The Benefits and Eligibility Criteria of LIC Aadhaar Shila Plan Explained in Detail

The Benefits and Eligibility Criteria of LIC Aadhaar Shila Plan Explained in Detail

Looking for a reliable insurance plan that provides comprehensive coverage and attractive returns? Look no further than the LIC Aadhaar Shila Plan! Designed specifically for women, this policy packs a punch with its unique features and eligibility criteria. But what exactly are those benefits, and who qualifies to take advantage of them? In this blog post, we’ll delve into the details of the LIC Aadhaar Shila Plan, explaining how it works and why it could be just what you need to secure your financial future. So buckle up – it’s time to get informed about one of India’s most innovative insurance policies!

Introduction to LIC Aadhaar Shila Plan

LIC Aadhaar Shila plan is a regular premium paying, non-participating life insurance plan that offers financial protection to the policyholder’s family in case of his/her untimely demise. The death benefit under this plan is payable as a lump sum to the nominee and the policy terminates on payment of the death benefit.

The main features of LIC Aadhaar Shila Plan are:

1) LIC Aadhaar Shila is a regular premium paying, non-participating life insurance plan.

2) It offers financial protection to the policyholder’s family in case of his/her untimely demise.

3) The death benefit under this plan is payable as a lump sum to the nominee.

4) The policy terminates on payment of the death benefit.

Eligibility Criteria for the Plan

The LIC Aadhaar Shila Plan is a life insurance policy offered by the Life Insurance Corporation of India (LIC). The plan is available to Indian citizens aged 18-55 years. The policy term is 10-15 years and the sum assured is Rs. 1 lakh. The policyholder can avail of a loan against the policy after 3 years. The maturity benefit is paid out as a lump sum or as an annuity.

To be eligible for the LIC Aadhaar Shila Plan, the following criteria must be met:

-The policyholder must be an Indian citizen aged 18-55 years.

-The policy term must be 10-15 years.

-The sum assured must be Rs. 1 lakh.

Features of the LIC Aadhaar Shila Plan

The LIC Aadhaar Shila Plan offers a host of features and benefits to policyholders. Some of the key features of this plan are:

-LIC’s Aadhaar Shila Plan is a participating non-linked life insurance plan that offers financial protection to the policyholder’s family in case of their untimely demise.

-This plan provides for a death benefit which is equal to the sum assured plus accrued bonuses, if any. In case of the policyholder’s survival till the end of the policy term, they will receive the sum assured along with accrued bonuses as maturity benefits.

-Policyholders have the option to choose from two different policy terms – 10 years or 15 years. They also have the flexibility to choose their sum assured amount and premium payment frequency as per their convenience and budget.

-This plan comes with an inbuilt accident benefit rider, which provides for an additional sum assured in case of accidental death during the policy term.

-LIC’s Aadhaar Shila Plan also offers income tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

Benefits of the LIC Aadhaar Shila Plan

The LIC Aadhaar Shila Plan is a unique life insurance policy that offers several benefits to policyholders. Some of the key benefits of this plan include:

1. Coverage for all stages of life: The LIC Aadhaar Shila Plan provides comprehensive coverage for all stages of life, from childhood to old age. This makes it an ideal choice for those who want complete peace of mind when it comes to their life insurance needs.

2. Affordable premiums: The premium rates under this plan are highly affordable, making it a viable option for those on a tight budget.

3. Flexible tenure: The policy tenure under the LIC Aadhaar Shila Plan can be customized as per the policyholder’s need and preference. This flexibility allows policyholders to choose a tenure that best suits their requirements.

4. Tax benefits: Premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act. This makes the LIC Aadhaar Shila Plan a lucrative option for those looking to save on taxes.

Additional Benefits under the LIC Aadhaar Shila Plan

When you purchase the LIC Aadhaar Shila plan, you will not only enjoy the benefits of a regular life insurance policy, but you will also be eligible for additional benefits. These benefits include:

1. A higher sum assured: If you are aged between 18 and 50 years old, you can avail of a sum assured of up to Rs. 5 lakhs under this plan.

2. No medical exam: You do not have to undergo a medical examination to be eligible for this plan. This makes it an ideal option for those who are unable to clear a medical exam due to health reasons.

3. Tax benefits: The premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act.

4. Flexible premium payment options: You can choose from a variety of premium payment options depending on your convenience – annually, half-yearly, quarterly or monthly.

The Process of Availing and Claiming Benefits

In order to avail and claim the benefits under LIC Aadhaar Shila Plan, policyholders will have to follow a simple process which is as follows:

i. The policyholder will have to submit a duly filled and signed application form along with the required documents to the nearest LIC office.

ii. On receipt of the application form and documents, the concerned official will verify them and then forward the same to the policy issuing authority.

iii. Once the policy issuing authority approves the application, they will issue a policy document which will be sent to the policyholder’s registered address.

iv. In order to claim benefits under this plan, the policyholder will have to submit a copy of their death certificate issued by a competent authority, along with other relevant documents, to the nearest LIC office.

v. The concerned officials will verify all the submitted documents and if everything is in order, they will process the claim and release the death benefit amount to the nominee/legal heir of the deceased policyholder as per terms and conditions of this plan.

Conclusion

In conclusion, the LIC Aadhaar Shila Plan is a great option for those who want to save and invest their money in an affordable yet secure way. With its attractive returns, low-cost premiums and hassle-free eligibility criteria it provides customers with a wide range of benefits that make it ideal for both short-term saving as well as long-term investments. Moreover, being linked to your Aadhaar card grants you access to additional benefits such as tax savings under Section 80C. So if you’re looking for an efficient and reliable way to save and grow your wealth, then this plan might just be what you need!