LIC's special insurance scheme for women, by depositing 29 rupees daily. Know more.
Welcome back to our informative blog site knowing steps360 with a new IMP News. The Aadhaarshila plan was launched on 1 February 2020. Along with life cover, this policy also provides savings. If a woman invests Rs 29 per day in this policy, then she will get Rs 4 lakh on maturity. During this time a loan can also be taken in this plan.
The country's largest insurance company LIC keeps on bringing new insurance plans. This time his special insurance scheme for women is becoming increasingly popular. The name of this scheme is 'Aadhaar Shila'. There is a special purpose of adding Aadhaar to its name. Only those women can buy this policy, who have Aadhar cards.
How long the plan can be taken
Any woman in the age group of 8 to 55 years can buy this policy. It can be bought for 10 years. The maximum term is 20 years. The age of the woman at maturity should not be more than 70 years.
Insured amount
Under this plan, minimum insurance of Rs 75 thousand can be obtained while the maximum amount is Rs 30 lakh. The policyholder can take rider of accident benefit in this.
how much will be the premium?
If a woman is 20 years old and the policy term is also 20 years and she has insured Rs 3 lakh, then she will have to pay a premium of about Rs 10,649 annually. However, next year this premium will come down to Rs 10,868.
How the Maturity benefit
On maturity, he will get Rs 4 lakh. 2 lakh as Sum Assured, and the balance amount will be Loyalty Bonus.
Monthly Premium payment
Premiums can be deposited in this plan on a monthly, quarterly, half-yearly, and yearly basis. If you forget to pay the premium on time, you will get a grace period of 30 days. But, if you choose to pay the premium on a monthly basis, you will get a grace period of 15 days.
Cash benefit
If the policyholder dies within 5 years of the commencement of the policy, an amount equal to the Sum Assured will be paid. But, if death occurs after this, then the nominee will also get the sum assured and loyalty bonus.
Settlement
On maturity, you can either get the full payment all at once or in installments.
to surrender
This policy can be surrendered at any time after paying the premium for two consecutive years.
Loyalty Addition for Five Years Policy:
Provided the policy has completed five policy years and at least 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate, and on such terms, as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of the policy during the policy term, provided the policy has completed five policy years and at least 5 full years’ premium have been paid.
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