1. Electricity Bill
2. Telephone Bill
3. Ration Card
4. Bank Account statement
5. Passport
6. Voter Id
7. Driving License.
Related Posts:
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.
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.
Related Posts:
- Loan in LIC of India?
- How to change address in LIC?
- What is meant by Cooling Off Period?
- What is Surrender Value in LIC of India?
- Who is a nominee?
- Late Fee for delayed payment of premium
Wednesday, January 27, 2010
What is meant by cooling off period?
This is something like money return offer within a specific period of policy purchase date if the policy holder is not satisfied with the policy. This is called the cooling off period. The most important thing to note that this cooling off period option is not available with all LIC policies. Mostly this policy will be available with some of the single premium policies. Since the policy holder pays a lumpsum amount in a single time he is given an option to take it back in the cooling off period if he found that the policy conditions are not suitable to him.
Related Posts:
- Late Fee for delayed payment of premium
- What are Single Premium Policies?
- What is Surrender Value in LIC of India?
Monday, January 25, 2010
Loan in LIC of India
Loan may be available to the policy holders of LIC of India subject to the conditions of the policy. The loan value is calculated based upon the surrender value. Approximately 85 % to 90% of the surrender value will be the loan value. The interest for the loan will be around 9%. If the loan is not repaid properly then during the time of claim the interest along with the loan amount will be deducted from the claim amount and the remaining will be paid to the policy holder. I hope it is better to repay LIC loans
Related Posts:
- Late Fee for delayed payment of premium
- What is Surrender Value in LIC of India?
- Loyalty Additions in LIC
Friday, January 22, 2010
LIC Policy Surrender / Surrender Value
What is meant by surrender of policy?
A policy surrender happens when a policy holder wants to finish up the contract with the insurance company before the policy term. That means he doesn't want to pay or unable to pay anymore premiums to keep the policy in force.
The eligibility for surrendering the policy is
The policy should be inforce for atleast 3 years.
So how much will be paid to the policy holder if he surrenders the policy? The calculation of surrender value depends upon the paid up value of the policy.
A policy surrender happens when a policy holder wants to finish up the contract with the insurance company before the policy term. That means he doesn't want to pay or unable to pay anymore premiums to keep the policy in force.
The eligibility for surrendering the policy is
The policy should be inforce for atleast 3 years.
So how much will be paid to the policy holder if he surrenders the policy? The calculation of surrender value depends upon the paid up value of the policy.
Related Posts:
- How to get Loan in LIC of India?
- Late Fee for delayed payment of premium
- What are Single Premium Policies?
- What are LIC Age Proofs?
Wednesday, January 20, 2010
LIC Jeevan Anand
Jeevan Anand is one of the super hit policies of LIC. An excellent option for the people who wants to secure their own life and make something for their family or children on their death. This is a double cover policy.
What is the unique feature of Jeevan Anand that makes everyone like it?
If a person takes Jeevan Anand policy for 10 lacs for a period of 20 years and if his current age is 30 years then he will get an amount of 10 lacs + bonus at the age of 50. This is happening in most of the insurance plans but what is special about Jeevan Anand?
As told before Jeevan Anand is a double cover plan. After the policy premium payment period also the risk cover continues. If the policy holder dies after the policy paying period the nominee will be provided 10 lac rupees. If the policy holder died because of accident then the nominee will be provided an amount of 20 lac rupees. This DAB (Double Accident Benefit) facility amount is provided if the policy holder opts to take the DAB rider while taking the policy. In Jeevan Anand this DAB benefit is applicable till age 70 of the policy holder after the premium paying term. After age 70 if the policy holder dies his nominee will be given an amount of rupees 10 lacs. Checkout for a free sample presentation with an example in the future posts.
What is the unique feature of Jeevan Anand that makes everyone like it?
If a person takes Jeevan Anand policy for 10 lacs for a period of 20 years and if his current age is 30 years then he will get an amount of 10 lacs + bonus at the age of 50. This is happening in most of the insurance plans but what is special about Jeevan Anand?
As told before Jeevan Anand is a double cover plan. After the policy premium payment period also the risk cover continues. If the policy holder dies after the policy paying period the nominee will be provided 10 lac rupees. If the policy holder died because of accident then the nominee will be provided an amount of 20 lac rupees. This DAB (Double Accident Benefit) facility amount is provided if the policy holder opts to take the DAB rider while taking the policy. In Jeevan Anand this DAB benefit is applicable till age 70 of the policy holder after the premium paying term. After age 70 if the policy holder dies his nominee will be given an amount of rupees 10 lacs. Checkout for a free sample presentation with an example in the future posts.
