LIC Aadhaar Shila Plan: a non-linked, participating, individual, life insurance plan exclusively designed for women and girl children
LIC Aadhaar Shila Yojana: The Life Insurance Corporation of India, or LIC, has a range of insurance schemes for people of almost all ages and classes, backed by the government.
After post office savings schemes and bank Fixed deposit, investing in LIC schemes is a popular way to save money among Indians, who want to invest in risk-free savings that guarantee them an assured amount of return on maturity.
LIC Aadhaar Shila Plan is a non-linked, participating, individual, life insurance plan designed exclusively for women and girl children. Under Aadhaar Shila Plan, if you invest Rs 29 per day you can get Rs 4 lakh.
Read also: List of LIC Policies & Insurance Plans
The scheme offers a combination of protection and savings and provides financial support for the family in case of unfortunate death of the policyholder at any time before maturity and a lump sum at maturity for the surviving policyholder.
Additionally, the scheme also takes care of liquidity needs through its auto cover as well as loan facility.
LIC Aadhaar Shila Plan: Who is Eligible?
Any woman between the age of 8 to 55 years can avail this scheme. LIC has stated on its website that the scheme is available only for a standard healthy life without any medical check-up.
LIC Aadhaar Shila Plan: On Maturity Rs. How to get 4 lakhs
Let’s take this example for reference. If you save Rs 29 per day, you can deposit Rs 10,959 in LIC Aadhaar Shila Plan in a year. Let’s say you continue doing this for 20 years, and start planning at age 30. In this way, you will invest Rs 2,14,696 in 20 years, which will return Rs 3,97,000 at maturity.
LIC Aadhaar Shila Plan: Minimum Sum Assured
The minimum basic sum assured under this policy is Rs 75,000 per life, while the maximum basic sum assured under LIC Aadhaar Shila Scheme cannot exceed Rs 3 lakh.
This means that an individual can invest a maximum of Rs 3 lakh in the LIC Aadhaar Shila policy. The maturity of this policy can range from 10 years to 20 years. Premium can be paid monthly, quarterly, semi-annually or annually.
LIC Aadhaar Shila Scheme: Settlement Option for Maturity Benefit
A settlement option is an option to receive the maturity benefit in installments over a selected period of five or 10 or 15 years instead of a lumpsum amount under an in force as well as paid-up policy.
Installments shall be paid in advance at annual or half-yearly or quarterly or monthly intervals, as selected, subject to minimum installment amounts for various modes of payment.
The policy can be surrendered by the policyholder at any time during the policy term, provided two full years’ premiums have been paid.
On surrender of the policy, the corporation has to pay a surrender value equal to the higher of the guaranteed surrender value and the special surrender value, LIC said.
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