Life insurance Corporation of India has launched first kind
of its plan for Female lives having Aadhaar Card issued by UIDAI (Unique
Identification Authority of India). The main objective of this plan to ensure reaches
of life insurance to woman’s. You may say that, this plan is designed for the woman
who does not have life insurance policy and they can get life insurance cover up
to Rs. 3 lacs. Females who do not have Aadhar Card may not able to get this
plan. This is a Non-Linked, With Profit, endowment Plan. No medical examination
required under this plan. LIC objective by this plan is also to increase
insurance penetration in the Country.
Who can take this plan: Female
gender who have Aadhar card having age between 8 years to 55 years may take
this plan.
Sum Assured & Policy Term: Under this
plan you may choose sum assured in between Rs. 75000 to 3,00,000. Policy term
is fixed 10 and 20 years. The total Basic Sum Assured under all policies issued
to an individual under this plan shall not exceed Rs. 3 lakh.
Benefits – Death Benefits: On death
during first five years: “Sum Assured on Death” shall be payable and on
death after completion of five policy years but before the date of maturity: “Sum Assured
on Death” and Loyalty Addition, if any, shall be payable.
Benefits – Maturity: Sum Assured
along with Loyalty Addition will be payable.
Benefits - Optional Benefit: The
policyholder has an option of availing LIC’s Accident Benefit Rider. Rider sum
assured cannot exceed the Basic Sum Assured.
Premium
Payment mode : Yearly, half-yearly, quarterly, monthly and through
salary deductions modes are available.
Rebate
: You may able to get high sum assured rebate for Rs. 2,00,000
to 2,90,000 - 1.50% (Basic sum assured rebate) and for Rs. 3,00,000 - 2.00%o ((Basic
sum assured rebate)
Auto
Cover Period: If at least three full years’ but less than five full
years’ premiums have been paid under a policy and any subsequent premium is not
duly paid: Auto Cover Period of six months shall be available and If
at least five full years’ premiums have been paid under a policy and any
subsequent premium is not duly paid: Auto Cover Period of two
years shall be available.
Surrender
Value: 30% to 80% are available depends upon policy term and
premium paid term.
Loan: Loan is
available in this plan.
Conclusion
: LIC of India always try to reach in all segments of Life
Insurance. Hence, time to time bring new policies. Some advantages and
disadvantages with the policy. But in the objective of females life insurance
cover, it’s a welcome move of the insurer. However, if you compare with other
instruments of investment, that is far good than this. LIC is trying to in cash
Aadhar card for life insurance sale. One major thing must remember this kind of
policy i.e. return only 2 to 6 % return is
in the policy. However, some other points are below that shows decreasing
interest of any one to take this plan.
- Ceiling on Sum Assured : Under this plan maximum sum assured is 3
lacs that are not sufficient for any lives in current circumstances. Anyone
needs to review and take pure term insurance plan instead of this plan.
- Investment Returns: Life insurance traditional policy is
providing only 2 to 6 % returns that is not sufficient for anyone.
- Bonuses: LIC is
not giving bonuses in this plan which is very attractive for any
individual rather than loyalty addition. The performances of loyalty
addition not well know.
- Tax Savings : Many other tax saving options available i.e. ELSS mutual fund scheme and PPF (Public Provident Fund) . These are the not only very attractive but also their returns are for good in compare to life insurance. There is no service tax in this instrument while life insurance policy has service tax.
It
is highly advisable to everyone before taking this policy; you must try to know
other available investment instruments. Compare them in all aspect like return,
liquidity and facilities. Then decide to take this plan or not to take this
plan. You will easily get the answer.
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