Aadhar Stambh 943 LIC Details, Benefits, Payments

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LIC’s Aadhaar Stambh 943

 This is a regular premium  non-linked with profits endowment assurance plan exclusively designed for male lives. This plan shall be allowed to standard lives under non-medical only.

Sum assured on death – Basic sum assured

Death Benefits

First 5 years of policy – sum assured on death

6th year on wards sum assured on death  + loyalty  Addition if any…

Maturity Benefits

Basic sum assured + loyalty addition if any….

Maturity /Death claim in instalments for 5,10,15 years for full or part of maturity/death claim amount – option to be exercised -3 months before maturity and for death claim  during life time by life assured.

For Example

Age35,sum assured Rs.3,00,000 , term-20years , Basic yearly premium Rs.10,528. In case of death at age 40 in 6th year of policy.

Death Benefits

Sum assured on death +loyalty  Additions

Rs.3,00,000 + Rs.7500(25*300)

=Rs.3,07,500

In case of Accidental Death (If Opted for Accident benefit  Rider)

Additional  Rs.3,00,000 will be paid along with natural death benefits.

Total – Rs.3,07,500 + Rs.3,00,000 = Rs.6,07,500

Maturity at age 55

Maturity Benefits

Basic sum assured + loyalty addition @8%

Rs.3,00,000 + Rs.49,500(165 * 300)

-Rs.3,49,500

Features & Condition

  • Minimum age at entry  – 8year
  • Maximum age at entry -55year
  • Maximum age at maturity – 70year
  • Minimum term -10year
  • Maximum term -20year

Minimum sum assured – Rs.75,000 & in multiples of Rs.15,000 up to 1,50,000 & Maximum Sum Assured Rs.3,00,000 there after policies.

Available Riders

  • Accidental Riders

Mode of Payments

  • Yearly ,half yearly ,Quarterly

Rebates

  • Modes rebate yearly 2% , Half yearly 1%
  • High Basic Sum Assured Rebate
  • Up to 1.90lacks – Nil
  • 2lacks to 2.90lacks – Rs.1.50% Basic sum assured
  • 3lacks –Rs.2.00% Basic sum Assured

Grace Period

15 days for monthly mode and 30 days for other mode. Claim Cessions  available under base plan only . Not apply to riders and death due to suicide.

Paid up /surrender /policy loan – Available after payment of premium of 2full  years

Auto cover period for death benefit

  • Premium paid 3 to 5years – 6months
  • Premium paid 5years or more – 2years
  • Revivals – with 5 years of FUP
  • Back dating – Allowed lean month’s benefits
  • Tax Benefits
  • On basic premiums – U/S 80c
  • Maturity /Death claim – U/S 10(10D)
  • Actual sum assured (ASA) for SUC

For NM limit –Basic sum assured only this is stand alone plan not to be clubbed with any other plan for SVC/Max insurance allowed under any category of lives.

Age proofs – all allowed

Female lives  – Not allowed

Minor lives / Major Students

Allowed to school going and standard lives only , without parents matching insurance standard  age proof is must.

Conclusion

LIC’s Aadhaar Stambh 943 Insurance is very useful for us .It is an important part of our lives and after life .It is confident that it will be an anchor not only for us but also for our family.

Aadhar Stambh LIC Plan 943 – LIC Aadhar Stambh Plan Details – Aadhar Stambh Plan by LIC 2021

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