LIC Aadhaar Shila Plan 844 Calculator

LIC Aadhaar Shila Plan 844 is a unique insurance product by the Life Insurance Corporation of India (LIC), crafted exclusively for women holding an Aadhaar card.

Introduction to LIC Aadhaar Shila Plan 844

LIC Aadhaar Shila Plan 844 was designed to offer a blend of protection and savings for women policyholders. Launched on 24th April 2017, the plan provided life cover and maturity benefits until its withdrawal on 1st February 2020. Although it is now discontinued, many existing policyholders are still covered, and the need for accurate maturity and claim calculations remains crucial.​

Launch and Withdraw Dates

• Launch Date: 24th April 2017​
• Withdraw Date: 1st February 2020​

Who Was Eligible?

• Only females with an Aadhaar card issued by UIDAI could buy this plan.​
• Age at entry: 8 to 55 years.
• Maximum maturity age: 70 years.​
• Minimum sum assured: ₹75,000.
• Maximum sum assured: ₹3,00,000.
• Policy term (duration): 10 to 20 years.

Key Features

• Endowment Assurance: Regular premium paying policy combining life cover and savings.​
• Non-linked Plan: Returns were not tied to the stock market.
• Loyalty Addition: Additional bonuses after 5 years if declared by LIC.
• No Medical Exam: Available for standard healthy female lives.
• Loan and Surrender Options: After 3 years of full premium payment.

Policy Benefits

Maturity Benefit

At the end of the policy term, if the policyholder survives, she receives:

• Basic Sum Assured
• Loyalty Addition (if any, as decided by LIC)​

Death Benefit

If the life assured passes away during the policy term:

• During the first five years: “Sum Assured on Death” is paid.
• After five years but before maturity: “Sum Assured on Death” plus Loyalty Addition.​
• “Sum Assured on Death”: Higher of 10 times annualized premium or basic sum assured.
• Death benefit shall not be less than 105% of premiums paid till the date of death.

Surrender and Loan Facility

• The policy could be surrendered after three years of premium payment.
• Loan facility available after paying three years’ premium.​

Tax Benefits

• Premiums paid eligible for deduction under Section 80C of Income Tax Act, 1961.
• Maturity proceeds generally tax-free under Section 10(10D).​

How Premium is Calculated

Premiums were based on:

• Age at entry
• Policy term
• Sum assured
• Premium payment mode (Annual, Half-yearly, Quarterly, Monthly)​

Premium rebates were allowed for higher sum assured and annual/half-yearly payment.

LIC Aadhaar Shila Plan 844 Calculator

A LIC Aadhaar Shila Plan 844 calculator helps policyholders or interested individuals estimate:

• Yearly/Monthly Premium
• Total Premium Paid
• Maturity Value
• Death Benefits
• Loyalty Additions (indicative—declared by LIC at maturity)

How Calculators Work

1. Input Required:
   • Age at entry
   • Policy Term (years)
   • Sum Assured
   • Premium payment mode
2. Output Provided:
   • Premium amount (yearly, half-yearly, quarterly, or monthly)
   • Maturity and death benefit values, including loyalty addition (if applicable)
3. Where to Use:
   • Reliable third-party insurance sites and LIC’s official website often provide calculators. For example:
     • LIC official Aadhaar Shila LIC​
     • Third-party calculators: LIC Calculator ​
     • Surrender Value Calculator: Surrender Value Calculator

Example Calculation

Sample Calculation

Suppose:

• Age: 30 years
• Policy Term: 20 years
• Sum Assured: ₹2,00,000
• Premium Payment Mode: Yearly

Step-by-Step:

1. Enter details into a reputable Aadhaar Shila Plan calculator.
2. Get yearly premium, maturity benefit, and death benefit projections.
3. Loyalty Addition is subject to declaration by LIC and depends on company performance.

Disclaimer: Loyalty Addition figures are not guaranteed and depend on LIC’s yearly declaration.

Maturity and Death Claims

• Maturity: At the end of the policy term, the policyholder receives the Basic Sum Assured + Loyalty Addition if any.​
• Death: If the policyholder dies during the term, beneficiary receives Sum Assured on Death (minimum 105% of total premiums paid) + Loyalty Addition (if after 5 years).

Key Points to Remember

• The plan was only for female lives with Aadhaar Card (UIDAI).
• No fresh policies are currently being sold as it has been withdrawn (as of 1 Feb 2020).
• Existing policyholders can still use calculators to estimate benefits.

FAQs on LIC Aadhaar Shila Plan 844 Calculator

Conclusion

LIC’s Aadhaar Shila Plan 844 was a thoughtfully designed policy catering specifically to the insurance and savings needs of Indian women with Aadhaar card identification. Its features such as flexible terms, pure endowment benefits, loyalty additions, and easy premium payment modes made it attractive while it was active.

Reliable calculators, both official and third-party, help policyholders track their maturity amounts and claim benefits accurately. Always consult the latest updates on the official LIC portal or through your LIC agent for the most trustworthy and current information.​