factors, including:
- Age at entry
- Policy term selected
- Basic Sum Assured
- Premium payment frequency
LIC also offered premium rebates for higher sum assured amounts and for annual or half-yearly premium payment modes.
LIC Aadhaar Shila Plan 844 Calculator
The LIC Aadhaar Shila Plan 844 Calculator helps estimate policy values based on selected inputs and provides a quick overview of expected premiums and benefits.
What the Calculator Can Estimate
- Annual, half-yearly, quarterly, or monthly premium
- Total premium payable during the policy term
- Expected maturity benefit
- Death benefit amount
- Indicative Loyalty Addition projections
Information Required
To use the calculator, enter:
- Age at entry
- Policy term
- Basic Sum Assured
- Premium payment mode
Calculator Output
Based on the entered details, the calculator displays:
- Premium payable under the selected mode
- Estimated maturity value
- Death benefit illustrations
- Indicative Loyalty Addition estimates
Sample Illustration
Assume the following details:
- Age: 30 years
- Policy Term: 20 years
- Basic Sum Assured: ₹2,00,000
- Premium Mode: Yearly
After entering these values into the calculator, the tool generates estimated annual premiums, projected maturity benefits, and death benefit illustrations based on LIC’s premium structure and assumed Loyalty Addition rates.
Note: Loyalty Addition figures shown by calculators are only estimates and may differ from the actual amount declared by LIC at the time of claim or maturity.
Maturity and Death Benefits
Maturity Benefit
If the life assured survives the entire policy term and all due premiums have been paid, LIC pays the Basic Sum Assured along with any applicable Loyalty Addition declared under the plan.
Death Benefit
In the event of the policyholder’s death during the policy term, the nominee receives the Sum Assured on Death. If death occurs after completion of five policy years and the policy qualifies for Loyalty Addition, the nominee may also receive the applicable Loyalty Addition.
The death benefit is subject to a minimum of 105% of the total premiums paid up to the date of death.
Important Points to Remember
- LIC Aadhaar Shila Plan 844 was available exclusively for female Aadhaar card holders.
- The plan was withdrawn from new sales on 1 February 2020.
- Existing policyholders continue to enjoy all policy benefits according to the original terms and conditions.
- Online calculators can still be used to estimate premiums, maturity values, and death benefits for active policies.
Frequently Asked Questions (FAQs)
Who was eligible to purchase LIC Aadhaar Shila Plan 844?
Female individuals holding a valid Aadhaar card issued by UIDAI and aged between 8 and 55 years were eligible to buy this plan.
What were the minimum and maximum Sum Assured limits?
The plan offered a minimum Basic Sum Assured of ₹75,000 and a maximum Basic Sum Assured of ₹3,00,000.
What policy term options were available?
Policyholders could choose a policy term ranging from 10 to 20 years, subject to the maximum maturity age of 70 years.
What benefit was payable on maturity?
On successful completion of the policy term, the policyholder received the Basic Sum Assured along with any applicable Loyalty Addition declared by LIC.
Conclusion
LIC Aadhaar Shila Plan 844 was a women-focused endowment insurance plan that combined life protection with long-term savings benefits. Features such as Loyalty Addition, flexible policy terms, loan availability, and tax advantages made it a practical option for female policyholders seeking financial security and disciplined savings.
Although the plan is no longer available for new purchases, existing policyholders continue to receive the benefits promised under their policy contracts. LIC Aadhaar Shila calculators remain useful tools for estimating premiums, maturity proceeds, and death benefits, helping policyholders better understand their policy value and future benefits.
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