Related Posts:
- Jeevan Tarang Features and Benefits With Example
- LIC’s New Bima Gold (Money back policy)
- Jeevan Saral Presentation with Example
- Amulya Jeevan Features and Benefits with Example
LIC New bima gold - excellent money back policy - Overview
In 2002 LIC announced New Bima Gold, the enhanced version of Bima Gold as a close ended plan. Now this plan is opened once again. The major advantages of this policy are
It is a money back policy.
Low premium high risk cover.
Unique extra life cover.
The only policy with the features of both extra life cover and money back.
Matuity Benefits of New Bima Gold:
New bima gold is a money back policy. The policy benefits will be returned in regular intervals. Amount will be returned to the policy holder every four years during the policy payment term. At the end of the policy payment term the total premiums paid less the money returned during the policy payment term plus the loyalty addition will be given to the policy holder. The extra premiums paid towards the rider premiums will nt be taken into account.
With new bima gold you are getting more than what you actially pay.
Check out future posts for more details
It is a money back policy.
Low premium high risk cover.
Unique extra life cover.
The only policy with the features of both extra life cover and money back.
Matuity Benefits of New Bima Gold:
New bima gold is a money back policy. The policy benefits will be returned in regular intervals. Amount will be returned to the policy holder every four years during the policy payment term. At the end of the policy payment term the total premiums paid less the money returned during the policy payment term plus the loyalty addition will be given to the policy holder. The extra premiums paid towards the rider premiums will nt be taken into account.
With new bima gold you are getting more than what you actially pay.
Check out future posts for more details
Related Posts:
- LIC’s Jeevan Anand
- LIC’s New Bima Gold (Money back policy)
- Jeevan Saral Presentation with Example
- Amulya Jeevan Features and Benefits with Example
- Jeevan Tarang Features and Benefits With Example
- Endowment Policy explained in detail with example
Saturday, January 16, 2010
LIC Age Proofs
The following are usually accepted as age proofs by LIC of India:
School certificates containing the date of birth.
College certificate containing the date of birth.
Birth certificate.
Certificate from the sevicing employer. The age must have been
verified by the employer.
Indetity cards issued by the government.
Passport.
School certificates containing the date of birth.
College certificate containing the date of birth.
Birth certificate.
Certificate from the sevicing employer. The age must have been
verified by the employer.
Indetity cards issued by the government.
Passport.
Related Posts:
- LIC Resident Proof Documents
- LIC Nominee
- How to change address in LIC?
- Late Fee for delayed payment of premium
Thursday, January 14, 2010
Smart LIC Plans
Smart plans of LIC is nothing but combination plans. So what is this combination plans? We will see that now.
People usually opts to take a single policy for a very larger amounts. Because of this they can get the benefits of the policy in a single time or in a short term of period. Instead of making the investments in a single plan for a larger amount if we split the premium amounts in several parts and make the investment in different plans maximum benefit can be enjoyed from LIC. There are various varieties of these combination plans. A simple smart plan is the jeevan chhaya that is explained in the previous post.
People usually opts to take a single policy for a very larger amounts. Because of this they can get the benefits of the policy in a single time or in a short term of period. Instead of making the investments in a single plan for a larger amount if we split the premium amounts in several parts and make the investment in different plans maximum benefit can be enjoyed from LIC. There are various varieties of these combination plans. A simple smart plan is the jeevan chhaya that is explained in the previous post.
Related Posts:
Tuesday, January 12, 2010
Making more out of JEEVAN CHHAYA - An Excellent Plan
Even-though jeevan chhaya is a children plan one of the specialties of this plan is that it can be taken by bachelors also. This is somewhat peculiar to believe but this is true. Any way the policy holders can take advantage of this in a nice way. How? We can see that.
Unlike other children plans jeevan chhaya doesn't take minor people as policy holders. Only people above 18 years can propose for this policy. Here the child can only be a nominee.
One of the more exciting feature of tyis plan is that the PWB-Premium waiver benefit is coming as a default in this policy and no medical examination needed for having this particular feature. In other children plans like Komal Jeevan and Jeevan Kishore the PWB benefit is coming as a extra rider and needs extra premium. More than this a medical examination is needed for the proposer to avail this benefit.
So what is this premium waiver benefit?
As told earlier in jeevan chhaya the policy holder should be an adult and the nominee can be his child. By having this premium waiver benefit if the policy holder dies during the premium payment period ALL THE FUTURE PREMIUMS ARE WAIVED OFF AND THE POLICY AMOUNT IS PAID TO THE NOMINEE. And further during the maturity time also the maturity amount is paid to the nominee. Personally i would suggest that this is the best children plan available.
So how we can get more out of this policy?
In jeevan chhaya the policy amount is not paid as a single payment. Instead it is paid in 4 installments during the last four years of the policy period. This the key area where we can make our benefit. If a proposer decides to take this policy for 4 lacs instead of taking this as a single policy if he takes this as 4 policies he can get a regular income for 16 years. That will be great. If he has assigned his child as a nominee even if risk occurs his child will get the maximum benefit during his death and no future premium needs to be paid off. The child will also get the maturity benefits. A free sample presentation of this policy is also available in the blog. Make use of it.
Unlike other children plans jeevan chhaya doesn't take minor people as policy holders. Only people above 18 years can propose for this policy. Here the child can only be a nominee.
One of the more exciting feature of tyis plan is that the PWB-Premium waiver benefit is coming as a default in this policy and no medical examination needed for having this particular feature. In other children plans like Komal Jeevan and Jeevan Kishore the PWB benefit is coming as a extra rider and needs extra premium. More than this a medical examination is needed for the proposer to avail this benefit.
So what is this premium waiver benefit?
As told earlier in jeevan chhaya the policy holder should be an adult and the nominee can be his child. By having this premium waiver benefit if the policy holder dies during the premium payment period ALL THE FUTURE PREMIUMS ARE WAIVED OFF AND THE POLICY AMOUNT IS PAID TO THE NOMINEE. And further during the maturity time also the maturity amount is paid to the nominee. Personally i would suggest that this is the best children plan available.
So how we can get more out of this policy?
In jeevan chhaya the policy amount is not paid as a single payment. Instead it is paid in 4 installments during the last four years of the policy period. This the key area where we can make our benefit. If a proposer decides to take this policy for 4 lacs instead of taking this as a single policy if he takes this as 4 policies he can get a regular income for 16 years. That will be great. If he has assigned his child as a nominee even if risk occurs his child will get the maximum benefit during his death and no future premium needs to be paid off. The child will also get the maturity benefits. A free sample presentation of this policy is also available in the blog. Make use of it.
Related Posts:
- Jeevan Chhaya Free Presentation
- Komal Jeevan - Example Presentation 1
- Jeevan Kishore - Example Presentation with Explanation
Monday, January 11, 2010
Address change in LIC Policy
Policy holder should inform LIC when he changes his residential address. This is good for both the policy holder and the insurance company.
Policy holder can do this by writing a letter stating that he has changed his address. The letter should contain the following three things
- The policy numbers he is having.
- His old address.
- His new address.
This letter should be handed over in the branch in which he has taken the policies.
Policy holder can do this by writing a letter stating that he has changed his address. The letter should contain the following three things
- The policy numbers he is having.
- His old address.
- His new address.
This letter should be handed over in the branch in which he has taken the policies.
Related Posts:
- What are LIC Age Proofs?
- LIC Nominee
- How to pay premium in LIC?
- Late Fee for delayed payment of premium
Saturday, January 9, 2010
Jeeval Saral Free Presentation
The following presentation gives the features, benefits for a person aged 30 years if he takes the LIC's JEEVAN SARAL policy.
JEEVAN SARAL
Proposer : Mrs. X Age: 30 years.
Nominee : Mr. Y. Age 34 years.
Term : 20 years.
Policy Premium: Rs. 1071 (Qly – Including Double Accident Benefit)
Key Features:
- This is a Premium based policy rather than sum assured based policy. The premium amount can be chosen by the policy holder.
- Here the Maturity Sum Assured is calculated based on the premium paid.
- This policy comes with the facility of unit linked policies.
- Partial withdrawals are allowed after three years of payment.
- Auto Cover facility is provided after three years of payment.
- Attractive surrender value.
Maturity Benefits:
In this case the maturity benefit will be 95,707 + Loyalty Addition, if any.
250 times the monthly basic premium (Rs. 87500 /-) + return of the premiums paid (excluding the first year premium and extra rider or premium) + Loyalty Additions, if any.
Surrender values:
80% of Maturity Sum Assured are paid if the premium has been paid for 3 – 4 years.
90% of Maturity Sum Assured are paid if the premium has been paid for 4 – 5 years.
100% of Maturity Sum Assured are paid if the premium has been paid for more than 5 years + Loyalty Additions, if any.
Related Posts:
- LIC Jeevan Anand explanation with example presentation
- Amulya Jeevan Features and Benefits with Example
- Endowment Policy explained in detail with example
- Jeevan Tarang Features and Benefits With Example
- Komal Jeevan - Example Presentation 1
Thursday, January 7, 2010
LIC Assignment
The policy holder has complete rights to assign his policy to another person. Th person who is getting the policy assigned is called assignee and the person who is assigning the policy is called assignor. Upon the assignment of a policy the policy holder declares that all the benefits of the policy on the maturity of the policy or on the death of the policy holder belongs to the assignee and not to the policy holder or his nominee. On the assignment of a policy the nomination automatically becomes ineffective.
The assignment can be made to an assignee on the true love or affection or upon the financial needs of the policy holder. The policy holder can assign the policy to a financial institution for his financial needs and when the financial contract between the policy holder and the financial institution is finished the policy should be reassigned to the policy holder.
The assignment can be made to an assignee on the true love or affection or upon the financial needs of the policy holder. The policy holder can assign the policy to a financial institution for his financial needs and when the financial contract between the policy holder and the financial institution is finished the policy should be reassigned to the policy holder.
Related Posts:
LIC Nominee
Nominee is a person who is assigned by the policy holder to receive the benefits upon the death of the policy holder. A nominee can be anyone assigned by the policy holder. It is not mandatory that he should be a legal heir or blood relation of the policy holder.
It is optional for a policy holder to assign nominee for his policy. But it is a god practice to assign a nominee. The policy holder can change his nominee anytime without prior notice. If the policy holder cancels the nomination then the nomination becomes ineffective. Policy holder can change his nominee any number of times. If the policy finishes its period and the policy holder is alive then also the nomination becomes ineffective. If the nominee dies before the death of the policy holder then also the nomination becomes ineffective. If the policy holder opts to change the nominee he should contact the branch in which the policy was taken and the change should be endorsed in the policy.
If the policy holder dies during the policy period and their is no nominee for his policy then the benefits of the policy will be delivered to his legal heirs.
It is optional for a policy holder to assign nominee for his policy. But it is a god practice to assign a nominee. The policy holder can change his nominee anytime without prior notice. If the policy holder cancels the nomination then the nomination becomes ineffective. Policy holder can change his nominee any number of times. If the policy finishes its period and the policy holder is alive then also the nomination becomes ineffective. If the nominee dies before the death of the policy holder then also the nomination becomes ineffective. If the policy holder opts to change the nominee he should contact the branch in which the policy was taken and the change should be endorsed in the policy.
If the policy holder dies during the policy period and their is no nominee for his policy then the benefits of the policy will be delivered to his legal heirs.
Monday, January 4, 2010
Ways of paying LIC premium
Usually the premium payment for the LIC policies are made in three
different ways. They are
1. Payment through the LIC agent from whom the policy was bought. This
is most widely used method for paying the premium. The agents will
remind the policy holders when the due period is near. This avoids the
lapse of policies and increases the income of the corporation. But it
is not sure that all agents will remind near by the due time.
According to the corporation it is the sole responsibility of the
policy holder to pay the premium on time. However the corporation will
also send a letter to the policy holder when the due period is near.
Payment through the lic branch offices:
If the policy holder has decided to pay the premium by himself he can
pay the premium at any lic branch office across india. All the
branches are interconnected through the network. The policy holder
will get the computer generated receipt as soon as he pays the
premium.
Online payment:
According to me this is the most easiest and comfortable mode of
premium payment. There is no working hours restriction in this way of
premium payment. The payment can be made round the clock. If you have
a credit card or internet banking account this is the most preferred
way. For this you should get registered in the lic website and enroll
your policies there. Proper guidelines are given in the lic site.
different ways. They are
1. Payment through the LIC agent from whom the policy was bought. This
is most widely used method for paying the premium. The agents will
remind the policy holders when the due period is near. This avoids the
lapse of policies and increases the income of the corporation. But it
is not sure that all agents will remind near by the due time.
According to the corporation it is the sole responsibility of the
policy holder to pay the premium on time. However the corporation will
also send a letter to the policy holder when the due period is near.
Payment through the lic branch offices:
If the policy holder has decided to pay the premium by himself he can
pay the premium at any lic branch office across india. All the
branches are interconnected through the network. The policy holder
will get the computer generated receipt as soon as he pays the
premium.
Online payment:
According to me this is the most easiest and comfortable mode of
premium payment. There is no working hours restriction in this way of
premium payment. The payment can be made round the clock. If you have
a credit card or internet banking account this is the most preferred
way. For this you should get registered in the lic website and enroll
your policies there. Proper guidelines are given in the lic site.
Related Posts:
- How to pay premium in LIC?
- Modes of premium payment in LIC
- What are Single Premium Policies?
- Late Fee for delayed payment of premium
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