Life Insurance Corporation of India (LIC) continues to provide excellent schemes for its customers on a regular basis. In this sequence, LIC has introduced a massive scheme to empower women and improve their economic situation. This scheme is known as the LIC Aadhaar Shila Plan. Women between the ages of 8 and 55 can invest in this LIC scheme. Please explain this plan in detail.
Understand the scheme’s terms.
Customers can benefit from LIC’s Aadhar Shila plan in terms of both security and savings. However, only women who have an Aadhar card can benefit from this. The policyholder receives the money when it matures. This LIC plan also provides financial assistance to the policyholder and his family after his death.
Maturity and Premium
The LIC Aadhar Shila plan allows for a minimum investment of Rs 75000 and a maximum investment of Rs 3 lakh. This policy has a minimum maturity period of 10 years and a maximum maturity period of 20 years. Let us tell you that a woman aged 8 to 55 years old can invest in LIC’s plan, with a maximum maturity age of 70 years. At the same time, this plan’s premium is paid on a monthly, quarterly, half-yearly, or yearly basis.
With examples, understand its math
An example will help you understand this scheme. If you are 30 years old and deposit Rs 29 daily for 20 years, you will have a total deposit of Rs 10,959 in the first year. It will now include a 4.5 percent tax. You will have to pay Rs 10,723 next year. You can deposit these premiums on a monthly, quarterly, semi-annual, or annual basis in this manner. You will need to deposit Rs 2,14,696 over 20 years to receive a total of Rs 3,97,000 at maturity.
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