LIC Aadhar Stambh Policy (Plan No. 943)

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LIC Aadhar Stambh Plan 943 can be defined as a non-linked insurance plan that provides profits and regular premium paying endowment for savings as well as protection. This plan is predominantly for male policyholders who have Aadhar cards provided by the Unique Identification Authority of India (UIAI). This plan includes loyalty addition which does not require any medical tests.

Main Features of the Plan

The plan aims to provide financial aid to the family should the policyholder meets with an ill-fated demise before maturity, and therefore, a lump sum amount is provided to the assured policyholder. The features of it are as follows:

  • Auto cover facility is provided.
  • Exclusively for male policyholders
  • It is a low premium plan
  • It is an endowment policy at the end of which a lump sum amount is provided as maturity.
  • Loyalty Addition will be paid extra should the death occur after 5 years. Normally, the coverage will be equal to the basic sum assured. At the maturity, the amount received would be Basic Sum Assured+Loyalty Addition
  • Benefits under critical illness are not covered
  • After three years, the plan is eligible for a loan.
  • Benefits can include Accidental Rider and Permanent disability Rider
  • Paid Premiums are exempted, and the maturity amount is tax-free under Section 80(c) and Section 10(D), respectively, under Income Tax Act 1961.

Major Benefits Provided under LIC Aadhar Stambh 

  • Maturity Benefit- When the term of the policy is termed successfully, wherein all the premiums are paid, and the assured is alive, the sum assured on maturity will be equal to the Basic Sum Assured. Maturity benefit = Basic Sum Assured + Loyalty Addition.
  • Death Benefit- On the demise within the first 5 years, the claim will be equal to the Basic Sum Assured. On the demise after the completion of 5 years and before maturity, the total claim will be Basic Sum Assured + Loyalty Addition. The benefit is 105% of premiums paid.
  • Optional Accidental Benefit Rider- An additional Accidental Benefit Rider can be included wherein the assured will receive an additional amount equal to the Basic Sum Assured should there be an accidental death. Policyholders above 18 years can avail of this rider.
  • Date of Commencement of Risk- This plan will enable the risk immediately from the date of the origin to make it more efficient. Minors can also be assured under this plan.
  • Revival- The assured is given an additional 2 years to pay the premiums from the date of the first unpaid premium and before maturity. If the policy gets lapsed should the premium isn’t paid by the end of the grace period, the assured can revive the plan by paying all the dues with interest.

Policy Parameters

Gender Male
Minimum entry age At least  8 years
Maximum entry age Not more than 70 years
Sum assured Min Basic Sum Assured= Rs. 75,000

Max Basic Sum Assured = Rs. 3,00,000

Policy Term 10 years – 20 years
Premium payment term 10 years – 20 years
Date of risk of commencement Coverage will commence immediately from the date of issue
Payments of premiums Yearly, Half Yearly, Quarterly, and Monthly. 15 days in case of Monthly premium under (NACH)
Rebate Yearly – 2%

Half-yearly- 1%

Quarterly and Monthly- NIL

Additional Information

Auto Cover Period 

Auto Cover Period is available for 6 months provided that premiums are paid in full for at least 3 years of the 5. For example, a period of 2 years of the Auto cover period will be provided if premiums are paid for 5 full years, and any consecutive premium is not paid on time.

Surrender Value? 

If a policy of 5 years has its 3 years’ premiums paid in full, then the policyholder can surrender the policy at any time; Thereon, LIC will pay the Guaranteed Surrender Value and Special Surrender Value. The Special Surrender Value is fixed by LIC based on the approval of IRDAI.

Exclusion

Death by suicide. If the policyholder dies by suicide within the first 12 months of the date of issue, LIC will not adhere to the claim except for 80% of the premiums paid provided that the policy is active.

If the policyholder commits suicide 12 months within the date of revival, LIC will pay 80% of the premiums, which are paid until the date of death or surrender value, provided that the policy is active.

Cooling Period

A policyholder can cancel his policy within 15 days of the issue. Should he have a change of mind or does not agree to the terms and clauses of the policy, then the plan can be terminated at any time during this period. After cancellation, LIC will return the deposit amount after deducting the risk premium and stamp duty charges.

FAQs

1) How is Aadhar Stambh different from Aadhar Shila Plan? 

Aadhar Shila is for women exclusively, and Aadhar Stambh is for the male gender.

2) When Can I Get a Policy Loan? 

If the policy has a surrender value adhering to the terms and conditions of LIC, then the loan will be provided when the policy is termed maintaining the interest rate decided by the Corporation.

3) When can I cancel my policy? 

If you are not satisfied with the policy terms and conditions, you can void the policy within 15 days from the day of commencement.

4) How do I know my policy is registered? 

After the bank or service provider sends the details for confirmation to LIC, the company validates the registration data and informs the same to the bank or service provider. It might take a week. LIC also sends automated mail to the policyholders.

5) What does Loyalty Addition in LIC mean? 

When you complete 5 years of your policy wherein you have paid all the premiums successfully, LIC provides an additional Loyalty Addition amount at the time of maturity. The sum will be equal to the Basic Sum Assured.

6) How does LIC calculate the maturity amount? 

It would be equal to the Basic Sum Assured+ Bonus Amount, which has been received throughout the policy term.

7) Which cities are authorized to have service providers operation?

billjunction.com- Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Delhi, and Pune.

Timesofmoney.com- Mumbai, Delhi, and Bangalore

billdesk.com- Mumbai, Bangalore, Kolkata, Chennai, Surat, Ahmedabad, Delhi, Pune, and Baroda.

8) What kind of Tax will be administered in the policy? 

Taxes which are legally obligated will be applicable under the government of India or the Tax Authority of India.

9) When will the policy consider moot? 

When the policyholder dies by suicide, the Corporation does not feel compelled to pay heed to the claims

10) What is Paid-up value? 

The benefits provided under a policy will be stopped after the expiration of the grace period, and nothing will be paid unless the premiums are fully paid for 3 years.

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