LIC's Aadhaar Stambh Plan (Plan No: 943, UIN: 512N310V01) is a non-linked insurance plan, with profits and regular premium paying endowment plan. It is a aggregation for both savings as well as protection. LIC’s Aadhaar Stambh Plan is exclusively for male policyholders having aadhaar cards issued by UIDAI (Unique Identification Authority of India). This is a loyalty addition based plan and does not require any medical tests, available standard healthy lives.
It provides financial support to the family in case of unfortunate death of policyholder before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
As it is an edowment plan, on successful completion of the policy term while the assured is alive and only if all the due premiums are clear and paid,
The ‘sum assured on maturity’ will be equal to the Basic Sum Assured.
The insured will get a lumpsum amount which will be equal to;
Maturity Benefit=Basic Sum Assured+Loyalty Addition.
*Note: Loyalty Addition can be availed only after successful completion of 5 years and if it is declared by the LIC.
On death during the first 5 years of the policy:
The death claim amount will be equal to Basic Sum Assured.
On death after 5 years of the policy and before maturity:
The death claim amount will be equal to Basic Sum Assured+Loyalty Addition (LA).
*Note: Loyalty Addition can be availed only after successful completion of 5 years.
Sum assured on death is the higher of 10 times of the annualized premium or basic sum assured. This benefit is not less than 105% of the premiums paid until death. Premiums paid does not include either taxes or any type of extra charges due to rider premiums.
On completion of policy years and if the premiums have been paid for at least 5 years, Loyalty Addition will be paid covered by a paid-up policy if the policy is in force. Loyalty addition is also considered during Special Surrender Value Calculation on surrender of the policy during the term, only if the full premium has been paid for at least five years.
Policyholders who are above 18 years of age have the option of taking the advantage of LIC’s Accidental Benefit Rider with this plan, which will provide an additional amount equal to basic sum assured in case of death caused due to the accident. The Sum Assured in this rider will not exceed the Basic Sum Assured.
Under this plan, the risk will commence immediately from the date of inception of the policy. The date of commencement of risk also includes minor lives of the family i.e. children. This is an add-on perk offered by the plan that makes it more efficient and beneficial for a secure future of the family.
Premium under this policy can be paid in intervals in the form of yearly, half-yearly, quarterly and monthly, where monthly premium can only be through NACH or salary deduction during the term of the policy. A grace period of one month but not less than 30 days is allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
A revival period of 2 years is given to the assured from the date of first unpaid premium but before the date of maturity. This happens when the policy gets lapsed if the premium is not paid by the end of the grace period. The policy can be revived by paying all due premium along with interest at a rate fixed by LIC at the time of the payment, subject to the submission of satisfactory evidence of continued insurability.
All the benefits under the policy will cease after the expiry of the grace period and nothing will be paid if the premiums have not been paid for at least 3 years. In case of premiums fully paid for 3 years and any subsequent premium is not duly paid, then the policy won’t be ceased but continued as a paid-up policy. Although, Auto Cover Period will be applicable.
At Maturity the Maximum Age is 70 years (nearest birthday)
Date of risk initiation:
In this policy, the infant/juvenile is also covered and the risk will be initiated from the acceptance date itself.
*The overall Basic Sum Assured under this plan will not excel Rs. 3 lakhs.
Sample Premium Rates:
Some of the sample annual premium rates (service tax excluded) per Rs. 1000 Basic Sum Assured are as follows:
Rebate on Different Mode:
High Basic Sum Assured Rebate:
Basic Sum Assured (BSA) Rebate (Rs.)
If policyholder completes 20 years and pays all premium successfully, then Maturity will be as under:
|Maturity Year (from now)||Age at Maturity||Total Premium Paid||Maturity Amount (Approx.)|
Following table provides policy year-wise and age-wise total premium paid and death claim details. In case of accidental death, additional amount equal to Sum Assured is also included in death claim amount.
How to Understand Following Table?
