Things You Should Know Before Buying LIC’s New Adhaar Shila And Adhaar Stambh Plan

LIC has launched a new plan on 24th April 2017, especially for females Adhaar Shila Plan (Table no. 844) along with  Adhaar Stambh(Table no. 843) for males. Both the plan Adhaar Shila and Adhaar Stambh are Adhaar card based life insurance plan and these are same except premium amount and gender eligibility.

Lic Adhaar Shila policy is non-linked with profit regular endowment plan as like jeevan umang and jeevan lakhshay etc. The key features, benefits and other details about this plan is given below.

I have to clear one thing about these plans that both plans are different. Don’t be confused that both plans are necessary for buying to each other. You can buy one plan either Adhaar Shila OR Adhaar Stambh.

Key Features of Adhaar Shila And Adhar Stambh Plan:

Adhaar Shila: Specially for females –  Adhaar Stambh: Specially for males

 

  1. Minimum Sum Assured:- Rs. 75,000
  2. Maximum Sum Assured:- Rs. 3,00,000
  3. Age Group:- 8 Years (Completed) to 55 Years nearest Birthday
  4. Policy Term:- 10 Years to 20 Years
  5. Maximum Maturity Age:- 70 Years
  6. Rider:- Optional Accidental Benefit Rider
  7. Loan Facility Available

Eligibility of Adhaar Shila And Adhar Stambh Plan:

  1. Both policy can be taken without undergoing any medical check up
  2. Adhaar Card is mandatory for these policies.
  3. Maturity amount under this policy is tax-free u/s 10D.
  4. Both the policies provide auto covered policy.
  5. Both are low premium policies and maximum cover available under these policies are 3,00,000.
  6. All premium paid is exempted from Income Tax under section 80C.

 Benefits of Adhaar Shila And Adhar Stambh Plan:

There are three types of benefits which are discussing below.

Maturity Benefit – Maturity benefit will be payable to the policy holder on the maturity period. So, maturity benefit on survival will be Basic Sum Assured + Loyalty Addition.

 Death Benefit – In the case of miserable death of policy holder during first five years under this policy, only basic sum assured shall be payable to the nominee as a death claim. On death after five years of the policy, basic sum assured and loyalty addition also shall be payable as a death claim. Loyalty will add in the sum assured after the five years.

 Auto Cover Benefit – Lic provides you auto cover benefit for insurance coverage. In case you forgot to pay a premium of the policy. Firstly, after 3 years paying premium, you will get 1-year auto cover benefit from first unpaid premium. And secondly, after premium paid of 5 years, you will get 2 years auto cover benefit from first unpaid premium.

 Optional Accidental Benefit Rider – LIC provides in these policies additional accidental benefit rider. You need to pay an extra premium for the same. In the case of accidental death of the policy holder, accidental rider benefit shall be payable with basic sum assured on the death claim.

Example Of LIC Adhaar Shila Plan:

Let’s understand This Adhaar Shila Plan with an example.

Mrs. Sunita Devi age 35 years decide to buy LIC Adhaar Shila Plan (Table 844) for term of 20 years and sum assured is Rs. 3,00,000. She needs to pays Rs. 11048 yearly premium for this policy. In 20 years, Total premium will pay Rs. 217180. After 20 years, Policy holder will get total maturity Rs. 3,00,000 + Loyalty addition. And in the case of unfortunate death of policy holder of during PPT(paying premium term). LIC shall be payable to the nominee the same benefit Rs. 3,00,000 + Loyalty addition.

My Views For These Plans:

Insurance and risk cover:

If you are planning to buy LIC Adhaar Shila OR Adhaar Stambh for insurance cover you should think thrice. First thing is about these policies, The maximum sum assured is Rs. 3,00,000 which is not enough. The value of 3 Lakh after 20 year(policy term)will be very less. The premium is very high as comparative to term plan. In this value, you can buy a term plan insurance cover of Rs. 50,00,000 or above.

If you are searching for risk cover, Pradhan Mantri Jeevan Jyoti Bima Yojana also providing risk cover of Rs.2 Lakh at an annual premium of Rs.330, which is much cheaper and best than this policy.

Investment:

New Plans of LIC Aadhaar Shila and Adhaar Stumbh is like typical endowment plan that will you return in the range of 5-6% at maturity. This plan offers loyalty addition after 5 years. However, No bonus shall be payable in this plan.

So, I think it is not the right plan from an investment and risk cover point of view. It is strange but logically meant to both the plan are good for rural population.

The only benefit provided by this plan is auto cover option and no need for a medical checkup.

Now, I have done my job with a sense of your satisfaction, now it’s depends on you either invest in LIC Aadhaar Shila Plan & Adhaar Stumbh or not.

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