LIC Aadhaar Stambh Plan (Premium Chart Maturity Calculator)

LIC Aadhaar Stambh Plan features, LIC Aadhaar Stambh Policy Maturity Calculator and LIC Aadhaar Stambh Premium Chart Calculator has been articulated below. In our earlier article, we have clearly explained LIC Jeevan Umang Plan and also LIC Aam Aadmi Bima Yojana. LIC Aadhaar Stambh Plan  is exclusively designed for male lives having Aadhaar Card issued by UIDAI. LIC Aadhaar Stambh Plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

Features of LIC Aadhaar Stambh Plan

Benefits On Death
Maturity Benefit Yes
Min Assured Rs.75,000
Max Age 70 years

Loyalty Addition under LIC Aadhaar Stambh Plan

Provided the LIC Aadhaar Stambh 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 inforce.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of LIC Aadhaar Stambh Plan during the policy term, provided the policy has completed five policy years and atleast 5 full years’ premium have been paid.

Policy Revival under LIC Aadhaar Stambh Plan

If premiums are not paid by the end of the grace period then the policy will lapse. A lapsed LIC Aadhaar Stambh Plan can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of Maturity, as the case may be, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued LIC Aadhaar Stambh Policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

Revival of rider, if opted for, will be considered along with revival of the Base Policy, and not in isolation.

The Revival Period for the LIC Aadhaar Stambh Plan and Auto Cover Period (as mentioned in para 8 below) shall run concurrently i.e. Auto Cover period does not extend period of revival.

Paid Up Value in LIC Aadhaar Stambh Plan

If less than three years premiums have been paid and any subsequent premium be not duly paid, all the benefits under the LIC Aadhaar Stambh policy shall cease after the expiry of grace period and nothing shall be payable.

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, the LIC Aadhaar Stambh policy shall not be void but shall continue as a paid-up policy. However, under such policies Auto Cover Period as mentioned below shall be applicable in the LIC Aadhaar Stambh plan.

Death Benefit under LIC Aadhaar Stambh Plan

Death benefit, as payable under an inforce policy, shall be paid after deduction of

  1. the unpaid premiums in respect of the base policy with interest thereon upto the date of death, and
  2. the balance premiums for the base policy falling due from the date of death and before the next policy anniversary, if any in the LIC Aadhaar Stambh plan.

Maturity Benefit under LIC Aadhaar Stambh Plan

The Sum Assured on Maturity under paid-up policy shall be altered to such an amount called “Maturity Paid-up Sum Assured” which shall be payable on Life Assured surviving to end of the LIC Aadhaar Stambh plan term.

The Maturity Paid-up Sum Assured  in LIC Aadhaar Stambh plan 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 for the LIC Aadhaar Stambh plan.

Surrender Value in LIC Aadhaar Stambh Plan

The policy can be surrendered at any time provided premiums have been paid for atleast three consecutive years. On surrender of the LIC Aadhaar Stambh policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.

The Special Surrender Value shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender Value payable during the LIC Aadhaar Stambh policy term shall be equal to the total premiums paid multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid under the LIC Aadhaar Stambh policy. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year.

Conclusion : LIC Aadhaar Stambh Plan

Through this article, we tried to clear all questions relating to LIC Aadhaar Stambh Plan on a whole. If you have any further questions on LIC Aadhaar Stambh Policy, feel free to post your questions to our comments box.

Updated: September 10, 2017 — 8:43 pm
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