LIC Aadhar Shila Plan: The Life Insurance Corporation of India, or LIC, backed by the government, has a range of insurance plans for almost all ages and categories of people. After bank and post office savings schemes, investing in LIC schemes is a popular way to save money among Indians, who wish to invest in risk-free savings that assure them of a guaranteed amount of return on maturity. LIC Aadhar Shila Yojana is a non-linked, participating, individual, life insurance plan specially designed for women and girl child. Under this policy, if you invest Rs 29 daily, then you can get an amount of Rs 4 lakh.
The plan 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 amount at the time of maturity for the surviving policyholder. Apart from this, the scheme also takes care of the liquidity needs through its auto cover as well as loan facility.
LIC Aadhar 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 Aadhar Shila plan cannot exceed Rs 3 lakh. This means that the maximum investment that can be made in LIC Aadhar Shila policy is Rs 3 lakh. The maturity period of this policy can range from 10 years to 20 years. Premium can be paid on monthly, quarterly, half yearly or yearly basis.
LIC Aadhar Shila Plan: How To Get Rs 4 Lakh On Maturity
Let’s take this example for reference. If you save Rs 29 per day, then in a year you can deposit Rs 10,959 in LIC Aadhar Shila Yojana. Let’s say you keep doing this for 20 years and start planning at the age of 30. In this way you will invest an amount of Rs 2,14,696 in 20 years, whose return will be Rs 3,97,000. at the time of maturity.
LIC Aadhar Shila Yojana: Who is Eligible?
Any woman in the age group of 8 to 55 years can take advantage of this scheme. LIC has stated on its website that this plan is available only for normal healthy life without any medical examination.
LIC Aadhar Shila Plan: Settlement Option for Maturity Benefit
Settlement option is an option to receive maturity benefit in installments
In-force as well as a chosen term of five or 10 or 15 years instead of a lump sum amount under a paid-up policy. The installments shall be paid in advance at annual or half-yearly or quarterly or monthly intervals, subject to the minimum installment amount for different modes of payment.
The policy can be surrendered by the policyholder at any time during the policy term provided the full two years’ premiums have been paid. On surrender of the policy, the Corporation shall pay the surrender value equal to the higher of
Guaranteed Surrender Value and Special Surrender Value, LIC has said.
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