LIC Aadhaar Shila Plan 2022 : Eligibility (Aadhaar Shila Plan) Benefits and Interest Rate

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As you all know, different types of insurance plans are operated by Life Insurance Corporation of India. Through which benefits ranging from life insurance to health insurance are provided to the citizens. Recently LIC Aadhar Shila Yojana has been launched by Life Insurance Corporation of India. Security and savings will be provided to the customers through this scheme. Through this article complete information related to aadhar shila plan will be provided. By reading this article, you will be made aware of the procedure to avail the benefits of LIC Aadhar Shila Scheme . Apart from this, you will also be able to get information related to Aadhar Shila Yojana LIC ‘s purpose, benefits, features, eligibility, important documents, interest rate etc. SoPlease read our article till the end to get the complete details of LIC Aadhaar Shila Plan 2022 .

LIC Aadhaar Shila Yojana 2022

LIC Aadhar Shila Yojana has been launched by Life Insurance Corporation of India . This plan is a non-linked participant endowment plan through which it is designed to increase savings and financial security in case of emergency. Under this plan, the policyholder will have to pay the premium in monthly, quarterly, half yearly or yearly terms. After the end of the policy term, a lump sum amount is paid to the policy holder. All those women whose age is between 8 to 55 years are eligible to get the benefit of this scheme. Apart from this, it is mandatory to have a valid Aadhar card to get the benefit of this scheme.

Under LIC Aadhaar Shila Yojana , if the policy holder dies, then in this situation financial assistance is also provided to the family of the policy holder. The policyholder does not even need to undergo any kind of medical test to take this plan. Under LIC Aadhar Shila Yojana, the minimum basic sum insured is ₹ 75000 and the maximum basic sum insured is ₹ 300000.

Objective of LIC Aadhar Shila Scheme

The main objective of Aadhar Shila Yojana is to provide economic security and savings opportunities to the women of the country. This plan is a non-linked participant enjoyment plan through which it has been designed to increase savings and financial security in case of emergency. This plan provides financial security to the policy holders. Apart from this , the policy holder can also get loan through LIC Aadhar Shila Yojana if needed. The women of the country can get various benefits by investing in this scheme. In case the policyholder has paid all the premiums for the entire policy term, then the policyholder gets the Sum Assured plus the Loyalty Addition.

Key Highlights Of LIC Aadhaar Shila Yojana

scheme namelic aadhar shila plan
who startedLife Insurance Corporation of India
beneficiarycountry women
ObjectiveProviding financial security.
Official websiteclick here
Year2022
Application Typeonline/offline
minimum term10 years
maximum duration20 years
Maximum age at maturity70 years

Key Facts of LIC Aadhar Shila Scheme

  • LIC Aadhaar Shila Yojana has been specially designed for women.
  • Tax exemption facility is also provided on premium, maturity claim and death claim through this plan.
  • Premium can be paid monthly, quarterly, half yearly or annually.
  • The minimum policy term is 10 years and maximum is 20 years.
  • The maximum age of maturity in the plan is 70 years.
  • Accident Benefit Rider is also available under this plan for the subscriber.
  • There is no rider covered for critical illnesses under this plan.
  • Loyalty Addition on Maturity facility is also provided in case the policy holder dies after 5 years of taking the policy.
  • If the policy holder dies before the end of the policy term, then the benefit of this plan is provided to the family of the policy holder .
  • A lump sum amount is also provided at the end of the policy term.

Benefits of Aadhar Shila Yojana

  • Tax Benefits – The premium paid under this scheme is exempt from tax under section 80C of the Income Tax Act. Section 10 (10D) maturity amount is also tax free. Apart from this, no tax will be applicable on death claim also.
  • Free Look Period – If the policy holder wants to cancel the policy after buying the policy, then the policy can be canceled within 15 days. After the cancellation of the policy, the premium, if any, deposited by the policyholder is also returned.
  • Grace Period – The premium grace period is 30 days in case of annual, half yearly and quarterly premium payment modes. The grace period is 15 days in case of monthly premium payment mode.
  • Loan – Loan can also be taken against this policy after paying premium continuously for 3 years.
  • Surrender Value – If you surrender this policy before paying the premium for 3 years, then no surrender value will be paid to you.
  • Death Benefit – If the policy holder dies within a period of 5 years from the date of purchase of the policy, the death benefit will be provided to the family of the policyholder. In case the policy holder dies before maturity, the death benefit will be provided to the nominee. The Sum Assured on Death will be 10 times the annualized premium or 110% of the Basic Sum Assured. If the policy holder dies after 5 years of buying the policy, then loyalty addition will also be provided to him.
  • Maturity Benefit – If the policyholder has successfully paid all the premiums for the entire policy term, then the Sum Assured on Maturity will get the Loyalty Addition as well.
  • Exclusion – In case the policyholder commits suicide during the first 12 months of policy purchase, only 80% of the premium amount or surrender value (whichever is less) will be paid to the policyholder.

