This is a participating, non-linked individual life assurance savings plan that is specifically designed to provide the combined benefit of savings and protection. The plan not only provides financial protection to the family in case of any eventuality but also helps to accumulate wealth for future as maturity benefit if the life assured survives the entire tenure of the policy.
Buy LIC policy online
hassle free
Guaranteed maturity with life
cover
for securing family's future
Tax saving under Sec 80C &
10(10D)
Sovereign guarantee as per
Sec 37 of LIC
Act
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.
The following are the eligibility criteria of the policy.
Criteria |
Minimum |
Maximum |
Entry Age |
8 years |
55 years |
Policy Term |
10 years |
20 years |
Maturity Age |
N/A |
70 years |
Premium Paying Term |
Same as policy term |
|
Sum Assured |
Rs 75,000 |
Rs 3,00,000 |
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:
The death benefit should not be less than 105% of the total premium paid up to the date of death.
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.
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.
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.
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.
The benefits are eligible for tax benefits under prevailing income tax laws.
* Tax benefit is dependent on changes in tax laws
Additional Riders available with this plan are:
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.
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
To buy this LIC policy , one has to provide:
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.