The country's largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over 2,100 branches.
"Premium payment can be done from anywhere in India. That's what we have done it. Now claim payment we would like to take it to any office. That's next major issue," LIC [ Get Quote ] chairman T S Vijayan told PTI.
"Once all documents are available on the net then any office can do it. As I said it depends on the completion of EDMS (Enterprise Document Management System) project which we plan to complete by 2011," he said.
It will enable LIC to extend 'AnywhereAnytime' service, he added
Wednesday, June 24, 2009
Self-investing vs Financial Planner
Whether to opt for the services of a financial advisor or not is another dilemma faced by investors. This dilemma has been heightened after SEBI (Securities and Exchange Board of India) has allowed investors to invest directly in mutual funds without paying entry load. Per se, investing on your own or through a financial planner is not a dilemma. It’s a decision that can be made easily based on whether you have the ability and time to define your investment objectives clearly with a financial plan on how to achieve them. Then you need access to research, which is necessary to help you select the right investment option in the right allocation. If you feel upto the task of making these decisions on your own and tracking them post-investment, then you can invest on your own. Else it is advisable to employ the services of a financial planner.
Monday, June 15, 2009
Where should I pay my premium?
Is there a way in which your premium can be paid automatically?
You can pay your life insurance premium through any of the following channels:
· Insurance offices: Main office or branch offices
· The Internet: Through banks that your insurance company has tie-ups with
· The bank: You can provide your bank with standing instructions (auto-pay) to debit your
account as and when the insurance premium becomes payable, or use phone-banking facilities
· Authorised service providers such as BillJunction.com or BillDesk.com
HEALTH PROTECTION PLUS
LIC launches a unique Health Insurance Plan “HEALTH PROTECTION PLUS”
Health is a major concern on everybody’s mind these days. With sky rocketing medicalexpenses, the possibility of any illness leading to hospitalisation or surgery is a constant source of anxiety unless the family has actively provided for funds to meet such an eventuality. Financial planning regarding Health is, therefore, very important as any emergency might force one to dip into one’s savings which would have been reserved for other goals. The purpose of health insurance is to help you in any such a situation. Most families rarely provide for health insurance, and even if they do, it is grossly inadequate.
LIC has always been sensitive to the changing needs of the Society and has respondedsuitably by introducing matching products to suit these needs. Its latest offering on Health front is “Health Protection Plus”.
LIC’s Health Protection Plus plan is a unique long term health insurance plan that offers health insurance covers for the entire family (husband, wife and the children) – Hospital Cash Benefit (HCB) and Major Surgical Benefit (MSB) along with a ULIP component (investment in the form of Units) that is specifically designed to meet Domiciliary Treatment Benefit (DTB) / Out Patient Department (OPD) expenses for the insured members.
Hospital Cash Benefit (HCB) is a daily benefit payable in case of hospitalization . It can range from Rs.250/- to Rs.2500/- for the Principal Insured (the person who proposes for insurance). For the Spouse or the children, the maximum amount of HCB is Rs.1500/-. The amount of daily benefit doubles in case of hospitalization in ICU. The IDB (Initial Daily Benefit) is applicable during the first year of risk cover. The amount of daily HCB willincrease @ 5% simple p.a. every year on policy anniversary until it hits a cap of 1.5 times the initial benefit.
Major Surgical Benefit (MSB): In the event of the insured undergoing one of the major surgeries defined in the the policy, a lump sum benefit (regardless of the actual costs incurred) equivalent to the percentage of the sum assured mentioned against that surgery will be payable. The sum assured for major surgical benefits will be 200 times of the HCB you choose.
Domiciliary Treatment Benefit (DTB): The Principal Insured can claim an amount equivalent to the actual expense he or she has incurred in respect of any domiciliary treatment or to meet the medical expenses incurred over and above the hospital cash/major surgical benefits in respect of either oneself or the others insured under the policy.
Both HCB and MSB covers are available subject to a waiting period from thecommencement of the risk cover – in respect of each insured member: No death insurance cover is available under the plan.
All eligible existing family members are to be covered at the beginning (proposal stage) itself. New members can however be added under certain specified conditions.
Modes of Payment allowed are: Yearly, Half-Yearly, & Monthly (ECS Mode only). The premiums allocated to purchase units will be strictly invested in a Health Protection Plus Fund (Income and Growth – Low Risk).
One of the important features of the Plan that makes it doubly attractive is thatthe premiums paid under the policy are eligible for Tax Rebate under Section 80(D)of Income Tax Act, 1961.
Health is a major concern on everybody’s mind these days. With sky rocketing medicalexpenses, the possibility of any illness leading to hospitalisation or surgery is a constant source of anxiety unless the family has actively provided for funds to meet such an eventuality. Financial planning regarding Health is, therefore, very important as any emergency might force one to dip into one’s savings which would have been reserved for other goals. The purpose of health insurance is to help you in any such a situation. Most families rarely provide for health insurance, and even if they do, it is grossly inadequate.
LIC has always been sensitive to the changing needs of the Society and has respondedsuitably by introducing matching products to suit these needs. Its latest offering on Health front is “Health Protection Plus”.
LIC’s Health Protection Plus plan is a unique long term health insurance plan that offers health insurance covers for the entire family (husband, wife and the children) – Hospital Cash Benefit (HCB) and Major Surgical Benefit (MSB) along with a ULIP component (investment in the form of Units) that is specifically designed to meet Domiciliary Treatment Benefit (DTB) / Out Patient Department (OPD) expenses for the insured members.
Hospital Cash Benefit (HCB) is a daily benefit payable in case of hospitalization . It can range from Rs.250/- to Rs.2500/- for the Principal Insured (the person who proposes for insurance). For the Spouse or the children, the maximum amount of HCB is Rs.1500/-. The amount of daily benefit doubles in case of hospitalization in ICU. The IDB (Initial Daily Benefit) is applicable during the first year of risk cover. The amount of daily HCB willincrease @ 5% simple p.a. every year on policy anniversary until it hits a cap of 1.5 times the initial benefit.
Major Surgical Benefit (MSB): In the event of the insured undergoing one of the major surgeries defined in the the policy, a lump sum benefit (regardless of the actual costs incurred) equivalent to the percentage of the sum assured mentioned against that surgery will be payable. The sum assured for major surgical benefits will be 200 times of the HCB you choose.
Domiciliary Treatment Benefit (DTB): The Principal Insured can claim an amount equivalent to the actual expense he or she has incurred in respect of any domiciliary treatment or to meet the medical expenses incurred over and above the hospital cash/major surgical benefits in respect of either oneself or the others insured under the policy.
Both HCB and MSB covers are available subject to a waiting period from thecommencement of the risk cover – in respect of each insured member: No death insurance cover is available under the plan.
All eligible existing family members are to be covered at the beginning (proposal stage) itself. New members can however be added under certain specified conditions.
Modes of Payment allowed are: Yearly, Half-Yearly, & Monthly (ECS Mode only). The premiums allocated to purchase units will be strictly invested in a Health Protection Plus Fund (Income and Growth – Low Risk).
One of the important features of the Plan that makes it doubly attractive is thatthe premiums paid under the policy are eligible for Tax Rebate under Section 80(D)of Income Tax Act, 1961.
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