Options Available Under LIC Aadhaar Shila Yojana

Rider Benefit –

Rider benefit option is also available under this plan. If this option is chosen by the policy holder, then in case of accidental death, accidental sum assured will be paid. This rider benefits cannot exceed the Basic Sum Assured.

Settlement option for maturity benefit 

Under the Settlement Option, the policyholder is provided with the option to receive maturity benefit over a period of 5 or 10 or 15 years instead of a lump sum amount. The tenure to receive the maturity benefit can be selected by the policyholder as per his/her convenience. The installments will be paid in advance at yearly or half yearly or quarterly or monthly intervals.

Option to take death benefit in installments

Under LIC Aadhaar Shila Yojana , instead of taking lump sum death benefit, death benefit can be obtained over a period of 5 or 10 or 15 years. This option can be exercised by the policyholder during his life time.

lic aadhar shila plan premium and grace period

The premium payment under this plan can be done at monthly, quarterly, yearly or half yearly intervals. A grace period of 30 days has been prescribed for paying premiums annually, half yearly and quarterly. A grace period of 15 days has been prescribed for monthly payments. If the premium is not paid by the policyholder before the completion of the grace period, the policy will terminate.

LIC Aadhar Shila Yojana Rebate

mode rebate

Yearly मोड2% of Tabular Premium
half yearly mode1% of tabular premium
Quarterly Monthly and Salary DeductionNil

Higher Basic Sum Assured Rebate

Basic Sum Assuredrebate
75000-190000Nil
200000-2900001.50% of BSA
3000002.00% of BSA

Aadhar Shila Yojana Surrender

The policy under this plan can be surrendered at any time. But to surrender the premium must have been paid for 2 consecutive years. In case of surrender of the policy, Surrender Value equal to the Guaranteed Surrender Value and Special Surrender Value will be paid by Life Insurance Corporation of India. The Special Surrender Value will be determined from time to time after review as per laid down guidelines subject to full approval of IRDAI. The Guaranteed Surrender Value will be equal to the total premiums paid.

LIC Aadhar Shila Yojana Loan

Loan against policy can also be availed by the policy holders on this plan. This loan is provided subject to the terms and conditions of the policy. The interest rates on the loan provided on the policy are determined from time to time. Loan up to 90% of the support price is provided for inforce policies and up to 80% of the support price for paid up policies. Any outstanding debt along with interest, if any, at the time of withdrawal is recovered.

lic aadhar shila yojana free look period

If the policy holder is not satisfied with the terms and conditions of the policy, then within a period of 15 days from the date of taking the policy, the policy may be returned giving reasons for objections. If this happens, the policy will be canceled by LIC and the premium deposited will be refunded to the policy holder less the proportionate risk premium.

LIC Aadhaar Shila Yojana Exclusion

  • In case the policyholder commits suicide within 12 months from the date of commencement of risk, no claim shall be entertained by the Life Insurance Corporation of India. Only 80% of the premium amount will be refunded in this situation.
  • In case the Life Assured commits suicide within 12 months from the date of revival, 80% of the premiums paid up to the date of death or the Surrender Value available on death penalty (whichever is higher) will be paid.

Eligibility of LIC Aadhar Shila Scheme

  • All those women whose age is between 8 to 55 years are eligible to take advantage of this scheme.
  • Only women can get the benefit of this scheme.
  • The minimum term of the policy is 10 years and the maximum term is 20 years.
  • To get the benefit of this scheme, the applicant does not need to undergo any kind of medical checkup.
  • The age of the policy holder should not be more than 70 years at the time of maturity.

important documents

  • Aadhar Card
  • Voter ID Card
  • Passport size photograph
  • driving license
  • electricity bill
  • Ration card
  • Voter ID Card
  • Passport
  • income tax return
  • salary slip
  • health record

Procedure to apply under LIC Aadhar Shila Yojana

lic aadhar shila plan
  • Now the home page will open in front of you.
  • On the home page, you have to click on the option of Aadharshila Scheme.
  • 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 that you have to click on submit option.
  • In this way you will be able to apply under LIC Aadhar Shila Yojana.https://www.yagne.com/

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