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LIC Aadhar Shila Plan: How a Woman Aadhaar Holder Will Benefit From This Plan?

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The Aadhaar Shila Plan from LIC provides both security and savings. This plan is just for women who have been issued an Aadhaar Card by UIDAI (Unique Identification Authority of India). This plan provides financial help to the policyholder's family in the event of the policyholder's untimely death before maturity, as well as a lump sum payment to the remaining policyholder at maturity. To fulfill liquidity needs, the policy also includes a loan option and an auto insurance option. The plan is open to normal healthy girls who do not need to undertake any medical tests. Investors have the option of paying their premiums monthly, quarterly, or half-yearly.

 

What are the key features of Aadhar Shila plan?

What are the key features of Aadhar Shila plan?

The LIC Aadhar Shila policy is a non-linked participatory endowment plan designed to increase savings and provide financial security in the event of an emergency.

  • This is a plan that is only available to women.
  • It is a low-cost plan.
  • Because the Aadhar Shila Plan is an endowment plan, the policyholder will receive a lump sum maturity benefit at the conclusion of the policy term.
  • This plan provides loyalty addition at maturity or in the event of death after FIVE years.
  • The plan includes a loan facility.
  • The plan includes auto-coverage.
  • This plan does not include a critical illness rider.
  • This plan allows for the reinstatement of lapsed insurance policies.
Benefits of LIC Aadhaar Shila Policy
 

Benefits of LIC Aadhaar Shila Policy

Death Benefit

In the event of the insured's death, a lump sum amount known as the death benefit will be paid. The death benefit payable will be the greater of the following:

10 times the annualised premium or 105 percent of all premiums paid, or the absolute sum assured, which will be 110 percent of the basic sum assured.

If the policyholder passes away within the first FIVE years of the policy, the nominee is eligible to receive a death benefit equal to the sum assured. The death claim amount in this situation will be equal to 110 percent of the basic sum assured available under the policy.

If the policyholder dies after the first FIVE years but before the maturity of the LIC Aadhar Shila policy, the nominee is entitled to the base sum assured plus the loyalty addition.

Benefits of LIC Aadhaar Shila Policy

Benefits of LIC Aadhaar Shila Policy

The maturity benefit is the lump sum payment made to the policyholder at the end of the policy period. The insured receives the maturity benefit if they live to the conclusion of the insurance contract.

The insurance contract is ended once the maturity benefit is paid.

The maturity benefit that a policyholder is eligible to earn under the LIC's Aadhar Shila Plan is equal to the basic sum assured plus loyalty additions.

Please keep in mind that this maturity sum assured is only payable if the policyholder has paid all of the premiums during the life insurance policy's term.

Benefits of LIC Aadhaar Shila Policy

Benefits of LIC Aadhaar Shila Policy

Loyalty addition

If the insured has completed at least five policy terms and the premium has been paid on time, the insured may be entitled for loyalty adds when the policy is renewed owing to the scheme maturing or if the person dies. If the insured surrenders her policy, she may be eligible for a loyalty bonus if she has completed a minimum of five policy terms and has paid all of her premiums on time.

Tax Benefits

  • The premiums paid for the plan are tax-free under Section 80C of the Internal Revenue Code.
  • Maturity Claim - Under Section 10(10D) of the Income Tax Act, the maturity amount is tax-free.
  • Death Claim - Under Section 10(10D) of the Income Tax Act, death claims received under the plan are tax-free.
Exclusion- What this plan doesn't cover?

Exclusion- What this plan doesn't cover?

The plan will be terminated in the following circumstances:

The arrangement will come to an end if the insured commits suicide within a year of acquiring the coverage. If the insurance is still current, the insurer is only responsible for paying 80% of the total premiums paid.

If the insured commits suicide within a year of the plan being revived, the nominee will get the higher of the total surrender value or 80 percent of the total premiums paid.

The maximum sum assured accessible under this plan is Rs 3,00,000.00.

The Accident Benefit Rider is available to subscribers of the LIC's Aadhar Shila Plan. This rider's sum assured cannot exceed the sum assured available under the basic insurance.

How to avail LICs Aadhar Shila Policy?

How to avail LICs Aadhar Shila Policy?

You can buy the LIC Aadhar Shila Plan online by visiting www.licindia.in and looking for the ‘buy insurance online' option. You may easily and quickly acquire the Aadhar Shila Plan with just a few clicks. LIC's Aadhar Shila Plan is also sold through a number of online insurance aggregators; a list of these top online aggregators can be easily obtained by conducting an internet search.

You can also buy by visiting LIC branch or through agents.

How Women Aadhaar Holder will benefit from this plan?

Women investors will need to start paying Rs 10,959 per year for the next 20 years in order to grow their investment to nearly Rs 4 lakhs, plus pay a 4.5 percent tax. On a daily basis, your savings will be approximately Rs 29.

You'll pay Rs 2,14,696 to LIC during the next 20 years. However, when your investment matures, LIC will return you Rs 4 lakh.

LIC Aadhar Shila Plan

LIC Aadhar Shila Plan

Details Limits
Basic Sum Assured Minimum Rs. 75,000
Basic Sum Assured Maximum Rs. 3,00,000
Policy Term- Min years 10 years
Policy Term- Max years 20 years
Entry Age 8 years (completed)
Maximum Maturity Age 70 years (nearest birthday)
Premium paying frequency Annually, Half-yearly, Quarterly, Monthly

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