LIC Aadhar Shila Yojana 2024: Women Will Get Financial Security

LIC Aadhar Shila Yojana Apply Online & Application Form | LIC Aadhar Shila Yojana Check Beneficiary Category & Last Date | LIC Aadhar Shila Yojana Check Benefits & Features | LIC Aadhar Shila Yojana Check Eligibility & All Details |

The LIC Aadhar Shila Yojana is a government-backed scheme aimed at providing financial security to women in India. This scheme is specifically designed to empower women by offering them life insurance coverage with a range of benefits. It is advisable to carefully read the terms and conditions of the LIC Aadhar Shila Yojana before applying for the policy. 

Today through this article we will provide you with all types of information about the LIC Aadhar Shila Yojana 2024 like purpose, Eligibility Criteria, Benefits, Features, and important documents, etc. Apart from this, we will share with you the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

LIC Aadhar Shila Yojana 

The LIC Aadhar Shila Yojana is a unique insurance scheme offered by the Life Insurance Corporation of India (LIC) that aims to provide financial protection and security to women in India. This scheme is specifically designed for women who have an Aadhar card and are looking for a reliable insurance option. Additionally, it is recommended to consult with a financial advisor to understand the suitability of the scheme based on individual financial goals and requirements.

The LIC Aadhar Shila Yojana is a valuable insurance scheme that aims to provide financial protection and security to women in India. With its attractive features and benefits, it offers a reliable option for women who are looking to secure their financial future. By opting for this scheme, women can ensure that their loved ones are financially protected in case of any unfortunate event during the policy term.

Highlights of LIC Aadhar Shila Yojana 2024

The highlights of this scheme are as follows:- 

Objectives of LIC Aadhar Shila Yojana 2024

The LIC Aadhar Shila Yojana has two primary objectives:-

• To provide life insurance coverage to women and ensure their financial security.
• To encourage women to become financially independent and self-reliant.

This scheme aims to address the gender gap in insurance coverage and empower women to take control of their financial future.

Beneficiary Category

The LIC Aadhar Shila Yojana is exclusively available to women in India. Any woman between the ages of 18 and 55 is eligible to apply for this scheme. The scheme offers various benefits to the beneficiaries, including life insurance coverage, financial assistance, and tax benefits.

Application Enrollment

To enroll in the LIC Aadhar Shila Yojana, women can visit the official LIC website or approach their nearest LIC branch. The application process is simple and requires the submission of necessary documents such as Aadhar card, age proof, and address proof. Once the application is submitted, it will be processed by LIC, and upon approval, the policyholder will receive the policy documents.

Last Dates

The LIC Aadhar Shila Yojana does not have any specific last dates for enrollment. Women can apply for this scheme throughout the year, making it convenient for them to avail the benefits whenever they wish.

Selection Procedure

The selection procedure for the LIC Aadhar Shila Yojana is based on the applicant’s eligibility criteria and the submission of required documents. Once the application is submitted, LIC will evaluate the information provided and conduct the necessary verification process. Upon successful completion of the selection procedure, the applicant will be granted the benefits of the scheme.

Implementation Procedure

After the selection procedure, the implementation of the LIC Aadhar Shila Yojana involves the issuance of the policy documents to the policyholder. The policyholder will receive the necessary information regarding the coverage, premium payment, and other terms and conditions. The policyholder needs to understand the implementation procedure to make the most of the benefits offered by the scheme.

Supervision Body

The LIC Aadhar Shila Yojana is supervised by the Life Insurance Corporation of India (LIC), which is a government-owned insurance company. LIC ensures the smooth functioning and proper implementation of the scheme, as well as the provision of timely assistance to the policyholders.

Flexible Premium Payment

The LIC Aadhar Shila Yojana allows policyholders to choose from various premium payment options. You can opt for regular premium payment mode or a limited premium payment mode, depending on your convenience and financial capabilities. This flexibility ensures that you can comfortably manage your premium payments without any financial strain.

Facilitation Of Death Benefit

In the unfortunate event of the policyholder’s demise during the policy term, the LIC Aadhar Shila Yojana provides a death benefit to the nominee. The death benefit is the higher of the sum assured or 10 times the annualized premium. This ensures that your loved ones are financially protected and can cope with the loss of income.

Facilitation Of Maturity Benefit

Upon survival till the end of the policy term, the scheme offers a maturity benefit. The maturity benefit includes the sum assured along with any accrued bonuses. This lump sum amount can be utilized to fulfill various financial goals such as funding your child’s education, starting a business, or planning for retirement.

Facilitation Of Loan Facility

In times of financial need, the scheme allows policyholders to avail a loan against the policy. This loan facility can be a great relief during emergencies or when you require funds for any personal or business purposes. The loan amount is determined based on the surrender value of the policy and is subject to certain terms and conditions.

Income Tax Benefits

Under the provisions of the Income Tax Act, 1961, the premiums paid towards the scheme are eligible for tax benefits under Section 80C. Additionally, the maturity proceeds and death benefits received are also tax-exempt under Section 10(10D) of the Income Tax Act. These tax benefits can help you save a significant amount of money while ensuring financial security.

High Sum Assured

The scheme offers a high sum assured, which is the amount payable in case of death or maturity. This ensures that you receive substantial financial coverage, providing a sense of security to you and your loved ones. The sum assured is determined based on your age, premium amount, and policy term.

