Jeevan Ankur ::: A Must have Children Policy

Published by Philip George on January 23rd, 2012 - in Insurance Plans, LIC Policy, Life Insurance

LIC’s JEEVAN ANKUR (UIN: 512N267V01)

LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.

The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.

1. Benefits

i) Death benefit:

On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.

On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.

On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose  the following optional riders by payment of additional premium-

i) Accident Benefit Rider:  This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

  ii) Critical Illness Rider:  An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.

Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

3. Eligibility Conditions and Other Restrictions (For Basic Plan):

a) Minimum Sum Assured                               :   Rs. 100,000

b) Maximum Sum Assured                              :   No Limit

(The Sum Assured shall be in multiples of Rs. 5000/-)

c) Minimum Age at entry for Life Assured   : 18 years (completed)

d) Maximum Age at entry for Life Assured  : 50 years (nearest birthday)

e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)

f) Minimum Age at entry for child                : 0  years (last birthday)

g) Maximum Age at entry for child               : 17 years ( last birthday)

h) Minimum Term                                        : Higher of (18 – age of child, 8) years

i) Maximum Term                                       : (25 – age of child) years

4. Sample premium Rates:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

5. Sample premium Rates:

 Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:

Single Premium

Age

Policy term

 

10

15

20

25

         20

615.45

494.95

405.95

348.00

30

618.80

503.35

422.10

375.30

40

638.75

541.60

483.60

463.60

 

 

 

 

 

 

Annual Regular Premium

Age

Policy term

 

10

15

20

25

       20

90.65

56.45

39.70

31.10

       30

91.20

57.50

41.35

33.50

      40

94.70

62.35

47.80

41.75

 

 

 

 

 

6. Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode                            -    2% of Tabular Premium

Half-yearly mode                     –   1% of the Tabular premium

Quarterly & Salary deduction   –     NIL

Sum Assured Rebate:

Single Premium:

Sum Assured                         Rebate (Rs.)

1,00,000 to 1,95,000               Nil

2,00,000 to 4,95,000               4.00 %o S.A.

5,00,000 and above                6.00 %o S.A.

 

Regular Premium:

Sum Assured                         Rebate (Rs.)

1,00,000 to 1,95,000               Nil

2,00,000 to 4,95,000               2.00 %o S.A.

5,00,000 and above                3.00 %o S.A.

7. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of maturity by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Riders shall be revived along with the basic plan and not in isolation.

8. Paid-up Value:

Under regular premium policies, if after atleast three full years’ premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy for a reduced paid-up sum assured. This Paid-Up Sum Assured shall be payable on the date of maturity or on Life Assured’s prior death.

Further, in case of death during the term of the policy, the paid up value shall be paid immediately on death. But, neither income benefit nor paid up value on maturity shall be payable.

Accident Benefit and Critical Illness riders do not acquire any paid-up value.

9. Surrender Value:

The Guaranteed Surrender Value will be as under:

  1. Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.
  1.    Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

 

Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.

10. Policy Loan:

No loan facility will be available under this plan.

11. Service Tax: 

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.

12. Cooling-off period:

If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days from the date of receipt of the policy bond.

13. Exclusion:

Suicide:- This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

 



Why LIC Investments are better than other investments?

Published by Philip George on November 18th, 2011 - in Investments, LIC Policy, Life Insurance

1) Government guaranteed.

2) Life Cover

  • No other savings provide insurance cover for their investors.

3) Money in proper hands.

  • Investor can choose for nomination, assignment and re-assignment. So maturity amount or claim amount will go to the right people.

4) Form of benefit can be pre-decided.

  • Benefit of the insurance can be pre-decided under Marriage         Women’s Property act (MWP Act).

5) Business successions.

  • Partnership insurance

(i)    Firm will be the policy holder or proposer.

(ii)  Life assured will be the partners.

6) Default risk covered

  • Key man insurance policy. : In Key-man insurance, company will be the policy holder and proposer but Life assured will be Key-man. On the death of the Key-man money will come to the company.

7) Encourage thrift.

  • LIC encourages saving habit of the people, because LIC savings are compulsory savings.

8 ) Creation of large estate by investing small amount.

  • SIP- Regular savings.

9) Raise money in emergency.

  • Loan available
  • Surrender available

10) Age group of 1 to 80 can invest.

11) Benefits with variety of options.

  • Mode of payment options
  • Settlement options.
  • Premium can be paid in advance.

12) Easy accessible

  • Like payment of premium, claim settlement etc. In LIC numbers of outlets are increasing but in other case, numbers of outlets are decreasing due to cost cutting.

