You may invest under this plan for up to 20 years, with a minimum of 10 years.
You need an Aadhaar card to invest in LIC’s Aadhaar Shila plan. The age range for female investors in this long-term savings plan is 8 years to 55 years.
An endowment plan called LIC Aadhaar Shila provides both savings potential and life insurance. If the policyholder passes away during the policy term, the plan provides financial protection for their family. If the insured lives through the policy’s whole term, the plan also provides maturity benefits. Additionally, it addresses liquidity requirements by providing a lending facility and the option of vehicle insurance.
You need an Aadhaar card to invest in LIC’s Aadhaar Shila plan. The age range for female investors in this long-term savings plan is 8 years to 55 years. You can make investments under this LIC programme on a quarterly, half-yearly, or annual basis. You may invest under this plan for up to 20 years, with a minimum of 10 years.
The suicide clause in this insurance is an exclusion. In such circumstances, the beneficiary will receive 80% of the premiums paid if the beneficiary commits suicide during the first 12 months after the policy’s risk commencement, or the surrender value, whichever comes first.
If a female investor begins the plan when she is 30 years old, she can contribute Rs 58 per day and in a year can contribute Rs 21,918 to the LIC Aadhaar Shila Plan. Over 20 years, the investor can invest Rs 4,29,392 and receive Rs 7,94,000 in return. Only women who have an Aadhaar card can benefit from this savings scheme.
The maturity benefit is offered as the basic sum assured and loyalty additions if any after the policy tenure has ended if the life assured survives the duration of the policy. The insurance maximum term is 20 years, after which the policyholder may reinvest the lump sum in another policy.
The death benefit will be paid to the policy’s nominee in the tragic event that the life assured passes away. The policy’s nominee will receive the sum assured amount if the life assured passes away during the first five policy years.
The sum assured amount and any applicable loyalty enhancement is paid to the beneficiary of the policy if the life assured passes away after the expiration of the five policy years but before the maturity date.
A policyholder is eligible for Loyalty Additions if they have paid their premiums for the first five years, according to the LIC. It is also given to policyholders who have been longtime or devoted LIC of India clients.
Loan benefits are accessible after the policy reaches surrender value, and the maximum loan amount that can be accessed is 90% of the policy’s in-force surrender value for paid-up policies and 80% of the policy’s paid-up surrender value for in-force policies.
Benefits received under this policy may be subject to income tax refunds following current rules.
Read all the Latest Business News, Tax News and Stock Market Updates here