The Jeevan Aadhar Plan from Life Insurance Corporation of India (LIC) is specifically catered towards individuals who have a handicapped dependent. The benefits payable as per this policy will be paid partly as annuity and partly as a lump sum payment to the handicapped dependent. Optional add-ons or benefits can be purchased by the policyholder for an additional premium. The policyholder is also entitled to receive tax benefits under Section 80DDA of the Income Tax Act.
The sum assured is a certain amount of money that the policyholder is entitled to receive as the payout, before the addition of any bonuses. This is what is guaranteed by the insurer. Thus, you will have to carefully consider your financial liabilities and future goals when opting for the sum assured amount.
The policyholder has to pay a certain amount of money called the premium, as per the premium payment term, to the insurer, upon purchasing the policy.
|Policy Tenure||As per the policy brochure|
|Premium Payment Mode||
|Premium Payment Term||10, 15, 20, 25, 30, or 35 years|
*Premiums vary based on age, location, plan term, and other factors.
|Maturity Benefit||No maturity benefit is payable under this plan.|
The insurer offers certain riders or add-ons that can provide additional benefits and an enhanced coverage. These add-ons can be purchased for an additional premium.
|Surrender Value||This policy cannot be surrendered, since it is designed to provide benefits to the policyholder’s handicapped dependent.|
|Guaranteed Additions||Guaranteed Additions at the rate of Rs.100 per thousand of the sum assured amount are provided for each policy. These Guaranteed Additions will continue to accrue till the life assured attains the age of 65 years or till his/her death, based on whichever happens earlier.|
|Terminal Additions||Since this is a “with-profits” plan, the policy will receive Terminal Additions, after 10 policy years.|
Policyholders can avail tax benefits for premiums paid during the policy term under Section 80DDA of the Income Tax Act, 1961. Thus, by purchasing this policy, the policyholder can also save on tax.
The Jeevan Aadhar Plan from LIC is a whole life insurance plan that will enable the policyholder to provide financial security to his/her disabled dependent, thus ensuring that they have the means to live their life comfortably, regardless of what may happen in the future. Further, since this policy participates in profits/bonuses declared by the insurer, one is likely to receive a higher payout.
LIC has been one of the most preferred insurance providers in the country, since their nationalisation in 1956. With over 6 decades of experience in the life insurance sector, the insurer is known for their superior services and has won a number of awards for the same. LIC has reported a high claims settlement ratio of 98.31% and a grievances solved ratio of 100% for FY16-17. LIC also offers a range of plans and schemes that help them meet the varying needs of the public.
Note: This policy has been withdrawn by LIC.