13)  Steady returns

14)  Tax benefit

  • Deduction allowable from income for payment of life insurance premium (sec.80.c)
  • Deduction under section 80D. Health insurance premium up to 15000/p.a.
  • Deduction under section 80D.D. Jeevan Adhar premium up to 50000/p.a.
  • Exemption under section 10 (10) A
  • Exemption under section 10 (10) D.


Reasons why you can always trust your LIC Agent

Published by Philip George on October 25th, 2011 - in LIC Agents
  • His mobile & land line numbers never change!
  • He does not jump from company to company!
  • He is always happy with his job!
  • He is in the noble profession of helping people insure uncertainty of life.
  • He represents the best company in the field.
  • His company has the lowest claim rejection ratio in the World
  • He is proud of his profession and so his head is up from the first day of his career!
  • He is encourages the savings habit of the people!
  • He is at your call for all your financial services!
  • He is trained, well educated and knowledgeable about various financial products!
  • He is always with you as a family member to serve you
  • He lives as an LIC Agent and dies as an LIC Agent!
  • His best service is assured, as his career ladder depends up on how he serves his customers!
  • He is your mentor, philosopher and your friend!

NB: What prompted me to write this post was that, once when I approached an IT Engineer for LIC Policy, his first question was, “How can I trust you?”. Later talking to him, I understood that he was one of the victims of the private insurance agent catch-up.



Before taking an insurance policy, or invest in share market, or other financial investment, ask following questions to the Executive who approach you.

Published by Philip George on October 25th, 2011 - in Life Insurance
  • How long you are in this business?
  • How many companies (job) have you changed in your career?
  • How long is your company in this business?
  • How long would you and your company in that business?
  • What are the assets of your company?
  • What are the liabilities of your company?
  • What is the “life fund” or “Asset under management” of your company?
  • Can you show the profit & loss account of your company since  the year 2000?
  • How will I remit the premium?
  • How I will get the after-sales service?
  • What are the claim procedures of your company?
  • What are the terms and conditions of the death claim?

NB: I wrote this because, I have met several  frustrated IT Engineers who have invested their hard earned money without proper planning, with inept private insurance agents, hoping to avail the income tax benefits. If they had asked these questions to the executive, then they would have never worried about their investments.



Companies dial LIC for funds in the middle of uncertainty

Published by Philip George on October 25th, 2011 - in Financial News, Investments, Life Insurance

Source : Business Standard ::: Date 17-Oct-2011

By Niladri Bhattacharya & Parnika Sokhi

India Inc is dialling the Life Insurance Corporation of India to bail it out in an uncertain investment climate. The largest domestic institutional investor in the country is flooded with enquires from a number of companies for investing in their debt papers. Sources familiar with the developments say the requirement submitted to LIC is to the tune of Rs 30,000 crore.However, LIC’s hands are tied by regulations, which mandate 75 per cent of its debt investments should be in AAA-rated papers. “There are a lot of good companies which have AA+, AA, AA- and A+ rated issues. With the market appetite for these being low, they are looking up to LIC for bailing them out,” the sources say. Read More



Bima Bachat ::: ഓഹരി വിപണിയിലെ നിക്ഷേപത്തിന് താല്പര്യമ്മില്ലാത്ത നിക്ഷേപകർക്ക് പരിഗണിക്കാവുന്ന പോളിസി

Published by Philip George on October 15th, 2011 - in Insurance Plans, Investments, Life Insurance

What is Bima Bachat?

ഓഹരി വിപണിയിലെ നിക്ഷേപത്തിന് താല്പര്യമ്മില്ലാത്ത നിക്ഷേപകർക്ക് പരിഗണിക്കാവുന്ന പോളിസിയാണ് എൽ ഐ സിയുടെ ബീമാ ബചത്ത്. നിക്ഷേപതുകക്ക് പൂർണ്ണ സുരക്ഷിതത്വം ഉറപ്പാക്കുന്നതോടൊപ്പം മികച്ച റിട്ടേണും ഈ പോളിസിയിൽ നിന്നു ലഭിക്കുന്നു. സ്കീമിൽ ചേരുന്ന സമയത്ത് മാത്രം നിക്ഷേപം നടത്തിയാൽ മതി. 15 വർഷം വരെ ഇൻഷുറൻസ് സംരക്ഷണം ഈ സ്കീമിൽ നിന്നു ലഭിക്കും. കൂടാതെ അടക്കുന്ന പ്രീമിയത്തിനും തിരികെ ലഭിക്കുന്ന തുകക്കും ആദായ നികുതി ഇളവും കിട്ടും. വസ്ത്തു വിൽപ്പന നടത്തി ലഭിച്ച തുക , ചിട്ടി പണം, ലോട്ടറിയിൽ നിന്നു ലഭിച്ച തുക തുടങ്ങി ജീവിതത്തിൽ വല്ലപ്പോഴും ലഭിക്കുന്ന വൻ തുക നിക്ഷേപിക്കുവാൻഅനുയോജ്യമാണ് ഈ സ്കീം. Read more…



