857839 SIP myths you must know!
Only those who have an Aadhaar card can buy LIC Aadhaar Stambh insurance policy.
Life Insurance Corporation of India (LIC), the country’s largest insurer, offers a number of policies. LIC’s Aadhaar Stambh is one of the popular plans. It is a low premium policy designed exclusively for men. Only those who have an Aadhaar card can buy this LIC insurance policy. Aadhaar Stambh is a non-linked, participating, individual, life assurance plan. That means it is not linked to the stock market. In addition to life cover, one can consider LIC’s Aadhaar Stambh plan as an investment option also. If one invests, on an average, just Rs 30 per day he can get up to Rs 4 lakh after maturity. Loans can also be availed during the policy term using it as a collateral.
Eligibility and terms
Minors can buy this policy too. Any individual between 8 and 55 years is eligible to buy it.
The policy can also be bought for a 10-year term. The maximum term is 20 years. The premium paying term is the same as the policy term.
The maximum age at maturity is restricted at 70 years.
Sum assured
The minimum sum assured for this policy is Rs 75,000 and the maximum limit is Rs 3,000,000.
Premium
If a man at the age of 20 buys this policy for a 20-year term and chooses Rs 3 lakh as the basic assured sum, he has to pay a yearly premium of Rs 10,821 which is around Rs 901 per month.
Grace period
The premium for Aadhaar Stambh can be paid on a monthly, quarterly, half-yearly or yearly basis. If you forget to pay the premium, a grace period of 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums from the date of the first unpaid premium. If you pay monthly, the grace period is 15 days.
Rider benefits
The policyholder has an option of availing accident benefit rider under this plan. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, in case of accidental death, the accident benefit sum assured will be payable in lump sum.
Maturity benefit
By the time the policy is ready for payment, he would get around Rs 4 lakh, of which Rs 3 lakh is the assured sum and the rest is a loyalty bonus.
Death benefit
In the event of death of the person insured within five years of the commencement of the policy, the sum assured will be paid. In case the death is after five years, sum assured and loyalty bonus both will be paid to the survivour(s).
Settlement option for maturity benefit
Settlement option is an option to receive maturity benefit in instalments over the chosen period of five or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy.
Surrender
The policy can be surrendered at any time provided premiums have been paid for at least two consecutive years.