About LIC’s Aadhar Shila Policy
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Exclusively designed for females, LIC Aadhar Shila offers comprehensive coverage to the life assured along with benefits of savings. However, it is important to note that the policy can only be availed by women who possess a valid Aadhar card. Without providing it at the time of policy inception, you will not be allowed to proceed further.?
LIC’s Aadhar Shila is an endowment-based policy and serves to address the capital needs of the policyholder's family on her unfortunate demise. On top of that, should the life assured survive the policy term, she is entitled to receive the sum assured on the maturity of the policy.?
Important Features of LIC’s Aadhar Shila Policy?
·???????? Death Benefit?- Provided that all due premiums are paid and the policy is in force, beneficiaries of the female lives are entitled to the sum assured on death.
·???????? Maturity Benefit?- Women covered under the policy shall receive a maturity benefit that is equal to the basic sum assured at the end of the policy tenure.?
·???????? Loyalty Additions -?On the completion of 5 policy years and payment of due premiums, the plan shall participate in LIC's profits. The extra amount is added to the death/maturity benefit at the time of the final payout.?
·???????? LIC’s Accident Benefit Rider?- Women policyholders of LIC’s Aadhar Shila can claim extra cover against accidental death with this rider. However, note that the policy term has to be a minimum of 5 years to avail the rider benefits.?
·???????? Benefits in Installments?- On choosing the settlement option, the life assured shall receive the maturity benefit in installments. Moreover, she can also choose to claim death benefits in installments.
This is an excellent option for anybody who wishes to manage their funds efficiently, instead of receiving a lump sum payout and potentially running out of capital.?
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·???????? Premium Payment?- Women with LIC’s Aadhar Shila life cover have the flexibility to choose from yearly, half-yearly, quarterly, or monthly payments.?
·???????? Tax Exemption?- As a policyholder covered under this policy, you can enjoy income tax exemptions under sections 80C and 10(10D) of the Income Tax Act, 1961.
Sample Illustration for LIC’s Aadhar Shila Policy
Let’s assume a 26-year-old female who has chosen to secure a sum of Rs.3 Lakhs for a policy term of 20 years. The premium paying term thus shall be 20 years, payable yearly, half-yearly, quarterly, or monthly. The following illustration highlights the respective premiums payable (inclusive of taxes) against each mode of payment.?
Premium Paying Mode Premium Amount?
Yearly Rs.10,710
Half-yearly Rs.5,413
Quarterly Rs.2,736
Monthly Rs.912
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