Jamshedpur, April 23 : Life Insurance Corporation of India (LIC) is introducing two unique plans which is linked with the AADHAR CARD with effect from April 24.
The plans are AADHAR STAMBH a policy designed exclusively for Male lives and AADHAR SHILA exclusively for Female lives. Both the policies will be for Male and Female lives having Aadhar Card. 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 said that the plans are available from age group 8yr (completed) to 55yrs (nearer birthday) with a Maximum Maturity age of 70 yrs (nearer birthday). The minimum term of the policies are 10 yrs and the Maximum term is 20 yrs.
The minimum Sum assured is 75000/- 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, he added.
Mr. Pattanaik further said that the death benefit in both the policies are Sum Assured on death +Loyalty Addition for policies in force for more than 5 yrs but before date of Maturity. He went on to say that 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 whichever is higher and will not be less than 105% of all premium paid as on date of death in case of Aadhar Stambh and 110% 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, noted Pattanaik.
Ranjan Das Manager( P&IR) and Mahendra Das Manager (OS ) were also present during the press meet held at the LIC Jeevan Prakash building in Bistupur.