New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.
LIC’s Aadhaar Shila is a plan designed exclusively for female lives, which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
Death benefit: On death of the policy holders, if death occurs during first five years then the Sum Assured on Death shall be payable.
On death after completion of five years of policy but before the date of maturity, Sum Assured on Death and Loyalty Addition shall be payable.
Maturity Benefit: On maturity of the policy, Sum Assured on Maturity along with Loyalty Addition shall be payable.
Loyalty Addition: If the policy has completed five years and atleast 5 full years’ premium have been paid, the policy holder shall be eligible for Loyalty Addition at the time of exit, whether on Death or Maturity.
Additionally Loyalty Addition will also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years.
Eligibility: This plan is only available for standard healthy lives without undergoing any medical examination.
Minimum Basic Sum Assured per life: Rs 75,000
Maximum Basic Sum Assured per life : Rs. 300,000
The Basic Sum Assured shall be in multiples of Rs 5,000 from Basic Sum Assured Rs 75,000 to Rs 1,50,000 and Rs 10,000 for Basic Sum Assured above Rs 1,50,000
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Policy Term : 10 to 20 years
Premium Paying Term : Same as Policy Term
Maximum Age at Maturity : 70 years (nearest birthday)
LIC says that the total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs 3 lakh.
(This article has been rectified and the incorrect information which mentioned that this plan is available only for females having Aadhaar Card issued by UIDAI has been removed. Click here to check the details of the plan on LIC website.)