If you invest Rs 29 every day, you can get an amount of Rs 4 lakh under this programme.
New Delhi: The government-backed Life Insurance Corporation of India, or LIC, offers a wide range of insurance options for people of different ages and backgrounds. Following bank and post office savings plans, LIC schemes are a popular option for Indians to save money, since they seek risk-free investments with a fixed amount of return at maturity. The LIC Aadhaar Shila plan is a non-linked, individual life assurance plan created specifically for women and girl children. If you invest Rs 29 every day, you can get an amount of Rs 4 lakh under this programme.
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The plan combines protection and savings by providing financial support to the policyholder’s family in the event of the policyholder’s untimely death before maturity, as well as a lump sum payment at maturity for the remaining policyholder. Furthermore, this plan provides liquidity through its Auto Cover as well as a credit option.
The lowest basic sum promised under this insurance is Rs 75,000 per life, with a maximum basic sum assured of Rs 3 lakh under the LIC Aadhaar Shila plan. This indicates that the LIC Aadhaar Shila policy can be purchased for a maximum of Rs 3 lakh. This policy’s maturity period can range from 10 to 20 years. Monthly, quarterly, half-yearly, or yearly premiums are available.
Let’s use this as an example. If you save Rs 29 per day, you can put Rs 10,959 into the LIC Aadhaar Shila plan in a year. Let’s assume you’ve been doing this for 20 years and started the plan when you were 30. In this manner, you will invest Rs 2,14,696 over the course of 20 years, with a return of Rs 3,97,000 at maturity.
This scheme is open to all women aged 8 to 55. According to LIC’s website, this plan is only offered to people who live normal, healthy lifestyles and have never had a medical examination.
Settlement Option is an option under an in-force and paid-up policy to receive Maturity Benefit in installments over a set period of five, ten, or fifteen years instead of a lump sum amount. The installments will be paid in advance at yearly, half-yearly, quarterly, or monthly intervals, depending on the option selected, with a minimum installment amount for each form of payment.
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If the policyholder has paid two full years of premiums, the insurance can be relinquished at any time throughout the policy term. The Corporation will pay the Surrender Value equal to the higher of Guaranteed Surrender Value and Special Surrender Value when the policy is surrendered, according to LIC.
