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). This plan 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.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
On death of the Life Assured during the policy term provided all due premiums have been paid then:
On death during first five years: ?Sum Assured on Death? shall be payable.
On death after completion of five policy years but before the date of maturity: ?Sum Assured on Death? and Loyalty Addition, if any, shall be payable.
The Sum Assured is basic sum assured or 10 times of annual premium which is higher and the benefit is not less than 105% of all the paid premiums on date of death.
Note : - Where premiums exclude service tax, extra premium and rider premiums, if any.
Sum Assured will be payable Loyalty Addition, if any, shall be payable. Where ?Sum Assured on Maturity? is equal to Basic Sum Assured.
Provided the policy has completed five policy years and atleast 5 full years? premium have been paid, then depending upon the Corporation?s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years? premium have been paid.
The policyholder has an option of availing LIC?s Accident Benefit Rider (UIN: 512B203V02). Rider sum assured cannot exceed the Basic Sum Assured.
Eligibility Conditions and Other Restrictions:
(This plan is only available for standard healthy lives without undergoing any medical examination)
- Age Eligibility: 8 to 55 years
- Policy Term: 10 years to 20 years
- 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
The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.
* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh.
- Premium Payment Mode: Yearly, Half-yearly, Quarterly and monthly intervals (monthly premiums through NACH only) or Salary Deduction Method
- Grace Period: 30 days for Yearly, Half-yearly, Quarterly; 15 days for Monthly Payment.
Grace Period: After the premium payment due date the certain time is given by LIC India to make due premium payment.
LIC India offers some benefits to the policyholders by choosing specific mode and high sum assured of the plan.
High Sum Assured Rebate
|Basic Sum Assured (B.S.A)
|75,000 to 1,90,000
|2,00,000 to 2,90,000
||1.50 % of B.S.A.
||2.00% of B.S.A.
Premium Payment Mode Rebate
|Yearly mode||2% of Tabular Premium|
|Half-yearly mode||1% of Tabular premium|
|Quarterly,monthly & Salary deduction || NIL|
The policy will lapse when the policyholder does not pay the premium even after the completion of the grace period.
Life Insurance Corporation gives the 2 consecutive year revival period from the date of first unpaid premium and before the date of maturity to revive the lapsed policy. In the two years revival period the policy holder may pay the all arrears of premium with interest to make the policy in-force.
Note:- the interest rate fixed by the corporation at the time of payment.
If the policyholder paid premium for minimum three years LIC offers the policyholders to convert their normal policy into paid-up policy.
After that the policyholder unable to pay next premium the policy is not cancelled. Instead, the sum assured of the policy reduced depending on the paid premiums, which is Paid up value.
The paid-up Sum assured is payable on the date of maturity or in case of prior death.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.
If the policy holder terminates the policy before the end of the policy term or before the maturity. It is called Surrender.
The amount will be payable to the policy holder after the termination of policy that is Surrender Value is available under this plan.
The Guaranteed Surrender Value allowable shall be percentage of total premium paid excluding service tax, extra premium, if any and premiums for riders, if opted for.
In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses .These factors will depend on the policy term and policy year in which the policy is surrendered.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
Loan facility is available for this plan after the first policy year and subject to the terms and Conditions of Life Insurance Corporation that may specify and vary any time.
Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of tax payable as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums, if any.
The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
15 days are the cooling-off period for this plan. If the policyholder is not satisfied with the policy, the policy may be given back to the LIC Corporation within 15 days from the policy receipt.Then the Corporation shall cancel the policy and return the payment of first premium after deduction of premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
If Life Assured commits suicide within one year from the date of risk commencement, the policy will be cancelled and cannot claim death benefit. LIC will return the extent of 80% of the single premium paid excluding taxes and any extra premium paid.
If the Life Assured commits suicide within one year from the date of revival, the amount which is higher 80% of premium paid till the date of death (excluding taxes, any extra premium paid,rider premium) or surrender value if the policy in force will be payable.