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.

JEEVAN SARAL - ATM PLAN

'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

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.