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Saturday, March 20, 2010
Changing the mode of premium payment
In the middle of the course of premium payment the policy holder may want to change his mode of premium payment which is a easy task. The simplest way is to contact your agent and he will take care of everything else. Otherwise the policyholder has to go to the concerned branch where his policy was taken and give them a written statement that the mode of payment has to be changed.
Saturday, February 20, 2010
Jeevan Anand Free Presentation - Term 20 years Sum Assured 5 lacs
JEEVAN ANAND
Proposer: Mr. X
Age: 25
Policy Amount: Rs. 5,00,000
Policy Term: 20 years.
Features:
Jeevan Anand is one of the most successful products of LIC of India. The policy is in force during the entire life period of the policy holder.
- Event after the premium paying term is over the risk cover continues to the entire life period of the policy holder.
- Accident benefit is available up to age 70.
Maturity Benefits:
- On maturity time, the Sum Assured (Rs.5,00,000 /-) + Bonus will be paid to the policy holder.
Death Benefits:
- If the policy holder dies during the premium paying term then the Sum Assured + Bonus accrued will be payable to the nominee.
- If the policy holder dies during the premium paying term due to accident then the double the Sum Assured + Bonus accrued will be payable to the nominee.
- If the policy holder dies before the age of 70 then the Sum Assured will be payable to the nominee.
- If the policy holder dies before the age of 70 due to accident then double the Sum Assured will be payable to the nominee.
- If the policy holder dies after the age of 70 then the Sum Assured will be payable to the nominee.
Premium Amounts:
| Payment Mode | Premium |
| Quarterly | Rs.6,887 /- |
| Half-yearly | Rs.13,563 /- |
| Yearly | Rs.26,701 /- |
| What you pay for 20 years | What you get after 20 years | |
| Mode | Amount | Rs.5,00,000 + Rs. 4,50,000 Bonus (Estimated @ Rs.45 per thousand SA for 20 years) |
| Yearly | Rs. 5,34,020 | |
| Half-Yearly | Rs. 5,42,520 | |
| Quarterly | Rs. 5,50,960 | |
Policy holder can also avail the Tax Benefits and the Double Accident Benefits from this policy.
Friday, February 12, 2010
Late free or fine for delayed payment of premium in LIC
If the premium amount is not paid on the due date then the policy is considered to be a lapsed policy. However the policy can be revived within six months of the policy lapsation paying a small amount as the interest.
So how the delayed payment interest is calculated?
LIC considers the delay of 1 month 14 days as one month. 1 month 15 days to 2 months 14 days as 2 months and like that. A delay of just 15 days will also be considered as a delay of one month. And the fine will be charged at the rate of 8%.
For example a person has to pay a premium of Rs. 2000/- bu he makes a delay of more than 2 months 14 days in paying the premium then the delay will be considered as a 3 months delay. The late fee rate for Rs. 1% premium for 3 months at the rate of 8% is 0.01999 Therefore the late fee he has to pay is 2000 x 0.01999 = Rs. 39.98/-. The total amount he has to pay is 2039.98.
So how the delayed payment interest is calculated?
LIC considers the delay of 1 month 14 days as one month. 1 month 15 days to 2 months 14 days as 2 months and like that. A delay of just 15 days will also be considered as a delay of one month. And the fine will be charged at the rate of 8%.
For example a person has to pay a premium of Rs. 2000/- bu he makes a delay of more than 2 months 14 days in paying the premium then the delay will be considered as a 3 months delay. The late fee rate for Rs. 1% premium for 3 months at the rate of 8% is 0.01999 Therefore the late fee he has to pay is 2000 x 0.01999 = Rs. 39.98/-. The total amount he has to pay is 2039.98.
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Wednesday, February 10, 2010
LIC Komal Jeevan Explanation with Example - 2
Komal Jeevan
Proposer : Mr. X Age: 32 Years
Policy Holder : Mr.Y Age: 0 Year.
Policy Amount: Rs.2,00,000/-
Policy Term: 18 yrs.
Premium Amounts:
Payment Mode | Premium |
Yearly | Rs.15044 /- |
Half Yearly | Rs.7602/- |
Quarterly | Rs.3840 /- |
Features:
This is an excellent children money back policy with Guaranteed Addition that is highly useful for the higher education of the children balancing the inflation level.
- The premium amount has to be paid only up to the 18th age of the child.
- Guaranteed Addition is provided at the rate of Rs.75/- per thousand Sum Assured.
- Full Sum Assured is returned in regular intervals after the 18th age of the child so that it can be useful for the child’s higher education.
Maturity Benefits:
At the end of Age | 18 | 20 | 22 | 24 | 26 |
Returns | Rs.40,000/- | Rs.40,000/- | Rs.60,000/- | Rs.60,000/- | Rs.3,90,000/- + LA, if any (GA+LA, if any) |
What is paid for 18 years | What your child gets | |
Yearly | Rs.2,70,792/- - T.B for 18 years | SA – 2,00,000 (On Regular Returns)+ GA – 3,90,000 (@ Rs. 75 per 1000 SA for 26 years.)+ LA, if any = Rs.5,90,000 + LA, if any. |
Half Yearly | Rs.2,73,672/- - T.B for 18 years | |
Quarterly | Rs.2,76,480/- - T.B for 18 years | |
T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.
