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Investment Plans 2560 views July 29, 2020
In recent years, it has become necessary for many individuals to save some extra wealth from their monthly income to fulfill future needs. Either it can be used for the child’s education or his child’s marriage. Whatever may be the reason but it important to accumulate funds for the future. Therefore, LIC has come up with an insurance plan LIC Aadhaar Stambh Plan that is only meant for the male individuals. This plan not only helps you to increase your savings but also provides you a life cover. So, you can boost your savings with a life cover so that your family will not have to face any financial crisis after you. Let’s have a look at the key features of this plan.
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Here are some of the key benefits of this plan that will help you to understand the plan better. You must go through them and see how they are helpful for you.
In case of unfortunate death of the insured the nominee is entitled to receive the death benefits.
If the insured dies during the first five years then the Sum Assured on death will be payable to the nominee. But if the insured dies after 5 years then the company will pay the Sum Assured and Loyalty benefits as well to the nominee.
The value of the Death Benefit will be the highest of the following:-
The death benefit will never be less than 105% of the total premiums paid up to the time of death.
If the insured successfully survives the policy term then he is entitled to receive the following:-
If the insured has completed 5 policy years successfully and has paid all the premiums then the company will give loyalty additions to the insured. The value of the sum assured will keep on increasing once the loyalty additions have been made and the insured will receive the loyalty additions after the completion of the policy term.
The LIC Aadhaar Stambh Plan allows the nominee to take the death benefits in installments. You can take the death benefits for the time span of 5 years, 10 years, and 15 years. It is not mandatory to take the benefits as a lump sum. Here are the different minimum amounts for different payment modes.
LIC gives you different payment frequency modes for paying the premium and they are on a yearly, half-yearly, quarterly, and monthly basis. You can use the NACH facility to make the payment of your premium amount in which the company will deduct the premium amount automatically from your account on the due date.
If in case you fail to make the payment of the premium on time then the company will give you a grace period of 30 days to make the payment. A grace period of 30 days is only allowed if you have chosen premium paying frequency yearly, quarterly, and half-yearly. If you are paying the premium monthly then the company will give a grace period of 15 days.
You will get a revival benefit in this policy that means if the policy is lapsed due to the non-payment of the premium within the grace period then the company gives you a time of 5 consecutive years to make the payment of all the arrears including the interest and revive the lapsed plan.
If you discontinue making the payment of the premium after paying it regularly for 2 years then you will get the paid-up value. On the other hand, your death benefits and the maturity benefits will be reduced if you discontinue the payment of the premiums after 2 years of the policy term.
In case of an emergency, you can surrender the Aadhaar Stambh Plan and take the surrender value. But the company allows you to surrender the policy only if you have paid all the premiums for 2 years without missing any premium. So, surrendering the policy during the policy term is allowed in this plan but on the condition that you have paid all the premiums for 2 policy years.
If you don’t want to surrender the policy and still need some funds then you can take a loan against the policy from the company. But you are allowed to take a loan against the policy only if you have paid all the premiums for 2 policy years. The company will charge the applicable interest on the loan borrowed against the policy.
The maximum loan amount will be:-
If in case this policy is not accurate as per your requirement then LIC gives you a time of 15 days to return the policy. This is known as the free look period and your free-look period will increase to 30 days if you have purchased the plan online.
You will get rebates if you choose a high sum assured or change the premium frequency modes. So, in the table below you can check the rebates of the policy.
|Sum Assured and Payment Frequency||Rebates|
|Yearly Payment of Premium||2% of Tabular Premium|
|Half-Yearly Payment of Premium||1% of Tabular Premium|
|Sum Assured is Between INR 200000 to INR 290000||1.50% of the Basic Sum Assured|
|Sum Assured for Life is INR 3 Lacs||2% of the Basic Sum Assured|
There are some optional benefits in this plan that you can add to this plan. These benefits will cover some extra risks that are related to your life. You can explore the riders that you can add to this plan.
|Minimum Age of Entry||8 Years|
|Maximum Age of Entry||55 Years|
|Maximum Age of Maturity||70 Years|
|Minimum Policy Term||10 Years|
|Maximum Policy Term||20 Years|
|Minimum Amount of the Sum Assured||Rs.75000|
|Maximum Amount of the Sum Assured||Rs.300000|
|Premium Paying Term||Same as the Policy Term|
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