LIC Aadhaar Stambh Plan

Moreover, the liquidity needs are also taken care off by its auto cover and loan facility. Let’s read further to know in detail about various aspects of the policy.

Eligibility Criteria of LIC Aadhar Stambh Plan

The following are the eligibility criteria of the policy.

Benefits offered by LIC Aadhar Stambh Plan

Let’s take a look at the benefits offered by LIC Aadhar Stambh Plan

Death Benefit

 In case of demise of the life assured during the policy tenure, the death benefit paid to the beneficiary of the policy will be:

In case of demise of the life assured during the first five years, the sum assured on death shall be payable to the nominee of the policy.

In case of demise of the life assured after completion of five policy years but before the maturity date the death benefit is payable as total sum assured amount and loyalty addition, if any. The sum assured on death is defined as:

• 7 times of annualized premium, or;
• 100% of the basic sum assured amount.

The death benefit should not be less than 105% of the total premium paid up to the date of death.

Maturity Benefit

In case the life assured survives the entire tenure of the policy and all the premiums of the policy are dully paid then maturity benefit is paid as the sum assured on maturity along with loyalty addition, if any to the policyholder.

Loyalty Additions

If the policyholder has paid the first five years of premiums on time and depending upon the Corporation’s experience, the policyholder is eligible for Loyalty Additions at the time of maturity. 

Surrender Benefit

The policyholder can surrender the policy anytime after completion of two consecutive policy years and provided all the premiums have been paid. The guaranteed surrender value should be equal to the premiums paid (excluding extra premiums, premium for rider and taxes, if any) multiplied by the guaranteed surrender value factor applicable to the total premium paid under the policy.  

Policy Loans

 Loans can be availed if the first two years are completed with the timely payment of premiums. With the LIC Aadhar Stambh policy status as active, the policyholder can avail 90% of surrender value as loan. And for policies with paid-up status entitle the holder to avail 80% of the surrender value. 

Tax Benefits

The benefits are eligible for tax benefits under prevailing income tax laws.

* Tax benefit is dependent on changes in tax laws

Additional Riders Offered by LIC Aadhar Stambh Plan

Additional Riders available with this plan are:

• LIC Accident Benefit Rider allows the beneficiary to receive a lump sum amount in case of accidental demise of the life assured during the policy tenure. The rider can be added to the base policy if the policy has finished 5 successful years. The sum assured benefit offered under accidental death benefit rider should not exceed the basic sum assured amount of the policy.
• The Death Benefit can be taken in installments over 5, 10 or 15 years as requested by the beneficiary.

Premiums for LIC Aadhar Stambh Plan

LIC Aadhar Stambh Plan is activated within 7 working days of the premium payment. The premium can be paid in installments in half-yearly, yearly, quarterly and monthly modes. 

Rebates Applicable

Mode Rebate

Yearly Mode- 2% of Tabular Premium

Half-yearly Mode- 1% of Tabular Premium

Quarterly, Monthly & Salary Deduction- Nil

Higher Basic Sum Assured Rebate:

Basic Sum Assured                 Rebate

75,0000-1,90,000                   Nil

2,00,000-2,90,000                  1.50% of BSA

3,00,000                                  2.00% of BSA

Documents Required to Purchase LIC Aadhar Stambh Policy?

To buy this LIC policy , one has to provide:

• Identity proof - Aadhar card, voter's card, and passport
• Address proof- Aadhar card, driving license, electricity bill, ration card, voter's card, and/or passport
• Income proof - such as Income tax returns or salary slips
• Health record of the life assured

Exclusions of LIC Aadhar Stambh Plan

LIC Aadhar Stambh Plan reviews show that it is an ideal investment option for male lives who can secure their future and that of their families even in their absence.  

A suicide clause is available as an exclusion in this plan which entitles the beneficiary to receive 80% of the premiums paid till death if the unfortunate event happens within 12 months of risk commencement and in case the suicide happens within 12 months of the revival of the policy, the beneficiary receives the higher of either the 80% of premiums paid or the Surrender Value.   

LIC Aadhaar Stambh Plan - FAQs