New Delhi : In India, millions trust the Life Insurance Corporation (LIC) of India when it comes to saving for their future. From time and again, LIC introduces secured policies that offer impressive returns. In one such policy named LIC Aadhaar Shila, women investors can invest a little to get lakhs of rupees at the time of maturity.
Only women investors with valid Aadhaar IDs can invest in the LIC Aadhaar Shila policy. The minimum age of entry in the policy is 8 years, while the maximum age of entry is capped at 55 years.
Besides impressive returns, investors can get multiple benefits from the policy. For instance, a woman investor can avail of insurance of a minimum of Rs 75 thousand and a maximum of Rs 3 lakh.
Investors can deposit either quarterly or half-yearly or yearly basis. You can invest for a minimum of 10 years and a maximum of 20 years. For starters, you can invest Rs 10,959 annually or roughly about Rs 899 per month for 20 years to get Rs 3 lakh 97 thousand at the time of maturity.
You would have paid about Rs Rs 2 lakh 14 thousand as premiums and the rest will be interest benefits that you will receive at the time of maturity. However, you will also have to pay the capital gain’s tax on investment at a 4.5 per cent rate, according to a report by ZeeBiz.
In case of the unfortunate, the sum assured is paid to the nominee, which is usually a member of her household. Also, the premium paid under the Aadhaar Shila policy are exempted from tax under section 80C of the Income Tax Act.
One of the important terms of the Aadhaar Shila policy is that the age of the policyholder should not be more than 70 years at the time of maturity. Moreover, on maturity, the policyholder is paid with a lump sum amount.