The importance of insurance policy
has increased greatly in the run-of-the-mill life of people. A person can
choose an insurance plan depending on his need and priority. An insurance
policy brings investment, health and life cover all three major things. Life
Insurance Corporation of India (LIC) offers insurance policies to suit the
needs of different categories of people. One such policy of LIC is Aadhaar
Shila Plan. It is also popularly known as LIC Aadhaar Shila. Let us know what
are the benefits of this insurance policy.
Life Insurance Corporation of India
has launched this policy exclusively for women. LIC this policy plan which has
Plan No: 944 was brought on 1 February 2020. This plan is for women only who
have an Aadhaar card. This thing also appears in the name of this policy plan.
This policy of life insurance not only gives the option of saving money to the
insured but also provides life cover. A lump sum amount is provided to the
insured at the time of maturity of the policy. Assistance is also provided to
the family of an insured person in case of death of the insured.
A maximum of 55 years of personage
can be purchased by LIC Aadhaar Shila Plan. At the same time, the minimum age
limit for this policy plan is eight years. As per the terms of the policy, the
age of the insured person should not be more than 70 years at the time of
maturity. The maturity time period in this plan ranges from 10 years to 20
years. Along with this, auto cover and loan facility is also available in this
policy plan, which helps in meeting the liquidity requirement of the insured
person.
This policy plan can be taken with a
minimum basic sum insured amount of Rs 75,000. At the same time, the maximum
basic sum insured amount is three lakh rupees. The premium can be paid on a
yearly, half-yearly, quarterly or monthly basis in this policy plan. Insurance
holders can also opt for the auto-debit facility. The Rider Sum Assured cannot
exceed the Basic Sum Assured under the Base plan.
Assistance is also given on the death
of the insured. If the insured dies within the first five years, then the sum
assured is provided on death. If the insured person dies after the completion
of five years of the policy and before maturity, then the Sum Assured amount is
awarded on death and loyalty addition.
The Sum Assured amount along with
Maturity and Loyalty Addition is provided to the insured at the time of
maturity of LIC Aadhaar Policy.
Loyalty Addition is granted when the
policyholder leaves the policy after completion of five years of the policy
plan. This is provided in both the death or maturity of the policyholder in
this plan. The condition here is that the premium should be paid for the full
five years by the insured.
If the policyholder is not satisfied
with the terms and conditions of the insurance policy plan, the policy can be
returned to LIC within 15 days from the date of receipt of the policy bond
stating the reason for the objections in writing. On receipt of the same, the
LIC shall cancel the policy and return the amount of premium deposited after
deducting the proportionate risk premium for the period of cover and stamp duty
charges.
The policy can be surrendered at any
time provided premiums have been paid for at least two consecutive years. On
surrender of the policy, the LIC shall pay the surrender value equal to higher
of guaranteed surrender value and special surrender value.
For more information, please visit
the LIC website www.licindia.in or contact the authorized agent of LIC.
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