The Life Insurance Corporation (LIC) has introduced a new scheme called the ‘LIC Aadhaar Shila Plan’ which is particularly for women and aims to provide security and savings to the customers.
Women between the age of 8 to 55 can apply for this scheme. However, only those will be eligible for the scheme with valid Aadhaar cards. This is in a way similar to the normal insurance plans but quite so.
The scheme is supposed to be a non-linked insurance plan that assures profit and a regular premium paying endowment plan. The scheme also does not require any medical test for the policyholder, unlike normal circumstances. The policy has to be a minimum of ten years and the maximum age limit on the maturity 70 years. Notably, the payment method of is monthly, quarterly, half-yearly or yearly basis through SSS and NACH only.
Under the Aadhaar Shila Plan, the minimum sum promised is Rs 75,000 and the maximum is Rs 3 lakh. If used wisely, this plan can fetch you lakhs of rupees. You could get up to Rs 4 lakh just by saving Rs 29 every day.
If you are 30 years of age currently and start saving Rs 29 every day for the next 20 years then in the first half you will have deposited Rs 10,959 with a 4.5 per cent tax which will be Rs 10,723. By this method, you can easily deposit premiums every month, quarter, half-yearly or yearly basis, as per your convenience and need.
Over 20 years, you will eventually accumulate Rs 214,696, which amounts to a total of Rs 397,000 at the time of maturity.
LIC Aadhaar Shila Plan Features:
– It is a female-only plan
– The LIC Aadhaar Shila plan is a low premium plan
– It has an auto cover facility
– In case of occurrence of death, policy beneficiaries will receive a Loyalty Addition as an additional payment if a death occurs after five years
– Critical illnesses are not covered under this policy
– You can take a loan after three years
– LIC also maintains the Accidental Rider and Permanent Disability Rider for this policy
– You can revive lapsed policy within 2 years of the first unpaid premium
– The LIC Aadhaar Shila plan is exempt from income tax under Section 80C
– The maturity amount is tax-free under section 10 (10D)
Source: Latest News by www.dnaindia.com.
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