L.A – Loyalty Addition: Based on the experience of LIC this amount will be given.
G.A – Guaranteed Addition: This amount will be given definitely by LIC.
Policy Holder will also be provided Premium Waiver Benefit + Term Rider Benefit in the given premium amount.
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Tuesday, February 9, 2010
Jeevan Kishore - Sample Presentation with Example
Jeevan Kishore
Proposer : Mr. X Age: 32 Years
Policy Holder : Mr. Y Age: 0 Year.
Policy Amount: Rs.2,00,000/-
Policy Term: 20 yrs.
Premium Amounts:
Payment Mode | Premium |
Yearly | Rs.9556 /- |
Half Yearly | Rs.4858 /- |
Quarterly | Rs.2469 /- |
Maturity Benefits:
On maturity of the policy the Sum Assured (Rs.2,00,000 /-) + Bonus + FAB, if any will be paid to the policy holder.
What is paid for 20 years | What your child gets | |
Yearly | Rs.1,91,120/- - T.B for 20 years | SA – 2,00,000 + Bonus – 1,68,000 ( estimated @ Rs.42 per 1000 SA for 26 years.)+ F.A.B, if any – Rs.44,000 (estimated @ Rs.220 per 1000 SA) = Rs.4,12,000. |
Half Yearly | Rs.1,94,320/- - T.B for 20 years | |
Quarterly | Rs.1,97,520/- - T.B for 20 years | |
T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.
F.A.B – Final Additional Benefits.
Policy Holder will also be provided Premium Waiver Benefit in the given premium amount.
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Sunday, February 7, 2010
Komal Jeevan - Example Presentation 1
Komal Jeevan
Proposer : Mr.X Age: 32 Years
Policy Holder : Mr. Y Age: 0 Year.
Policy Amount: Rs.1,00,000/-
Policy Term: 18 yrs.
Premium Amounts:
Payment Mode | Premium |
Yearly | Rs.7626 /- |
Half Yearly | Rs.3852 /- |
Quarterly | Rs.1946 /- |
Features:
This is an excellent children money back policy with Guaranteed Addition that is highly useful for the higher education of the children balancing the inflation level.
- The premium amount has to be paid only up to the 18th age of the child.
- Guaranteed Addition is provided at the rate of Rs.75/- per thousand Sum Assured.
- Full Sum Assured is returned in regular intervals after the 18th age of the child so that it can be useful for the child’s higher education.
Maturity Benefits:
At the end of Age | 18 | 20 | 22 | 24 | 26 |
Returns | Rs.20,000/- | Rs.20,000/- | Rs.30,000/- | Rs.30,000/- | Rs.1,95,000/- + LA, if any (GA+LA, if any) |
What is paid for 26 years | What your child gets | |
Yearly | Rs.1,37,268/- - T.B for 26 years | SA – 1,00,000 (On Regular Returns)+ GA – 1,95,000 (@ Rs. 75 per 1000 SA for 26 years.)+ LA, if any = Rs.2,95,000 + LA, if any. |
Half Yearly | Rs.1,38,672/- - T.B for 26 years | |
Quarterly | Rs.1,40,112/- - T.B for 26 years | |
T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.
L.A – Loyalty Addition: Based on the experience of LIC this amount will be given.
G.A – Guaranteed Addition: This amount will be given definitely by LIC.
Policy Holder will also be provided Premium Waiver Benefit + Term Rider Benefit in the given premium amount.
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LIC Jeevan Anand explanation with example presentation
JEEVAN ANAND
Features:
Jeevan Anand is one of the most successful products of LIC of India. The policy is in force during the entire life period of the policy holder.
- Event after the premium paying term is over the risk cover continues to the entire life period of the policy holder.
- Accident benefit is available up to age 70.
Maturity Benefits:
- On maturity time, the Sum Assured (Rs.2,00,000 /-) + Bonus will be paid to the policy holder.
Death Benefits:
- If the policy holder dies during the premium paying term then the Sum Assured + Bonus accrued will be payable to the nominee.
- If the policy holder dies during the premium paying term due to accident then the double the Sum Assured + Bonus accrued will be payable to the nominee.
- If the policy holder dies before the age of 70 then the Sum Assured will be payable to the nominee.
- If the policy holder dies before the age of 70 due to accident then double the Sum Assured will be payable to the nominee.
- If the policy holder dies after the age of 70 then the Sum Assured will be payable to the nominee.
Premium Amounts:
Payment Mode | Premium |
Quarterly | Rs.2,830 /- |
Half-yearly | Rs.5,575 /- |
Yearly | Rs.10,980 /- |
What you pay for 20 years | What you get after 20 years | |
Mode | Amount | Rs.2,00,00 + Rs.1,80,000 Bonus (Estimated @ Rs.45 per thousand SA for 20 years) |
Yearly | Rs.2,19,600 | |
Half-Yearly | Rs.2,23,000 | |
Quarterly | Rs.2,26,400 | |
Policy holder can also avail the Tax Benefits and the Double Accident Benefits from this policy.
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