Aadhaar Stambh (843)

LIC Aadhar Stambh - Table No. 843:

LIC Aadhaar Stambh in Hindi >

LIC Aadhaar Stambh plan (Table 843) with profit is a non-linked regular premium paying endowment assurance plan. This Policy will be a Loyalty Addition (LA) based plan exclusively designed for Male policyholders having Aadhaar Card (UIDAI). This plan will be available to standard healthy lives without any medical test requirement.

LIC’s Aadhaar Stambh Plan is a participating endowment plan which is available only for Males. As the name suggests, this plan can only be purchased by those who have an Aadhar Card. This plan offers a combination of protection and savings. In case of death of the policyholder, the plan will offer a cover amount to the nominee. The policyholder will get a lump sum as Maturity Benefit. We will understand the plan better with the help of a few.

Key Features:

• Male Only Plan
• Low Premium Plan
• Auto Cover Facility
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax-free under 10 (10D)

Plan Parameters

Gender	Male Only
Age at Entry	8 Years (Completed)
Maximum Age at Entry	55 (Nearest Birthday) Calculate your Age
Minimum Term	10 Years
Maximum Term	20 Years
Maximum Age at Maturity	70 Years (Nearest Birthday)
Sum Assured	Minimum 75,000 and Maximum 3,00,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Maturity benefit:

• On survival of year term, Maturity will be Basic Sum Assured + Loyalty Addition.

Death benefits:

• On death during First Five Years of the policy:
• Death claim amount will be equal to Basic Sum Assured.

• On death after 5 years of the policy and before maturity:
• Death claim amount will be equal to Basic Sum Assured + Loyalty Addition(LA).

Please Note: It understandable that Loyalty Addition is applicable after successful completion of 5 Policy years.

Optional Accidental Benefit Rider:

Policyholders above 18 years of age have the option to opt for Accidental Benefit Rider with this plan, which will provide the additional amount equal to the basic sum assured in case of death caused due to the accident.

LIC Aadhar Stambh Plan with an Example

We have Samrat Roy, age 30 who wishes to buy this plan. He goes in for the plan with the following:

Sum Assured - Rs. 1,00,000
Term - 20 years
Premium Payment Term = 20 years

Based on these parameters, his annual premium is Rs. 3,646 + Taxes = Rs. 3,810. Here we have assumed the current tax rate of 4.5%

Death Benefit:

Scenario 1: If Samrat dies after 4 policy years.

His nominee gets the highest of the following:

• Basic Sum Assured - Rs. 1,00,000
• 10 times the Annualised Premium = 10 x 3,646 = Rs. 36,460
• 105% of all premiums paid till date of death = 105% x 4 x 3,646 = Rs. 15,313 

The highest of the above is Rs. 1,00,000 - which is what the nominee will receive. Since the policy has not completed 5 years, no Loyalty Additions will be payable.

Scenario 2: If Samrat dies after 15 policy years

His nominee gets the highest of the following:

• Basic Sum Assured - Rs. 1,00,000
• 10 times the Annualised Premium = 10 x 3,646 = Rs. 36,460
• 105% of all premiums paid till date of death = 105% x 15 x 3,646 = Rs. 57,425 

The highest of the above is Rs. 1,00,000. Since the plan has completed 5 policy years, it is eligible to receive Loyalty Additions. So nominee will receive Rs. 1,00,000 + Loyalty Additions. The value of Loyalty Additions can only be known when it is declared.

Maturity Benefit

Scenario 3: If Anurag survives till the end of the policy term of 20 years - Anurag will get the  Basic Sum Assured + Loyalty Addition as declared. 

Total Premiums Paid = Rs. 76,201 (including taxes)

Basic Sum Assured = Rs. 1,00,000

Loyalty Additions - As declared.

Sample Premium Illustration of LIC Aadhar Stambh Policy

Here are the sample tabular premium rates (inclusive of taxes) payable by a healthy, non-tobacco user male for different combinations of age, Sum Assured and policy term. We have gone with the current applicable tax rate of 4.5% for such policies.

<< Use standard premium graph. Get values from LIC site>>

Tax Implications in LIC Aadhar Stambh Plan

• Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act. 
• Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act  
• Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act

Other Benefits in the LIC Aadhar Stambh Policy

• Free-look Period – If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.
• Grace Period - In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In case of monthly premium payment mode, the grace period is of 15 days. 
• Loan - You can avail along against this policy after you have paid 3 years of premium.
• Riders  - You have the choice of taking the following rider by paying an extra premium amount:
  • LIC’s Accident Benefit Rider
• Surrender Value - If you surrender the plan anytime before paying 3 years of premiums, you will not be paid anything back. In case you have paid at least 3 years premiums, the policy will acquire a Surrender Value. Check the Surrender Value of LIC Aadhar Stambh Plan.

CHECK HERE ABOUT YOUR PREMIUM:

CHECK HERE ABOUT YOUR MATURITY AMOUNT:

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