LIC Policy : The Life Insurance Corporation of India (LIC) stands out renowned for its extensive array of plans designed to meet a wide spectrum of customer requirements. Among its offerings, the LIC Aadhar Shila policy shines as a specially crafted choice aimed at individuals with limited incomes. This plan, exclusively designed for women, mirrors LIC’s dedication to providing gender-specific financial solutions. In this article, you will get a comprehensive details about what is LIC Aadhar Shila policy, eligibility, features, benefits, how to calculate maturity amount and more.

What is Aadhar Shila LIC Policy?

Structured as an unlinked, individual life insurance scheme, the LIC Aadhar Shila plan not only serves as a financial safeguard but also serves as a catalyst for women’s empowerment. This plan guarantees a predetermined payout upon maturity and provides essential financial support to the family in the unfortunate event of the policyholder’s demise within the policy term.

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Eligibility and Features of LIC Aadhar Shila Policy

Exclusively designed for women possessing Aadhaar cards, the LIC Aadhar Shila Plan offers inclusivity across a wide age spectrum, encompassing individuals from 8 to 55 years of age. Remarkably, even an 8-year-old girl child can be a policyholder under this plan. The flexibility is further evident in the policy term, which spans from 10 to 20 years. The sum insured is adjustable, ranging from Rs 2 lakh to a maximum of Rs 5 lakh. Additionally, the policy permits the possibility of availing loans after a period of 3 years.

Maturity Benefits of LIC Aadhar Shila Policy

Imagine a scenario where a 21-year-old woman opts for the Jeevan Aadhar Shila plan with a policy term of 20 years. By paying an annual premium of Rs 18,976 (equivalent to approximately Rs 1,600 per month or around Rs 53 per day), she accumulates a substantial sum of approximately Rs 3.8 lakh over the course of two decades. Upon maturity, she is entitled to an impressive payout of Rs 6.62 lakh, which encompasses a core sum assured of Rs 5 lakh along with an added loyalty benefit of Rs 1,62,500.

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How to Calculate Maturity Amount of LIC Aadhar Shila Policy?

The premium and maturity calculations given are meant for illustration purposes. Different calculations apply if the policyholder is an 8-year-old. For accurate information, it’s advisable to seek guidance from your nearby LIC office. Notably, the policy facilitates annual installment payments for the maturity sum.

Benefits for Nominee of LIC Aadhar Shila Policy

If the policyholder passes away, the designated nominee will receive the sum assured, which can extend up to 7 times the annual premium or 110 percent of the sum assured, whichever is higher. Additionally, the plan incorporates loyalty additions in conjunction with the maturity sum assured.

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Conclusion

The LIC Aadhar Shila policy presents a remarkable opportunity that intertwines financial security, empowerment, and thoughtful planning. As a flagship offering from the esteemed Life Insurance Corporation of India (LIC), this policy exemplifies the institution’s commitment to tailoring solutions to a diverse range of customer needs. With its focus on women’s financial independence, the plan not only safeguards the future but also empowers individuals to take charge of their economic journey.