LIC Aadhar Stambh is one of the most popular endowment plan offered by Life Insurance Corporation of India. This plan is designed to promote savings and provide financial protection to family in case of an unfortunate demise of the life assured.
The LICs Aadhar Stambh plan is exclusively for its male customers and is tailor-made to cater to their insurance needs. The basic document needed while buying the plan is UIDAI issued valid Aadhar Card. Let us understand in detail the exclusive features and benefits of the LICs Aadhar Stambh Plan.
The LICs Aadhar Stambh Policy has the following highlight features :
The LICs Aadhar Stambh plan offers attractive benefits to the policyholder. Following are the benefits of LICs Aadhar Stambh Plan
Maturity Benefit = Sum Assured on Maturity* + Loyalty Addition, if any
*Sum Assured on Maturity = Basic Sum Assured of the policy.
Subject to a minimum of 105% of all premiums paid till date
Loan facility is available under the plan provided the LIC Aadhar Stambh policy has gained surrender value. Loan facility on LICs Aadhar Stambh plan can be availed by fulfilling certain terms and conditions as mentioned by LIC from time to time. The rate of interest on policy loan shall be determined by the corporation.
The maximum loan that can be availed under the LICs Aadhar Stambh plan is :
For availing the LICs Aadhar Stambh Policy the following eligibility factors are to be considered :
|Plan available for||Male|
|Minimum Entry Age||8 years|
|Maximum Entry Age||55 years|
|Minimum Policy Term||10 years|
|Maximum Policy Term||20 years|
|Max age at the time of policy maturity||70 years|
|Sum Assured||Min. Rs 75,000 & Max. Rs 3,00,000|
|Mode of Premium Payment||Yearly, Half-Yearly, Quarterly and Monthly|
The policyholder can avail LICs Aadhar Stambh Policy at a comparatively low and attractive premium. The annualized premium rates of the LIC Aadhar Stambh policy is low as compared to other endowment plans offered by Life Insurance Corporation of India. The premium rate of the LIC Aadhar Stambh Policy is as under :
|Policyholder’s Age||Policy Term|
|10 yrs||15 yrs||20 yrs|
Above is the sample tabular representation of annualized premium rates of LICs Aadhar Stambh Plan. Kindly note that these premium rates are exclusive of service tax and are charged per Rs 1,000 of sum assured of the basic policy.
Let us understand with an example of how the tabular premium rate chart can be used to derive the premium amount of the LIC Aadhar Stambh Plan.
Annual Premium :
= 55.65/1000 * Rs 3,00,000
= Rs 16,695+ Tax
(Since premium rates are of Rs 1,000 per basic sum assured)
LICs Aadhar Stambh policy is a very popular endowment plan as the plan can be availed at a low premium amount. Apart from low premiums the policy allows attractive discounts and rebates on premium payment modes and on opting high basic sum assured. The discounts and rebates offered under the LICs Aadhar Stambh Policy are as under
Rebate on Premium Payment Mode: policyholders are eligible for receiving rebates on premium paying mode as under
Rebate on High Sum Assured: policyholders are eligible for receiving rebates on choosing sum assured as under
Thus above are the attractive discounts and rebates offered under LICs Aadhar Stambh policy.
Policyholders at any given time choose to surrender the policy provided at least 3 consecutive premiums are paid by them. The surrender value shall be paid upon receiving the request for surrendering of the policy. The surrender value shall be the higher value between guaranteed surrender value and special surrender value.
The special surrender value is the value that is determined by the Life Insurance Corporation of India at regular intervals and the guaranteed surrender value is the total of the premiums paid till the date of surrender of Aadhar Stambh Policy. The guaranteed surrender value is the percentage factor determined as per policy term and the year of the surrender of the policy. Following is a sample tabular representation of the guaranteed surrender value factor :
|Surrender year of Policy||Guaranteed surrender value factor for a Policy term of 10 years||Guaranteed surrender value factor for a Policy term of 15 years||Guaranteed surrender value factor for a Policy term of 20 years|
Following are various steps to purchase the LICs Aadhar Stambh Policy
Claim settlement under LICs Aadhar Stambh Policy is as under
There is a difference in both claims mentioned above.
The documents required for registering a claim under LIC Aadhar Stambh Policy is as under
While in case of accidental death following additional documents are required to be submitted
Upon submitting the above required relevant documents LIC shall register the claim and credit the claim amount in the policyholder’s/ nominee’s bank account.
LIC offers 15 days of free-look or cooling period for cancelling the Aadhar Stambh policy. In this period the policyholder can cancel their Aadhar Stambh policy by returning the original policy document to LIC along with a letter mentioning the reason for cancellation and cancelled cheque. Upon receipt of such request, LIC will cancel the Aadhar Stambh policy and credit the premium amount (after deducting certain requisite charges) to the policyholder’s account.
LIC offers a revival of Aadhar Stambh policy. The policyholders can revive their lapsed policy within 2 years from the date of first unpaid premium.
The LICs Aadhar Stambh Plan offers various premium paying modes. Policyholders can choose any one from the following premium paying modes for payment of premium as per their convenience. The premium paying modes under LICs Aadhar Stambh plan are Yearly, Half-Yearly, Quarterly, and Monthly.
Yes, under LICs Aadhar Stambh policy the policyholder can choose sum assured between Rs 75,000 to Rs 3,00,000. The basic sum assured from Rs 75,000 to Rs 1,50,000 can opt in multiples of Rs 5000 while for a basic sum assured more than Rs 1,50,000 shall be in multiples of Rs 10,000 subject to maximum basic sum assured limit to Rs 3,00,000.00
In case the policyholder of the LIC Aadhar Stambh policy fails to pay the policy premium in time or before the end of grace period then the policy shall lapse and cease to enjoy the benefits offered by the plan.
Under the LICs Aadhar Stambh Policy, the date of commencement of risk starts immediately from the date of issuance of the policy. This risk coverage is extended to cover the minor policyholders.
Yes, the LIC’s Aadhar Stambh policy can be surrendered incase you are unable to continue the plan. However, you also have the option of opting for a loan under LIC Aadhar Stambh policy as well instead of opting for a complete closure by way of surrender.
Yes, the LICs Aadhar Stambh policy does not cover for suicide claims. In suicide cases, the policy benefits shall stand void and no claim shall be entertained except :