LIC Aadhar Stambh Plan offers one of the best combinations of protection and savings, especially for males. This plan is designed exclusively for the lives of males who are having aadhar card issues. This plan supports the family of the policyholder in case of his death anytime before his death and a lump sum amount at the time of maturity.
Benefit
Maturity benefit of LIC Aadhar Stambh
There is a maturity benefit for the LIC Aadhar Stambh primarily consists of “Sum Assured on Maturity“ along with Loyalty Addition. The Loyalty Addition shall be payable for the completion of the policy period. Loyalty Addition is also considered in the Special Surrender Value calculation of the policy term after the first five-year term and the premium for the policy is paid for full five years. The sum assured on the maturity is 10 times the premium paid or absolute amount assured to be paid on the death
Death benefit of LIC Aadhar Stambh
The death benefit for the LIC Aadhar Stambh shall be applicable as follows
Death during the first five years– The policy pays Sum assured on death when the policyholder sudden demises before the policy period. The basic sum assured cannot be less than the 105% of all the premiums paid
Death after five years– The policy pays Sum assured on death as well as Loyalty Addition when the policyholder sudden demises after the policy period ends.
Additional benefit of LIC Aadhar Stambh
The policyholder has an option for choosing the LIC Accident Benefit Rider (UIN: 512B203V02) and in that case, the Rider Sum Assured shall be payable along with the benefits mentioned above. The Riders benefit cannot exceed the basic sum assured.
Rebate of LIC Aadhar Stambh
The Rebate of LIC Aadhar Stambh is as follows
The Rebate depends on the amount paid and the rebate percentage will be calculated on the bases of the sum assured.
- 3,00,000 will be 2.00% of the Basic Sum Assured
- 75,000 to 1,90,000 – Nil
- 2,00,000 to 2,90,000 – 1.50%o BSA
Eligibility for LIC Aadhar Stambh
NOTE: Primary eligibility to avail this benefit is to free from any medical condition.
| Maximum Basic Sum Assured | Rs. 300,000 |
| Minimum Basic Sum Assured | Rs. 75,000 |
| Minimum Age | 8 years |
| Maximum Age | 55 years |
| Policy Term | 10 to 20 years |
| Maximum Age at Maturity | 70 years |
Surrender value
The policy can be surrendered at any time provided premiums have been paid for at least three consecutive years. , the Corporation will pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value. The Special Surrender Value shall be determined by the Corporation from time to time subject to prior approval of IRDAI.
Policy loan
The loan can be availed at any time during the policy term once the policy acquired its surrender value of around 80-90% of the total surrender value at the interest rate that can vary. The interest rate for the 2016-17 is 10% p.a. payable half yearly.
Taxes
The premium paid is tax exempted under India’s Income Tax Law section 80C. Moreover, the life assured could also enjoy tax exemption on his/her Maturity Benefit under India’s income tax law section 10D.
Free lookup period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections
Revival
If premiums are not paid by the end of the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of Maturity.
Exclusion
The policy gets void in the case of suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is in force. If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, will be payable.
