State insurer Life Corporation of India (LIC) offers a scheme exclusive for women known as 'Aadhaar Shila' plan. This scheme is a combination of protection and savings that provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
In addition, this plan also takes care of liquidity needs through its auto cover as well as a loan facility.
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This plan is, however, available only for standard healthy lives without undergoing any medical examination
Here’s all you need to know about LIC’s Aadhaar Shila plan:
The minimum age of entry is 8 years and the maximum is 55 years. The minimum basic sum assured per life is Rs 75,000, while the maximum is Rs 3,00,000.
Eligibility and other requirements
The policy term is 10 to 20 years.
The death benefit is payable on the death of the insured during the policy term provided the policy is in force. On death during the first five years, the sum assured on death is payable.
On death after completion of five policy years but before the date of maturity, the sum assured on death and loyalty addition, if any, is payable.
Here, the sum assured on death is defined as the higher of 7 times of annualized premium or 110 percent of basic sum assured.
The death benefit will not be less than 105 percent of total premiums paid up to the date of death.
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On the life assured surviving to the end of the policy term, provided the policy is in-force, the sum assured on maturity along with loyalty addition, if any, will be
payable. Here sum assured is equal to basic sum assured.
Provided the policy has completed five policy years and at least 5 full years’ premium have been paid, then depending upon the corporation’s experience the policies under this plan will be eligible for loyalty addition at the time of exit in the form of death during the policy term or maturity, at such rate and on such terms as may be declared by the corporation.Under a paid-up policy, loyalty addition will be payable for the completed policy years for which the policy was in force.