LIC Aadhaar Shila Plan Details: One of the leading insurance providers in the country, the Life Insurance Corporation of India or LIC is known for offering an array of life insurance policies and plans for individuals including men, women, and even children in regard to their financial goals and requirements in the future. One such plan, specifically designed for women is the LIC Aadhaar Shila Plan.
LIC Aadhaar Shila Plan is a nonlinked individual life insurance scheme, meant for female policyholders. As a part of this plan, a fixed payout is paid upon maturity to the insured person. In the case of her untimely demise, financial support is extended to the family.
As LIC is known for its low-risk, consumer-centric policies operating with diverse options for financial needs, the LIC Aadhar Shila scheme also helps investors can policyholders save up to Rs 11 lakh by making a minor investment of Rs 87 per day.
How to save up to Rs 11 lakh by investing Rs 87 per day?
Going with an illustration, for example, if a 55-year-old individual deposits a minimum amount of Rs 87 on a daily basis for the next 15 years, a total contribution at the end of the first year will total Rs 31,755.
Over a ten-year period, the deposited amount will amount to Rs 3,17,550 and finally, upon reaching the age of 70, the insured will be eligible to yield a total of Rs 11 lakh.
LIC Aadhaar Shila Plan: Details
Under the LIC Aadhaar Shila Plan, the minimum entry age for the scheme is 8 years, while the maximum age limit is 55 years. Investors can go for a minimum period term of 10 years and go for a maximum policy term of 20 years.
The maximum maturity age is 70 years. Interested investors can make a minimum investment of Rs 75,000 to a maximum of up to Rs 3 lakh.
LIC Aadhaar Shila Plan: Benefits
1. Upon surviving the entire policy tenure, the life assured becomes eligible to receive the maturity benefit. Upon maturity, the policyholder can reinvest the lump sum amount in a new policy.
2. The plan also offers death benefits. In case of the insured person’s untimely death, the death benefit is payable to the nominee of the policy.
3. Policyholders can apply to surrender their policy after completing two consecutive policy years. Upon surrendering the policy, the guaranteed surrender value payable during the policy tenure should equal the total premium paid.
4. Investors can take the loan benefits after the policy achieves surrender value.
5. The premium of payment tenure is said to be equal to the policy tenure and can be paid in yearly, monthly, quarterly, or half-yearly modes.
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