Why do you need Life Insurance?

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

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

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

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.

Will you get complete insurance reimbursement

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

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

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

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.

LIC’s Jeevan Saral V/s Monthly Recurring Scheme

*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.

Claim LIC benefits from any branch by 2011

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

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.

Insurance Delhi

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