24/04/2017
LIC has introduced two non-linked, with profits, regular premium, endowment assurance plans for individuals having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). ‘LIC’s Aadhaar Shila’ is a Plan exclusively designed for female lives and ‘LIC’s Aadhaar Stambh’ is a Plan exclusively designed for male lives.
These plans offer a combination of protection & savings and provides a lump sum amount at the time of maturity for the surviving policyholder and financial support for the family in case of unfortunate death of the policyholder any time before maturity.
The Maturity Benefit under both the Plans will be the Sum Assured with Loyalty Additions if any.
The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh. This Plan is available to standard healthy lives from age 8 to 55 years, without any medical examination. The maximum age of maturity is 70 years and the terms available are from 10 to 20 years.
Death Benefit in both the plans is as below:
On death during first five years: “Sum Assured on Death” shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the highest of 10 times of annualised premium; or
Absolute amount assured to be paid on death. While Absolute amount assured on death under Aadhaar Sthambh is 100%, for Aadhaar Shila it is 110% of Basic Sum Assured.
Rebate on Tabular premium at 2% for Year mode and 1% on Half-yearly mode is available while Quarterly, Monthly (through NACH) & salary deductions are other modes available.
An optional benefit of LIC’s Accident Benefit Rider is available by payment of additional premium.
Loyalty Addition is payable on certain conditions.
In addition, these plans also take care of liquidity needs through Auto Cover as well as loan facility.