ഡെറ്റ് ഫണ്ടുകൾ ആകർഷകമാകുന്നു ഇക്വറ്റി ഫണ്ടുകൽക്ക് തിളക്കമില്ല

Published by Philip George on October 15th, 2011 - in Investments, Mutual Funds

ഓഹരി വിപണി മാസങ്ങളായി അനിശ്ചിതത്വത്തിലും ആശങ്കകളിലും പെട്ട് ഉലയുന്നതിനാൽ ഇക്വറ്റി ഫണ്ടുകളുടെ നേട്ടം കാര്യമായി കുറഞ്ഞിരിക്കുകയാണ്. ശരാശരി 15% നേട്ടം നൽകുന്ന ഫണ്ടുകൾ പോലും വിരലിലെണ്ണാവുന്നതായി ചുരുങ്ങി. അതേ സമയം പലിശ നിരക്കുകൾ വർധിച്ചതോടെ ഡെറ്റ് ഫണ്ടുകൾ ആകർഷകമാകുകയാണ്. Read more…



മുൻനിര സ്വകാര്യ ലൈഫ് ഇൻഷുറൻസ് കമ്പിനികൾക്ക്ക്ക് കനത്ത തിരിച്ചടി

Published by Philip George on September 11th, 2011 - in Life Insurance

ബജാജ് അലിയാൻസ് ലൈഫ് ഇൻഷുറൻസ് കമ്പിനിയുടെ ഏപ്രിൽ, മെയ് , മാസത്തെ ആദ്യ വർഷ പ്രീമിയത്തിൽ 58.56%വും റിലയിൻസ് ലൈഫിന്റെതിൽ 51.70%വും ബിർളാ സൺലൈഫ് ഇൻഷുറൻസിന്റെ ആദ്യവർഷ പ്രീമിയത്തിൽ 34.86%വും എച്ച് ഡി എഫ് സി സ്റ്റാന്റേഡ് ലൈഫിന്റെ പ്രീമിയത്തിൽ 27.30%വും ഐ സി ഐ സി ഐ പ്രുഡൻഷ്യൽ ലൈഫിന്റെ പ്രീമിയത്തിൽ 29.01%വും ഇടിവ് രേഖപ്പെടുത്തിയിട്ടുണ്ട്.
Read more …



സ്വകാര്യ ഇൻഷ്വറൻസ് ഏജന്റ്മാരുടെ കൊഴിഞ്ഞു പോക്ക്    

Published by Philip George on September 10th, 2011 - in Life Insurance

സ്വകാര്യ ഏജന്റ്മാരുടെ കൊഴിഞ്ഞു പോക്ക് ഉത്തരം കിട്ടാതെ ഉപഭോക്താക്കൾ

(കടപ്പാട് ധനം മാഗസിൻ 15-ആഗസ്റ്റ് 2011)
മൂന്ന് വർഷം മുൻപാണ് സ്വകാര്യ സ്ഥാപനത്തിലെ ജീവനക്കാരിയായ യുവതി സ്വകാര്യ ഇൻഷുറൻസ് കമ്പനിയുടെ പോളിസി എടുത്തത് മൂന്ന് വർഷം കൊണ്ട് നിഷേപിച്ച തുക ഇരട്ടിയാകുമെന്നായിരുന്നു വാഗ്ദാനം. എന്നാൽ ഇപ്പോൾ പോളിസി തുകയിൽ കാര്യമായ വർധന ഉണ്ടായിട്ടില്ല. മാത്രമല്ല നിക്ഷേപിച്ച തുകയിലും കുറവ് വന്നിരിക്കുന്നു, പോളിസിയിൽ ചേർത്ത ഏജന്റ് വേറൊരു കമ്പനിയിലെ ജീവനക്കാരനാണിപ്പോൾ ഇനി എന്തു ചെയ്യണം, പോളിസി സംബദ്ധിച്ച് ആരോട് ചോദിക്കണം എന്നറിയാതെ വിഷമിക്കുകയാണ് യുവതി. Read more ….



“Private Insurance Agents dropping out” ::: consumers are left without answer!!!

Published by Philip George on August 26th, 2011 - in Life Insurance

(Kadappaad Dhanam Magazine – 15th August 2011)
It was three years ago that a woman employed in a private institution took the policy of a private insurance company on the promise that within three years the policy would be doubled. But till now there is no significant increase in the amount. Not only that the deposited amount also has reduced. The agent who gave the policy has quit and is employed in another company. What to do now? Whom to ask about the policy matters? She is at a loss!
(more…)



© Philip George
Thursday, 30 June 2022