LIC scheme: Invest Rs 87 per day and get Rs 11 lakh at maturity, here's how

LIC Aadhaar Shila Plan: Life Insurance Corporation of India (LIC), a prominent insurance provider, offers a diverse range of life insurance policies to cater to various financial goals. The LIC Aadhaar Shila Plan is a unique offering designed especially for women. This non-linked individual life insurance scheme ensures a fixed payout upon maturity, providing financial support to the insured person's family in case of untimely demise.

Financial security for women:

LIC is renowned for its low-risk, customer-centric policies that provide versatile solutions for financial needs. The LIC Aadhaar Shila scheme empowers policyholders to save up to Rs 11 lakh with a modest daily investment of just Rs 87.

How to save Rs 11 lakh with Rs 87 a say?

To illustrate, consider a 55-year-old individual who invests a minimum of Rs 87 daily for 15 years. At the end of the first year, their total contribution will be Rs 31,755. Over a decade, the amount deposited will accumulate to Rs 3,17,550. Upon reaching the age of 70, the policyholder will be eligible to receive a total of Rs 11 lakh.

Key details of LIC Aadhaar Shila plan:

• Minimum entry age: 8 years

• Maximum entry age: 55 years

• Minimum policy term: 10 years

• Maximum policy term: 20 years

• Maximum maturity age: 70 years

• Minimum investment: Rs 75,000

• Maximum investment: Up to Rs 3 lakh

Benefits of LIC Aadhaar Shila plan:

1. Maturity benefit: On surviving the entire policy tenure, the policyholder receives the maturity benefit. This lump sum can be reinvested in a new policy.

2. Death benefits: In the unfortunate event of the insured person's untimely demise, the death benefit is paid to the policy's nominee.

3. Guaranteed surrender Value: Policyholders can choose to surrender their policy after completing two consecutive policy years. The guaranteed surrender value equals the total premium paid during the policy tenure.

4. Loan benefits: Once the policy achieves surrender value, investors can avail themselves of loan benefits.

5. Flexible premium payment: The premium payment tenure aligns with the policy tenure and offers various payment frequencies, including yearly, monthly, quarterly, or half-yearly modes.