As you all know, different types of insurance plans are operated by Life Insurance Corporation of India. through which life insurance health insurance benefits provided to citizens. Recently by Life Insurance Corporation of India lic aadhar shila plan has been launched. Security and savings will be provided to the customers through this scheme. through this article aadhar shila plan All the relevant information will be provided. By reading this article you LIC Aadhar Shila Scheme You will be informed about the procedure to avail benefits. besides you Aadhar Shila Scheme LIC You will also be able to get information related to the purpose, benefits, features, eligibility, important documents, interest rate etc. So LIC Aadhaar Shila Plan 2022 Please read our article till the end to get the complete details.
LIC Aadhaar Shila Yojana 2022
by Life Insurance Corporation of India lic aadhar shila plan has been launched. This plan is a non-linked participant endowment plan through which it is designed to increase savings and financial security in case of emergency. Under this plan, the policyholder will have to pay the premium in monthly, quarterly, half yearly or yearly terms. After the end of the policy term, a lump sum amount is paid to the policy holder. All those women whose age is between 8 to 55 years are eligible to get the benefit of this scheme. Apart from this, it is mandatory to have a valid Aadhar card to get the benefit of this scheme.
LIC Aadhaar Shila Yojana Under this, if the policy holder dies, then in this situation financial assistance is also provided to the family of the policy holder. The policyholder is also not required to undergo any kind of medical test to take this plan. Under LIC Aadhar Shila Yojana, the minimum Basic Sum Assured is ₹ 75000 and the maximum Basic Sum Assured is ₹ 300000.
Objective of LIC Aadhar Shila Scheme
foundation stone plan Its main objective is to provide economic security and savings opportunities to the women of the country. This plan is a non-linked participant enjoyment plan through which it has been designed to increase savings and financial security in case of emergency. This plan provides financial security to the policy holders. Other than this lic aadhar shila plan through the policy holder loan can also receive. The women of the country can get various benefits by investing in this scheme. In case the policyholder has paid all the premiums for the entire policy term, then the policyholder gets the Sum Assured along with the Loyalty Addition.
Key Highlights Of LIC Aadhaar Shila Yojana
|scheme name||lic aadhar shila plan|
|who started||Life Insurance Corporation of India|
|Objective||Providing financial security.|
|official website||click here|
|minimum term||10 years|
|maximum duration||20 years|
|Maximum age at maturity||70 years|
Key Facts of LIC Aadhar Shila Scheme
- LIC Aadhaar Shila Yojana It 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.
- The minimum policy term is 10 years and maximum is 20 years.
- The maximum age of maturity in the plan is 70 years.
- Accident Benefit Rider is also available under this plan for the subscriber.
- There is no rider covered for critical illnesses under this plan.
- Loyalty Addition on Maturity facility is also provided in case the policy holder dies after 5 years of taking the policy.
- If the policy holder dies before the end of the policy term, then Policy holder’s family are provided the benefit of this scheme.
- A lump sum amount is also provided at the end of the policy term.
Benefits of Aadhar Shila Yojana
- tax benefits – 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. Apart from this, no tax will be applicable on death claim also.
- free look period If the policy holder wants to cancel the policy after purchasing the policy, then the policy can be canceled within 15 days. After the cancellation of the policy, the premium, if any, deposited by the policyholder is also returned.
- grace period- The premium grace period is 30 days in case of annual, half yearly and quarterly premium payment modes. The grace period is 15 days in case of monthly premium payment mode.
- Loan – Loan against this policy can also be taken after paying premiums continuously for 3 years.
- Surrender Value – If you surrender this policy before paying the premium for 3 years, then no surrender value will be paid to you.
- Death Benefit If the policy holder dies within a period of 5 years from the date of purchase of the policy, the death benefit will be provided to the family of the policyholder. In case the policy holder dies before maturity, the death benefit will be provided to the nominee. The Sum Assured on Death will be 10 times the Annualized Premium or 110% of the Basic Sum Assured. If the policy holder dies after 5 years of buying the policy, then loyalty addition will also be provided to him.
