LIC’s Aadhaar Stambh Plan is a non-linked insurance plan, with profits and regular premium paying endowment plan. This plan is a combination plan which offers both savings as well as protection. LIC’s Aadhaar Stambh Plan is exclusively for male policy holders having Aadhaar cards issued by UIDAI. This is a Loyalty Addition based plan. This plan does not require any medical test and is available standard healthy lives.
LIC’s Aadhaar Stambh Plan also provides financial support to the family in case of unfortunate death of policyholder before maturity and a lump sum amount the time of maturity for the surviving policyholder.
1. This plan provides auto cover facility i.e. it takes care of liquidity needs through its Auto cover as well as loan facility.
2. This plan is only available for males.
3. It is low premium plan.
4. It is an Endowment policy wherein the amount is given as a lump sum at maturity i.e. at the end of the term.
5. In this plan Loyalty Addition will be paid additionally if the death occurs after 5 years, whereas normal insurance coverage will equal to Basic Sum Assured.
6. At the maturity of this plan the policyholder receives Basic Sum Assured + Loyalty Addition.
7. Critical illness benefits are not available under this plan
8. Loan facility is available under this plan but only after completion of three years.
9. Benefits like LIC’s Accidental Rider and permanent disability rider are available
10. Revival of lapsed policy is available under this policy within the two years of first unpaid premium.
11. Paid premiums are exempted from income tax under 80c.
12. Maturity amount is tax free under 10 (10D).
In order to buy this policy an individual should fulfil the following eligibility criteria:
1. This plan is only available for male individuals
2. Minimum entry age for this plan is 8 years (completed).
3. Maximum entry age for this plan is 55 years (nearest birthday).
4. Minimum term for the plan is 10 years.
5. Maximum term is 20 years.
6. At maturity the maximum age should be 70 years (nearest birthday).
7. Minimum sum assured is 70,000 for the plan and maximum sum assured is 3, 00,000.
8. Premium paying modes available for the plan are- Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only).
9. Following rebate is available on given premium paying modes:
Quarterly and monthly- Nil
On successful completion of the term policy while the assured is alive i.e. when all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition is paid.
On death of the assured during first five years, Sum Assured on Death is paid. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, is paid. Where Sum assured on death is defined as the higher of 10 times of annualised premium or basic sum assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
If the policy has completed five years and full premium has been paid for at least five years, then the plan is eligible for Loyalty Addition at the time of exit in the form of death during the policy term or maturity. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force. Loyalty addition is also considered during Special Surrender Value Calculation on surrender of policy during the term, only if the policy has completed five years and at least for five years full premium has been paid.
Optional Accidental benefit rider
Policy holders above 18 years of age have option of availing LIC’s Accidental Benefit Rider with this plan, which will provide additional amount equal to basic sum assured in case of death caused due to accident.
Date of commencement of risk
Under this plan the risk will commence immediately from the date of inception of policy. It also includes minor lives.
Payment of premium
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 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 two 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 such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
Paid up value
All the benefits under the policy will cease after the expiry of grace period and nothing will be paid, if the premiums have been paid for less than 3 years. In case of premium fully paid for three years and any subsequent premium is not duly paid, then the policy won’t be ceased but continued as a paid-up policy.
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