Easy Claim Settlement

LIC is known for its seamless claim settlement process. In the event of a claim, the scheme ensures a hassle-free and quick settlement. The nominee or the legal heir can submit the required documents to the LIC branch, and the claim will be settled promptly, providing the necessary financial support during difficult times.

Grace Period & Policy Revival

Life is unpredictable, and there may be instances where you miss paying the premium on time. The scheme provides a grace period of 30 days for payment of premiums. In case you fail to pay the premium within the grace period, the policy enters into a lapsed state. However, you can revive the policy within two years from the date of the first unpaid premium by paying the due premiums and fulfilling the necessary requirements.

Key Guidelines

Here are ten key guidelines to keep in mind regarding the LIC Aadhar Shila Yojana:-

• Only women between the ages of 18 and 55 are eligible for this scheme.
• Applicants need to provide necessary documents such as an Aadhar card, age proof, and address proof.
• The scheme offers life insurance coverage along with additional benefits.
• Policyholders can avail of tax benefits under the prevailing tax laws.
• The premium payment can be made annually, half-yearly, quarterly, or monthly, as per the policyholder’s preference.
• Policyholders can nominate a beneficiary for the policy.
• Policyholders can avail of a loan against the policy after a certain period.
• Policyholders can surrender the policy if they wish to discontinue it.
• Policyholders need to keep the policy in force by paying the premiums on time.
• The LIC Aadhar Shila Yojana offers financial security and peace of mind to women.

Benefits of LIC Aadhar Shila Yojana 2024

The benefits of this scheme are as follows:-

• Life insurance coverage: The scheme provides life insurance coverage to the policyholder, ensuring financial security for her family in case of unfortunate events.
• Flexible premium payment: Policyholders have the flexibility to choose their premium payment mode, either monthly, quarterly, half-yearly, or yearly, based on their convenience.
• Death benefit: In the event of the policyholder’s unfortunate demise during the policy term, the nominee will receive the death benefit, providing financial support during challenging times.
• Maturity benefit: On surviving the policy term, the policyholder will receive the maturity benefit, which includes the sum assured and accrued bonuses, if any.
• Loan facility: Policyholders can avail of a loan against the policy, providing them with financial assistance during emergencies or unforeseen circumstances.
• Income tax benefits: The premiums paid towards the LIC Aadhar Shila Yojana are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
• High sum assured: The scheme offers a high sum assured, ensuring substantial financial protection for the policyholder and her family.
• Easy claim settlement: LIC has a seamless and efficient claim settlement process, ensuring that policyholders and their nominees receive the benefits without any hassles.
• Grace period: The scheme provides a grace period of 30 days for premium payment, allowing policyholders to pay their premiums even if they miss the due date.
• Policy revival: In case the policy lapses due to non-payment of premiums, policyholders have the option to revive the policy within a specified period, ensuring continuity of coverage.

Features Of LIC Aadhar Shila Yojana 2024

The features of this scheme are as follows:-

• Eligibility: This scheme is exclusively available for women who have an Aadhar card.
• Sum Assured: The minimum sum assured under this scheme is ₹75,000, while the maximum sum assured is ₹3,00,000.
• Policy Term: The policy term for the LIC Aadhar Shila Yojana is 10 years.
• Premium Payment: The premium for this scheme can be paid either annually, half-yearly, quarterly, or monthly, as per the convenience of the policyholder.
• Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the nominee will receive the sum assured along with any accrued bonuses.
• Maturity Benefit: If the policyholder survives the policy term, she will receive the sum assured along with any accrued bonuses.
• Loan Facility: Policyholders have the option to avail of a loan against the LIC Aadhar Shila policy, subject to certain terms and conditions.
• Grace Period: A grace period of 30 days is provided for premium payment. If the premium is not paid within this period, the policy will lapse.
• Tax Benefits: The premiums paid towards this policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
• Bonus: Policyholders are eligible to receive bonuses declared by LIC, which can enhance the overall returns of the policy.

LIC Aadhar Shila Yojana Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:-

• Eligibility: If your age falls between 8 to 55 years, you are eligible to avail the benefits of this scheme.
• Beneficiary: As a woman, you can exclusively avail the benefits of this scheme.
• Policy Duration: You can choose a policy duration ranging from a minimum of 10 years to a maximum of 20 years.
• No Medical Checkup: You are not required to undergo any medical checkup to avail the benefits of this scheme.
• Age Limit at Maturity: Ensure that your age does not exceed 70 years at the time of maturity to qualify for the scheme’s benefits.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:-

• Aadhar Card
• Residence Certificate
• Income Certificate 
• Educational Certificates 
• Bank Account Details 
• Latest Passport Size Photos 
• Mobile No
• Email ID 

LIC Aadhar Shila Yojana Apply Online 2024 

The applicants will need to follow the below-mentioned points to apply online:- 

• Go to the Official Website.
• Look for the “Adharshila Yojana” option on the homepage.
• Click on the “Adharshila Yojana” option.
• Fill out the application form with the necessary information.
• Upload all the required documents.
• Click on the “Submit” option to complete the application.
• Congratulations, you have successfully applied under LIC Aadhaar Shila Scheme!