Insurance Delhi

LIC Jeevan Ankur

2012-01-23T20:23:00.000-08:00

LIC Jeevan Ankur Plan is a Traditional Plan with profits. This is a child benefit Endowment Plan where the parent is the Life Insured and the child is the nominee. This plan has been especially designed so that the benefits are payable for the child’s future even if the parent does not survive till the end of the policy tenure

Key Feature of LIC Jeevan Ankur

1) Here the Parent is Life Assured, compared to other Children plan the Child is life Assured
2) This is a endowment plan with Loyalty Additions
3) In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Policy Tenure as Income benefit facility
4) When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
5) This policy offers Loyalty additions on the policy maturity irrespective of whether the Life Insured is alive or not.
6) You can take 3 Different Rider (Accident, Critical Illness, And Premium Wavier)
7) There is large Sum Assured rebate in this plan
8) The premium is little high compared for a traditional Life Plan. For a person aged 35 if he take policy for 25 years for sum insured for Rs 1,00,000/-, Premiumis is only Rs 358/-+ service tax

Benefits you get from LIC Jeevan Ankur Plan

Death Benefit – In case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit

Maturity Benefit – When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
Maturity Benefit = Basic Sum Assured + Loyalty Additions, if any.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

Should you opt for the policy?
Yes, because of the high risk, rider options to avail and the death benefit for the Life assured it is a good plan.

What about komal Jeevan and Jeevan Chaya plans?
Komal Jeevan is a Money Back policy for children, comparing to Jeevan Ankur, Jeevan Ankur is better to the High Risk and the parent being Life Insured.
For Jeevan Chayya and Jeevan Kishore, the risk is started little later. Even the death benefit is not good as compared to Jeevan Ankur. Also, the option for adding 3 riders, none of the plans have.
Jeevan Ankur policy will never terminate if 3 years of Premium has been paid. Only the Sum Assured will reduce so you basically do not lose your money and yet the cover exists.
For more details call us at 9810150489 or visit http://www.insuranceindiamart.com/

LIC Komal Jeevan-Child Plan

2011-12-20T19:29:00.000-08:00

'KOMAL JEEVAN' introduced w.e.f. 14th November, 2002. This is a money back plan with guaranteed addition and payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age.

This policy is suitable for parents who wants to secure money for there children’s higher education. It can be availed by parents having children aged between 0 to 10 years.

Salient Features
-Parents can propose the child's life.
-Risk under this plan will commence either after 2 years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age by the child, whichever is later. No medical examination of the life to be assured would be required under this plan.
-Premiums are payable upto a term equal to 18 minus the age of the child at entry.
-In most cases, Father would be the proposer. But, if Mother has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
-Policy can be gifted by grand parents, elder sisters or brothers and uncles both from paternal or maternal side, by taking a single premium policy for love and affection. In such cases also, the policies will be proposed by father, mother or legal guardian.

Benefits

Installment Benefits: The Sum assured under this plan will be paid installments at periodic intervals provided the policy is in force for full sum assured as under:
20% on policy anniversary after completing age 18
20% on policy anniversary after completing age 20
30% on policy anniversary after completing age 22
30% on policy anniversary after completing age 24

Guaranteed additions: Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit.

Death Benefit:
In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.
After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
Loyalty Additions: Special benefit on maturity - Loyalty Additions depending on policy duration and sum assured are paid on maturity.
Premium Waiver Benefit: Premium Waiver Benefit available with some extra premium amount.
Term Rider Benefit: Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.
Restrictions
Children (both boys and girls) from 0 to 10 years of age are eligible.
Minimum Age at Entry : 0 years
Maximum Age at Entry : 10 years
Maturity Age : 26 Years
Mode of Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
Minimum Sum Assured Rs.1,00,000/-
Maximum Sum Assured Rs.25,00,000/- within the overall permissiable limit of Rs.50,00,000/-
Policy will be issued only in multiples of Rs.25,000/-
Loan against the Policy is not available.
Exclusions
Suicide: This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extend of a third party's bona fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.

Why Should You Invest On LIC's Komal Jeevan?

2011-11-20T07:47:00.000-08:00

Why Should You Invest On LIC's Komal Jeevan?

-Premium payable is quite low as compared to other conventional life insurance plans.
You need to pay premium only upto your child's age of 17 years whereas the policy is valid upto its age of 26 years.

-There is a Guaranteed Addition @ Rs 75.00 per Rs 1000/- of the sum assured per annum. This is different from normal bonus. While bonus is subject to variation depending on the market as on the day of valuation, GA (Guaranteed Addition) is independent of market fluctuation and is a guaranteed commitment from LIC.

