LIC’s special policy for low income earners, 4 lakh returns are available on savings of Rs 916
On maturity of the policy, Varun will first get the sum assured of the policy i.e. Rs 3 lakh. After this Varun will get Rs 97,500 as loyalty addition. In this way, Varun will get a total of Rs 3,97,500 as maturity.
Today we will talk about LIC’s special policy base column, whose table number is 943. This is a non-linked ie stock market not linked policy in which regular premium has to be paid. This policy is special for those who have low income or who are able to save very little money. It offers both survival and death benefits. If the policyholder survives till the end then the maturity benefit is available and in case of death during the policy then the nominee or family is given financial assistance along with lump sum amount.
This plan is completely for men. The premium is very less in this. Therefore, such people can get benefits whose income is less or who are able to save less money. It is an endowment plan in which a lump sum amount is given to the depositor as maturity on the completion of the policy. Loyalty Addition along with Sum Assured is given if the depositor dies within 5 years after taking the policy. If the depositors survive till the end, they are given an amount equal to the sum assured.
How much is the insurance for Rs.
Any person from 8 years to 55 years can buy this policy. In this, a policy has to be taken for a minimum period of 10 years. Its maximum term is 20 years. The minimum sum insured in this is Rs 75,000 and the maximum is Rs 3,00,000. Premiums can be paid on monthly, quarterly, half yearly or yearly basis under Aadhar pillar policy. If the policyholder dies within the first five years of taking the plan, the sum assured is paid to the nominee as death benefit or death benefit. If the policyholder dies after five years of taking the plan, his/her nominee is paid 105% of the sum assured plus loyalty addition as death benefit.
Understand with this example
Understand this with an example. Suppose 35 year old Varun buys a policy base pillar of sum assured of 3,00,000. Varun has chosen 20 years as the policy period. Varun has opted to pay every month for premium payment. His monthly premium will be Rs 916. Since this is a regular plan, Varun has to pay Rs 916 per month for the entire policy term i.e. 20 years. Varun’s Aadhar Stambh plan will mature when the policy runs for 20 years.
Get Rs 4 lakh on maturity
On maturity of the policy, Varun will first get the sum assured of the policy i.e. Rs 3 lakh. After this Varun will get Rs 97,500 as loyalty addition. In this way, Varun will get a total of Rs 3,97,500 as maturity. You can see here that after paying Rs 916 every month, that amount converts to around Rs 4 lakh. If Varun leaves his family during the policy period, then his nominee will get 3 lakh sum assured plus loyalty addition money. The loyalty addition will depend on the number of years the policy has run. The more years the policy runs, the higher will be the amount of loyalty addition.
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