LIC Aadhaar Shila Policy: Investing for a better future is always a good idea, and Indian citizens have several options when it comes to investing. Having insurance is a way to ensure your future and that of your family, and is part of risk-free investments. Having insurance from LIC is extremely popular among Indians, and there are a host of LIC policies to choose from. The LIC Aadhaar Shila plan is an individual, participatory, untied life insurance plan designed exclusively for women and girls. Under this policy, you can get an amount of Rs 4 lakh if you invest Rs 29 daily.
The plan offers a combination of protection and savings and provides financial support to the family in the event of the unfortunate death of the policyholder at any time before maturity and a lump sum at maturity for the policyholder survivor. In addition, this plan also takes care of liquidity needs through its car coverage as well as its loan facility.
LIC Aadhaar Shila Plan: Minimum Sum Insured
The minimum basic sum insured under this policy is Rs 75,000 per life, while the maximum basic sum insured under the LIC Aadhaar Shila plan cannot exceed Rs 3 lakh. This means that one can invest a maximum of Rs 3 lakh in the LIC Aadhaar Shila policy. The maturity period of this policy can vary from 10 years to 20 years. The premium can be paid on a monthly, quarterly, half-yearly or annual basis.
LIC Aadhaar Shila Plan: How to Get Rs 4 Lakh on Maturity
Let’s take this example for reference. If you save Rs 29 per day, you can deposit Rs 10,959 per year in the LIC Aadhaar Shila plan. Let’s say you keep doing this for 20 years, and start the plan at age 30. In this way, you will invest an amount of Rs 2,14,696 in 20 years, for which the return will be Rs 3,97,000 at the time of maturity.
LIC Aadhaar Shila Plan: Who is Eligible?
Any woman between the ages of 8 and 55 can benefit from this scheme. This plan is only available for normal healthy living without undergoing a medical exam, LIC said on its website.
LIC Aadhaar Shila Plan: Settlement Option for Maturity Benefit
The Settlement Option is an option to receive the Maturity Benefit in installments over the
chosen period of five, 10 or 15 years instead of a lump sum under an in-force policy and a paid-up policy. Installments are paid in advance on an annual or half-yearly or quarterly or monthly basis, depending on the choice, subject to a minimum amount of installment for the different payment methods.
The policy can be surrendered by the policyholder at any time during the term of the policy provided two full years of premiums have been paid. Upon surrender of the policy, the Company will pay the surrender value equal to the greater of the following amounts:
Guaranteed Cash Value and Special Cash Value, LIC said.
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