LIC Aadhaar Stambh

 LIC Aadhar Stambh (Plan No. 943)

Aadhar Stambh is one of those unique policies offered by the Life Insurance Corporation of India that is specially designed for males at an affordable premium rate. It is a Non-Linked, Participating, Individual, Life Assurance plan that has come up with both the facilities of protection and savings. It not only offers financial support to the nominee or the beneficiary in case of the unfortunate and untimely demise of the insured person, but it has also come up with the Auto Cover and loan facility to look after the liquidity needs of the policyholders.

Have a look at the below table to know more about the policy.

Features and Benefits of LIC Aadhaar Stambh Plan

LIC Aadhaar Stambh has presented a sack full of different benefits and facilities. To know more about its advantages and key features, have a look at the below mentions.

Death Benefit:

• On death during the first five years – In case of the unfortunate and untimely demise of the life assured before the date of maturity, during the first five years of the policy, Sum Assured on Death will be paid to the beneficiary of the policyholder. In this case, the policy should be an active one,
• On death after the completion of five policy years – In that case, on the demise of the life assured, the Sum Assured on Death along with loyalty addition have to be paid by the Corporation. Remember, in this case too, the policy should be in force which means all the due premiums should be paid. 

The death benefit should not be less than 105% of total premiums paid up to the date of death. And this premium does not include any taxes, extra premium, and rider premium. 

Maturity Benefit:

This is an endowment plan, so certainly this plan comes with maturity benefits. But, it has conditions like, the life assured has to survive the entire policy tenure and the policy should be active which means all the due premiums should be paid clearly. Only after fulfilling these conditions, one is eligible to receive the maturity benefit that is the compilation of Sum Assured on Maturity and loyalty additions. This Sum Assured on Maturity is equal to the basic sum insured. 

Loyalty Addition:

The life assured is only eligible for the loyalty addition when he/she fulfills the following criteria.

• The policy has to complete 5 years.
• During these five years, all the premiums have to be paid without any delay.
• The Corporation’s experience with the policies is a driving factor to receive the loyalty additions.

Only after fulfilling the aforesaid criteria, the life assured become eligible to get loyal addition at the time of exit that means either in case of demise of the insured person or at the time of the maturity of the policy. The rate of loyalty addition and the conditions to receive it are totally decided by the Corporation alone. One is also eligible to receive the same under the Special Surrender Value calculation if he/she surrenders the policy following the same eligibility criteria. 

Surrender Value:

This policy is so flexible that it gives you the opportunity to surrender the policy at any time of your convenience only if you have paid the premiums for this plan for two consecutive years. Upon surrendering this policy, you are eligible to avail of any of the following benefits, whichever is higher.

Guaranteed Surrender Value – It is payable during the policy term, which is equal to the total premiums paid to the policy multiplied by the Guaranteed Surrender Value factor. This premium excludes extra premiums, taxes, and premiums paid for the rider(s) if any. This surrender value totally depends on the policy term and the policy year in which the policy is surrendered.

Special Surrender Value – This surrender value is reviewed and determined by the Corporation itself and it is subject to time to time prior to the approval of IRDAI.

Policy Loan: 

Once you have paid at least 2 consecutive years’ premiums, you are eligible to avail of the loan facility against the LIC Aadhaar Stambh plan. But it is subject to the terms and conditions of the Corporation and it can be reviewed from time to time by the same.

The maximum loan as a percentage of surrender value will be as under:

For in-force policies – up to 90%

For paid-up policies – up to 80%

Tax Exemption: 

If statutory taxes are imposed on this plan by the government of India or any other constitutional Tax Authority of India, then you need to pay the applicable taxes as determined by the tax laws. Remember, you need to pay the applicable taxes for base policy and rider, if any including extra premiums, separately.

Eligibility Criteria of LIC Aadhaar Stambh

To avail of this policy, have a look at the eligibility criteria of the LIC Aadhaar Stambh policy.

It has to be remembered that the total Basic Sum Assured under all policies issued to an individual under this plan should not exceed Rs. 3 lakhs.

Optional Benefits Available Under LIC Aadhaar Stambh

Apart from the basic benefits and facilities, the LICAadhaar Stambh policy has also come up with different optional benefits to provide more power to it. To know the details, have a look at the below mentions.

Rider Benefit

To strengthen your existing LIC Aadhaar Stambh policy, you can also opt for LIC’s Accident Benefit Rider at any time at your convenience during the policy term. The rider benefits can be enjoyed in case of accidental death, and the Accident Benefit Sum Assured will be payable in a lump sum amount. But for this, you need to fulfill the following conditions.

• For availing of this rider benefit, the policy should be an active one.
• The policy period of the base plan should be at least 5 years.
• The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

Option To Take Death Benefit in Installment

Similar to the maturity benefit, you can also receive the death benefit in installments instead of a lump sum amount to generate a regular flow of income. For this, you need to choose a policy period of either 5 years or 10 years, or 15 years. This facility is available for both the paid-up policy and an active policy. For availing of this facility, the life assured or the policyholder has to be 0f 18 years or above. For this, the mode of installment will be either monthly, quarterly, half-yearly, or yearly. These installments are subject to minimum installment amounts for different modes of payments, which is similar to the maturity benefit.

Exclusions of LIC Aadhaar Stambh

While buying an insurance policy, it is very important to know about the exclusion of the plan to avoid future problems. Though LIC Aadhaar Stambh has come up with a bundle of benefits, it has also certain exclusions. Here are the details of those. 

• If the Life Assured commits suicide at any time within 12 months from the date of commencement of risk, then the Corporation will not liable to provide any claim except for 80% of the total premiums paid, while the policy is active.
• If the Life Assured commits suicide within 12 months from the date of revival, an amount of 80% of the premiums paid till the date of death or the Surrender Value available as on the date of death, whichever is higher, will be compensated by the Corporation.

 

How to Purchage for LIC Aadhar Stambh?

 

Interested beneficiaries who want to apply under this policy, then you can contact me on the phone number given below, then our team will tell you the term of LIC Aadhar Stambh, you have to choose it according to your income, then our team will give you all your You will have to give information and your documents, after which he will fill your form. In this way you can join LIC Aadhar Stambh Scheme.You can contact us to get more information related to the scheme.

 If you have any questions on this plan, please contact our team and we would be happy to help. 

Thank You,

Team

(Growmore Insurance Point)