Life Insurance Corporation of India (LIC) has unveiled a distinctive and rewarding offering, the Aadhar Shila Policy. Tailored to cater to the financial aspirations of women, this non-linked individual life insurance plan is crafted to provide substantial benefits. It ensures a fixed payment on maturity and offers critical financial support in case of an untimely demise. In this article, we delve into the details of how a modest daily investment of Rs 87 can potentially grow into a significant Rs 11 lakh, making the LIC Scheme an appealing choice for women seeking long-term financial growth.
Maturity Benefits and Financial Security
The Aadhar Shila Policy by LIC is structured to offer a fixed payment on maturity, providing women policyholders with a reliable avenue for long-term financial planning. This ensures that individuals can reap the benefits of their investment when they need it the most. In the event of untimely demise, the policy steps in to provide crucial financial support to the family, enhancing the overall financial security it offers.
Smart Investment Strategy Unveiled
One of the remarkable aspects of the LIC Scheme is its ability to empower women policyholders to transform a nominal daily investment of Rs 87 into a substantial Rs 11 lakh. This smart investment strategy is particularly attractive for those who seek significant returns with a modest financial commitment. The scheme serves as a practical and accessible option for women looking to grow their wealth over time.
Understanding the Growth Potential
To grasp the growth potential of this special LIC scheme, consider a scenario where a woman aged 55 invests Rs 87 daily for 15 years. At the end of the first year, the total contribution would be Rs 31,755. Over ten years, this amount accumulates to Rs 3,17,550, culminating in an impressive Rs 11 lakh when the policyholder reaches the age of 70. This showcases the power of compounding and the substantial returns that can be achieved through disciplined and sustained investment.
Eligibility and Policy Features
To avail the benefits of the LIC Aadhar Shila Policy, women can enter the scheme from a minimum age of 8 years, up to a maximum age of 55 years. The policy term can range from 10 to 20 years, with a maximum maturity age of 70 years. Women investors can commit to a minimum investment of Rs 75,000, up to a maximum of Rs 3 lakh, providing flexibility based on individual financial capacities.
Comprehensive Policy Benefits
Surviving the policy term entitles the policyholder to receive the maturity benefit, allowing reinvestment of the lump sum amount in a new policy. In the unfortunate event of the insured woman’s demise, the nominee receives the death benefit. Additionally, policyholders have the option to surrender the policy after two consecutive years, with various benefits such as Guaranteed Surrender Value and the possibility of a loan.
Flexible Premium Payment
The premium for the payment term is considered equal to the policy term, providing flexibility in payment frequency – annual, monthly, quarterly, or half-yearly. This ensures that women policyholders can choose a premium payment schedule that aligns with their financial preferences and capabilities.
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