LIC Aadhaar Stambh Plan 843

LIC Aadhaar Stambh Plan 843 is a male-oriented policy of the corporation. Individuals with an Aadhaar Card issued by UIDAI (Unique Identification Authority of India) are eligible for the plan. The policy was officially launched in April 2017.

LIC Plan 843 is ideal for those who want dual benefits of savings and protection from a single policy. It is a non-linked, with-profit endowment life insurance plan exclusively for males. The policy ensures financial support to the family in case of the unfortunate demise of the life insured and a lump sum amount in case of maturity.

Key features

• Exclusively for males
• Benefits of savings and protection
• The plan is low premium
• The facility of Auto Cover
• Tax benefits under Section 80C and Section 10 (10D)
• Loan facility is available under this plan
• Exceptional accidental rider benefit
• Freelook period of 15 days
• Several premium payment options yearly, half-yearly, quarterly and monthly

 Eligibility

Entry Age	Minimum- 8 years   Maximum- 55 years
Basic Sum Assured	Minimum- rs.75,000   Maximum- rs.3,00,000
Maturity Age	Maximum 70 years (nearest birthday)
Policy Term Period	Minimum- 10 years   Maximum- 20 years
Premium Payment Modes	Yearly, Half-yearly, Quarterly, Monthly

Benefits

• Death benefits:

Sum assured which will be ‘10x of the annualized premium’ or ‘sum assured on maturity’ or ‘basic sum assured’ whichever is the greatest shall be paid to the nominee. This benefit will be given in case the life insured dies unfortunately in the course of 5 years from the policy initiation. Loyalty addition will also be payable if any.

• Maturity benefits:

Sum assured along with Loyalty Addition if any will be paid to the policyholder as a maturity benefit. The benefits will be given after the successful completion of the entire policy term, subject to all due premiums have been paid.

• Tax benefits:

LIC Aadhaar Stambh Plan 843 premiums and benefits such as maturity and death claims are exempted from income tax under Section 80C and Section 10(10D) of the Income Tax Act.

• Grace period:

15 days of the grace period will be applicable in case of monthly premium payment mode. For other modes which are yearly, half-yearly and quarterly, 30 days of the grace period is applicable.

• Loan:

A maximum of 90% loan amount against surrender value can be facilitated as a loan under LIC Plan 843. This benefit can be availed after the 3 years of premiums paid for the policy. You can calculate your Loan amount using the Loan EMI Calculator.

Exclusions

• 80% of the premiums paid shall be payable to the nominee in case life insured commits suicide within 12 months from the date of commencement of risk.
• In case the policyholder commits suicide within 12 months from the date of policy revival, surrender value or 80% of the premiums paid, whichever is higher shall be payable to the nominee.

*Any other claims except above mentions shall not be entertained by the Life Insurance Corporation of India.

Final words

LIC Aadhaar Stambh Plan 843 is a very good policy for the individuals who want benefits of both savings and life insurance form one policy. The plan can be further enhanced by exceptional accidental riders. But you need to pay little extra premiums for that. A loan facility is also available which can be a great help for liquidity.

Life Insurance Corporation of India is the biggest and most recognized name in the insurance and investment sector. Their policy can be availed for any individual’s needs. However, this plan of LIC is only for male candidates.

For more information regarding Aadhaar Stambh Plan 843, kindly visit your nearest Life Insurance Corporation of India office branch.