The Life Insurance Corporation of India (LIC) is rolling out a special program, LIC Aadhaar Shila Yojana, aimed at empowering female customers as part of its commitment to inclusive financial planning. Known for its customer-friendly and low-risk policies, LIC’s latest initiative strengthens its dedication to addressing diverse financial needs.
LIC Aadhaar Shila Yojana
Here’s a simple breakdown: if a 30-year-old puts in Rs 29 every day for 20 years, the total after the first year, with a 4.5 percent interest rate, would be Rs 10,959.
In the next year, the payment would be Rs 10,723. This smart financial plan has the potential to help you save up to Rs 4 lakh by putting away a small amount of Rs 29 every day.
With the LIC Aadhaar Shila Scheme, investors can start with an initial investment between Rs 75,000 and Rs 3 lakh. The policy has a minimum maturity period of 10 years and can go up to a maximum of 20 years.
On top of that, the scheme offers security by allowing participants to benefit from it until the age of 70. And making payments is easy, you can choose to pay monthly, quarterly, half-yearly, or annually, whatever suits you best.
For Female Investors
Focused on boosting women’s financial well-being, the LIC Aadhaar Shila Yojana aims to empower female investors aged 8 to 55. It creates a supportive and inclusive financial environment.
Benefits of Investing in LIC Aadhaar Shila Plan
Maturity Benefits– If a policy survives for the entire applicable tenure then the lump sum amount can be reinvested in a new policy.
Death Benefit– If the policy holder dies before 5 years completing the policy then the nominee will get the sum assured. If the death occurs after completing the 5 years of policy purchase date then the sum assured and loyalty, if any, is paid.
The death penalty is 7 times the annual premium.
- And 110% of the basic sum assured.
- Loyalty Addition
The company keeps an eye on the first five years of your premium payments and gives you Loyalty Additions. This perk is for both loyal customers and those who have been with LIC of India for a while.
Loan Benefit– Once your policy has some value, you can take a loan. For active policies, it can be up to 90% of that value, and for paid-up policies, it’s capped at 80%.
Tax Benefits– The benefits from this policy may come with tax rebates, following the current tax laws.