LIC is a reliable insurance provider and offers a range of plans to ensure financial stability.
The Life Insurance Corporation of India (LIC) is celebrated for its versatile range of plans catering to diverse customer needs. One standout option is the LIC Aadhar Shila policy, tailor-made for individuals with modest incomes. This plan, exclusively for women, aligns with LIC's commitment to gender-specific financial solutions.
What sets the LIC Aadhar Shila plan apart?
Crafted as a non-linked, personal life insurance scheme, the LIC Aadhar Shila plan champions women's empowerment. It ensures a fixed payout upon maturity and extends financial assistance to the family in case of the policyholder's unfortunate demise during the policy term.
Special eligibility and features: Exclusively for women holding Aadhaar cards, this plan accommodates a broad age range, from 8 to 55 years. Even an 8-year-old girl child can be a policyholder. The policy term spans 10 to 20 years for flexibility. Sum insured ranges from Rs 2 lakh to a maximum of Rs 5 lakh. The policy also allows loans after 3 years.
Maturity payouts: Imagine a 21-year-old woman choosing the Jeevan Aadhar Shila plan for 20 years. With an annual premium of Rs 18,976 (about Rs 1,600 per month or around Rs 53 per day), she accumulates around Rs 3.8 lakh over two decades. At maturity, she receives an impressive Rs 6.62 lakh, comprising a basic sum assured of Rs 5 lakh and a loyalty addition of Rs 1,62,500.
Calculations: The premium and maturity calculations provided are indicative. For an 8-year-old, different calculations apply. For precise details, consult your local LIC office. Importantly, the policy allows annual installment payments for the maturity amount.
Nominee benefits: In case of the policyholder's demise, the nominee receives the sum assured, which can be up to 7 times the annual premium or 110 percent of the sum assured. The plan also features loyalty additions along with the maturity sum assured.
Keep in mind, this information offers a comprehensive overview. For personalized details, connect with LIC representatives.
Read more: HDFC Bank, SBI or ICICI Bank: Which bank offers best FD rates? Know here
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