-Loyalty Addition payable on the child's attaining 26 years age is likely to be quite impressive.
GA is calculated upto age 26 (unless in case of child not being alive till then) whereas premium is payable only upto age 17. In other words, there is a free GA @ Rs 75.00 per Rs 1000/ of the sum assured for 9 years !

-Installments received at the child's age of 18,20,22 and 24 can be better utilized, not to speak of the amount available at the age of 26 which is quite substantial.

-Premium paid enjoys I.T exemption upto Rs 1 Lakh per annum under section 80 C of the I.T Act along with certain other investments provided under the same section, whereas claim/surrender values as and when received enjoys I.T exemption under section 10(10D).

-Last but not least, no evidence of health of the child is required for issuing the policy, since the maximum age of entry under the plan is only 10 years.
For more Details visit http://www.insuranceindiamart.com/

LIC’s New Bima Gold Summary: (Table No.179)

2011-05-18T20:50:00.000-07:00

Gold never loses its value, just like LIC Of India‘s New Bima Gold insurance policy. LIC’s
New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.

Features:

Auto-cover Facility: If atleast two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.

Benefits:

Survival Benefit: Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year.

For policy term 16 years:

15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year.

For policy term 20 years:

10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year.

On expiry of policy term:

Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

Death Benefit:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s
New Bima Gold:

FOR BASIC PLAN:

1. Minimum age at entry: 14 years (completed)
2. i. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years

Age at expiry of extended term: Maximum 75 years (nearest birthday)

Policy Term: 12, 16 and 20 years.

Minimum Sum Assured: Rs. 50,000 /-

Maximum Sum assured: No limit

Sum Assured will be in multiples of Rs.5,000 /- only.

FOR THE ACCIDENT BENEFIT RIDER OPTION :

1. Minimum age at entry: 18 years (completed)

2. Maximum age at entry: 57 years (nearest birthday) for
Term 12 years

ii.Maximum age at entry:
51 years (nearest birthday) for Term 16 years

iii.Maximum age at entry:
45 years (nearest birthday) for Term 20 years

Minimum Sum Assured: Rs. 50,000 /-

Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may
return the policy to LIC of India within 15 days.

he Unique Identification Number (UIN) for LIC
Of India‘s New Bima Gold Plan is 512N236V01.

KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)

2011-03-07T20:46:00.000-08:00

Features of plan

This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children. The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.

POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles both from paternal or maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No medical examination is required for the child

Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.

Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years.

Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting requirements.

Plan parameters

Age at entry: Min.0 yrs. LBD Max.10 yrs LBD

Maturity age: 26 yrs. LBD

PPT: Min. 8 yrs. Max.18 yrs

Sum assured: min. 1Lac Max. 25Lac

S.A. in multiples: 25,000

Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium

Accidents benefit: N.A.

Policy loan: N.A.

Housing loan: N.A.

Revival: yes

Surrender of policy: yes

P.W.B.: yes

Term rider: yes

CIR: N.A.

Underwriting

Form no: 360

Age proof:

Child 5 yrs. & above: school certificate

If not5yrs. And above: Birth certificate with parent
joint declaration

Female lives category: I/II

Non-medical: Not required for L.A.

When PWB + TRB is: Medical exam. Is necessary with

Opted by the proposer, Standard age proof and form no.300

Actual sum assured: Basic SA

Risk coverage: SA+GA+LA

Dating back @ 8%: Allowed

BENEFIT

Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example: Mr. Vineet aged 32 yrs. Takes a komal jeevan policy for his daughter Shefali aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby Shefali starts from the policy anniversary after completion of 7th year.

Shefali will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any, if Shefali dies after commencement of the risk

i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

MONEY BACK 20 YEARS INSURANCE POLICY BY LIC

2011-01-07T20:37:00.000-08:00

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides periodic payments of partial survival benefits as follows during the term of the policy. Of course so long as the policyholder
is alive this plan is best suitable for businessmen and professionals.

In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after 5,10,15 year, and the balance 40% plus the accrued should have attained majority.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full S.A. without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.

Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes

Underwriting condition

Form no.: 300/340

Age proof: std /NSAP-1,2,3

Female lives category: I/II/III

Non-medical (Gen): allowed

Non-medical (pro): allowed

Non-medical (special): allowed

Actual sum assured: basic SA

Rusk coverage: SA + bonus

Dating back@ 8%: Allowed

Benefits

Death benefits: payment of full S.A. + bonus
on full S.A. + FAB. If any is paid to the nominee The
survival benefit already paid, if any is not deducted.

