There are several policies provided by the insurance companies. However, an individual selects that policy which provides him better investment for his life and health. Life Insurance Corporation of India (LIC) is one such insurance company which offers insurance policies to suit the needs of different classes of people. One such policy of LIC is Aadhaar Shila Plan which is also popular by the name LIC Aadhaar Shila.
LIC Aadhaar Shila policy was launched on February 1, 2020 exclusively for women who have an Aadhaar card. This thing also appears in the name of this policy. This policy of LIC not only gives the option of saving to the insured, but also provides life cover. A lump sum is provided to the insured at the time of maturity of the policy. Assistance is also provided to the family in case of death of the insured.
Who can take LIC Aadhaar Shila: Persons between eight years of age and 55 years of age can purchase LIC Aadhaar Shila Plan. As per the terms of the policy, the age of the insured should not be more than 70 years at the time of maturity. The maturity period in this plan ranges from 10 years to 20 years. Along with this, auto cover and loan facility are also available in this policy, which helps in meeting the liquidity requirement of the insured.
How much is the sum insured in LIC Aadhaar Shila: This plan can be taken with a minimum basic insurance amount of Rs 75,000. At the same time, the maximum basic insurance amount is three lakh rupees. Premium can be paid on yearly, half-yearly, quarterly or monthly basis in LIC Aadhaar Plan. Insurance holders can also opt for auto debit.
On death of policy holder of LIC Aadhaar Shila: Assistance is also given on death of the insured. If the insured dies within the first five years, then the sum assured is provided on death. If the insured dies after the completion of five years of the policy and before maturity, then the Sum Assured is awarded on death and loyalty addition.
LIC Aadhaar Shila Maturity benefit: The Sum Assured along with Maturity and Loyalty Addition is provided to the insured at the time of maturity of LIC Aadhaar Policy.
LIC Aadhaar Shila Loyalty edition: Loyalty Addition is granted when the policyholder leaves the policy after completion of five years of the policy. This is provided in both the death or maturity of the policy holder. The condition here is that the premium should be paid for the full five years by the insured.