LIC Aadhar Shila is a plan exclusively designed for women with Aadhar Card. This scheme not only provides protection but also allows a woman to maximise her savings over a period of time. This scheme is designed to provide financial support to a woman’s family in case something happens to her. She is also eligible to receive a lump sum called the maturity benefit in case of surviving the term.
|Minimum entry age||8 years|
|Maximum entry age||55 years|
|Policy term||10 years – 20 years|
|Premium payment term||Same as the policy term|
|Maximum maturity age||70 years|
|Premium payment mode||Yearly, half-yearly, quarterly, or monthly|
Sum assured is the minimum amount that will be paid by the insurer to the insured. The sum assured won’t contain any benefits or bonuses the insured will be entitled to. The minimum and maximum sum assured for this plan are given below:
|Minimum basic sum assured per life||Rs.75,000|
|Maximum basic sum assured per life||Rs.3 lakh|
Death benefit- A lump-sum amount called the death benefit will be paid in case of the death of the insured. The death benefit payable will be the highest of:
Maturity benefit- If the insured survives the policy term, she will be eligible to receive a lump-sum amount called the maturity benefit including any loyalty additions.
Loyalty addition- If the insured has completed a minimum of five policy terms and provided that the premium has been duly paid, the insured may be eligible to receive loyalty additions at the time when the policy exists due to the scheme attaining maturity or if the person dies. The insured may also receive a loyalty addition in case she surrenders her policy provided that a minimum of five policy term has been completed and the premium for the period has been duly paid up.
Optional benefit- The insured can also avail a rider or add-on plan called the LIC’s Accident Benefit Rider under this policy.
Paid –up value- If the insured has paid premiums for less than three years and the premium for the subsequent term has not been paid yet, the plan will cease to exist post the expiry of the grace period and no benefits shall be payable.
If the insured has paid premiums for a minimum of three years and is yet to pay the premiums for the subsequent term, the policy will not expire but will continue to function as a paid-up policy. The auto cover period will be applicable.
The auto period is the period starting from the date of the first unpaid premium. The auto cover period will be active under following circumstances:
Policy loan - The insured can also avail a loan in case of any financial requirement.
Free-look period - A free-look period of 15 days is provided.
Surrender value - The insured can surrender her policy at any point of time provided that she has paid her premiums for three consecutive policy terms.
The plan will cease to exist during following situations:
This is a plan solely designed for women who simply need to have an Aadhar Card. This plan provides financial support to a woman and allows her to ensure that the future of her loved ones is safe and secured even if she is not around. In case of her death, the nominee will receive a lump sum called the death benefit and in case she survives the term, she receives the maturity benefit. Loyalty additions which are an integral part of this scheme only add up to help a woman from a monetary point of view which makes it a brilliant plan for a woman who wishes to safeguard the future of her loved ones. The plan is provided by LIC which is one of the biggest names in the insurance industry. It has served and has been in existence for more than six decades and hence the LIC Aadhar Shila Plan is easily a popular choice among women who wish to purchase an insurance plan for themselves.
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