Skip to main content

LICs Aadhaar Stambh

   (LICs AADHAAR STAMBH (UIN: 512N310V01)
(A non-associated, behind-get your hands on triumph assurance moving picture insurance plot)

LICs Aadhaar Stambh Plan offers a mixture of sponsorship and savings. This plot is exclusively intended for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This aspire provides financial allocation for the relatives in achievement of unfortunate death of the policyholder any times in the before parenthood and a supplement quantity amount at the period of maturity for the enduring policyholder.



In tote taking place, this aspire also takes care of liquidity needs through its Auto Cover as swiftly as proceed triumph.

  Benefits:Death gain:On death of the Life Assured during the policy term provided all due premiums have been paid later:


On death during first five years: Sum Assured regarding Death shall be payable.


On death after take steps of five policy years but in the back the date of maturity: Sum Assured on Death and Loyalty Addition, if any, shall be payable.


Where Sum Assured vis--vis Death is defined as the highest of
10 era of annualised premium; or
Sum Assured concerning Maturity as defined in 1. b) sedated; or
Absolute amount assured to be paid regarding death, i.e. Basic Sum Assured.


The death benefit shall not be less than 105% of all the premiums paid as in the region of date of death.
Premiums referred above shall not adjoin any taxes, marginal amount chargeable deadened the policy due to underwriting decision and totaling premiums, if any.

  Maturity Benefit: On the moving picture assured enduring to the decline of the policy term, provided all due premiums have been paid, Sum Assured coarsely Maturity together along in the company of Loyalty Addition, if any, shall be payable.Where Sum Assured regarding Maturity is equal to Basic Sum Assured.

  Loyalty Addition:Provided the policy has completed five policy years and atleast 5 full years premium have been paid, later depending concerning the Corporations experience the policies under this try shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and regarding such terms as may be declared by the Corporation. Under a paid-going on policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.

In subsidiary, Loyalty Addition, if any, shall furthermore be considered in Special Surrender Value tallying a propos surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years premium have been paid.







  Optional Benefit:The policyholder has an substitute of availing LICs Accident Benefit Rider (UIN: 512B203V02). Rider quantity assured cannot exceed the Basic Sum Assured.


For more details on the subject of the above riders, speak to to the accretion brochure or retrieve LICs nearest Branch Office.

  Eligibility Conditions and Other Restrictions :(This plot is isolated easy to reach to for conventional healthy lives without undergoing any medical psychoanalysis) Minimum Basic Sum Assured per dynamism* : Rs. 75,000Maximum Basic Sum Assured per moving picture* : Rs. 300,000The Basic Sum Assured shall conduct yourself multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-. Minimum Age at entre : 8 years (completed)Maximum Age at dealings : 55 years (nearest birthday)Policy Term : 10 to 20 yearsPremium Paying Term : Same as Policy TermMaximum Age at Maturity : 70 years (nearest birthday)
Date of activate of risk: Under this take goal the risk will commence suddenly from the date of recognition of the risk including teen lives.


* The sum Basic Sum Assured out cold all policies issued to an individual knocked out this want shall not exceed Rs. 3 lakh.


Payment of Premiums:
Premiums can be paid regularly at twelve-monthly, half-twelve-monthly, quarterly or monthly intervals (monthly premiums through NACH without help) or through salary deductions more than the term of policy.


However, a grace era of one month but not less than 30 days will be allowed for payment of yearly or half-twelve-monthly or quarterly premiums and 15 days for monthly premiums.


Sample Premium Rates:
Following are some of the sample tabular annual premium rates (exclusive of facilitate tax) per Rs. 1000/- Basic Sum Assured:


AGE/TERM101520
1089.1053.6036.40

2089.4553.9536.75
3089.6554.2537.20
4090.6055.6539.10
5094.1060.0044.20




Mode and High Basic Sum Assured Rebates:
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-twelve-monthly mode - 1% of Tabular premium
Quarterly, Monthly (through NACH) & Salary subtraction - NIL


High Basic Sum Assured Rebate:
Basic Sum Assured (BSA) Rebate (Rs.)
75,000 to 1,90,000 - Nil
2,00,000 to 2,90,000 - 1.50%o BSA
3,00,000 - 2.00%o BSA

  Revival:If premiums are not paid by the subside of the grace time later the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but past the date of Maturity, as the accomplishment may be, by paying every the arrears of premium together as soon as than inclusion (compounding half-yearly) at such rate as unconditional by the Corporation at the era of the payment, subject to agreement of satisfying ample evidence of continued insurability.


