Aadhaar Shila Policy online registration, LIC Aadhaar Shila Yojana Eligibility, Features, benefits and interest rate
As you are all aware, the Life Insurance Corporation of India runs a variety of insurance programmes via which residents receive benefits such as life insurance and health insurance. Life Insurance Corporation of India recently debuted its LIC Aadhaar Shila Plan initiative. Customers will receive protection and savings as a result of this plan. Complete details about the LIC Aadhaar Shila Yojana will be presented through this article. You will get knowledge about the procedure for utilising the LIC Aadhaar Shila scheme’s rewards by reading this article. Along with this, you will be able to find out more about the Aadhaar Shila Yojana LIC’s objectives, advantages, characteristics, eligibility, key papers, interest rate, etc.
LIC Aadhar Shila Policy 2022 Details
Life Insurance Corporation of India has introduced the LIC Aadhaar Shila Plan. This non-linked participation endowment plan’s goal is to increase savings and offer emergency financial stability. This plan requires the policyholder to pay the premium on a monthly, quarterly, half-yearly, or annual basis. A lump sum payout is given to the policyholder following the conclusion of the insurance period. The benefits of this programme are available to all women between the ages of 8 and 55. A valid Aadhaar card is also required in order to take advantage of this programme.In accordance with the LIC Aadhaar Shila Plan, the policyholder’s family will also get financial support in the event of the policyholder’s passing. To enrol in this plan, there is no requirement that the policyholder undergo any sort of medical examination. The lowest basic sum promised under the LIC Aadhaar Shila Yojana is Rs. 75,000, while the highest basic sum assured is Rs. 300,000.
Objective of LIC Aadhar Shila Plan
The Aadhaar Shila Yojana’s primary goal is to give the nation’s women financial stability and chances for savings. This non-linked participation pleasure plan’s goal is to increase emergency savings and financial stability. The policyholders of this plan benefit from financial security. In addition to this, the insurance holder may use the LIC Aadhaar Shila Plan to obtain a loan if necessary. By participating in this programme, the nation’s women can profit in a variety of ways. The Sum Assured and Loyalty Addition are awarded to the policyholder in this scenario if they have paid all premiums during the whole policy period.
Key Highlights Of LIC Aadhaar Scheme
|Scheme Name||LIC Aadhar Shila Plan|
|who started||Life Insurance Corporation of India|
|purpose||Providing financial security.|
|minimum period||10 years|
|maximum duration||20 years|
|Maximum age at maturity||70 years|
Features of LIC Aadhar Shila Plan
- The LIC Aadhaar Shila Yojana was created with women in mind.
- This plan also offers the option of tax exemption on premium payments, maturity claims, and death claims.
- The premium can be paid every month, every quarter, every half-year, or every year.
- The minimum and maximum policy terms are 10 and 20 years, respectively.
- The plan’s maximum maturity age is 70 years.
- This plan also includes an accident benefit rider for the writer.
- This plan does not contain a rider for catastrophic diseases.
- If the policyholder passes away within 5 years of purchasing the policy, the option of a loyalty addition is also made available upon maturity.
- The policyholder’s family will get the benefit of this programme if the policyholder passes away before the conclusion of the policy term. Additionally, a lump sum sum is given at the conclusion of the insurance period.
Benefits of LIC Aadhaar Shila Plan
- Tax Benefit – According to section 80c of the Income Tax Act, the premium paid under this plan is not subject to taxation. The maturity amount under Section 10 (10D) is likewise tax-free. In addition, there won’t be any taxes levied on the death claim.
- Free Look Period – Following the purchase of the insurance, the policy can be terminated within 15 days by the policy holder. The policyholder’s premium deposit, if any, is repaid if the policy is cancelled.
- Grace Period – In the event of annual, half-yearly, and quarterly premium payment modes, the grace period for premiums is 30 days. The grace period for monthly premium payment plans is 15 days.
- Loan – Loan can also be taken on this policy after paying premium continuously for 3 years.
- Surrender Value – You won’t receive any surrender value if you cancel this insurance before paying the first three years’ worth of premiums.
- Death Benefit – The death benefit will be given to the policyholder’s family if the policyholder passes away within five years of the policy’s purchase date. The nominee will receive the death benefit if the policyholder passes away before the policy matures. The Basic Sum Assured will be equal to 10 times the Annualized Premium, or 110 percent, of the Sum Assured on Death. The insurance bearer will also get Loyalty Addition if he passes away within five years of obtaining the policy.
