The life Insurance Corporation (lIC) is introducing two unique plans which are linked with the Aadhar card with effect from April 24. The plans includes ‘Aadhar Stambh’, a policy designed exclusively for male lives and Aadhar Shila exclusively for female lives.
The plans are non-linked, with profit Endowment Policies offering a combination of Protection and Savings.
Senior Divisional Manager of life Insurance Corporation Of India, Jamshedpur Division Ratnakar Pattanaik, Ranjan Das Manager (P&IR) , Mahendra Das Manager (OS) addressed the media.
Pattanaik said that the plans were available from age group 8 year (completed) to 55 years (nearer birthday) with a maximum maturity age of 70 years (nearer birthday). The minimum term of the policies are 10 yrs and the Maximum term is 20 yrs.
The minimum Sum assured is 75,000/- rupees and maximum limit is 3,00,000/- rupees. Premiums can be paid in Yrly ,Half Yrly, Quarterly and Monthly modes (NACH Only) or Salary Savings Schemes in both the plans. The death benefit in both the policies are Sum Assured on death +loyalty Addition for polices in force for more than 5 yrs but before date of Maturity.
In case of death within 5 yrs Sum Assured on death will be paid. Sum Assured on death is defined as 10 times of annualized premium or Basic Sum Assured which ever is higher and will not be less than 105 per cent of all premium paid as on date of death in case of Aadhar Stambh and 110 per cent in case of Adhar Shila.
The unique feature of the plans are Auto Risk Cover ,loan facility to take care of liquidity and optional rider for accident benefit.