LIC Aadhaar Stambh 943

LIC Aadhaar Stambh 943 plan is a non-linked insurance plan with regular benefits and premium payment plan. This plan provides savings and protection opportunities. Its a loyalty addition plan for male policyholders with an Aadhaar card. This plan is for normal and healthy people who do not need a health check-up. and is aimed at low-income people
Provides money to the policy holder’s family if they die before the policy’s maturity date and a lump sum to the surviving insured at the policy’s maturity date.

Let’s look at Aadhaar Stambh 943 LIC plan chart:

Age	Min. age 8 yrs. Max. age 55 yrs.
Policy Term	Min. 10 yrs. Max. 20 yrs.
Premium Term	Same as Policy Term
Sum Assured	Min. Sum Assured – Rs. 75,000/- Max. Sum Assured – Rs 5,00,000/-
Maturity Age	70 years.
Premium Paying Mode	Monthly, Quarterly, Half-yearly and yearly
Riders (Optional)	Accidental Benefit Rider
Tax Benefits	Premium is exempted (80c) and Maturity/Death Claim is Tax-Free 10(10D)
Maturity Amount	Basic Sum Assured + Loyalty Additions, if any
Death Claim	First 5 years of Policy: Sum Assured on Death. 6th year onwards: Sum Assured on Death + Loyalty additions if any
Death Sum Assured	110% of Basic Sum Assured or 7 times the Annualized Premium, whichever is higher.

LIC Aadhaar Stambh 943 details and benefits:

Death Benefit

On death during the first five years of the policy:

The death claim amount will be equal to the Basic Sum Assured.
On death after five years of the policy and before maturity:
The death claim amount will equal the Basic Sum Assured + Loyalty Addition.

Note: The Loyalty Addition is applicable after completing 5 Policy years.

Maturity Benefit

Maturity Benefit will be paid in installments for 5, 10, or 15 years or in lumpsum amounts chosen by the policyholder. The policyholder has to inform at least three months before the maturity claim. If maturity benefits are paid in installments, the policyholder will get interest on the unpaid amount.

Basic Sum Assured + Loyalty Additions if any

Tax Benefits

Under section 80C of the Income Tax Act, the premiums paid for the LIC Aadhaar Stambh 943 plan are not taxed. Also, section 10(10D) of the same act says that money received from maturity or death claim is not taxed.

Rider Option

The policyholder can add LIC’s Accident Benefit Rider to their existing policy at any time, as long as the base policy has been continued for at least five years. This rider provides additional coverage during the policy’s term.

Suppose the policyholder selects this rider and passes away due to an accident. In that case, a lump sum payment called the Accident Benefit Sum Assured will be given to their beneficiaries.

Rebate

This plan offers rebates based on premium paying terms and the sum-assured rebate that we have chosen.

Premium paying terms:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium Quarterly.
Quarterly & Monthly – NIL

High Sum Assured Rebate:

BASIC SUM ASSURED	REBATE
Rs. 2,00,000/- to Rs. 2,95,000/-	–
Rs. 3,00,000/- to Rs. 3,75,000/-	.50% of Basic Sum Assured
Rs. 4,00,000/- to Rs. 4,75,000	1.50 % of Basic Sum Assured
Rs. 5,00,000/- and above	2.5 % of Basic Sum Assured

Loan Facility

The policyholder can borrow money if he has paid at least two years of premium and needs to follow the terms and conditions set by the Corporation, which may change over time.

The maximum amount that the policyholder can borrow depends on the surrender value:

For policies that are still active, you can borrow up to 90% of the surrender value.
For a paid-up policy (meaning you’ve stopped paying premiums), you can borrow up to 80% of the surrender value.

When the policy ends, the company will deduct any outstanding loan and interest from your claim payout.

Grace Period

There will be a grace period of 30 days for yearly, half-yearly, or quarterly payments and 15 days for monthly payments beginning on the date of the first unpaid premium.

The grace period mentioned above also applies to rider premiums, which must be paid in addition to the base insurance premium.

Revival Period

The policy will expire if premiums are not paid within the grace period. If necessary, lapsed insurance may be revived within five years, starting on the first unpaid premium date and before the date of maturity.

Surrender Value

Aadhar Stambh policy is eligible for a refund if the required premiums have been paid for at least two years. The “Special Surrender Value” or the “Guaranteed Surrender Value,” whichever is higher, may be paid to the policyholder by LIC.

Free Look Period

If a policyholder is dissatisfied with the terms and conditions of the insurance policy. In that case, they have 30 days from receipt to return it and get a full refund after deducting examination charges, stamp duty, and any other charges, if any.

Aadhaar Stambh 943 Calculation

Plan: Aadhaar Stambh 943 Premium and Maturity Calculation.

Age:25
Term:12
Sum Assured Taken:500000

1st-year Premium With TAX 4.5% :
Yearly: (34623 + 1558)=36181
Half-yearly: (17494 + 787)=18281
Quarterly: (8838 + 398)=9236
Monthly(ECS) : (2946 + 133)=3079

Note: Remember, tabular rebate comes into play when you choose yearly, half-yearly, quarterly, or monthly into the premium.

From 2nd year Premium With TAX 2.25% :
Yearly: (34623 + 779)=35402
Half-yearly: (17494 + 394)=17888
Quarterly: (8838 + 199)=9037
Monthly(ECS) : (2946 + 66)=3012

Return at Maturity Time :
Sum Assured: 500000
Loyalty Addition: 70000
Total Approximate Return at Maturity Time: (500000+70000)=570000

The total approximate premium we paid in these 12 years:425603.

In the Case of Death Before Maturity:
(110% of Basic Sum Assured) =5,00,000 + 50,000
Total Payable to Nominee (Tax-Free):5,50,000

Note: The premium shown here is indicative but not exact. Actual premium may vary as per underwriting rules. However, the maturity calculation shown here is accurate per the current bonus rate.