Maturity benefit: balance survival benefit +
bonus on full S.A. + FAB, if any

Example: Ms. Neha, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each 5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate
of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB

if Ms. Neha dies after 8 year, his nominee will receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms. Neha

JEEVAN ANAND LIFE INSURANCE POLICY

2011-01-07T20:05:00.000-08:00

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example: Mr. Ram 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Ram will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-).

Even after the premium paying term is over, risk cover continues till the death of Mr. Ram .But if, Mr. Ram dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Ram dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.

Insurance Delhi: Jeevan Nischay

2010-01-09T23:48:00.000-08:00

Insurance Delhi: Jeevan Nischay

Why do you need Life Insurance?

2009-12-16T20:30:00.000-08:00

Life is full of uncertainties & you can’t really presume that your future is devoid of risks, so to be safe one has to get himself insured so that his dependents are offered with financial help in any unforeseen event.
Life Insurance caters to your following requirements :
• Financial Security to your family
• Saving options for Children through Children Insurance Plans
• Investment & saving options
• Protection of your home mortgage
• Saving options for Retirement through Pension plans

Jeevan Nischay

2009-12-16T20:23:00.000-08:00

It is a single premium policy:
(1) 6% guaranteed Compound Interest with
(2) possibility of some extra interest in form of Loyalty Additions.
(3) Insurance cover 5 times of premium if it happens in first year.
(4) In case of the death in subsequent years, the death benefit is equal to the maturity sum assured.
(5) In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions.

Jeevan Mangal - A Micro Insurance Product

2009-12-11T20:25:00.000-08:00

Jeevan Mangal is a term assurance plan with return of premium on maturity providing for a sum assured (risk cover) ranging from minimum of Rs.10,000/- to maximum of Rs.50,000/- with an optional accident benefit rider, together providing for total death benefit equal to double the sum assured, on death due to accident.

Flexible modes of premium payment have been provided ranging from weekly, fortnightly, monthly, quarterly, half-yearly, annually and a single premium payment option has also been provided.

LIC- Anmol Jeevan

2009-12-07T20:32:00.000-08:00

Anmol Jeevan: This is pure Life Insurance Term plan. The plan is available to standard & sub standard lives (upto Class VI).
You need to submit a standard age proof with the proposal form.
Feature of Anmol Jeevan
1. Entry Age- Minimum age- 18years & maximum age 55years.
2. Policy Term- Minimum 5yeras & maximum 65years of tenure.
3. Sum Assured- Minimum Rs.5, 00,000/- & maximum Less than 25, 00,000.
4. Mode of Premium- Yearly, Half- Yearly and Single premium.
Other Features of Anmol Jeevan
a. Sum Assured Rebate: In case of regular premium payment the rebate is NIL.
b. Mode Rebate: In case of yearly mode the annual premium is of 1% and NIL in case of 6months.
c. The policy does not require any paid-up value.
d. No surrender value is available under this policy too.
e. No claim concession will be applicable to this policy.

JEEVAN SARAL - ATM PLAN

2009-12-04T07:25:00.000-08:00

'JEEVAN SARAL' is a unique plan having good features of the conventional plans and the flexibility of unit-linked plans.

Salient Features
Risk Coverage : First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any).
Children between age 1 to 12 years are eligible.
Term Assurance Rider Option: An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.
Benefits
Maturity Benefits: Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years.
Death Benefit: 250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any.

Surrender Value: Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value.
Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums).
Special Surrender Value:
If less than 4 years premiums paid - 80% of the maturity S.A.
Between 4 & less than 5 years premiums paid - 90% of maturity S.A.
If 5 years and above premiums paid - 100% of maturity S.A.

Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.
Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid.
Paid up Value: The policy will acquire paid-up value if atleast 3 years premium have been paid.
Partial Surrender: A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions:
The basic annual premium and all other benefits will be reduced to the extent of partial surrender.

If a policy loan is outstanding, partial surrender is not allowed.
Any no. of times, partial surrender is allowed.
There should be a gap of minimum of one year between two successive partial surrenders.
The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter.
The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above.
The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.

Restrictions
Minimum Age at Entry : 12 years
Maximum Age at Entry : 60 years
Maximum Maturity Age : 70 years
Minimum Term : 10 years
Maximum Term : 35 years
For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m.
For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m.
Maximum Premium : Rs. 10,000/- p.m.
Premium in multiples of Rs. 50/- p.m. thereafter
Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly
Accident Benefit & Disability is allowed (with extra premium) Standard age proof required.

