LIC Aadhaar Stambh
Only men are eligible for LIC’s non-linked, participatory, individual savings life insurance plan, Aadhaar Stambh, which offers savings in addition to protection. In the event that the policyholder inadvertently dies before the policy expires, the plan will provide financial support to the surviving policyholder’s family and provide a lump sum payout to the remaining policyholder.
Moreover, this plan makes provisions for liquidity needs via Auto Cover and a credit facility.
Description
The benefits provided by this insurance policy include:
a) Death Benefit: If the Life Assured passes away tragically during the policy term and the policy is in effect (i.e., all required premiums have been paid), the following benefits will be paid out:
Death in the First Five Years: The amount payable will be the “Sum Assured on Death”.
Death Following the Completion of Five Policy Years but Prior to Maturity: The “Sum Assured on Death” and, if relevant, the Loyalty Addition will be reimbursed.
The definition of the “Sum Assured on Death” is the greater of:
seven times the premium per year.
Entire Basic Sum Guaranteed.
At least 105% of all premiums paid up until the date of death must be included in the death benefit. Please be aware that the premiums listed above do not include any applicable taxes, additional premiums, or rider fees.
b) Maturity Benefit: The “Sum Assured on Maturity” and any applicable Loyalty Addition will be paid provided the Life Assured lives to the end of the policy term and all premiums have been paid (i.e., the policy is in effect). The Basic Sum Assured and the “Sum Assured on Maturity” are the same.
c) Loyalty Addition: If the insurance has completed five policy years and at least five full years’ worth of premiums have been paid, it becomes eligible for Loyalty Addition. The Loyalty Addition is applied at the time of policy withdrawal, either because of death during the policy term or at maturity, and is based on the Corporation’s experience. The Corporation discloses the terms and rate of the Loyalty Addition.
Loyalty Addition is payable for the completed policy years that the policy was in existence for a paid-up policy. If the policy is surrendered during the policy term, the Special Surrender Value computation will also take into account any loyalty addition that may exist, as long as the policy has completed five policy years and at least five full years’ worth of premiums have been paid.
d) Eligibility Conditions :
| Minimum Basic Sum Assured per life* | 2,00,000 |
| Maximum Basic Sum Assured per life* | 5,00,000 |
| Minimum Age at entry | 8 years (completed) |
| Maximum Age at entry | 55 years (nearest birthday) |
| Policy Term | 10 to 20 years |
| Premium Paying Term | Same as Policy Term |
| Minimum Age at Maturity | 18 years (completed) |
| Maximum Age at Maturity | 70 years (nearest birthday) |
“The company shall offer the Basic Sum Assured in multiples of 5,000/- for Basic Sum Assured between 2,00,000 to 3,00,000/-.”
“For Basic Sum Assured above 3,00,000/-, the company shall offer it in multiples of 25,000/-.”
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