LIC Aadhaar Shila Plan: The Life Insurance Corporation of India, or LIC, backed by the government has an array of insurance plans for people of almost all ages and categories. After bank and post office savings schemes, investing in LIC schemes is a popular way to save money among Indians, who look to invest in risk free savings that assure them a guaranteed amount of return on maturity. the LIC Aadhaar Shila plan is a non-linked, participating, individual, life assurance plan that is designed exclusively for women and girl child. 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 for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
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 the LIC Aadhaar Shila plan cannot cross Rs 3 lakh. This means one can invest a maximum of Rs 3 lakh to the LIC Aadhaar Shila policy. The maturity period of this policy can range from 10 years to 20 years. The premium can be paid on monthly, quarterly, half yearly or yearly basis.
LIC Aadhaar Shila Plan: How to Get Rs 4 Lakh on Maturity
Let us take this example for reference. If you save Rs 29 per day, then in a year you can deposit Rs 10,959 in the LIC Aadhaar Shila plan. Let us say that you continue doing this for 20 years, and start the plan at the age of 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 ages 8 to 55 can avail this scheme. This plan is only available for standard healthy lives without undergoing any medical examination, LIC has said on its website.
LIC Aadhaar Shila Plan: Settlement Option for Maturity Benefit
Settlement Option is an option to receive Maturity Benefit in instalments over the
chosen period of five or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments.
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 shall pay the Surrender Value equal to higher of
Guaranteed Surrender Value and Special Surrender Value, LIC has said.