Will you get complete insurance reimbursement

2009-12-02T07:47:00.000-08:00

No, it is all subject to a deduction or depreciation at the rates mentioned below in respect of parts replaced

1 For all rubber/nylon/plastic parts 50%
2 For fiber glass components 30%
3 For all parts made of glass Nil

For all other parts depreciation will be as below
Age of the vehicle % of Depreciation
Below 6 months Nil
6-12 months 5%
1-2 Years 10%
2-3 Years 15%
3-4 Years 25%
4-5 Years 35%
5-10 Years 40%
Exceeding 10 Years 50%

Car Insurance Policy- What does it covers

2009-12-01T07:42:00.000-08:00

Car Insurance Policy
Part1 - Loss of or damage to the vehicle insured
The company will reimburse the insured against the loss or damage to the vehicle insured for the following:
1) by fire, explosion, self ignition or lightning
2) by burglary, housebreaking or theft
3) by riot & strike
4) by earthquake
5) by flood, typhoon, hurricane, storm, tempest, inundation, cyclone
6) by accidental external means
7) by malicious act
8) by terrorist activity
9) whilst in transit by road, rail, inland-waterway, lift, elevator or air
10) by land slide, rockslide

Part II- Liability to third parties
1) Death of or bodily injury to any person including occupants carried in the vehicle (provided the occupants are not carried for hire or reward)
2) Damage to the property other than property belonging to the insured

Part III - Personal accident cover for owner diver

Due to bodily injury/death sustained by the owner-driver of the vehicle by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury results in

Nature of injury Scale of Compensation

Death 100%

Loss of two limbs or sight of two eyes or one limb & sight of one eye 100%

Loss of one limb or sight of one eye 50%

Permanent total disablement from injuries other than named above 100%

What should be the Insurance Amount

2009-11-11T08:53:00.000-08:00

The rule of thumb in financial planning says that life cover should be worth 6-7 times of your current annual income.

If your current annual income is 4 lakh then the insurance policy should provide a cover of Rs 24 lakh.
This calls for a pure-risk policy, which offers an extensive cover at minimal cost. Hybrid investment products, with moiney back option cost several times more for the same amount of risk cover.

A term plan is the best option when the purpose is life cover.

Cheap Car Insurance

2009-11-04T19:31:00.000-08:00

A simple way to get really cheap car insurance is to improve your car's security and safety features.
2) Install anti-theft devices.
3) If your vehicle is well-equipped with a good number of security features, you are more likely to get a discount.
4) Avoid taking small claims , this will help you in long run, No claim bonus (NCB) can go upto 50% , this will save your insurance cost.

5) Do not let your coverage lapse, even for a short time. You will end up losing your car insurance discounts, and most insurance companies do not want to insure and uninsured driver.

Are you Insured-Term Life Insurance

2009-10-14T07:38:00.000-07:00

Have you taken enough life insurance to ensure that if you die too early your family will get a sum that will ensure that they do not have to make any adjustments in their life style?
If you died tomorrow would your spouse or family have sufficient funds to pay the mortgage, pay off credit card debts or send the children to college?

Term life is a pure risk cover which provides a tax-free death benefit to your dependents in case of your early or unfortunate demise within the term of the policy. If you do not die within the term, the policy expires and you receive nothing.

Term plans are not the favourite of many of the life advisors because they get low commission on their sale. So they do not recommend the same to their clients .

The other reason why term plans are not favorite is because its very hard for most of us to grasp the concept of insurance as purely a death cover. We still want to get something back if we do not die during the policy term.

LIC’s Jeevan Saral V/s Monthly Recurring Scheme

2009-09-16T21:24:00.000-07:00

*This is like a Post Office’s R.D. Scheme. You can deposit Yearly, Half-yearly, Quarterly or Monthly (ECS) in LIC Scheme.

*Maturity received in LIC Scheme is Tax Free under section 10(10D) of Income Tax Act.

*You can withdraw partial or full amount if necessary after 3 years.

*The amount deposited in LIC is exempted under section 80C of Income Tax Act.
You can continue LIC Scheme after 10 years . You cannot continue Post Office Scheme after 10 years.

*In case of death 250 Times monthly premium + total premium paid (- 1st year premium & extra premium paid) + L.A., if any, payable.

*If you forget to take maturity at the end of 10 years, you can get return beyond 10 years in LIC Scheme. This is not available in Post Office Scheme.

*Age group 12 to 60 years

*This Policy has earned Golden Peacock Award.

LIC introduces scheme for the underprivileged

2009-09-15T21:09:00.000-07:00

PUNE: The Life Insurance Corporation of India (LIC) has announced a special life insurance scheme for the underprivileged, those whose income patterns are highly irregular and unpredictable.

