LIC’s Aadhaar Shila Review

LIC AADHAAR SHILA plan has been exclusively launched and designed by LIC, the plan is the best to buy for the female candidates having Aadhaar card. The motive of the AADHAAR SHILA plans is, to take the benefit of huge masses of Aadhar Card based enrollment. The plan is first launched by LIC during month of April 2017.

Image Source – Google Image and Money Excel

Features & Benefits of the LIC AADHAAR SHILA PLAN.

  • Adharshila policy compromises and can be taken without any medical check-up.
  • Therefore Aadhar card is mandatory for enrollment in this policy.
  • Even if it’s a low premium policy it covers around 3 lakh.
  • One with this policy is exempted from Income Tax under section 80c.
  • Even the maturity amount under this planning policy is absolutely tax-free under 10D.

Death benefits

  • What if death occurs before 5 years from the date of policy taken?

The assured sum would be paid at an 110% if death occurs before 5 years from the date of the policy.

  • What if death occurs after 5 years from the date of policy?

If death appears to be after sum assured occurred after five years from the policy date. Benefits will be enrolled with 110% of sum assured along with loyalty additions.

On Maturity

A person insured if survives till the maturity period, the person would get sum assured on maturity along with loyalty additions that would be paid in final amount.

How can LIC AADHAAR SHILA Policy benefit you?

By the help of the data available for the LIC AADHAAR SHILA plan. We are pretty much sure that it’s another typical endowment plan from the LIC.

Well with this new plan you get an extended auto cover benefit. Also, it seems that LIC has come up with a different name to allure new customers residing in rural areas which are as same as the other policies sold by LIC.

If you are satisfied with the decent interest and guaranteed returns it pays then you can obviously take a leap into this.

Even it addresses accidental benefits at additional premium cost. The accidental Rider plan is available and can be opted in at any time of applying for the plan. Important features for this accidental benefits are:

  • One should have a minimum age of 18 years
  • The cover plan can be opt at any time with the base plan
  • The maximum sum assured of the accident benefits shall be in multiples of rupees 5,000

LIC Aadhaar shila Plan explained with example

Let’s understand with an example Mrs. Kavya age 25 years has taken LIC AADHAAR SHILA for around 20 years which sum assured of 3 lacs. What would be her approx. sum per annum?

Therefore with In-depth analysis let’s look at the real life example:

  1. Mrs. Kavya expires with the sudden death after 5 years after the policy taken. She might get rupees 3.3 lacs for her family.
  2. If Mrs. Kavya expires by accident after 5 years from the date of policy taken. She would get 3.3 lakhs along with the royalty additions and an additional rupees 3 lacs due to accident death benefit.
  3. If Mrs. Kavya eventually survives till maturity, she would get a sum of rupees 3 lacs along with royalty additions.

What we liked about LIC Aadhaar Shila Policy

Like we expressed our opinion in LIC AADHAAR SHILA policy.  LIC is one of the best-trusted insurance brands in India. And, it does contain several good features. Although, it is still not that attractive due to the low sum assured and other limitations impacting on its way. Hence the returns one get from such insurance policies are pretty less from 4% to 6.5%. If you are able to take the risk then these policies may not suits you but from our end, we do believe in LIC insurance brand and one can blindly go for it.

Why one should opt in for LIC Aadhaar Shila Policy

  • It’s a basic money back policy from life Insurance Corporation of India
  • LIC new AADHAAR SHILA plan comes with low premiums
  • Due to the death benefit, it can help you to get additional benefit in case of sudden death due to the accident.
  • One can get a complete tax relaxation benefit under section 80c
  • Even the maturity is tax-free under section 10d
Sharing is Caring

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz