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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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- LIC Nominee
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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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Wednesday, February 3, 2010
Bima bachat - single premium money back plan
Bima bachat is a money back policy whose premium can be paid as a single premium. The returns will be made in the 6th, 9th and 12th year respectively and the single premium paid at the starting will be retuned during the 15th year of the policy if the policy term is 15 years. 15% of the policy amount will be returned during every money back term.
Deat benefits:
If the policy holder dies during the policy payment term the policy amount will be given to the nominee. The amount which was returned back will not be reduced from the payment.
Deat benefits:
If the policy holder dies during the policy payment term the policy amount will be given to the nominee. The amount which was returned back will not be reduced from the payment.
Monday, February 1, 2010
Jeevan Tarang - profit for 3 generations
Jeevan Tarang is a unique plan using which a policy holder can earn money upto the 100 years of hos age. But using the features of this policy three people including the policy holder can enjoy the benefits. How? We can see that.
In Jeevan Tarang the policy holder gets the bonus amount as his survival benefit after the completion of the accumulation period. After that he gets 5 1/2 % of the sum assured every year. And if he survives until the age of 100 he will get the sum assured. If he dies before the age of 100 his nominee will get the sum assured. Now how we can split the profits between three generations?
If the proposer is a major and if he has a child instead of taking the policy in hos name he should take the policy in his child's name. That means he should be a proposer and his child should be the policy holder. Upon the completion of the accumulation period the bonus amount will be returned by LIC. This can be enjoyed by the proposer. After this a 5 1/2% return will be made by the LIC until the survival of the child. This can be enjoyed by both the child and the proposer. At the 18 years of the child the policy is automatically vested to the child and the he becomes the policy holder. Now the policy holder can put his child as the nominee go the policy. Therefore upon the death of this policy holder the sum assured will be given to his child. This is awesome plan in this way. It worth more than what you pay. Isn't it.
In Jeevan Tarang the policy holder gets the bonus amount as his survival benefit after the completion of the accumulation period. After that he gets 5 1/2 % of the sum assured every year. And if he survives until the age of 100 he will get the sum assured. If he dies before the age of 100 his nominee will get the sum assured. Now how we can split the profits between three generations?
If the proposer is a major and if he has a child instead of taking the policy in hos name he should take the policy in his child's name. That means he should be a proposer and his child should be the policy holder. Upon the completion of the accumulation period the bonus amount will be returned by LIC. This can be enjoyed by the proposer. After this a 5 1/2% return will be made by the LIC until the survival of the child. This can be enjoyed by both the child and the proposer. At the 18 years of the child the policy is automatically vested to the child and the he becomes the policy holder. Now the policy holder can put his child as the nominee go the policy. Therefore upon the death of this policy holder the sum assured will be given to his child. This is awesome plan in this way. It worth more than what you pay. Isn't it.
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Saturday, January 30, 2010
LIC Resident Proof Documents
For taking a LIC policy the proposer should submit his resident proof. Any of the following documents can be submitted as a resident proof
1. Electricity Bill
2. Telephone Bill
3. Ration Card
4. Bank Account statement
5. Passport
6. Voter Id
7. Driving License.
1. Electricity Bill
2. Telephone Bill
3. Ration Card
4. Bank Account statement
5. Passport
6. Voter Id
7. Driving License.
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Thursday, January 28, 2010
What are single premium policies?
If the policy holder has a lumpsum sum amount and he doesn't want to pay the premiums in regular intervals but only as a single premium he can do it through the single premium policies. In single premium the premium is paid only once and the policy holder can enjoy the benefits of the policy during the maturity time. And again this mode of payment is not available with all the policies. Some policies allow both the regular premium payment. A good example for this is Jeevan Tarang and some policies allow only this kind of premium payment. The recently launched Jeevan Nischay is a good example for this. We will discuss some good single premium policies in the future posts.
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