New Delhi: The Life Insurance Corporation of India, or LIC, is one of the most popular ways for Indians to save money who desire a secure future but don’t want to risk losing their hard-earned money. Along with bank and post office savings programs, LIC policies are a popular way to save money since they provide assured returns without requiring any risk. As a result, the LIC has selected specialized strategies for a certain group of people. The government-backed organization offers a wide range of insurance options for people of different ages and backgrounds. It also has policy plans tailored to the needs of women.
The LIC Aadhaar Shila plan is a non-linked, individual life assurance plan created specifically for women and girl children. The plan combines protection and savings by providing financial support to the policyholder’s family in the event of the policyholder’s untimely death before maturity, as well as a lump sum payment at maturity for the remaining policyholder. Read More: PM Kisan 11th installment: 5 mistakes that can stop money from being credited into your account
In addition, the LIC Aadhaar Shila plan addresses liquidity concerns with its Auto Cover and loan facility. If you invest Rs 29 every day, you can get an amount of Rs 4 lakh under this program. Read More: HDFC Bank alerts customers against PAN card frauds: Details here
To further clarify matters, here is the math behind the LIC Aadhaar Shila policy. For example, if you save Rs 30 per day in this strategy, you will have roughly Rs 10,950 at the end of the year. Let’s pretend you’ve been doing this for 20 years and started the plan when you were 30. In this manner, you will invest Rs 2,19,000 over the course of 20 years, with a return of roughly Rs 3,97,000 at maturity.
The lowest basic sum promised under this insurance is Rs 75,000 per life, with a maximum basic sum assured of Rs 3 lakh under the LIC Aadhaar Shila plan. This indicates that the LIC Aadhaar Shila policy can be purchased for a maximum of Rs 3 lakh. This policy’s maturity period can range from ten to twenty years. Monthly, quarterly, half-yearly, or yearly premiums are available.
Because the plan is designed exclusively for women, it is open to any woman between the ages of 8 and 55. According to the LIC’s website, this plan is only offered to people who live normal, healthy lifestyles and have never had a medical examination. If the policyholder has paid two full years of premiums, the insurance may be relinquished at any time throughout the policy term.