Making investments for the future is always a smart idea, and Indian residents have a wide range of financial opportunities to choose from. Investing in insurance is one of the risk-free strategies to safeguard one’s future and the future of one’s family. Indians love having insurance through LIC, and there are many different LIC policies to pick from. A non-linked, participating, individual life insurance plan with a special focus on women and girls is called the LIC Aadhaar Shila plan. If you invest Rs 29 per day, you could receive an amount of Rs 4 lakh through this programme.
The plan combines protection and savings, offering a lump sum payment at maturity to the surviving policyholder in the tragic event of the policyholder’s passing before maturity and financial help for the policyholder’s family in such a scenario. Additionally, this plan addresses liquidity requirements through its Auto Cover and lending facility.
While the highest basic sum insured under the LIC Aadhaar Shila plan cannot exceed Rs 3 lakh, the minimum basic sum assured under this policy is Rs 75,000 per life. This indicates that the maximum amount one can invest in the LIC Aadhaar Shila policy is Rs 3 lakh. This policy’s maturity period might be anything between ten and twenty years. The premium can be paid every month, every quarter, every half-year, or every year.
Let’s use this instance as a guide. If you set aside Rs. 29 per day, you could invest Rs. 10,959 in the LIC Aadhaar Shila plan in 365 days. Let’s assume that you begin the plan at the age of 30 and carry it through for 20 years. By doing this, you would invest Rs 2,14,696 over the course of 20 years, earning Rs 3,97,000 when the investment matures.
Receiving Maturity Benefits in instalments over time is possible with the Settlement Option.
Instead of a lump sum payment, a period of five, ten, or fifteen years may be chosen under a paid-up and in-force policy. The instalments must be paid in advance at chosen intervals, such as annually, half-yearly, quarterly, or monthly, subject to the minimum instalment amount for each form of payment.
If two full years’ worth of premiums has been paid, the policyholder may surrender the policy at any time throughout the policy term. The Corporation must pay the higher of the Surrender Value upon surrender of the insurance.