The LIC Aadhaar Shila plan is one of the best plans for women offered by LIC. This plan provides the dual benefits of insurance protection and savings. Women are one of the most precious lives on the earth. However, we must save and protect them from every kind of mishap.
So with this aim, a dual benefit plan is launched by LIC. This plan provides protection and helps empower them. If you’re a single mother and want financial security for yourself and your family, the LIC Aadhaar Shila plan will be a great catch.
LIC Aadhaar Shila plan is an endowment plan that benefits both savings and life insurance plans. LIC Aadhaar Shila plan details are specially formed for female customers, but anyone can have it now. The Aadhar Shila plan will help in fulfilling the financial needs of the family and provide support to them.
Aadhar Shila policy covers all family financial expenses after the insured’s death. Moreover, the LIC Aadhaar Shila plan details also provide maturity, death, and other benefits that can be claimed by the insured after the policy matures.
In this article, we will talk about the LIC Aadhaar Shila plan, the features of the Aadhar Shila policy, and the LIC Aadhaar Shila plan details.
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Eligibility for LIC Aadhaar Shila Plan
The Aadhar Shila plan helps women build a support system they can use in need. The eligibility criteria to acquire an LIC Aadhar Shila policy are
| Criteria | Minimum | Maximum |
| Entry age | 8 years | 55 years |
| Policy term | Ten years | 20 years |
| Maturity age | NIL | 70 years |
| Premium paying term | Same as the policy term | Same as the policy term |
| Sum assured | 75,000 INR | 3,00,000 INR |
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Features of LIC Aadhaar Shila Plan
The main features of the Aadhar Shila policy will provide a quick explanation of the plan, moreover; critical elements of the Aadhar Shila plan are
- The Aadhar Shila policy provides the feature of auto–cover to its policyholder.
- The plan provides various benefits to the female policyholders of LIC.
- The Aadhar Shila plan provides the benefits of maturity and death and loyalty additions.
- The Aadhar Shila plan is the best because of its low premium features, which attract a lot of customers in one go.
- The Aadhar Shila policy providers even provide rider and tax benefits to their customers for a better experience.
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Benefits of LIC Aadhaar Shila Plan
The LIC Aadhaar Shila plan provides various benefits to its policyholders. However, some of the essential benefits that the Aadhar Shila policy offers are
1. Maturity Benefits
The LIC Aadhaar Shila offers a range of benefits to its customers, the first is maturity benefits. These are benefits that the bank provides to the policyholder when the plan matures. If the policyholder survives till the policy ends, then all the maturity benefits, along with the sum assured and loyalty benefits to the insured.
However, on the other hand, if the policyholder fails to complete the policy tenure and dies before maturity, then the policy provisions of the Aadhar Shila policy will provide all the amount to the insured’s family, and the policy will be terminated.
2. Death Benefits
Death is an uncertain event in every person’s life. These benefits are usually the benefits a bank provides when the policyholder dies. However, there are various cases where policy policyholder survives the whole tenure period. Then, the bank will provide all the money to the policyholder after the policy matures.
In some cases, if the insured dies before the plan’s maturity, all the policies will be provided to the insured’s family along with the sum assured and other benefits.
3. Loyalty Additions
The LIC Aadhaar Shila plan provides loyalty benefits to its policyholders. The bank provides loyalty additions to the policyholder after tracking their plan for years. It is seen that those customers who have been part of LIC corporation for a long time are the real owners of loyalty additions.
4. Surrender Benefits
Surrender benefits are among the most liked benefits of the LIC Aadhaar Shila plan. It provides some part of the premium paid by the policyholder is returned after some consecutive years. We can easily calculate the surrender value by multiplying the guaranteed surrender value payable during the policy term by the guaranteed surrender value factor applicable to the total paid premium.
5. Policy loan
The other benefit of the Aadhar Shila plan is that it offers loan benefits on its plan. The policyholder can avail of the tax benefits from the Aadhar Shila policy after the completion of the surrender value. Moreover, the policyholder can take advantage of up to 90% benefit on their tax value.
