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HomeBusinessLIC Aadhaar Stambh Policy: Know Key Features, Loan Facility And Other Details

LIC Aadhaar Stambh Policy: Know Key Features, Loan Facility And Other Details

LIC’s Aadhaar Stambh is a non-linked, participating, individual life assurance savings plan that is specially designed for male applicants at an affordable premium rate. It 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.

Also Read: Odisha Train Accident: LIC Eases Claim Process For Victims

Here are some of the key features of Life Insurance Corporation of India (LIC) Aadhaar Stambh plan:

Death benefit: In case of the unfortunate and untimely demise of the insured person, the nominee or the beneficiary will be entitled to a death benefit, which is equal to the Basic Sum Assured plus Loyalty Addition. The Loyalty Addition is a bonus that is paid out of the fund value of the policy.

Maturity benefit: If the policyholder survives the policy term, they will be entitled to a maturity benefit, which is equal to the Basic Sum Assured plus Loyalty Addition.

Auto cover facility: This facility ensures that the policy remains in force even if the policyholder misses a premium payment. The auto cover facility is available for the first two years of the policy.

Loan facility: The policyholder can avail a loan against the surrender value of the policy after the first two years of the policy.

Add-on riders: The policyholder can also opt for add-on riders, such as the Accidental Death & Disability Benefit Rider, to enhance the coverage of the policy.

The premium for LIC’s Aadhaar Stambh plan is calculated based on the age of the policyholder, the sum assured, and the policy term. The premium is payable annually, half-yearly, quarterly, or monthly.

Eligibility Conditions and Other Restrictions:

a) Minimum Basic Sum Assured per life* : Rs 2,00,000

b) Maximum Basic Sum Assured per life* : Rs 5,00,000

(* The total Basic Sum Assured under all policies issued to an individual under this plan and under all policies issued in the earlier version of this plan shall not exceed Rs 5 lakh)

The Basic Sum Assured shall be in multiples of Rs 5,000/- from Basic Sum Assured Rs 2,00,000 to Rs 3,00,000/- and Rs 25,000/- for Basic Sum Assured above Rs 3,00,000.

c) Minimum Age at entry – 8 years (completed)

d) Maximum Age at entry – 55 years (nearest birthday)

e) Policy Term – 10 to 20 years

f) Premium Paying Term – Same as Policy Term

g) Minimum Age at Maturity-  18 years (completed)

h) Maximum Age at Maturity – 70 years (nearest birthday)

Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk.

Date of vesting under the plan:

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

LIC’s Aadhaar Stambh is a comprehensive life insurance plan that offers both protection and savings. It is considered as a good option for male applicants who are looking for an affordable and reliable life insurance plan.

It is recommended to consult a professional finance advisor to gain more understanding about your investment decision.

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