LIC New Policy: One of the leading insurance providers in the country, Life Insurance Corporation of India or LIC offers a variety of life insurance policies and plans for men, women and even children among others. This includes everything from future plans to various financial targets and needs. One such policy has been specially designed for women, named LIC Aadhar Shila Policy.
LIC Aadhar Shila Policy is a non-linked individual life insurance policy designed for women. As part of this policy, a fixed payment is made to the insured person on maturity. In case of his untimely demise, the family is provided financial assistance.
LIC is known for its low-risk, consumer-oriented policies with a variety of options to suit financial goals and needs. LIC Aadhar Shila policy also helps policyholders earn up to Rs 11 lakh on a nominal investment of Rs 87 per day.
How to make Rs 11 lakh by investing less than Rs 100?
If a woman at the age of 55 deposits at least Rs 87 every day for the next 15 years, the total contribution of that woman at the end of the first year will be Rs 31,755.
Over a period of ten years, the accumulated amount will be Rs 3,17,550 and finally, on reaching the age of 70 years, the policy holder will be entitled to receive a total of Rs 11 lakh.
Minimum age to take the policy?
Under LIC Aadhar Shila Policy, the minimum entry age for the policy is 8 years, while the maximum age limit is 55 years. Investors can go for a minimum policy term of 10 years and a maximum policy term of 20 years.
Maximum maturity age is 70 years. A person who is willing to invest in it can invest a minimum of Rs 75,000 to a maximum of Rs 3 lakh.
Policy Benefits
- If the insured person survives for the entire period for which the policy is taken, he becomes eligible to receive the maturity benefit. On maturity, the policyholder can reinvest the lump sum amount in a new policy.
- Death benefit is available in this policy. In case of untimely demise of the insured person, the death benefit is given to the nominee of the policy.
- Policyholders can apply to surrender their policy after completing two consecutive policy years. On surrender of the policy, the Guaranteed Surrender Value payable should be equal to the total premium paid during the policy term.
- The investor can also get the benefit of loan after receiving the policy surrender value.
- The premium for the payment term is considered equal to the policy term and can be paid in annual, monthly, quarterly or half yearly mode.
