te Aadhaar Card holders alert! Your monthly Rs 860 investment can turn Rs 3.97 lakh in this LIC of India's small savings scheme | Zee Business

Aadhaar Card holders alert! Your monthly Rs 860 investment can turn Rs 3.97 lakh in this LIC of India's small savings scheme

Aadhaar Stambh Life Insurance Policy: The Life Insurance Corporation of India (LIC) has different types of small saving schemes customised for various income groups. 

Aadhaar Card holders alert! Your monthly Rs 860 investment can turn Rs 3.97 lakh in this LIC of India's small savings scheme
Aadhaar Stambh LIC Policy: Popularly known as Aadhaar Stambh LIC Policy, this LIC of India policy is only for male applicants and Aadhaar card is mandatory for buying this LIC policy. Photo: PTI

Aadhaar Stambh Life Insurance Policy: The Life Insurance Corporation of India (LIC) has different types of small saving schemes customised for various income groups. Aadhaar Stambh LIC Policy is one such small saving scheme that is customised for Aadhaar card holing males to generate around Rs 4 lakh money after maturity. Interestingly, this low premium LIC payment policy will give an investor both maturity and death benefits.

Speaking on the LIC Aadhaar Stambh Policy details; Jitendra Solanki, a SEBI registered tax and investment expert said, "Aadhar Stambh (Plan 843) is an insurance plan which provides an investor both protection and savings. Popularly known as Aadhaar Stambh LIC Policy, this LIC of India policy is only for male applicants and Aadhaar card is mandatory for buying this LIC policy. Some of the benefits offered in this small saving scheme of the LIC are death and maturity benefit and add-on riders."

Further elaborating upon the Aadhaar Stambh LIC policy, Solanki said that this LIfe Insurance Policy is a non-linked policy means it is free from the market risk. It comes with-profit endowment assurance life insurance plan, which is offered exclusively to male applicants who hold an Aadhaar Card. In case of the sudden death of the insured LIC policyholder before the end of the plan term, his or her nominees will be entitled to the death benefit, which will help take care of the family’s future needs. In case, the policyholder survives the policy term, they will be entitled to a maturity benefit, which is paid in lump sum.

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Aadhaar card holders who want to buy this LIC Aadhaar Stambh Policy should be in the age group of 8 to 55 years. The applicant’s maximum age at the time of plan maturity must not be above 70 years. The mininimum basic sum assured offered under the Aadhaar Stambh LIC Policy is Rs 75,000 while the maximum basic sum assured is Rs 3,00,000. Under the Aadhaar Stambh LIC Policy basic sum assured is provided in multiples of Rs 5,000. This LIC policy is offered for the period of 10 years to 20 years. The risk coverage under this plan commences immediately from the date of policy issue.

Aadhaar Stambh Premium Calculator

Annual Premium: Rs 10,314 (payable in monthly, quarterly, half-yearly, annually and daily basis)

Tenure of plan: 20 years

Sum assured: Rs 3,00,000

Loyalty additions: Rs 97,500 (accumulated on 4.5 per cent annual return on the investment)

So, an Aadhaar card holder opting for the Aadhaar Stambh LIC Policy can expect to get a maturity amount of Rs 3.97 lakh after investing Rs 10,314 per annum or Rs 859.50 per month or Rs 28 per day for 20 years. This policy can be bought in the name of one's minor child who is more than 8 years of age as well.

Written By: ZeeBiz WebTeam
Edited By: Asit Manohar
Updated: Sat, Apr 25, 2020
10:50 am
New Delhi, ZeeBiz WebDesk
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