If the policy holder dies between the completion of 20 years from the date of taking this policy, then a family nominee will get Rs 1.5 lakh. Loyalty edition will also be available along with it. This will depend on how long the policy has lasted.
For a family whose income is very low, if any member of his family has just started earning, then which policy of LIC would be best for him. For such people or family, LIC runs a scheme called Aadhaar Pillar. This policy is only for men. The special thing is that it has the facility of auto cover, no medical test is required to take the policy and you get a return of 75 thousand rupees in less money.
This policy is only for men, but if women want to take a similar policy with less money, then it is a cornerstone policy for them. The Aadhaar Pillar policy is small and designed to keep low-income people in mind. It has some special features which is not available in any other policy. Such as the facility of auto cover in which if you do not pay the premium due to any reason, then there is an option to deposit the premium automatically. The condition for this is that the policy should last at least 3 years. 6 months auto cover is available for more than 3 years and less than 5 years. If you have run the policy for more than 5 years, then you get an auto cover for one year.
Who can take policy
Aadhaar pillar is a plan for regular premium payment policy. That is, for the number of years for which the policy is taken, the premium will have to be paid for that year. The most important thing about this policy is the loyalty edition, which is available on maturity by associating it with your equivalent. When the policy matures, you will get more money by adding it. All those people whose age ranges from 8 years to 55 years can take this policy. This policy can be taken for a minimum of 10 years and a maximum of 20 years. Since this policy is for low income people. Therefore its sum secured is 75 thousand rupees. You can take this policy for up to 3 lakh rupees.
Cornerstone for women
Many people in a family can take Aadhaar pillar policy but no policy can be more than 3 lakhs. Only low-income men can take this policy, not women. Women who want to take such a policy can buy the Adharshila plan. The premium for the Aadhaar column can be paid in four different ways. Every month, on three months, half yearly and annually. Returns from this premium are exempted under Section 80C of Income Tax.
Benefit of 2 lakhs by applying 500 rupees
Let’s understand this with an example. Rajesh has taken the Aadhar Pillar policy, whose age is 40 years. Rajesh has taken an equivalent policy of one and a half lakh rupees. Rajesh has bought the policy for 20 years and pays a premium of 500 rupees every month. Rajesh will have to pay 500 rupees every month for 20 years. This policy will be matured on completion of 20 years. After this, Rajesh will get 1.5 lakh rupees for the sum assured. After that the loyalty edition will be Rs 48,750. In total, Rajesh will get Rs 1,98,750 over 20 years. A saving of 500 rupees a month turns into 2 lakh rupees.
How much money does death get
If the policy holder dies between the completion of 20 years from the date of taking this policy, then a family nominee will get Rs 1.5 lakh. Loyalty edition will also be available along with it. This will depend on how long the policy has lasted. The more years the policy lasts, the more the Loyalty Addition will be available. In this order, the family of the policy holder gets more benefit when the policy has been run for more years and the maximum premium has been paid.
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