March 13, 2014

LIC to launch New LIC AADHAAR Plan (Table No 824) in March 2014

LIC India is going to launch their next policy called New LIC AADHAAR Plan  (Table No 824). This year LIC has launched many policies so far, although they were mainly old policies in a new packet like LIC New Jeevan Anand plan, New Moneyback plan etc. The name of the policy is LIC Aadhaar, because people possessing Aadhaar card issued by Unique Identification Authority of India (UIDAI) can enjoy the benefits of New LIC Aadhaar Plan. This is a regular premium paying conventional With-Profits Endowment Assurance plan.

Features and Benefits of New LIC Aadhaar Plan

The major features of this policy is as below
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

For Basic 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.