The Life Insurance Corporation has come out with an Insurance Scheme & the most unique thing about this scheme is that it’s mainly targeted at women. The scheme ‘LIC Aadhar Shila Plan” aims at providing social security as well as savings to its customers. Its main customers are women between the age group of 8 – 55 years.
Only those women with an Aadhar card are eligible for the “LIC Aadhar Shila Plan”. Just like most insurance policies, the policyholder will be receiving the money on maturity. The LIC plan provides the financial coverage to help the policyholder & family after death.
The scheme is essentially a non-linked insurance plan with profits & a regular premium paying the endowment plan. It is the combination of savings as protection. It does not require the medical for the policyholder to submit, as it is the loyalty addition-based plan. The policy has a minimum term of 10 years & a maximum tenure of 20 years. It has the maximum age at maturity, which is 70 years old. The paying mode for the plan is done on a monthly, quarterly, half-yearly, or yearly basis & only through the NACH & SSS.
The sum assured for “Aadhar Shila Plan” is a maximum of Rs 75,000 and the maximum sum assured is Rs 3 lakh. The best part of this scheme, with the right understanding & application, you could stand to accumulate around Rs 4 lakh by saving Rs 29 every day for 20 years. In the first year, you will have to deposit Rs 10, 959 with 4.5% tax.
The following year you will have to pay Rs 10, 723. Using this method, you can deposit the premiums every month, quarter, half-yearly or yearly basis, as per your need & convenience.
Over the course of the next 20 years, you would have to accumulate Rs 214, 696, which amounts to a total of Rs 397,000 at the time of maturity.
Upon death within the first 5 years of the policy, the claim will be equal to 110% of the basic sum assured. However, the death benefits will be paid only after the deduction of unpaid premiums in respect to base policy with interest up to date of the death. The benefits will be paid only after the deduction of the balance premiums for base policy due from the date of death & before the next policy year if there’s any.
Feature of LIC Aadhar Shila Plan
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It is a “Female-Only Plan”
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It has an “Auto Cover” facility.
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It is a “Low Premium Plan”
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The policy beneficiaries will receive Loyalty Addition as an additional payment, and if a death occurs after the 5 years. This is a contrast from the average insurance policy that only equals to basic sum assured.
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Critical illness is not covered in this policy.
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It has a Loan facility & it is only available after you complete 3 years.
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LIC maintains the Accidental Rider & Permanent Disability Rider for this policy.
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It has the feature of reviving lapsed policy within 2 years of the first unpaid premium.
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The premiums, which are paid under the “LIC Aadhar Shila Plan”, are exempt from the income tax under Section 80C.
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The maturity amount is tax-free, but under Section 10 (10D).
