LIC AADHAAR STAMBH Plan No. 843 Details & Calculation

Wednesday, April 19, 2017

LIC Of INDIA

LIC AADHAAR STAMBH Plan No. 843 Details & Calculation | Features, Benefits Reviews, Premium, Maturity and Risk Cover

  • Non-linked 
  • With-profits 
  • Regular Premium Endowment Assurance Plan

LIC AADHAAR STAMBH Plan 843 Features :

  • Exclusively designed for Male Lives 
  • AADHAAR Card issued by UIDAI mandatory 
  • Available for Standard healthy lives 
  • Non- Medical 
  • S.A. maximum 3 lakhs


LIC AADHAAR STAMBH Plan 843 Maturity Benefit's :


On survival to the end of the policy term “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

LIC AADHAAR STAMBH Plan 843 Maturity Death Benefit:

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 10 times of annualised premium OR Absolute amount assured to be paid on death, i.e. Basic Sum Assured.

The death benefit shall not be less than 105% of all the premiums paid as on date of death.  


LIC AADHAAR STAMBH Plan 843 Accident Benefit Rider :


LIC’s Accident Benefit Rider
is available as an optional rider by payment of additional premium during the term of the policy. Under an in force policy the LIC’s Accident Benefit Rider can be opted for at any time within policy term of the Base Policy provided, the outstanding policy term of the Base Policy is at least five years.

If this benefit is opted for, and if Life Assured is involved in an accident, leading to death and such incident shall occur within 180 days from the date of accident then an additional amount equal to the Accident Benefit Sum Assured is payable. However, the policy shall have to be in force at the time of accident irrespective of whether or not it is in force at the time of death.


LIC AADHAAR STAMBH Plan 843 Auto Cover Period:


“Auto Cover Period”
under a paid-up policy is the period from due date of first unpaid premium (FUP), which includes the Grace Period. The applicable duration of Auto Cover Period shall be as under:


If at least three full years’ but less than five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of six months from the due date of first unpaid premium (FUP) shall be available.


If at least five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of two years from the due date of first unpaid premium (FUP) shall be available.


The benefits payable under a paid-up policy during Auto Cover Period shall be as follows:


On Death:

Death Benefit, as payable under an inforce policy will be paid after deduction of


(a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and


(b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.  

On Maturity:

“Maturity Paid-up Sum Assured” is payable and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

LIC AADHAAR STAMBH Plan 843 ELIGIBILITY CONDITIONS AND RESTRICTIONS:


For Base LIC AADHAAR STAMBH Plan:


Minimum Age at entry : 8 years (completed) 
Maximum Age at entry : 55 years (nearest birthday)
Minimum Policy Term : 10 years
Maximum Policy Term : 20 years
Maximum Age at Maturity : 70 years (nearest birthday)
Minimum Basic Sum Assured per life : Rs. 75,000/-
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/-.

“The total Basic Sum Assured under all policies issued to an individual under LIC AADHAAR STAMBH plan shall not exceed Rs. 3 lakh”.
These wordings have to appear in the First Premium Receipt (FPR) and in the policy document for every policy under LIC AADHAAR STAMBH plan.   Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years, where it is in completed years.

LIC AADHAAR STAMBH Plan 843 Eligibility Conditions and Restrictions:


For Accident Benefit Rider:

Minimum Entry Age : 18 years (completed)
Maximum Entry Age : The cover can be opted for at any time within policy term of the Base Policy provided, the outstanding policy term of the Base Policy is at least five years.

Maximum cover ceasing Age : Same as under the base plan.
Minimum Accident Benefit Sum Assured : Rs. 20,000/-
Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.100 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.  
The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-.

LIC AADHAAR STAMBH Plan 843 MODE OF PREMIUM PAYMENT :

The modes of premium payment allowable are :


  • Yearly 
  • Half Yearly 
  • Quarterly 
  • Monthly ( through NACH only or through salary deductions)


LIC AADHAAR STAMBH Plan 843 REBATES :


The rebates for base plan are as under :



Mode Rebate:

Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate: 


Basic Sum Assured Rebate (Rs.) 
75,000 to 1,90,000 : Nil
2,00,000 to 2,90,000 : 1.50 ‰  Basic Sum Assured
3,00,000 : 2.00 ‰ Basic Sum Assured

LOAN:


Loan facility is available under LIC AADHAAR STAMBH plan, after payment of premiums for at least 3 full years subject to certain conditions.

SURRENDER VALUE:


The policy can be surrendered at any time during the policy term provided at least three full years’ premiums have been paid.  

LIC AADHAAR STAMBH Plan 843 Premium Calculation Chart







Other Plans :  LIC New Jeevan Anand Plan Table No - 815LIC New Endowment Plan Table No - 814