LIC's Jeevan Adhar Stambh

LIC’s Aadhar Stambh Plan is an investment and insurance plan only for males of India. It is an participating endowment plan for males who holds Adhar Card issued by UIDAI (Unique Identification of India). In case of death of the insured during the police term or before the maturity date of the policy, the family of the insured will be provided financial support and a lump sum amount will be provided in case of survival of the policyholder till the date of maturity of the policy. Since it is a Participating plan, there are some Loyalty Additions will also be provided, if any. LIC’s Aadhar Stambh Plan plan takes care of savings and protection at the same time.

By giving facilities of Auto Cover and Loan facilities, this plan also takes care of the liquidity. 

Benefits :

Maturity Benefits : 

If the policyholder survives till the end of the Maturity of policy then he’ll receive Sum Assured on Maturity plus Loyalty Additions, if any.

Death Benefits :

  • If the policyholder dies within the period of 5 policy years, the nominee will only receive the Sum Assured on Death.
  • If the policyholder dies after the 5 policy years but before maturity of the policy, the nominee will receive Sum Assured on Death along with the Loyalty benefits, if any.

The Sum Assured on Death will be the highest of these :

  • Basic Sum Assured
  • 10 times the Annualised Premium

The Death Benefits can not be less than 105% of all the premiums paid as on the date of death of insured.

The Premiums mentioned above can not include any taxes.

Loyalty Additions :

  • If policyholder has paid all the premiums of 5 policy years then he’ll be eligible for the Loyalty Additions in case of both Maturity and Death.
  • If insured has paid all the premiums of 5 policy years, Loyalty Additions, if any, will also be considered in Special Surrender Value Calculation on surrender of policy.

Free-look Period :

The LIC’s Aadhar Stambh Plan provides a Free-look Period of 15 days to reconsider the policy. If the policyholder wants to cancel the policy for any reason, he can cancel it in this period. He’ll receive the Net Premium Paid after deducting the expanses.

Grace Period :

  • Monthly Premium Payments – 15 days Grace Period
  • Quarterly, Half-yearly, Yearly Premium Payments – 30 day Grace Period.

Riders Benefits :

  • LIC’s Accident Benefits Rider

Surrender Value :

  • The Guaranteed Surrender Value and Special Surrender Value has been payable to the insured if the insured wants to surrender the policy but only after the 3 full years’ premium have been paid by the insured.
  • But if the insured surrenders the plan before 3 policy years, he won’t be eligible to receive anything from the corporation.

Loan Benefits :

LIC’s Aadhar Stambh Plan also provides loan facility to those Life Insured who have paid all Premium of 3 years.

Tax :

  • Under Section 80C of Income Tax Act, the Premiums Paid for LIC’s Aadhar Stambh Plan are exempted from taxation.
  • Under Section 10C of Income Tax Act, the Maturity amount of LIC’s Aadhar Stambh Plan is also exempted from taxation.
  • Under Section 10C of Income Tax Act, the Death Benefits received in LIC’s Aadhar Stambh Plan are free from taxation.

Rival Benefits :

If the plan has been lapsed, within the period of 2 years from the date of first unpaid premium, the plan can be Revived by paying all the arrears of premium together and interest (Compounding Half-yearly) on such rates that would be decided by the corporation at the time of payment.

Paid-up Value of LIC’s Aadhar Stambh Plan :

  • If one has paid 3 years’ premium on time but stopped paying after that, the Paid-up Value of LIC’s Aadhar Stambh Plan would be applicable for Auto Cover Period.
  • If one has stopped paying premium within the period of 3 policy years then after the expiry of grace period the policy will be ceased.

LIC’s New Endowment Plan With Features, Benefits, Maturity :- lics-new-endowment-plan-plan-no-914 

Calculate your premium :- https://ebiz.licindia.in/D2CPM/#qni/basicinfo

LIC's Aadhar Stambh Plan Key Features

Auto Cover Period of LIC’s Aadhar Stambh Plan : 

The Auto Cover Period starts from the date of the first unpaid premium. In following circumstances the Auto Cover Period will be activated :

  • Auto Cover Period of 6 months will be available if the policyholder has paid at least 3 Years of full premium but less than 5 years.
  • Auto Cover Period of 2 years will be available if the policyholder has paid 5 years of full premium.

 

Benefits during Auto Cover Period under a Paid-up Policy :

Death Benefits :

  • Death Benefits after deduction of the unpaid premium with interest upto the date of death
  • The balance premium due from the date of death occurred and before the next policy anniversary, if any.

 

Maturity Benefits :

  • Maturity Paid-up Sum Assured i.e. equal to (No. Of Premiums Paid / Total No. Of Premiums Payable) × (Sum Assured on Maturity).
  • Loyalty Benefits, if any.

 

Benefits after expiry of Auto Cover Period under a Paid-up Policy : 

 

Death Benefits : 

  • Death Paid-up Sum Assured i.e. equal to [Sum Assured on Death * ( No. Of Premiums Paid / Total No. Of Premiums Payable)]
  • Loyalty Benefits, if any.

Maturity Benefits :

  • Maturity Paid-up Sum Assured i.e. equal to (No. Of Premiums Paid / Total No. Of Premiums Payable) × ( Sum Assured on Maturity)
  • Loyalty Benefits, if any.

Exclusion : 

  • Only 80% of the Premium paid will be provided to the nominee if the policyholder commits suicide within the period of one year from the commencement of the risk.
  • An amount which is higher of 80% of the Premiums Paid will be provided to the nominee if the insured commits suicide within the period of one year from date of revival.