LIC Aadhaar Shila Plan: Deposit Rs 899 every month, Get a profit of Rs 4 lakh, know here complete plan

CollegeUnified By CollegeUnified 7 Min Read

LIC Aadhaar Shila Plan: Friends as told to all of you! That many types of insurance schemes are operated by the Life Insurance Corporation of India! Through which benefits ranging from life insurance to health insurance are provided to the citizens. LIC Aadhar Shila Yojana has been launched by the Life Insurance Corporation of India very soon! Through this scheme, security and savings will be provided to the customers. In today’s post, we are going to tell you all! That’s what the Lic Cornerstone Plan is! And how can you take advantage of this scheme!

What is LIC Aadhar Shila Yojana?

LIC Aadhaar Shila Plan Yojana has been launched by the Life Insurance Corporation of India! LIC Aadhaar Shila Plan is an nmo-linked Participatory Endowment Plan! Through which it has been designed to increase savings in emergency and as financial security! Under this scheme, the policy holder will have to pay the premium in monthly, quarterly, half-yearly or yearly period. A lump sum amount is provided to the policy holder after the policy term is over! Women whose age is between 8-55 years! All of them are eligible to take advantage of this scheme!

Apart from this, it is necessary to have a valid Aadhar Card to get the benefit of this scheme. If for some reason the policy holder dies under LIC Aadhar Shila Yojana! So in this situation financial assistance is also provided to the family of the policy holder! The minimum basic sum assured under LIC Aadhaar Shila Yojana is Rs 75000! And also the maximum basic sum insured is Rs 300000!

Main facts of LIC Aadhar Shila Yojana

  • This plan is specially designed for women!
  • Tax exemption facility is also provided on premium, maturity claim and death claim through this plan!
  • Premium can be paid monthly, quarterly, half yearly or annually!
  • Minimum policy term is 10 years! Maximum is 20 years!
  • The maximum age of maturity in the plan is 70 years.
  • No rider is included for critical illnesses under LIC Aadhaar Shila plan!
  • A lump sum amount is also provided at the end of the policy term!

Benefits of LIC Aadhaar Shila Yojana

  • The premium deposited under this scheme is exempt from tax under Section 80c of the Income Tax Act! Section 10 (10D) maturity amount is also tax free! Also, no tax will be applicable on death claim in this.
  • If the policy holder wants to cancel the policy after purchase! So the policy can be canceled within 15 days! If any premium has been deposited by the policyholder after the policy is cancelled! So that too will be returned!
  • The premium grace period in this plan is 30 days in case of annual, half-yearly and quarterly premium payment mode.
  • In case of monthly premium payment mode, the grace period is 15 days.
  • If the policy holder dies within a period of 5 years from the date of purchase of the policy. So Death Benefit will be provided to the family of the policy holder!
  • If the policy holder dies before maturity! So in this situation Death Benefit will be given to the nominee. Sum Assured on Death will be 10 times of Annualized Premium or 110% of Basic Sum Assured!
  • And if the policy holder dies after 5 years of purchasing the policy! So he will also be provided with Loyalty Edition!
  • If you surrender this policy before paying the premium for 3 years! So no surrender value will be given to you.
  • Loan can also be taken on this policy after paying premium continuously for 3 years!

LIC Aadhar Shila Yojana Loan

Loan on the policy can also be obtained by the policy holder on LIC Aadhar Shila Yojana! This loan is provided subject to the terms and conditions of the policy. The rate of interest on the loan provided against the policy is as decided from time to time. Loan up to 90% of the Minimum Support Value is provided for Inforce policies! And for paid up policies, loans up to 80% of the support value are provided! If there is any outstanding loan with interest at the time of withdrawal. So that is recovered!

Aadhar Shila Yojana Surrender

The policy can be surrendered at any time under LIC Aadhaar Shila Plan! But to surrender the premium must have been paid continuously for 2 years! In case of policy surrender, Life Insurance Corporation of India will provide surrender value equal to Guaranteed Surrender Value and Special Surrender Value!

Eligibility for LIC Aadhar Shila Plan

  • All those women whose income is 8 to 55 years! She can get the benefit of this LIC Aadhar Shila Yojana!
  • And tell you! That in this only women can get the benefit of this scheme!
  • The minimum term of the policy is 10 years and the maximum term is 20 years!
  • To get the benefit of LIC Aadhaar Shila Yojana, the applicant does not need to undergo any kind of medical checkup!
  • The age of the policy holder should not be more than 70 years at the time of maturity.

See also: 

Documents required for LIC Aadhaar Shila Yojana

  • Adhar card
  • Voter ID Card
  • passport size photograph
  • driving license
  • electricity bill
  • Ration card
  • Voter ID Card
  • Passport
  • income tax return
  • salary slip
  • health records

LIC Aadhar Shila Yojana Application Process

  • First of all you have to go to the official website of LIC.
  • After visiting the official websiet, its home page will open in front of you!
  • On the home page, you have to click on the option of Aadhar Shila Yojana!
  • After this the application form  will open in front of you.
  • You have to enter all the important information asked in the application form.
  • After this you have to upload important documents.
  • Then after this now you have to click on the option of Submit!
  • In this way you can apply under LIC Aadhar Shila Yojana!