LIC Aadhaar Shila | Know important information related to the plan

 

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.