LIC Aadhar Shila Plan, a participating endowment program that is only available for Females.
This plan is only available to those who have an Aadhaar Card.
This plan provides both protection and savings. The plan will provide a nominee with a sum of money in case of death.
As Maturity Benefit, the policyholder will receive a lump sum.
Let’s find out more features regarding this amazing life insurance plan.
Eligibility for LIC Aadhar Shila
Age Entry 8 -55 years
Mature Age: 10-20 years
Minimum Policy Term: 10 Years
Maximum Policy Term: 20 Years
Minimum Assured sum: Rs. 75,000
Maximum Assured sum: Rs. 3 Lakhs
Payment Cycle: Monthly/Quarterly/Half-yearly/Annual
Benefits of LIC Aadhar Shila
The death benefit will be paid to the nominee in the case of the unfortunate death of the life assured. If the life assured dies within the first five policy years, the death benefit is paid to the nominee.
If the life assured passes away after the completion of the five policy years, but before the maturity date, then the sum assured amount and the loyalty addition, if any, are paid to the beneficiary.
The death benefit is 7 times the annualized prime. The basic assured sum is also 110%.
If the life assured is alive during the policy’s tenure, then the maturity benefit will be offered. This includes loyalty additions and the basic amount assured. The policy has a maximum term of 20 years. After maturity, policyholders can reinvest the lump sum in a new policy.
After two consecutive policy years, the policyholder may surrender it. The guaranteed surrender value will be payable upon surrendering the policy.
This policy provides benefits that are subject to income taxes rebates according to the prevailing laws.
After surrender value is reached, loan benefit can be availed up to 90% in-force policies and 80% in paid-up policies.
The Corporation keeps track of the first five years’ premium payments and gives policyholders Loyalty Additions. It can also be awarded to loyal or old customers of LIC of India.
Exclusions from Policy Plan
Reviewers of the LIC Aadhaar Shila Plan have indicated that it is a great investment option for women in India, offering both guaranteed returns and family protection.
The suicide clause in this policy is an exclusion. It provides that the beneficiary will receive 80% of any premiums paid if the suicide occurs within the first 12 months after the policy was initiated or the surrender value.
Documents required to purchase LIC Aadhar Shila Plan
- Identification proof
- Address proof
- Information about your health
- Income proof