LIC’s Aadhaar Stambh Plan offers dual benefit of protection and savings. This policy is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This policy provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
Where “Sum Assured on Death” is defined as the highest of
• 10 times of annualized premium; or
• Sum Assured on Maturity as defined in Condition 2. below; or
• Absolute amount assured to be paid on death, i.e. Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid excluding extra amount if charged under the policy due to underwriting decision and Rider(s) premium, if any, as on date of death.
Like every LIC Policy, this policy also has some eligibility conditions. Here are they in the below table:
|Minimum and Maximum Entry Age
8 yrs and 55 yrs
|Minimum and Maximum Sum Assured
Rs 75,000 and Rs 3 lacs
|Maximum Maturity Age – 70 yrs||Policy Term – 10 to 20 yrs|
Can the policy be revived if it has lapsed?
The revival of the lapsed policy is possible only within a period of 2 consecutive years from the date of the first unpaid premium and before the date of maturity.
Revival of Rider(s), if opted for, will only be considered along with the revival of the Base Policy and not in isolation.
Can I get the surrender value of my 1 yr old active policy?
One cannot get the surrender value of 1 yr old active policy. To get the surrender value the policy has to be active with 3 yr of full premium paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
Can I get a loan against this policy?
The loan can be availed against this policy only if 3 full years’ premiums have been paid. The maximum loan as a percentage of surrender value shall be as under:
Can I return the policy if possible?
Yes, the policy can be returned by the policyholder if the policyholder doesn’t like the terms and conditions of the policy. This period is called the Free Look Period. The policy can be returned to the corporation within 15 days from the date of receipt of the Policy Document.
Exclusions of this policy –
Suicide is considered invalid in this policy. Let us see 2 cases –
This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.
So, by now every one of you has come to know each and every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.
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2 replies on this article “LIC Aadhaar Stambh (Table 843) – Review, Features and Benefits”
Any auto cover is there in this policy
Meaning of Auto cover?