- Maturity Benefit – If the policyholder has successfully paid all the premiums for the entire policy term, then the Sum Assured on Maturity will get the Loyalty Addition as well.
- Exclusion – In case the policyholder commits suicide during the first 12 months of policy purchase, only 80% of the premium or surrender value (whichever is less) will be paid to the policyholder.
LIC Aadhaar Shila Yojana options available under
rider benefit –
Rider benefit option is also available under this plan. If this option is chosen by the policyholder, then in case of accidental death, accidental sum assured will be paid. This rider benefits cannot exceed the Basic Sum Assured.
maturity benefit Of for settlement Option –
Under the Settlement Option, the policyholder is provided with the option to receive maturity benefit over a period of 5 or 10 or 15 years instead of a lump sum amount. The tenure to receive maturity benefit can be selected by the policyholder as per his/her convenience. Installments will be paid in advance at yearly or half yearly or quarterly or monthly intervals.
installments In death the gain pick up Of the option –
LIC Aadhaar Shila Yojana The death benefit can be received over a period of 5 or 10 or 15 years instead of taking a lump sum death benefit. This option can be exercised by the policyholder during his life time.
lic aadhar shila plan premium and grace period
The premium payment under this plan can be done at monthly, quarterly, yearly or half yearly intervals. A grace period of 30 days has been prescribed for paying premiums annually, half yearly and quarterly. A grace period of 15 days has been prescribed for monthly payments. If the premium is not paid by the policyholder before the completion of the grace period, the policy will terminate.
LIC Aadhar Shila Yojana Rebate
|Yearly Mode||2% of Tabular Premium|
|half yearly mode||1% of tabular premium|
|Quarterly Monthly and Salary Deduction||Nil|
Higher Basic Sum Assured Rebate
|Basic Sum Assured||rebate|
|200000-290000||1.50% of BSA|
|300000||2.00% of BSA|
Aadhar Shila Yojana Surrender
The policy under this plan can be surrendered at any time. But to surrender the premium must have been paid for 2 consecutive years. In case of surrender of the policy, Surrender Value equal to the Guaranteed Surrender Value and Special Surrender Value will be paid by Life Insurance Corporation of India. The Special Surrender Value will be determined from time to time after review as per laid down guidelines subject to full approval of IRDAI. The Guaranteed Surrender Value will be equal to the total premiums paid.
LIC Aadhar Shila Yojana Loan
Loan against policy can also be availed by the policy holders on this plan. This loan is provided subject to the terms and conditions of the policy. The interest rates on the loan provided on the policy are determined from time to time. Loan up to 90% of the support price is provided for inforce policies and up to 80% of the support price for paid up policies. Any outstanding debt along with interest, if any, at the time of withdrawal is recovered.
lic aadhar shila yojana free look period
If the policy holder is not satisfied with the terms and conditions of the policy, then within a period of 15 days from the date of taking the policy, the policy may be returned giving reasons for objections. If this happens the policy will be canceled by LIC and the amount of premium deposited will be returned to the policy holder less the proportionate risk premium.
LIC Aadhaar Shila Yojana exclusion
- In case the policy holder commits suicide within 12 months from the date of commencement of risk, no claim shall be entertained by the Life Insurance Corporation of India. Only 80% amount of Priyam will be refunded in this situation.
- In case the Life Assured commits suicide within 12 months from the date of revival, 80% of the premiums paid up to the date of death or the Surrender Value available on death penalty (whichever is higher) will be paid.
Eligibility of LIC Aadhar Shila Scheme
- All those women whose age is between 8 to 55 years are eligible to take advantage of this scheme.
- 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 this scheme, 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.
- Aadhar Card
- Voter ID Card
- passport size photograph
- driving license
- electricity bill
- Ration card
- Voter ID Card
- income tax return
- salary slip
- health record
Procedure to apply under LIC Aadhar Shila Yojana
- now your front home page Will open
- On the home page, you have to click on the option of Aadharshila Scheme.
- now in front of you open application form Will come
- You have to enter all the important information asked in the application form.
- Now you have to upload all the important documents.
- After that you have to click on submit option.
- In this way you will be able to apply under LIC Aadhar Shila Yojana.