17,000 new credit cards issued by ICICI linked to wrong users

The listing of LIC will be crucial for the government to meet its disinvestment target

Life Insurance Corporation of India (LIC), the country’s largest public-sector insurer, offers a number of policies but Aadhaar Shila is a life assurance plan which is exclusively designed for females.

LIC’s Aadhaar Shila was launched on February 1, 2020 and is fast gaining popularity. It is a non-linked, participating, individual, life assurance plan. In addition to life cover, this plan also provides a saving option to the policyholder. If you invest, on an average, just Rs 29 per day you can get up to Rs 4 lakh after maturity.

Eligibility and term

Minors, too, can purchase this policy. Any female between 8 years and 55 years is eligible to buy the policy. It can also be bought for a 10-year term. The maximum term is 20 years. Maximum age at maturity is restricted at 70 years.

Sum assured

The minimum sum assured for this policy is Rs 75,000 and the maximum limit is 3,000,000. The policyholder has an option of availing Accident Benefit Rider.

Premium

If a woman at the age of 20 buys this policy for a 20-year term and choose Rs 3 lakh as the basic assured sum, in the first year she has to pay Rs 10,649 as yearly premium (with tax), which is around Rs 887 per month and only Rs 29.58 per day. But from the second year of the policy, the yearly premium will come down to Rs 10,419 (with tax), which is around Rs 868 per month and only Rs 28.94 per day.

Maturity benefit

By the time the policy is ready for payment, she would get around Rs 4 lakh, of which Rs 2 lakh is the assured sum and the rest is a loyalty bonus.

Premium payment

The premium for Aadhaar Shila can be paid on a monthly, quarterly, half-yearly or yearly basis. If you forget to pay the premium a grace period of 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums from the date of the first unpaid premium. If you pay monthly, the grace period is 15 days.

Death benefit

In the event of death of the person insured within five years of the commencement of the policy, the sum assured will be paid. In case the death is after five years, sum assured and loyalty bonus both will be paid to the survivor(s).