Life insurance Corporation launches two Aadhaar based endowment policies
Life insurance behemoth LIC has introduced two endowment assurance plans for individuals having Aadhaar card.
While the Aadhaar Shila is a plan exclusively designed for women, the other scheme Aadhaar Stambh is meant for men.
Absolute amount assured on death under Aadhaar Stambh is 100 per cent, whereas for Aadhaar Shila it is 110 per cent of basic sum assured. These plans offer a combination of protection and savings and provide a lump-sum amount at the time of maturity for the surviving policyholder and financial support for the family in case of death of the policyholder, a Corporation statement said on Monday.
The maturity benefit under both the plans will be the sum assured with loyalty additions if any, it added. Total basic sum assured under all policies issued to an individual under this plan shall not exceed Rs 3 lakh. This plan is available to standard healthy lives from age 8-55 years, without any medical examination. The maximum age of maturity is 70 years and the terms available are from 10 to 20 years. In case of death during first five years, the sum assured on death shall be payable. However, in case of death after completion of five policy years but before the date of maturity, the sum assured on death and loyalty addition, if any, shall be payable. The sum assured on death is defined as the highest of 10 times of annualised premium or the absolute amount assured to be paid on death.
Rebate on tabular premium at 2 per cent for year mode and 1 per cent on half-yearly mode is available while quarterly, monthly (through NACH), salary deductions are other modes available. An optional benefit of accident benefit rider is available by payment of additional premium. Loyalty addition is payable on certain conditions.
In addition, these plans also take care of liquidity needs through auto cover as well as loan facility.