- Maturity Benefit – When the policy matures, the policyholder will receive the Sum Assured and Loyalty Addition if they have successfully paid all of the premiums throughout the course of the policy term.
- Exclusion – Only 80% of the premium paid or the surrender value (whichever is smaller) will be reimbursed to the policyholder if they die by suicide during the first 12 months of the policy’s acquisition.
Available options under LIC Aadhaar Shila Plan
- Rider Benefit – Under this plan, there is also a rider benefit option. If the policyholder selects this option, the Accidental Sum Assured will be paid in the event of an accidental death. The Basic Sum Assured cannot be exceeded by these rider benefits.
- Settlement option for maturity benefit – In accordance with the settlement option, the policyholder has the choice of obtaining the maturity benefit as a lump sum or over a period of 5, 10, or 15 years. The policyholder may select the time frame for getting the maturity benefit as best suits his or her needs. The payments will be made in advance at intervals of annually, half-yearly, quarterly, or monthly.
- Option to take death benefit in installments – Instead of receiving a single sum death benefit, beneficiaries of the LIC Aadhaar Shila Yojana can receive death benefits over 5, 10, or 15 years. The policyholder may use this choice at any point throughout his lifetime.
LIC Aadhaar Shila Plan Premium and Grace Period
This plan’s premium can be paid every month, every quarter, every year, or every six months. The payment of annual, half-yearly, and quarterly premiums has a 30-day grace period. For monthly payments, a grace period of 15 days has been established. The insurance will expire if the policyholder does not pay the premium before the grace period has expired.
LIC Aadhaar Shila Yojana Rebate Available
|Yearly mode||2% of Tabular Premium|
|half yearly mode||1% of tabular premium|
|Quarterly Monthly End Salary Deduction||nil|
Basic Sum Assured Rebate
|Basic Sum Assured||rebate|
|200000-290000||1.50% of BSA|
|300000||2.00% of BSA|
Keystone Plan Surrender
This plan’s insurance coverage may be cancelled at any moment. However, the premium needed to have been paid for two years in a row to qualify for surrender. The Life Insurance Corporation of India will offer a surrender value for the policy that is equal to the Guaranteed Surrender Value and Special Surrender Value. After reviewing the required parameters, the extraordinary surrender value will occasionally be calculated, subject to the complete approval of IRDAI. The sum of the premiums paid will be the Guaranteed Surrender Value.
LIC Aadhar Shila Yojana Loan
Policyholders under this programme may also apply for a loan against their insurance. The terms and conditions of the policy apply to this loan. The loan issued under the policy has an interest rate that is periodically decided. Loans are given up to 80% of the Support Value for paid-up plans and up to 90% of the Minimum Support Value for policies that are in force. Any unpaid loans and interest are repaid at the time of withdrawal.
LIC Aadhaar Shila Plan Free Look Period
Within 15 days of the insurance’s purchase, if the policyholder is dissatisfied with the terms and conditions, he may return the policy while outlining his complaints. If this occurs, the policy will be terminated by LIC, and the policyholder will receive their premium deposit back less the proportionate risk premium.
LIC Aadhaar Shila Yojana Exclusions
- The Life Insurance Corporation of India will not accept a claim if the policyholder dies by suicide within 12 months of the risk beginning. In this case, only 80% of Priyam’s payment will be reimbursed.
- In the event that the Life Assured takes their own life within 12 months after the date of revival, 80% of the premiums paid up to the date of death or the Surrender Value in effect at the time of death (whichever is greater) will be paid.
Eligibility for LIC Aadhar Shila Plan
- This program’s benefits are available to any woman who is between the ages of 8 and 55.
- Only women are eligible to profit from this programme.
- The insurance has a minimum term of 10 years and a maximum duration of 20 years.
- There is no requirement for the applicant to undergo any sort of medical examination in order to benefit from this programme.
- At the time of maturity, the policyholder’s age shall not be greater than 70.
- Aadhar card
- Voter ID Card
- passport size photograph
- driving license
- electricity bill
- Ration card
- Voter ID Card
- income tax return
- salary slip
- health record
Process to apply under LIC Aadhaar Shila Yojana
- First of all you have to go to the official website of LIC.
- Now the home page will open in front of you.
- On the home page, you have to click on the option of Adharshila Yojana.
- Now the application form will open in front of you.
- You have to enter all the important information asked in the application form.
- Now you have to upload all the important documents.
- After this you have to click on the submit option.
- In this way you will be able to apply under LIC Aadhaar Shila Yojana.