LIC Scheme: Our India is the second-most populous country, following after China and in our economic life, many essentials are needed because our country does include any of the developed countries. So, we need many improvements at a that is essential nowadays. For this many governments and their companies are generating many relief full programs that continuously going on increasing and helping a lot of people. And our country needs limitless programs so looking at this need many private companies also came forward and showed the helping Han to the citizens of India.
One among these privet sectors is LIC, which generally provides insurance to your life as well as your family’s too. The basic process here is that you need to deposit some small amount of money at certain intervals. They are provided multiple covers related to your health with a limited amount of funds that would be based on the agreement of the policy and this while your hospital treatment, the cost generated would be paid by LIC. So we hope you get the term LIC.
Today we have arranged a benefit plan that is covered by LIC that is known as ‘Aadhaar Shila’. It is basically a scheme that is generated for Indian citizens and you also can afford it. So in this post, we will discuss everything about ‘Aadhaar Shila’ and its purpose, use, advantages, and everything, so be with us till last.
‘Aadhaar Shila’ – an overview
The startup of this scheme began on February 1, 2020. Since then the scheme is active till date. The very first point that you should note is that only women can invest in this plan. They need to invest 29₹ daily and whenever the maturity would be signed, at that time she will get 4 Lakhs rupees. The second benefit of this scheme is that women can even take loans during the duration of this scheme.
What are the minimum and maximum limits to investing in this scheme?
At the lowest, you can insure after giving 75 thousand rupees and at the highest, you can be insured by investing 30 lakhs rupees.
What are the minimum and maximum periods for which the scheme can be taken?
The minimum term to have this scheme is 10 years whereas the maximum is 20 years.
What will be the premium of the scheme?
Suppose that a woman of 20 years takes the plan for 20 years. and would be insured at 3 lakhs, then the premium she needs to pay annually is Rs 10,959 whereas from next year it would drop to Rs 10,723.
How will you pay the premium?
This depends on your agreement whether you choose monthly, quarterly, semi-annually, or annually. And behind the conditions, if you missed to pay it, there is a grace period of 30 days in all types excluding monthly premium as it has a grace period of 15 days.
Advantages of ‘Aadhaar Shila’ scheme
One always cares about maturity value while investing in any LIC scheme. So, here you will get the highest value as compared to others, have a look at its plan. After its full maturity, 49% of the basic sum will be paid to the holder as a bonus.
In this condition, the nominee gets an equal amount of sum if the holder dies within 5 years after generating the policy.
Profits till end
Here the longer your scheme would run, the more bonus you will be paid
If the holder survives the term of the policy, the one who was registered for the nominee will get a 20% amount of the basic sum.
The death benefit is the greatest benefit if given within any policy. In this plan, if somehow the holder dies, the nominee will be paid 10 times the amount of annualized premium.
What are the criteria or eligibility to afford this scheme
- This plan is only available for female
- The minimum amount of an insurance plan is ₹ 75,000
- The maximum amount of insurance can rise upto ₹ 3p lakhs
- The minimum age required to apply for this scheme is 13 years
- The maximum age required to apply for this scheme is 5p years
- The maximum tenure of maturity is 70 years
- The term, when you will be paid the premium, is 15 years
Accidental death or disability benefits
- The maximum accidental benefit will be ₹1 lakhs
- The minimum age to avail of this plan is 18 years
- This plan will be covered for 70 years at maximum.
So in this way you can also avail this scheme only if you are a female or you can even advise any of your female family members. This is opted one of the best schemes for the new generation and also opted as useful and high return, so if you are interested, you can invest here.
Settlement of policy
When maturity is over, you have two ways to receive money either at once or in installments.
When surrender can take place?
After paying a premium for 2 consecutive years, the policy can be surrendered.
This was our article, and we tried to bring out every possible information in front of you and we arranged it and presented it. By following the criteria that are mentioned above, you can easily avail this offer. I Hope, we did our best and this article seemed useful, so stay tuned.