(A Non-Linked, Participating, Individual, Life Assurance Savings Plan)
LIC’s Aadhaar Stambh is a Non-Linked, Participating, Individual, Life Assurance plan designed exclusively for male lives, which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policy holder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
1. Benefits:
a) Death Benefit:
Death benefit payable On death of the Life Assured during the policy term provided policy is in-force (i.e. all due premiums have been paid) then: 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 higher of
• 7 times of annualised premium; or
• 100% of Basic Sum Assured.
The death benefit shall not be less than 105% of total premiums paid upto the date of death.
Premiums referred above shall not include any taxes, extra premium and rider premium, if any.
b) Maturity Benefit:
On Life assured surviving to the end of the policy term, provided all due premiums have been paid (i.e. the policy is in–force), “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
c) Loyalty Addition:
Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in-force.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years’ premium have been paid.
2. Eligibility Conditions and Other Restrictions:
(This plan is only available for standard healthy lives without undergoing any medical examination)
a) Minimum Basic Sum Assured per life* : Rs. 75,000
b) Maximum Basic Sum Assured per life* : Rs. 300,000
The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs.75,000
to Rs.1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-
c) Minimum Age at entry 8 years (completed)
d) Maximum Age at entry 55 years (nearest birthday)
e) Policy Term 10 to 20 years
f) Premium Paying Term Same as Policy Term
g) Maximum Age at Maturity 70 years (nearest birthday)
Date of commencement of risk: Under this plan the risk will commence immediately from
the date of acceptance of the risk.
Date of vesting under the plan:
If the policy is issued on the life of a minor, the policy shall automatically vest in
the Life Assured on the policy anniversary coinciding with or immediately following
the completion of 18 years of age and shall on such vesting be deemed to be a contract
between the Corporation and the Life Assured.
* The total Basic Sum Assured under all policies issued to an individual under this plan
shall not exceed Rs. 3 lakh.
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