LIC’s New Plan Aadhaar Stambh (No.843) -Features, Benefits and Review

LIC will launch one more new plan from 24th April 2017. This plan is called LIC’s New Plan Aadhaar Stambh (No.843). Let us see it’s features, benefits, and review.

Along with this plan, LIC launched one more new plan “LIC’s New Plan Aadhaar Shila (No.844)” Refer the complete post on this at “LIC’s New Plan Aadhaar Shila (No.844) – Features, Benefits, and Review“.

LIC's New Plan Aadhaar Stambh (No.843)

LIC’s New Plan Aadhaar Stambh (No.843) is the Non-Linked (Non-ULIP), with profits, regular premium endowment assurance plan. This means it is not linked to stock market and we may call it as traditional endowment type of plan.

This is the special plan for males who have Aadhaar Card. There will not be any medical examination in this plan.

LIC’s New Plan Aadhaar Stambh (No.843) Eligibility

LIC's New Plan Aadhaar Stambh (No.843) Eligibility

You notice one thing that that maximum sum assured is ONLY Rs.3,00,000.

LIC’s New Plan Aadhaar Stambh (No.843) Benefits

The benefits of LIC’s New Plan Aadhaar Stambh (No.843) are explained as below.

LIC’s New Plan Aadhaar Stambh (No.843) Death Benefits

# If death occurs within first 5 years

Sum Assured on Death will be payable to the nominee. Sum Assured on Death is nothing but 110% of Basic Sum Assured. Basic Sum Assured means the sum assured you opted while buying this plan.

# If death occurs after 5th year but before maturity

Sum Assured on Death+Loyalty Addition will be payable to the nominee.

The death benefit will not be less than the 105% of all the premium paid in the policy as on date of the death of the policyholder.

Do remember that the premium paid means it will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.

LIC’s New Plan Aadhaar Stambh (No.843) Maturity Benefits

Sum Assured at Maturity+Loyalty Addition. Here, Sum Assured at Maturity is equal to Basic Sum Assured

LIC’s New Plan Aadhaar Stambh (No.843) Auto Cover Benefits

When you fail to pay the insurance premium within due date, then the policy will be converted as Paid Up policy. Auto Cover Period is a period from the due date of the first unpaid period (FUP). This also includes grace period.

During this Auto Cover Period, the policyholder will have the same life risk cover which he opted in the plan even though he failed to pay the premium within due dates.

The Auto Cover Period benefit available in this plan is as below.

# If at least 3 yrs but less than 5 Yrs paid but any subsequent premium is not duly paid

Auto Cover period of 6 months from the due date of the first unpaid premium will be available.

If at least 5 Yrs premium have been paid but any subsequent premium is not paid

Auto Cover period of 2 Yrs from the due date of the first unpaid premium will be available.

LIC’s New Plan Aadhaar Stambh (No.843) other features

# You can avail loan facility after 3 years from the start of the policy.

# You can revive the lapsed policy within the 2 years of first unpaid premium.

# You can opt for LIC’s Accidental Rider Benefit with this plan.

LIC’s New Plan Aadhaar Stambh (No.843) Review

As of now I have limited source of information. However, if one go by the features and benefits of this product, it is one more pathetic product from LIC. Nothing is new in this plan except they used Aadhaar as a compulsory to buy this plan and also this plan is meant only for males.

Rest of the features looks like typical endowment plan with nothing much to expect than 5% to 6% returns. Also, the biggest drawback of this plan is restricting the maximum sum assured at Rs.3,00,000. However, for many of us such death claim amount may last for 1-2 years to survive. Then how can we buy such low insured product as if the life risk product which benefits our financial dependents? Strange but logically meant to encash Aadhaar based news and to trap rural population.

10 Comments

  1. Dear Sir, I have paid 3 full years premium of Rs 10850 for Sum assured of 3Lakhs.
    Now due to Lockdown, my Bussiness is slow. So, Can I get Auto Cover. It is mentioned in the policy that if 3 full years have paid, an auto cover of 6 months can be available. Sir, my question is in this 6 months of autocover, I have to pay late fee??? Please explain about Autocover…???

    Reply
    • Dear Balakrishna,
      It is just an add-on feature. First, understand what you need – INSURANCE or INVESTMENT.

      Reply
  2. what is the maturity benefit if the insurant survives?

    Reply
  3. What is the CAGR = ? Kithna detha ??
    What will be term ( tenure)
    Adahat stamb is it really good one from Lic.
    Apart from coverage. I don’t find it interesting.
    Better to go for term ins or pradhan mantry insurance plan where will get 2 lk for 332 Rs. I believe?

    Reply
    • Naresh-Yes, pure term insurance is better than such products. The returns will be around 5% to 6%.

      Reply
  4. I have 2 male child of 10
    and 17 years and my self 43 years of age should I go for this Policy of 3 lacks of sum asured each
    please guide me

    Reply
    • Nitesh-Do you feel the Sum Assured of Rs.3 lakh suffice for your family dependents in case of your sudden demise?

      Reply
  5. thank you for sharing detailed information about new lic plan now i can demonstrate my clients about this plan and can get new business for lic

    Reply

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