LIC to launch New LIC AADHAAR Plan (Table No 824) in March 2014
Features and Benefits of New LIC Aadhaar Plan
1) On Death:
On death of the Life Assured during the policy term “Sum Assured on Death” shall be payable, which is the highest of
Basic Sum Assured; or
10 times of annualized premium; or
105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.
In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after
completion of 5th policy year.
2) On Maturity: On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any, shall be payable.
c) Participation in Profits:
Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of 5th such terms as may be declared by the Corporation.
This policy also include extra Accidental rider benefit on payment of extra premium.
Eligibility of New LIC Aadhaar Plan
1) Minimum Age at entry : 8 years (completed)
2) Maximum Age at entry : 55 years (nearest birthday)
3) Minimum Policy Term : 10 years
4) Maximum Policy Term : 20 years
5) Maximum Maturity Age for Life Assured : 70 years (nearest birthday)
6) Minimum Basic Sum Assured per life : Rs. 75,000/-
7) Maximum Basic Sum Assured per life : Rs. 200,000/-
The Basic Sum Assured shall be in multiples of Rs. 5000/-.
Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years, where it is in completed years.
Don’t Miss lic single premium endowment policy review
So far there is no proper information about the actual premium amounts and how much return one will get as an investment product. Soon we will have all those details and then we will investigate the return calculation this policy. I found this information in a google group here.