LIC New Aadhar Stambh Insurance Plan – Who can invest?

LIC New Aadhar Stambh Insurance Plan – Who can investLIC New Aadhaar Stambh Insurance Plan – Who can invest?


Couple of days back, LIC has launched its new plan Aadhaar Stambh (Plan no. 843). LIC has launched this plan after a long time. LIC Aadhaar Stambh Insurance plan is non linked, with profits endowment plan. Since this is new plan from LIC after long time, it is catching attention of several investors. How good is LIC New Aadhaar Stambh Plan? What are the positive features of LIC’s new Aadhaar Stambh Insurance Policy? Who can invest in LIC new plan of Aadhaar Stambh?

Also Read: Best Child Insurance Plans in India

Features of LIC’s new Aadhaar Stambh Insurance Plan


  • It is non-linked, with profits, endowment plan.
  • It is special plan for Males only who has Aadhaar Card. Means it is Aadhaar card linked insurance plan.
  • No medical examination required.
  • Minimum age of entry of 8 years and maximum age of entry is 55 years.
  • Maximum age of maturity is 70 years.
  • Minimum sum assured is Rs 75,000
  • Maximum sum assured is Rs 3 Lakhs.
  • Minimum policy tenure is 10 years
  • Maximum policy tenure is 20 years.

What are the benefits of LIC New Aadhaar Stambh Plan?


a) Death Benefits


1) Death occurred before 5 years from the date of policy

If the death of the sum insured has occurred before 5 years from the date of policy, 110% of the Basic Sum Assured would be paid.

2) Death occurred after 5 years from the date of policy

If the death of the sum insured has occurred after 5 years from the date of policy, Death benefit which is equal to basic sum assured + Loyalty additions (if any) would be paid.

b) Maturity Benefits


If insured is survived till the maturity period, he/she would get Basic Sum Assured + Loyalty Additions (if any) would be paid.

What the Riders available in this plan?


Accident Death Benefit Rider available in this plan. If the sum insured is more than 18 years of age, such person can opt for accident death benefit rider which is optional. Under this benefit, an additional amount equal to basic sum assured would be paid to the nominee in case the death is caused due to accident.

Also Read: Best Term insurance Plans in India

LIC Aadhaar Stambh Insurance Plan is explained with an example


Let me explain this with an example. Mr.Prasad (age 30 years) has taken LIC Aadhaar Stambh for 20 years period in 2017 with Basic Sum Assured of Rs 3 Lakhs. The premium works out to be approx. Rs 10,500 per annum.

1) Mr.Prasad dies after 5 years from the date of commencement of policy. His family would get Rs 3 Lakhs + Loyalty additions.

2) Mr.Prasad dies due to accident after 5 years from the date of commencement of policy. His family would get Rs 3 Lakhs + Loyalty additions + additional Rs 3 Lakhs as accident death benefit rider.

3) Mr.Prasad is healthy and on maturity at 2037 year he would get Rs 3 Lakhs + Loyalty additions.

Positives of LIC New Aadhaar Stambh Plan


  • One of the good endowment plan from LIC.
  • This plan comes with low premiums.
  • Accident death benefit rider helps to get additional benefit in case of death due to accident.
  • Premiums paid can be claimed as tax benefits u/s 80C.
  • Maturity is tax free u/s 10 (10D).

Limitations of LIC’s new Aadhaar Stambh Insurance Plan


  • It has Low sum assured of maximum of Rs 3 Lakhs which is very low and would not be sufficient in current world.
  • Loyalty additions + returns are expected to be very low in the range of 4% to 6.5%. Even bank FD’s can fetch you higher returns compared to this.

What are the premiums charged under this plan?


LIC new Aadhaar Stambh-Premium-Char

Also Read: LIC Bima Diamond Insurance Policy – Who can invest?

Who should opt for LIC’s New Aadhaar Stambh Plan?


LIC is a good trusted insurance brand. This plan contains several good features. However low sum assured is the major limiting factor. The returns from such insurance products can be between 4% to 6.5%. If you are low risk taker and believe in LIC Insurance brand, you can opt for it. Alternatively you can consider taking a good term insurance plan and invest your hard earned money in some of the good Mutual Fund Schemes which can provide good returns in long run of 10-20 years.

Readers, what is your opinion about this new insurance plan from LIC?

If you enjoyed this article, share it with your friends and colleagues through Face book and Twitter.

Suresh

LIC New Aadhaar Stambh Insurance Plan – Who can invest

Leave a Reply

Your email address will not be published. Required fields are marked *