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Can we travel into past? Obviuosly no. Then can we buy a policy with past date? Obiviously Yes. Most of the people do not know that there exists an option where they can pay for a policy today by keeping policy commencement date or start from the past till start of new financial year. This option is available in all LIC plans except term plan and annuity plans. Why is this needed? or what are the benefits? The premium on an insurance policy gets reduced by dating back the policy where age of the person insured is an year less. Eg. If a person with birth month November 1991 starts in march then his age is 30, if it is backdated to April then age is calculated as 29. And so premium is a little less comparitively. Maturity waiting period is an year less. Or early return on investment. Eg. If a person starts a policy for 25 years then maturity is after completing 25 years. On the other hand if it is backdated then maturity amount is received an year ealier i.e., after 24 years only.  C...

LIC has recently launched 2 plans Aadhaar Stambh (843) and Aadhaar Shila (844). These are non linked, with profit, endowment plans. To avail these 2 plans one must have Aadhaar card. Aadhaar Stambh is specially for men where as Aadhaar Shila is specially for women. These plans have Maturity & Death Benefits with Loyalty Additions, if any. Eligibility Conditions and Other Restrictions : (This plan is only available for standard healthy lives without undergoing any medical examination) Minimum Basic Sum Assured per life* : Rs. 75,000 Maximum Basic Sum Assured per life* : Rs. 300,000 Minimum Age at entry : 8 years (completed) Maximum Age at entry : 55 years (nearest birthday)Policy Term : 10 to 20 years Premium Paying Term : Same as Policy Term Maximum Age at Maturity : 70 years (nearest birthday) Its premium is tax free under section 80 C and maturity amount under 10 (10) D. Need more information about these plans? Feel free to contact us.