The Corporation reserves the right to sanction at indigenous terms, permit at revised terms or decrease the revival of a discontinued policy. The revival of discontinued policy shall endure effect unaided after the connected is attributed by the Corporation and is specifically communicated in writing to the Policyholder.


Revival of toting going on, if opted for, will be considered along taking into account revival of the Base Policy, and not in loathing.


The Revival Period and Auto Cover Period (as mentioned in para 8 numb) shall manage concurrently i.e. Auto Cover time does not extend period of revival.

  Paid-occurring Value:If less than three years premiums have been paid and any subsequent premium be not duly paid, every share of the foster out cold the policy shall cease after the expiry of grace epoch and nothing shall be payable.


If at least three full years premiums have been paid and any subsequent premiums be not duly paid, the policy shall not be chasm but shall continue as a paid-happening policy. However, out cold such policies Auto Cover Period as mentioned knocked out shall be applicable.


Auto Cover Period:
Auto Cover Period asleep a paid-taking place policy shall be the era from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as out cold:

  If at least three full years but less than five full years premiums have been paid knocked out a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be understandable. If at least five full years premiums have been paid below a policy and any subsequent premium is not duly paid: Auto Cover Period of two years shall be handy.

The promote payable below a paid-occurring policy during Auto Cover Period shall be as follows:

  On death: Death benefit, as payable below an inforce policy, shall be paid after exclusion of (a) the unpaid premium(s) in hero worship of the base policy subsequent to assimilation thereon upto the date of death, and (b) the relation premium(s) for the base policy falling due from the date of death and into the future the adjacent policy anniversary, if any. On very old age: The Sum Assured harshly Maturity below paid-occurring policy shall be altered to such an amount called Maturity Paid-taking place Sum Assured which shall be payable a propos Life Assured enduring to decrease of the policy term. The Maturity Paid-uphill Sum Assured shall be equal to [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured concerning Maturity)]. In add together to the Maturity Paid-taking place Sum Assured, Loyalty Addition, if any, shall plus be payable regarding maturity.



The help payable below a paid-occurring policy after the expiry of Auto Cover Period shall be as follows:

  On death: Sum Assured regarding Death below a paid-happening policy shall be shortened to such an amount, called Death Paid-happening Sum Assured shall be equal to [Sum Assured in symbol to Death * (Number of premiums paid / Total number of premiums payable)]. In beautify to the Death Paid-taking place Sum Assured, Loyalty Addition, if any, shall along with be payable nearly death after the expiry of Auto Cover Period. On maturity: The Sum Assured once mention to Maturity asleep paid-happening policy shall be altered to such an amount called Maturity Paid-in the works Sum Assured which shall be payable approximately Life Assured surviving to sum less of the policy term. The Maturity Paid-uphill Sum Assured shall be equal to [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured vis--vis speaking Maturity)]. In magnify to the Maturity Paid-happening Sum Assured, Loyalty Addition, if any, shall as well as be payable in the region of speaking middle age.



Under a Paid-taking place policy, Loyalty Addition , if any, shall be payable for the completed policy years for which the policy was inforce, provided the premium have been paid for atleast 5 full years and after take effect of 5 policy years.


Rider shall not get concord of any paid-occurring value and accrual gain cease to apply if policy is in lapsed condition.

  Surrender Value:The policy can be surrendered at any epoch provided premiums have been paid for atleast three consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to well ahead of Guaranteed Surrender Value and Special Surrender Value.


The Special Surrender Value shall be complimentary by the Corporation from era to time topic to prior award of IRDAI.


The Guaranteed Surrender Value payable during the policy term shall be equal to the quantity premiums paid multiplied by the Guaranteed Surrender Value factor applicable to hermetic premiums paid sedated the policy. These Guaranteed Surrender Value factors expressed as percentages will depend going in report to for the policy term and policy year in which the policy is surrendered and are specified as below:



Premiums referred above shall not garnish any taxes, supplementary amount if charged deadened the policy due to underwriting decision and appendix premium, if any. Policy Loan:Loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from grow primordial to era.


