Things to know about LIC Aadhaar Shila Plan

January 15, 2022 Finance Talk Valli Sarvani No comments

LIC Aadhaar Shila Plan is designed for women. It is a participating endowment plan, which offers both protection and savings.

Here are some important points to know about LIC Aadhaar Shila Plan:

The minimum entry age for this policy is 8 years, and the maximum age is 55 years. The maximum maturity age is 70 years.
The Basic Sum Assured ranges from ₹75,000 to ₹3,00,000 (it is the maximum).
While the minimum period of the policy is 10 years, the maximum period is 20 years.
The premium varies with age and the policy term. For instance, if an individual wants to take the policy for 20 years, she has to pay ₹43.70 for every ₹1,000 of Sum Assured. Premium can be paid monthly, quarterly, half-yearly, and annually. Policyholders can get a rebate of 1% or 2% if the premium is paid half-yearly or yearly. The premium paid for this plan has tax benefits. Maturity or death claims are exempt from tax.
The policyholder will get a lump sum as Maturity Benefit. It will include Basic Sum Assured and Loyalty Additions if declared by the company.
In the event of their death, their nominees will get the cover amount. They will receive the highest amount of the following: Basic Sum Assured or 10 times the Annualised premium or 105% of all premiums paid by the policyholder till the date of death.
If the company declares Loyalty Additions, they will be payable along with the Death Benefit if the policyholder dies after 5 policy years.
The policy has a free-look period of 15 days of the plan issuance. If the policyholder is not satisfied with the plan, she can cancel the plan within the period and receive the premium paid, excluding the applicable expenses.
The policyholder can obtain a loan after paying the premium for 3 years. The policy also will acquire a surrender value after the payment of the premium for 3 years.

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