6. Tax Benefits
The policyholders of the Aadhaar Shila policy will benefit from the tax benefits. The company helps to give tax benefits after a particular tenure.
7. Rebates
Rebates refer to the complimentary access provided by the bank to their policyholders. When a policyholder pays off the premium before the time, the company provides a rebate as a reward to their customers.
Mode rebate
| Quarterly, monthly ( NACH ), and salary deduction | Nil |
| Half-yearly mode | 1% of tabular premium |
| Yearly mode | 2% of tabular premium |
High sum assured rebate
| Basic sum assured ( BSA ) | Rebate |
| Rs.75,00,000 – 1,90,000 | Nil |
| Rs. 2,00,000 – 2,90,000 | 1.50% BSA |
| Rs. 3,00,000 | 2.00% BSA |
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Documents Requirement for LIC Aadhaar Shila Plan
The Aadhaarshila policy is available on both an online and offline basis. However, the essential documents required for the Aadhar Shila policy are
- Identity proof: Voter’s card, Aadhaar card, and passport
- Address proof: Aadhaar card, driving license, electricity bill, ration card, voter’s card, or passport.
- Income proof: Such as returns of income tax or salary slips.
- Previous and present health records of the policyholder.
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Details of LIC Aadhaar Shila Plan
LIC Aadhaar Shila’s plan is designed to support the female policyholder in any uncertain situation. Moreover, not only this, it provides complete support to the family in case the insured dies. However, crucial LIC Aadhar Shila plan for details are
1. Premium Details
The most reliable LIC Aadhar Shila plan details are excellent facilities. The Aadhar Shila plan provides a premium at the lowest rate compared to other plans. However, the premium details are as follows:
| Age/ policy term | Ten years |
| Ten years | 89. 10 INR |
| 20 years | 89.40 INR |
| 30 years | 89.60 INR |
| 40 years | 90.55 INR |
| 50 years | 93.85 INR |
2. Accidental Benefits Rider
The Aadhar Shila plan provides the accidental benefits rider to their policyholders above 18. They can avail of these benefits after the completion of 3 years. This benefit helps to provide protection against death caused by accidents. When the insured dies, the rider benefits are also provided along with the sum assured to the family of the Aadhar Shila plan insured.
3. Grace Period
The grace period is when the policyholder is provided extra time to pay off the due payments. The grace period is usually 15 or 30 days based on monthly, half-yearly, and yearly. In some cases, if the policyholder has been a trusted customer of the LIC Aadhaar Shila plan details, the bank helps fulfill the whole grace amount.
Conclusion
The LIC Aadhaar Shila plan is an endowment plan formed for women. It helps build a support system for the women and even protects their families in their absence. LIC has been serving a large number of people for ages due to its immersible services and plans it provides. You need an Aadhar card to start your Aadhar Shila plan journey. We have already discussed all the details of the LIC Aadhaar Shila plan and hope it can help you buy your Aadhar Shila plan.
LIC Aadhaar Shila Plan – FAQs
What is the LIC Aadhar Shila plan?
Ans. The LIC Aadhaar Shila plan is a non-linked endowment plan designed to protect women from any mishap and provide financial support.
Does LIC pay for accidental benefits?
Ans. The LIC plans usually provide accidental rider benefits, which can be used to protect the lives of the policyholder in uncertainty caused by an accident.
How are LIC death benefits calculated?
Ans. The death benefits are calculated by adding the monthly premium 250 times along with loyalty additions, excluding the first-year premium and extra rider benefits.
What if a policyholder doesn’t want the policy?
Ans. The LIC provides a cooling off period to its policyholders in which you are provided the option to cancel the policy if they do not like the policy’s features and terms and conditions. You will be provided a 15-day trial, and you can understand the policy during this period, if you don’t like it, you can return it.
Is there any limit on the maximum amount of sum assured?
Ans. Yes, under the LIC Aadhaar Shila plan, the maximum sum assured to be provided to the policy is 3,00,000, not more than that.
