Life insurance Corporation of India is one of the pioneer institutions that provide top-notch insurance products to cater to all the insurance needs of people. Since inception LIC has been one of the insurance company who has offered a wide range of insurance products spanning across gender, age and product type. LIC is one of the most sought insurance companies as it offers best endowment plans and the company to its credit have basket-full of top-notch endowment plan and one such plan is LICs Aadhar Shila. The LICs Aadhar Shila plan is an exclusive insurance product for females holding a valid Aadhar Card issued by the government of India. Let us understand LICs Aadhar Shila plan in detail.
The LIC Aadhar Shila policy is non-linked participatory endowment plan that is designed to boost savings and offer financial protection in event of any eventuality. The plan focuses on providing financial stability to the family in the event of unfortunate demise of the life assured during the policy term or pay the maturity benefit in a lump sum upon the survival of the policyholder on the date of policy maturity. Following the exclusive features of the LICs Aadhar Shila Plan :
Availing LICs Aadhar Shila Plan is advantageous as it offers the following benefits to the policyholder :
There are certain eligibility criteria that every customer has to fit into avail the LIC Aadhar Shila Policy. The eligibility criteria for availing the LIC Aadhar Shila Policy are as under :
|Sum Assured||Rs 75,000||Rs 3,00,000|
|Entry Age||8 years completed||55 years age|
|Policy Term||10 years||20 years|
|Premium paying term||Equivalent to policy term|
|Max Age at maturity||70 years|
Thus above is the eligibility conditions that the customer needs to fulfill in order to purchase the Life Insurance Corporation’s Aadhar Shila non-market linked endowment plan.
The plan has more to offer other than the above-stated benefits. The LICs Aadhar Shila endowment plan provides additional key benefits as under :
|Age of the Policy Holder||Term of the policy|
|10 years||15 years||20 years|
The above premium rates are exclusive of service tax. The above given annualized premium rates are for per Rs 1,000 of basic sum assured.
Let us understand with an example of how the tabular premium rate chart can be used to derive the premium amount of the LIC Limited Premium Endowment Plan.
Annual Premium :
= 55.55/1000 * Rs 3,00,000
= Rs 16,665 + Tax
(Since premium rates are of Rs 1000 per basic sum assured)
Kindly note if there is any outstanding loan then LIC has rights to recover the unpaid loan amount along with interest if any at the time of payment of claim proceeds.
|Policy year of surrender||Policy term 10 years||Policy term 15 years||Policy term 20 years|
Premium Payment Mode Rebates and Discounts
|For Yearly mode of premium payment||Rebate of 2% on tabular premium|
|For Half-Yearly mode of Premium payment||Rebate of 1% on tabular Premium|
|For Quarterly mode of Premium Payment||NIL|
|For Monthly mode of Premium Payment through NACH||NIL|
|For Premium Payment through salary deduction||NIL|
Rebates and Discounts on High Basic Sum Assured
|Basic Sum Assured availed by Policyholder||Rebate offered|
|Rs 75,000 to Rs 1,90,000||NIL|
|Rs 2,00,000 to Rs 2,90,000||1.50% rebate on basic sum assured|
|More than Rs 2,90,000 to Rs 3,00,000||2% rebate on basic sum assured|
You can buy the LIC Aadhar Shila Policy in the following manner:
Following is the list of relevant required documents that you need to submit before buying LICs Aadhar Shila Plan :
Upon submission of these documents LIC shall verify the documents and once the cheque is cleared or payment of cash is done you will receive your LIC Aadhar Shila policy document
If you want to cancel the policy you can do it in the free-look period or cooling period of the policy. LIC offers a 15 days cooling period in which you can cancel the policy if you are not satisfied with its terms & conditions or for any other reason.
No, this insurance plan is exclusively created to satisfy the insurance needs of women and provide future financial security to them. LIC has hosts of other plans which are ideal for male customers.
Yes, under this plan the maximum sum assured available is Rs 3,00,000.00
Other LIC's Endowment Plans