Life Insurance Corporation of India (LIC) has policies for every section of the society. This is the reason that it is the market leader in the insurance field. It also has plans for all income groups. LIC Aadhaar Shila policy is for the low and middle income groups with the minimum sum assured of Rs 75000 and the maximum at Rs 3 lakhs. You can set aside a paltry sum per day to invest in the LIC Aadhaar Shila plan. It is a long term investment like most LIC policies. It also gives a person death cover. If a person invests Rs 58 every day, she will get lakhs of rupees at the time of maturity. Let’s examine the key features of the plan.
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LIC’s Aadhaar Shila is a non-linked, participating, individual, Life Assurance plan. It offers protection as well as savings. It provides financial support for the family in case of the unfortunate death of the policyholder and a lump sum amount at the time of maturity. It also has the loan facility.
Sum Assured on death is seven times of annual premiums and 110 percent of basic sum assured.
Minimum basic sum assured is Rs 75000 and maximum is Rs 3 lakh.
Minimum age of entry is 8 years and maximum age of entry is 55 years. The policy term is 10 to 20 years.
This plan is exclusively for women. The minimum plan term is between 10 and 20 years. The maximum age for maturity is 70 years. It also has the loyalty addition feature.
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Premiums have to be paid in monthly, quarterly, half-yearly and annual mode.
If your age is 20 years and you invest at the rate of Rs 58 every day, you will have invested Rs 21918 per year. After 20 years, your invested amount will be Rs 429392. At the time of maturity, you will get Rs 794000.
