LIC Policy: Invest Rs 29 everyday to get Rs 4 lakh, check eligibility and more

New Delhi: It's always a good idea to invest for the future, and Indian citizens have a wide range of investment options to choose from. Investing in insurance is one of the risk-free ways to secure one's future and the future of one's family. Indians love having insurance from LIC, and there are many different LIC policies to pick from. A non-linked, participating, individual life insurance plan with a special focus on women and girls is called the LIC Aadhaar Shila plan. If you invest Rs 29 every day, you could receive an amount of Rs 4 lakh under this policy.

The plan combines protection and savings, offering a lump sum payment at maturity to the surviving policyholder in the unfortunate event of the policyholder's passing before maturity and financial support for the policyholder's family in that case. Additionally, this plan addresses liquidity requirements through its Auto Cover and loan facility.

While the maximum basic sum assured under the LIC Aadhaar Shila plan cannot exceed Rs 3 lakh, the minimum basic sum assured under this policy is Rs 75,000 per life. This indicates that the maximum amount one can invest in the LIC Aadhaar Shila policy is Rs 3 lakh. This policy's maturity period can be anywhere between ten and twenty years. The premium can be paid every month, every quarter, every half-year, or every year.

Let's use this instance as a guide. If you set aside Rs. 29 every day, you could invest Rs. 10,959 in the LIC Aadhaar Shila plan in a calendar year. Let's assume that you begin the plan at the age of 30 and carry it out for 20 years. By doing this, you will invest Rs 2,14,696 over the course of 20 years, earning Rs 3,97,000 when the investment matures.

This programme is open to all women between the ages of 8 and 55. According to LIC's website, this plan is only accessible to healthy individuals who lead normal, everyday lives without undergoing a medical exam.

Receiving Maturity Benefit in instalments over time is possible with the Settlement Option.

Instead of a lump sum payment, a period of five, ten, or fifteen years may be chosen under a paid-up and in-force policy. The instalments must be paid in advance at chosen intervals, such as annually, half-yearly, quarterly, or monthly, subject to the minimum instalment amount for each mode of payment.

If two full years' worth of premiums have been paid, the policyholder may surrender the policy at any time during the policy term. The Corporation must pay the higher of: the Surrender Value upon surrender of the policy;