Partha Samal, senior divisional manager for LIC's Pune divisional office, told media persons on Tuesday that the scheme will offer life insurance cover of between Rs 10,000 and Rs 50,000 to persons falling in this category for a nominal premium of Rs 15 per week onwards. The scheme, targeted at the ABCD or bottom of the pyramid' population, is being introduced on the occasion of LIC's anniversary. "The person covered under this policy can pay a very small premium to get insurance protection of up to Rs 50,000," Samal said, adding that considering the nature of the policy, the corporation has decided to market it through non-governmental organisations (NGOs) working for the betterment of these people. A policy-holder under this scheme will get the amount of the accumulated premium back at the end of the policy term, Samal informed.

He said 25 NGOs have been identified by LIC for distribution of these policies. Samal said that LIC's Pune division has achieved a high 98 per cent death claim settlement ratio and claims worth Rs 260 crore (including death and maturity) were settled during the year ended March 2009.

Samal said LIC has maintained its leading position in the life insurance business with a market share of 60 per cent. The corporation has been able to attract investors to many of its guaranteed returns schemes as the interest rates on bank deposits have nose-dived, he said. Also popular is LIC's pension plan Jeevan Akshay (now in its sixth series) because of its flexibility and relevance for the investors, he stated

Claim LIC benefits from any branch by 2011

2009-06-24T01:21:00.000-07:00

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

Self-investing vs Financial Planner

2009-06-24T01:18:00.000-07:00

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.

Where should I pay my premium?

2009-06-15T21:30:00.000-07:00

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

2009-06-15T21:00:00.000-07:00

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.

What is covered in Third party car insurance?

2009-05-07T01:10:00.000-07:00

Third party insurance covers you against death or injury (caused by your vehicle) to pedestrians, passengers and pillion riders, occupants of other vehicles, and outsiders other than passengers. In case of commercial passenger vehicles, it insures owners against death or injury caused to the passengers by their vehicle.

What is Money Back Policy?

2009-04-29T04:41:00.000-07:00

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, money back policies provide for periodic payments of partial survival benefits during the term of the policy, of course so long as the policy holder is alive.
An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.

For More details visit:

http://www.insuranceindiamart.com/The_Money_Back_Insurance_Policy_20_Years.aspx

Insurance Delhi

2009-03-16T09:57:00.000-07:00

Important facts regarding Health insurance Delhi is:

Insurance company will not cover any illness/ailment which already existed at the time of first obtaining the insurance cover. However, some companies cover such conditions after, two or four continuous renewals; they start covering the pre-existing illness after that.
The policy provides for reimbursement of hospitalization/ domiciliary hospitalization expenses for illness/diseases suffered or accidental injuries sustained by the insured during the policy period.
Mediclaim covers pre-hospitalisation (30 days) and post-hospitalisation (60days) expenses also if they are connected with the sickness / accident for which the hospitalisation takes place.
It is that condition of the patient in which he cannot be moved to the hospital or if there is no bed available in any of the hospitals, then the treatment is taken at home and if it is given like the treatment given at the hospital, then in such situation, it is reimbursable.
Facility is a service wherein the insured can get admitted and can settle all hospitalization expenses at the time of discharge from hospital. The settlement is done directly by the insurance company, that’s why it’s a cashless facility where you are provided with the claim there and then at the time of settling the bills, the hospital directly contacts with the insurance company and settle the claim.
A Health Card is that card which comes along with the policy which would entitle you to get cashless claim at any of the company’s network hospitals.
Medical tests is required after 45 years of age.
The medical check up has to be taken only once, during the inception of taking a policy and only if you are 46 years of age or above.
The Critical Illness policy covers five major illnesses • Cancer.• Kidney failure.• Organ transplant.• Multiple sclerosis and.• Coronary artery surgery (20 percent of Sum Insured)
As long as the policyholder was not suffering from any of the illnesses, the pre-existing illness exclusion applies to the Critical Illness policy also.
A floater Policy is issued with a single sum insured covering number of individuals. The family is covered for a fixed amount and anyone in the family can avail of the benefit till the limit is exhausted. In short, it is one single policy which takes care of the hospitalization expenses of your entire family.
Some plans offer a discount in premium. Others offer an increase in your benefit amount for every claim-free year.
There should be continuous renewal of the policies. If there is a break in insurance, the insured would lose the benefits of insurance in the event of any contingency. You will be prevented from the benefits of No claim Bonus in a claim free year. Moreover you will not be covered for Pre-existing diseases.
You are covered with the health insurance policy as long as you are in the employer’s services. If tomorrow, you change your job, then you and your family will be barred of any medical emergency arises when you have not arranged for an alternative health insurance policy. It is at this point of time that an Individual or Family Floater Health Insurance policy will come to your rescue