Aadhaar Stambh (843)
LIC’s Aadhaar Stambh Plan offers a combination of protection and savings. This plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). Aadhaar Stambh provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
This is a regular premium, non-linked, with profits Endowment Assurance Plan.This Plan shall be allowed to standard lives under Non-Medical only.
Key Features of Aadhaar Stambh:
* Only for Male Customers
* Targetted low income group by offering low premium rates
* Inbuilt Auto Cover Fecility
* Premiums paid towards policy are exempted from Income Tax under section 80c
* Amount received as Maturity is Tax Free under section 10(10D) of Income Tax laws.
Aadhar Stambh Plan Parameters:
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Minimum Term : 10years
Maximum Term : 20years
Premium Paying Term : Same as Policy Term
Maximum Age at Maturity : 70 years (nearest birthday)
Minimum Basic Sum Assured per life* : Rs. 75,000
Maximum Basic Sum Assured per life* : Rs. 300,000
Premium paying Mode : Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate : 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Benefits of LIC Aadhar Stambh Plan:
Death Benefit:
First 5 years of Policy: Sum Assured on death.
6th year onwards: Sum Assured on Death + Loyalty additions if any.
(Sum Assured on Death= Higher of Basic SA or 10 times of annualized Premium. Death Benefit should not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.)
Maturity Benefit:
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.
Auto Cover Period:
“Auto Cover Period” under a paid-up policy shall be the period from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as under:
* If at least three full years, but less than five full years premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.
* If at least five full years premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of two years shall be available.
Optional Accident Benefit Rider:
The policyholder has an option of availing LIC’s Accident Benefit Rider. Rider sum assured cannot exceed the Basic Sum Assured.Accidental Benefit Rider is allowed to the policy holders above 18 years of age only.
LIC Aadhar Stambh Plan with an Example:
Age- 35, S.A.- `3,00,000, Term – 20 years, Basic Yly Premium: `11,159
Entry Age : 35
In case of Death at Age 41 i.e. 6th Year of Policy:
Death Benefit = S.A + Loyalty Additions
=`3,00,000 + ` 7,500
=`3,07,500
In case of Accidental Death (If opted for Accident Rider): Additional ` 3,00,000 will be paid along with Natural Death Benefit. Total: `3,07,500 + `3,00,000= `6,07,500
Maturity at Age 55:
Maturity Benefit = Basic S.A. + Loyalty Additions
= `3,00,000 + `1,57,500
= `4,57,500