LIC policy: Money-making offer for Aadhaar Card holders! Turn this small amount into Rs 3.97 lakh; here is how

ZeeBiz WebTeam | Apr 14, 2020, 08:08 PM IST

Making money is tough, especially when it comes to trying to turn the single drop of water into the proverbial ocean. Many do not have a lump sum amount to invest at one shot. They can only invest small sums and that too over a period of time. However, they should know that opportunities still exist for them to succeed in building their wealth. One such opportunity comes from the Life Insurance Corporation (LIC) of India. LIC has introduced Aadhaar Stambh LIC Policy for male Aadhaar card holders.

1/6

LIC Aadhaar Stambh Premium Calculator

LIC Aadhaar Stambh Premium Calculator

It's a low premium small saving scheme in which investors can invest an annual premium of Rs 10,314 or Rs 28 per day and in return get a maturity amount of Rs 3.97 lakh. Most importantly, this low premium small savings scheme of the LIC will give investors death benefits as well. Photo: PTI

2/6

LIC Aadhaar Stambh policy details

LIC Aadhaar Stambh policy details

Highlighting the features of LIC Aadhaar Stambh Policy; Jitendra Solanki, a SEBI registered tax and investment expert said, "LIC Aadhaar Stambh is a small saving scheme of the LIC of India. This LIC policy is an insurance plan which provides both protection and savings. Popularly known as Aadhaar Stambh Plan 843, it is only for male applicants and an Aadhaar card is mandatory for buying this LIC plan. Some of the benefits offered in this small saving scheme of the LIC are death and maturity benefits and add-on riders." Photo: Reuters

3/6

LIC of India coverage offered

LIC of India coverage offered

Solanki said that this L|IC of India policy is non-linked, with-profit endowment assurance life insurance plan which is offered exclusively to male applicants who hold an Aadhaar Card. In case of the sudden death of the policyholder before the maturity of the LIC plan, nominees will be entitled to the death benefit, which will help them meet the family’s future needs. In case the policyholder survives the policy term, he will be entitled to a maturity benefit, which is paid in lump sum. Photo: PTI

4/6

Who can buy this LIC of India policy

Who can buy this LIC of India policy

Aadhaar card holders who want to buy this LIC Policy should be in the age group of 8 to 55 years. The applicant’s maximum age at the time of plan maturity must not be above 70 years. The minimum basic sum assured offered under the Aadhaar Stambh LIC Policy is Rs 75,000 while the maximum basic sum assured is Rs 3,00,000. Under the Aadhaar Stambh LIC Policy basic sum assured is provided in multiples of Rs 5,000. This LIC policy is offered for the period of 10 years to 20 years. The risk coverage under this plan commences immediately from the date of policy issue. Photo: PTI

5/6

Aadhaar Stambh Plan 843 Calculator

Aadhaar Stambh Plan 843 Calculator

Annual Premium: Rs 10,314 (payable in monthly, quarterly, half-yearly, annually and daily basis)

Tenure of plan: 20 years

Sum assured: Rs 3,00,000

Loyalty benefit: Rs 97,500 (accumulated on 4.5 per cent annual return on the investment). Photo: PTI

6/6

LIC Aadhaar Stambh Policy Calculator

LIC Aadhaar Stambh Policy Calculator

Hence, an Aadhaar card holder opting for this LIC of India Policy can expect to get a lump sum maturity amount of Rs 3.97 lakh after investing for 20 years. This policy can be bought in the name of one's minor male child who is more than 8 years of age. Photo: PTI