LIC Aadhaar Shila Plan: Insurance for Women and Girls
LIC (Life Insurance Corporation) has introduced the Aadhaar Shila plan, a special insurance offering aimed at women and girls. This plan is designed to be simple and individual, providing financial security without requiring investments in external funds or participation.
Investment and Benefits
By contributing Rs.29 per day, you can accumulate up to Rs.4 lakh when the policy matures. In the unfortunate event of the policyholder’s accidental death before maturity, the family receives financial assistance. This plan not only caters to liquidity needs through automatic coverage but also offers the option of obtaining a loan.
No Medical Tests Required
A key feature of this policy is that healthy women can enroll without undergoing medical tests. The minimum basic sum assured is set at Rs.75,000 per person, while the maximum limit is Rs.3 lakhs. This means that you can invest anywhere between Rs.75,000 to Rs.3 lakhs under the LIC Aadhaar Shila policy.
Flexible Premium Payment
The policy term ranges from 10 to 20 years, and you have the flexibility to pay premiums monthly, every three months, every six months, or annually.
Example Calculation
For instance, if you invest at the rate of Rs.29 per day, the annual payment would be Rs.10,959. Over a 20-year policy term, your total contribution would be Rs.2,14,696. Upon maturity, LIC guarantees a payout of up to Rs.4 lakh.
Eligibility and Launch Date
This policy is exclusively available to women and girls between the ages of 8 to 55 years. LIC launched the Aadhaar Shila plan on February 1, 2020.
Surrender and Maturity
Should you decide to surrender the policy, you can do so at any point during the policy term after paying premiums for two years. The maximum age for policy maturity is 70 years.
Policy Eligibility Criteria
- Minimum Basic Sum Assured: Rs.75,000
- Maximum Basic Sum Assured: Rs.3 lakhs
- Minimum Age: 8 years
- Maximum Age: 55 years
- Policy Term: 10 to 20 years
- Premium Payment Term: Aligned with the policy term
- Maximum Age for Maturity: 70 years