New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.
LIC’s Aadhaar Shila is a plan designed exclusively for female lives, which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
LIC Aadhaar Shila plan: Calculation on investing Rs 29 per day to get nearly Rs 4 lakh upon maturity after 20 years
Assuming you begin the plan at the age of 30.
Saving Rs 29 per day means you can put Rs 10,959 into the LIC Aadhaar Shila plan in a year.
You will invest Rs 2,14,696 over the course of 20 years, with a return of Rs 3,97,000 at maturity.
Eligibility: This plan is only available for standard healthy lives without undergoing any medical examination.
Minimum Basic Sum Assured per life: Rs 75,000
Maximum Basic Sum Assured per life : Rs. 300,000
The Basic Sum Assured shall be in multiples of Rs 5,000 from Basic Sum Assured Rs 75,000 to Rs 1,50,000 and Rs 10,000 for Basic Sum Assured above Rs 1,50,000
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Policy Term : 10 to 20 years
Premium Paying Term : Same as Policy Term
Maximum Age at Maturity : 70 years (nearest birthday)
LIC says that the total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs 3 lakh.