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- Late Fee for delayed payment of premium
- What are Single Premium Policies?
- What is Surrender Value in LIC of India?
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.
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)
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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.
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- 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:
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