LIC Aadhaar Shila Policy: The Life Insurance Corporation, or LIC, of India is one of the most popular ways to save money for Indians who want a secured future and yet do not want to take any risk in the fear of losing their hard earned money. Along with bank and post office savings schemes, investing in LIC policy is a go-to way to save money when it comes to getting guaranteed returns without having to take any risk. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. It also has policy plans that are made specifically for women. The LIC Aadhaar Shila Policy is one such.
What is LIC Aadhaar Shila Policy?
The LIC Aadhaar Shila plan is a non-linked, participating, individual, life assurance plan that is designed exclusively for women and girl child. 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.
Additionally, the LIC Aadhaar Shila plan also takes care of liquidity needs through its Auto Cover as well as loan facility. Under this policy, you can get an amount of Rs 4 lakh if you invest Rs 29 daily.
LIC Aadhaar Shila Policy: Invest Rs 30, Get Rs 4 Lakh
To make things more clear, here is the calculation behind the LIC Aadhaar Shila policy. For example, of you save Rs 30 daily in this plan, then in a year, you will have around Rs 10,950. 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 2,19,000 in 20 years, for which the return will be around Rs 3,97,000 at the time of maturity.
LIC Aadhaar Shila Plan: Features and Benefits
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.
Since the plan is specifically meant for women, any woman woman between ages 8 to 55 can avail this scheme. This plan is only available for standard healthy lives without undergoing any medical examination, as per the website of the LIC. The policy can be surrendered by the policyholder at any time during the policy term provided two full years premiums have been paid.
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