The sum assured for the Aadhaar Shila Plan is a minimum of Rs 75,000 and the maximum sum assured is Rs 3 lakh.
The Life Insurance Corporation (LIC) has recently come out with yet another insurance scheme. What makes this particular scheme different or unique is that it is targeted especially at women. The scheme dubbed the ‘LIC Aadhaar Shila Plan’ is aimed at giving both security and savings to its customers. Its main customers are women between the ages of 8 to 55. However, as the name suggests, only those women with an Aadhaar card will be eligible for this scheme. Like most insurance policies, the policyholder will receive the money on maturity. The LIC plan also provides financial coverage to help the policyholder and family after death.
This scheme is essentially a non-linked insurance plan with profits and a regular premium paying endowment plan. It is a combination of savings as protection. It also does not require medical tests for the policyholder to submit as it is a loyalty addition-based plan. The policy has a minimum term of 10 years and a maximum tenure of 20 years. It also has a maximum age at maturity which is 70 years old. It should be noted that the paying mode for the plan is done on a monthly, quarterly, half-yearly or yearly basis and only through the SSS and NACH.
Read more:Now, you can make UPI payments without an internet connection – Here’s how
The sum assured for the Aadhaar Shila Plan is a minimum of Rs 75,000. The maximum sum assured is Rs 3 lakh. Here is the best part of the scheme, with the right understanding and application, you could stand to accumulate around Rs 4 lakh just by saving Rs 29 every day. Say for example that you are 30 years of age and you start investing or depositing Rs 29 every day for the next 20 years. In the first year itself, you will have deposited Rs 10,959 with a 4.5 per cent tax. The following year you will have to pay Rs 10,723. Using this method, you can deposit premiums every month, quarter, half-yearly or yearly basis, as per your convenience and need. Now, over the course of the next 20 years, you would have accumulated Rs 214,696, which amounts to a total of Rs 397,000 at the time of maturity.
Upon death within the first five years of the policy, the claim will be equal to 110 per cent of the basic sum assured. However, the death benefits will only be paid after deduction of the unpaid premiums in respect to the base policy with interest up to the date of the death. The benefits will also only be paid after the deductions of balance premiums for the base policy falling due from the date of death and before the next policy year if any.
The Features of the LIC Aadhaar Shila Plan
1) It has an auto cover facility.
2) It is a female-only plan.
3) The LIC Aadhaar Shila plan is a low premium plan.
4) Policy beneficiaries will receive a Loyalty Addition as an additional payment if a death occurs after five years. This is a contrast from the average insurance policy that only equals to the basic sum assured.
5) It should be noted that critical illnesses are not covered under this policy.
6) It has a loan facility but it will only be made available after you complete three years.
7) LIC also maintains the Accidental Rider and Permanent Disability Rider for this policy.
8) There is the feature of reviving the lapsed policy within 2 years of the first unpaid premium.
9) The premiums that are paid under the LIC Aadhaar Shila plan are exempt from income tax under Section 80C.
10) The maturity amount is also tax-free, but only under section 10 (10D).