The related rate to be charged for policy elaborate shall be sure at periodic intervals. For Financial Year 2016-17, the applicable merger rate is 10% p.a. payable half-once a year


The maximum go ahead as a percentage of surrender value shall be as knocked out:
For inforce policies  upto 90%
For paid-in the works policies  upto 80%
Any evolve outstanding along behind join up shall be recovered from the affirmation proceeds at the times of exit.

  Taxes:Statutory Taxes, if any, imposed not in the disaffect and wide off from such insurance plans by the Govt. of India or any added constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from become pass-fashioned to grow olden.


The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder around premiums payable out cold the policy, which shall be collected separately sophisticated than and above in collective to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the optional connection of support payable out cold the viewpoint.

  Free see era:If the Policyholder is not satisfied subsequent to the Terms and Conditions of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy grip stating the reasons of objections. On receipt of the thesame the Corporation shall terminate the policy and compensation the amount of premium deposited after deducting the proportionate risk premium (for base direct and codicil, if any) for the era around lid and stamp commitment charges.

  Exclusion:Suicide: - This policy shall be voidIf the Life Assured (whether sane or insane) commits suicide at any grow antiquated within 12 months from the date of foundation of risk and the Corporation will not keep amused any allegation except for 80% of the premiums paid, provided the policy is inforce.If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is well ahead of 80% of the premiums paid till the date of death or the surrender value, shall be payable. The Corporation will not take over any added allegation. This clause shall not be applicable for a policy lapsed without acquiring paid-going on value and nothing shall be payable sedated such policy.

Note: Premiums referred above shall not improve any taxes, supplementary amount if charged out cold the policy due to underwriting decision and any accumulation occurring together premium.


Statutory caution:
Some assign support to are guaranteed and some sustain are regulating as soon as returns based upon the future pretend of your Insurer carrying upon animatronics insurance influence. If your policy offers guaranteed returns as well as these will be correspondingly marked guaranteed in the illustration table upon this page. If your policy offers adaptable returns later the illustrations upon this page will accomplish two swap rates of assumed future investment returns. These assumed rates of compensation are not guaranteed and they are not the upper or lower limits of what you might performance guidance, as the value of your policy is dependent upon a number of factors including compound investment be responsive.

BENEFIT ILLUSTRATION:



Notes:
.The non-guaranteed help (1) and (2) in above illustration are calculated so that they are consistent along afterward the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In new words, in preparing this gain illustration, it is assumed that the Projected Investment Rate of Return that LICI will be skilled to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the engagement may be. The Projected Investment Rate of Return is not guaranteed.The main objective of the illustration is that the client is skillful to appreciate the features of the product and the flow of promote in exchange circumstances when some level of quantification.





SECTION 45 OF THE INSURANCE ACT, 1938
The provision of Section 45 of the Insurance Act, 1938 shall be as amended from time to time. The simplified excuse of this provision is as out cold:


Provisions regarding policy not enliven thing called into ask in terms of Section 45 of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 are as follows:


1. No Policy of Life Insurance shall be called in ask upon any sports arena whatsoever after expiry of 3 yrs from


a. the date of issuance of policy or
b. the date of dawn of risk or
c. the date of revival of policy or
d. the date of adding occurring to the policy
whichever is highly developed.


2. On the arena of fraud, a policy of Life Insurance may be called in ask within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of adding happening to the policy
whichever is well ahead.


For this, the insurer should communicate in writing to the insured or legitimate representative or nominee or assignees of insured, as applicable, mentioning the field and materials upon which such decision is based.


3. Fraud means any of the subsequently acts responsive by insured or by his agent, following the intent to deceive the insurer or to induce the insurer to concern a moving picture insurance policy:
a. The opinion, as a fact of that which is not true and which the insured does not bow to to be legitimate;
b. The supple concealment of a fact by the insured having knowledge or belief of the fact;
c. Any added battle fitted to deceive; and
d. Any such combat or omission as the con specifically declares to be fraudulent.


4. Mere silence is not fraud unless, depending upon circumstances of the encounter, it is the adherence of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.


5. No Insurer shall repudiate a cartoon insurance Policy upon the arena of Fraud, if the Insured / receiver can prove that the misstatement was concrete to the best of his knowledge and there was no deliberate want to suppress the fact or that such mis-avowal of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if breathing, or beneficiaries.
6. Life insurance Policy can be called in ask within 3 years upon the arena that any statement of or suppression of a fact material to expectancy of cartoon of the insured was incorrectly made in the proposal or substitute document basis which policy was issued or revived or codicil issued. For this, the insurer should communicate in writing to the insured or valid representative or nominee or assignees of insured, as applicable, mentioning the showground and materials upon which decision to repudiate the policy of moving picture insurance is based.


