General Info about the Policy

LIC Aadhar Stambh is a new life insurance plan made for male entrants having Aadhar card. This plan is exclusively designed by LIC all the main motive of keeping policy name is Aadhar Stambh which will eventually come to take the benefits of increasing popularity of Aadhar card.

The Plan was the first launch by LIC in the year of 2017. This is another profit regular endowment plan and can be applied on or after 24 April 2017. As we move forward we will go in-depth discussing features and benefits in details about this plan in below article.

The Key Features are as follows

  • The plan can be taken without undergoing any medical check up
  • It is necessary to have Aadhaar card to apply for this policy
  • Due to low premium policy, one can get cover 3 lakh at maximum
  • It also provide the auto cover facility
  • Under this policy, the premiums are exempted from Income Tax Act under 80 c
  • Also, the amount under this policy when maturity is tax-free under 10D

LICs Aadhaar Stambh Plan Benefits

What is the maturity benefit?

During the policy term, one will get the maturity benefit and will be payable to the policyholder. Thereafter maturity benefit will be on the sum base assured along with the loyalty addition.

What is the death benefit?

On Uncertain or unfortunate death during the first 5 years of the policy taken this sum amount will be payable as a death claim. Hence after 5 years of the policy taken. Sum assured along with loyalty addition can be paid with a death claim.

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How does this policy take up Auto cover benefit?

This insurance plan provides you with an additional benefit insurance coverage in case you have forgotten to take up Premium for the policy. Suppose you have it for 3 years so that you will get one year or two cover benefit from first unpaid premium. In case you have paid for 5 years premium you will get 2 years auto cover benefit from the first unpaid premium.

What about the optional Accidental Benefit Rider

Due to the fact you get an additional accidental benefit rider under this policy but for that, you need to pay extra premium which covers the accidental death and accidental Death Rider benefits which are in our opinion will be paid for sum assured and the policy

Real Life Calculation on LIC Aadhaar Stambh Plan

Let’s understand with an example of the following plan

  1. Mr. Prasad at age of 30 years has opted for LIC Aadhar Stambh plan with the policy tenure of 20 years. Mr. Prasad now needs to pay rupees 10880 yearly Premium for this plan. Thereafter a total amount of premium paying for 20 years will be rupees 217600. Only if he survive till the maturity of the policy. To conclude in a sentence there are certain number of benefits Mr. Prasad will receive will be around Rs 3, 00,000 along with loyalty addition.
  2. The amount of money Mr. Prasad will receive in above case will be rupees 3, 00,000. Due to the unfortunate death of the policyholder for the period of the LIC Term. The benefit will be received by Mr. Prasad shall be rupees 3, 00,000 along with loyalty edition
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Few questions on Aadhaar Stambh Plan

What about Insurance and risk cover?

If you’re thinking about purchasing this LIC Stambh plan you should think twice because the maximum sum assured will be rupees 3,00,000 and in our opinion, the sum assured is not that something we appreciate really.

Even though after 20 years the policy term will not be enough. Therefore the premium paid for this policy is high enough in comparison to the typical LIC policy. In our opinion, you can get around rupees 50 lakh in this value which you are going to pay for LIC plan.

If you are one of those people seeking decent life cover you can go for Pradhan Mantri Jeevan Jyoti Bima Yojana instead at an annual premium of rupees 330 at  annual rate and with cover claim of 2 lakh which is a way much cheaper than LIC Aadhaar Stambh Plan policy.

What about the Investment?

All these years you are working and saving money but with an investment point of view, we straight away close here that do not go for this plan. Eventually, the plan will end up giving only 5 to 6% returns and loyalty addition after 5 years. Hence, there is no bonus payable on this plan.

The only benefit one can get from this plan is an auto cover option.

We hope we have done a job with the sense of your satisfaction we have provided our in-views on LIC Aadhar Stambh plan.