Suppose if, unfortunate death of policy holder happens in year 2023 (at age 34), then by that time total premium paid will be Rs. 73,101 and nominee will get death claim as 3,00,000+Loyalty Addition; in case of normal death or Rs. 6,00,000+Loyalty Addition as accidental death claim in case of death due to accident and policy will stop.
|Year||Age||Total Paid Premium||Normal Life Cover (Approx.)||Accidental Life Cover (Approx.)||Return|
|2022||33||62658||300000 + LA||600000 + LA||-|
|2023||34||73101||300000 + LA||600000 + LA||-|
|2024||35||83544||300000 + LA||600000 + LA||-|
|2025||36||93987||300000 + LA||600000 + LA||-|
|2026||37||104430||300000 + LA||600000 + LA||-|
|2027||38||114873||300000 + LA||600000 + LA||-|
|2028||39||125316||300000 + LA||600000 + LA||-|
|2029||40||135759||300000 + LA||600000 + LA||-|
|2030||41||146202||300000 + LA||600000 + LA||-|
|2031||42||156645||300000 + LA||600000 + LA||-|
|2032||43||167088||300000 + LA||600000 + LA||-|
|2033||44||177531||300000 + LA||600000 + LA||-|
|2034||45||187974||300000 + LA||600000 + LA||-|
|2035||46||198417||300000 + LA||600000 + LA||-|
|2036||47||208860||300000 + LA||600000 + LA||-|
|2037||48||Maturity||300000 + LA|
Above example has been prepared for illustration purpose only, for more details, please visit to LIC Website
|Minimum entry age||At least should be 8 years|
|Maximum entry age||Should not be above 55 years|
|Max. maturity age||Should not be above 70 years|
|Sum assured||Minimum basic sum assured=Rs. 75,000; |
Maximum basic sum assured=Rs. 3,00,000;
Basic sum assured will be provided in multiples of Rs. 5,000
|Policy term||10 years to 20 years|
|Premium payment term||10 years to 20 years|
|Date of risk commencement||Risk coverage will commence immediately from the date of policy issue|
|Payment of premiums||Premiums for the plan can be paid on an annual, semi-annual, quarterly, or monthly basis; monthly premium payment will only be allowed under the NACH (National Automated Clearing House) method|
|Rebate||Yearly-2%; Half yearly-1%; Quarterly and Monthly-Nil|
Auto Cover Period
The period from the due date of first unpaid premium (FUP) is “Auto Cover Period” under a paid-up policy. The duration of Auto Cover Period will be as follows:
If the premiums have been paid for 3 subsequent years continuously then the policyholder can surrender the policy anytime. LIC will pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value after the surrender of the policy.
The Special Surrender Value is fixed by LIC periodically based on the former approval of IRDAI.
The Guaranteed Surrender Value paid at the time of policy term is the total premiums paid multiplied by the Guaranteed Surrender Value factor effective to total premiums paid under the policy.
For Example: For a policy tenure of 10 years and if the policy is surrendered in 9th or 10th of the policy year, the Guaranteed Surrender Value factor expressed in percentage works out to be 80.00%. Similarly, for a policy tenure of 15 years and if the policy is surrendered in 14th or 15th of the policy year surrendered, the Guaranteed Surrender Value factor expressed in percentage works out to be 80.00%.
These Guaranteed Surrender Value factors expressed as percentages are solely depending on the policy term and policy year in which the policy is surrendered.
Premiums paid does not include either taxes or any type of extra charges due to rider premiums.
If the policy has a surrender value based on the terms and conditions by LIC priodically, then the loan will be provided at the time of policy term. The interest rate is decided by the Corporation only.
For the year 2016-17, the paid avail interest rate is 10% p.a. half-yearly.
Maximum loan (% of surrender value) is as under:
The latest loan amount along with interest will be restored during exit from the claims to be paid then.
Legal Taxes, will be applicable as per the laws of Government of India or Tax Authority of India and will be updated regularly if there is a change by the government.
Service Tax will be charged for the premiums paid under the policy. This tax amount paid to the government will not be calculated for the future benefits of the plan.
Free look period
Within 15 days of the issuance of the policy, if the person does not agree to the clauses of the policy then he/she can cancel the policy anytime within that period. After the cancellation process, LIC will return the amount of premium deposit, deducting the risk premium and stam duty charges.
*Note: Premiums paid does not include either taxes or any type of extra charges due to rider premiums.
Last updated on 08-09-2020