7. In stroke repudiation is upon ground of mis-proclamation and not upon fraud, the premium collected upon policy till the date of repudiation shall be paid to the insured or definite representative or nominee or assignees of insured, within a epoch of 90 days from the date of repudiation.


8. Fact shall not be considered material unless it has a embrace bearing upon the risk undertaken by the insurer. The onus is upon insurer to performance that if the insurer had been au fait of the said fact, no liveliness insurance policy would have been issued to the insured.


9. The insurer can call for proof of age at any time if he is entitled to reach for that defense and no policy shall be deemed to be called in scrutinize merely because the terms of the policy are adjusted upon subsequent proof of age of moving picture insured. So, this Section will not be applicable for logical age or getting used to based upon proof of age submitted taking into consideration than.


[Disclaimer: This is not a record list of Section 45 of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 and by yourself a simplified description prepared for general recommend. Policy Holders are advised to lecture to to the Insurance Laws (Amendment) Act, 2015, for immovable idea and accurate details. ]


PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE ACT, 1938 AS AMENDED BY THE INSURANCE LAWS (AMENDMENT) ACT, 2015): No person shall meet the expense of leave to enter or offer to insist, either directly or indirectly, as an inducement to any person to take on out or renew or continue an insurance in be cross very more or less of any nice of risk relating to lives or property in India, any rebate of the complete or part of the commission payable or any rebate of the premium shown upon the policy, nor shall any person taking out or renewing or continuing a policy receive any rebate, except such rebate as may be allowed in accordance gone the published prospectuses or tables of the insurer: provided that recognition by an insurance agent of commission in membership following a policy of animatronics insurance taken out by himself upon his own life shall not be deemed to be reply of a rebate of premium within the meaning of this sub-section if at the time of such submission the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.  Any person making default in complying taking into account the provisions of this section shall be responsible for a penalty which may extend to ten lakh rupees.Note: Conditions apply for which interest attend to to the Policy document or available our nearest Branch Office.

Comments

Popular posts from this blog

LICs New JEEVAN MANGAL PLAN MICRO INSURANCE PRODUCT

LICs New JEEVAN MANGAL PLAN  MICRO INSURANCE PRODUCT
(UIN: 512N287V01)Features

1. Introduction:

LICs New Jeevan Mangal is a auspices plan as soon as reward of premiums roughly maturity, where you may pay the premiums either in lineage pure or regularly anew the term of the policy. This plot has an in-built Accident Benefit which provides for double risk lid in dogfight of accidental death.

Know more.

LICs New Jeevan Nidhi Plan

LICs New Jeevan Nidhi Plan is a beatific gone profits pension plot along in the middle of a merger of auspices and saving features. This take goal provides for death lid during the postponement period and offers annuity in version to relic to the date of vesting.

1.Benefits:

Benefit behind insinuation to Vesting: Provided the policy is in full force, concerning vesting an amount equal to the Basic Sum Assured along subsequent to accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional press to the front, if any, shall be made manageable to the Life Assured.

The taking into account options shall be to hand to the Life Assured for utilization of the benefit amount.

a) To attain an rapid annuity
The Life Assured shall have a other to commute the amount straightforward re vesting to the extent allowed asleep Income Tax Act. The entire amount understandable a propos vesting or the description amount after commutation, as the prosecution may be, shall be utiliz…

Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana  (UIN:512G311V02)

1. Introduction: Government of India in the Budget Speech of 2018-19 has announced the decoration of maximum limit knocked out Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The time of sale for this plot has as well as been elongated upto 31st March, 2020.

 LIC of India has been obtain the sole privilege to battle this direction. 

This want can be purchased offline as adeptly as online. To Purchase this plot online entertain log in savings account to the order of to our website www.licindia.in.

2. Benefits : a. Pension Payment : On relic of the Pensioner during the policy term of 10 years, pension in arrears (at the subside of each epoch as per mode selected) shall be payable. 

b. Death Benefit:  On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the receiver.

c. Maturity Benefit:     On relic of the pensioner to the stamp album less of the policy term of 1…