The Life Insurance Corporation of India, known as LIC, is a famous company in the insurance business. They offer many different types of insurance plans for people with different money needs. They have plans for men, women, and kids. In this article, we will talk about one special plan from LIC called the LIC Aadhaar Shila Plan. This plan is made just for women. It’s not connected to any investments, and it gives financial protection. You can also save up to Rs 11 lakh by investing in as little as Rs 87 each day.
LIC Aadhaar Shila Plan
The LIC Aadhaar Shila Plan is designed for women who buy insurance. It’s meant to help them and their families with money when they need it. LIC is famous for making safe and customer-friendly insurance, and this plan is no different. Let’s see how this plan can help you save money for the future and reach your financial dreams.
Saving Up to Rs 11 Lakh
You might be curious how saving just Rs 87 every day can add up to a big Rs 11 lakh. Let me explain. Imagine a person who is 55 years old starts putting away Rs 87 each day for 15 years. In the first year, they save Rs 31,755. Over 10 years, this becomes Rs 3,17,550. When this person reaches 70 years old, they can get a total of Rs 11 lakh. That’s a really good profit on their savings.
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LIC Aadhaar Shila Plan: Details
This plan is for women aged 8 to 55. You can pick how long you want the plan to last, from 10 to 20 years. The plan ends when you turn 70, ensuring your money is safe for a long time. To begin, you need to put in at least Rs 75,000, but you can invest as much as Rs 3 lakh if you want, which means it’s available to a wide range of people.
Benefits of LIC Aadhaar Shila Plan
The LIC Aadhaar Shila Plan is a non-linked, participating, regular premium paying endowment plan that is primarily designed for female lives. The plan offers the following benefits:
- Life protection: In the event of the policyholder’s death during the policy term, the sum assured is paid to the nominee or legal heir.
- Maturity benefit: If the policyholder survives the policy term, the maturity amount is paid to the policyholder.
- Loan facility: The policyholder can avail of a loan against the policy.
- Auto cover: In case the policyholder fails to pay a premium, the policy will be reinstated automatically up to a maximum of three years.
- Loyalty addition: The policyholder is eligible to receive a loyalty addition at the end of the policy term, based on the performance of the fund.
Specific benefits of the LIC Aadhaar Shila Plan for female policyholders:
- No medical examination required: The plan is available for standard healthy lives without any medical examination.
- Lower premiums: The premiums for the plan are lower than for other similar plans that require a medical examination.
- Special features: The plan offers some special features for female policyholders, such as a higher sum assured on death in the first five years of the policy term.
Overall, the LIC Aadhaar Shila Plan is a good option for female policyholders who are looking for a life insurance plan that offers both protection and savings. The plan is affordable, easy to understand, and offers a variety of benefits.
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Life protection: The LIC Aadhaar Shila Plan offers a death benefit of up to 100% of the sum assured. This means that in the event of the policyholder’s death during the policy term, the nominee or legal heir will receive a lump sum amount to help them meet their financial obligations.
Maturity benefit: If the policyholder survives the policy term, they will receive the maturity amount, which is the sum assured plus any bonuses that have been accrued. The maturity amount can be used for any purpose, such as retirement planning, education, or other financial goals.
Loan facility: The policyholder can avail of a loan against the policy up to 90% of the surrender value. This can be a useful option if the policyholder needs access to cash in an emergency.
Auto cover: If the policyholder fails to pay a premium, the policy will be reinstated automatically up to a maximum of three years. This means that the policyholder will not lose their coverage if they miss a premium payment.
Loyalty addition: The policyholder is eligible to receive a loyalty addition at the end of the policy term, based on the performance of the fund. The loyalty addition is paid as a percentage of the sum assured.
Special features for female policyholders: The LIC Aadhaar Shila Plan offers some special features for female policyholders, such as a higher sum assured on death in the first five years of the policy term. This is designed to provide additional financial security to female policyholders, who are more likely to be the primary caregivers for their families.
Overall, the LIC Aadhaar Shila Plan is a good option for female policyholders who are looking for a life insurance plan that offers both protection and savings. The plan is affordable, easy to understand, and offers a variety of benefits.
The LIC Aadhaar Shila Plan shows that LIC is dedicated to making insurance plans that suit people’s special needs. You can save a lot of money, up to Rs 11 lakh, by investing just Rs 87 per day. This plan gives you financial safety and peace of mind. It’s a smart option whether you’re thinking about your future or want to take care of your family.
The information provided herein does not constitute financial, investment, or legal advice. It is for informational purposes only. You should consult with a qualified financial advisor or legal professional before making any investment decisions.