LIC Amulya Jeevan II plan

LIC Amulya Jeevan II plan is most pure life insurance plan with minimum sum assured of 25 lakh. It is most economic way to cover your life with insurance and protect your family. Physically handicapped persons
life or persons in hazardous occupations also can be insured under this plan.

Features

• Pure life insurance plan.
• Hazardous occupations can be covered.

Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

1. Minimum Sum Assured          :   Rs. 25,00,000
2. Maximum Sum Assured         :   No limit

(The Sum Assured shall be in multiples of Rs. 1, 00,000/-)

1. Minimum age at entry             :  18 years (completed)
2. Maximum age at entry            :  60 years (nearest birthday)
3. Maximum cover ceasing age             :  70 years (nearest birthday)
4. Minimum policy term              :  5 years
5. Maximum policy term            :  35 years

Also visit LIC Amulya Jeevan

Payment of Premiums:

Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.

A grace period of one month but not less than 30 days will be allowed for payment of premiums.

Paid-up Value:

The policy shall not acquire any paid-up value.

Surrender Value:

No Surrender Value will be available under this plan.

Taxes: 

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on Instalment premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:

Suicide: 
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.

For more details go to: http://insuranceboom.com/

LIC Jeevan Vriddhi

LIC Jeevan Vriddhi - New Single Premium Guranteed

LIC Jeevan Vriddhi Insurance Plan is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any.



Jeevan Vriddhi combines a risk cover (five times the premium), tax benefits under Sec 80C, guaranteed maturity amount, one time payment, liquidity (loans available after 1 year) and also tax free maturity amount. And not to forget a possible return of 12% over the 10 year term

Key Features of LIC Jeevan Vriddhi Guranteed Plan

1) This is Single Premium Plan. No need to worry about paying premium every year



2) Benefit is enjoyed by policy holder for 10 years.



3) In case of death of the Life Insured within the policy tenure, Sum Assured is 5 times the premium paid.



4) On policy Maturity, Guaranteed Maturity sum is assured (approx double the premium paid).



5) Loan Upto 90% of premium paid is available.



6) Higher Return of upto 12% over 10 year term.

LIC Jeevan Vriddhi is Better than other investments / jeevan Vriddhi Queries






Should I opt for the policy?



Yes, because of



a) the high return this policy offer.



b) tax free return



Scenario 1: If you are in 30% tax slab and you invest Rs 1,00,000/- in this plan: You will save Rs 30,000/- as Income tax benefit. So your net investment becomes Rs 70,000/- and on which you are getting Rs 2,21,651 which is 100% Income tax free so the net yield in this plan is more than 12%.



Scenario 2: If you are in 30% tax slab and your Rs 1 lac limit of secton 80 C is already used: It is great investment for you, as you have already invested in banks where you have to pay the Income taxes on maturity @30% (Rs 121651 @ 30% = 36495 goes in taxes ) but here in LIC JEEVAN VRIDDHI you are not taxed at all so still it is a good investment.







How is it better than NSC and Fixed Deposit ? an Mutual Funds?



If you had invested NSC, Fixed deposits,etc, Income tax is required to be paid. Say if you invested Rs 1,00,000 in NSC or Fixed deposit, then you are required to pay Income tax of Rs 30,000/-,



But In Jeevan Vriddhi, You don't have to pay any Income tax







How can I do Tax planning by this policy ?



This is best Income tax planning Plan Say you invest Rs 100,000, after ten years you get double amount approx Rs 2,00,000 /- . This Return in completely Income tax free.







My Daughter is 8 yrs old, can I take Jeevan Vriddhi for her ?



It is ideal gifts and Income tax planning for children. It is best child plan. 1) If you invest Rs 100,000/- you will get Rs 2,00,000 /- when she is 18 years. Amount your get, after 18 years, you can use for her higher education. 2) This is completely Income Tax Free, So you dont have to worry about Income clubbing in parents income.







How is it better than PPF ?



PPF has interest rate of 8% and it doesnot give Insurance



In Lic Jeevan Vriddhi Interest Rate is around 8% and Insurance cover is free with it.







I am HNI (High net worth Individual), Is this plan good for me?



a) This is best plan for HNI (High net worth Individual). You can invest amount In Jeevan Vriddhi without limit



b) Full amount received after 10 years it Income tax free



For example: Say you invest 10,00,000/- In Jeevan Vriddhi after 10 years you will get Rs 20,00,000. The full amount is tax free. In other investments you have to pay tax of Rs 3,00,000/-

LIC Komal Jeevan-Child Plan

'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.

LIC introduces scheme for the underprivileged

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

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.

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