Month: January 2012
LIC JEEVAN ANKUR : BEST CHILD PLAN EVER FROM LIC FOR KIDS
LIC OF INDIA has launched one more plan on 23rd January 2012 and added one more option in the bouquet of CHILD PLANS. LIC OF INDIA had already 7 child plans (namely JEEVAN CHHAYA, MARRIAGE ENDOWMENT, KOMAL JEEVAN, JEEVAN KISHORE, JEEVAN ANURAG, CHILD CAREER PLAN & CHILD FUTURE PLAN ), before the launched of LIC JEEVAN ANKUR. Now the question arises how this plan is different from other 7 plans and how will it be better than the child plans of other pvt. insurers.
Main features of LIC JEEVAN ANKUR as follows:
1. It is with profit conventional plan ( Not related to market ) so all investment will be debt based. It means over the term of 20yrs it will easily give the yield of nearly 8%.like other LIC PLANS.
2. In LIC JEEVAN ANKUR, parents will be insured not the child. Means the parents will be the owner of the plan and at the maturity the funds will go to the parent and they can use it wisely for their kids.
3. DEATH BENEFIT:
A) On death of the Life Assured during the policy term: Sum Assured( equal to parents Insurance in this plan) shall be payable to the nominee( the child) and an Educational income benefit equal to 10% of parent’s insurance will 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.
For example if an insurance of Rs 10lac is taken in LIC JEEVAN ANKUR by the proposer then a) in case of death of the proposer, Rs 10lac (in case of normal death ) and Rs 20lacs (in case of accidental death) will be given to the child immediately and b) future premium will be waived if CIR opted also c) Rs 1,00,000 per annum will be given to the child for educational expenses per annum on the policy anniversary till the end of the term and also d) the maturity amount of Rs 10lac along with the bonus (loyalty) amount will be given to the child.
B) On death of the child, when parents are alive, the Life Assured (parents ) will have an option to nominate another child or any 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. Means no insurance amount will be given at the death of the child but simply another child or person will replace the nominee as parents are insured in LIC JEEVAN ANKUR not the child.
3. Tax Benefit : Premium paid in this policy is 100 % tax free under section 80C and the maturity will also be tax free under section 10 (10D)
HOW LIC JEEVAN ANKUR IS BETTER THAN CHILD PLANS OF OTHER PVT. INSURERS.
1. Educational Income benefit in case of death of the parents is the new concept first time launched by LIC OF INDIA in a child plan.
2. Bonus rates in LIC OF INDIA is much higher than the bonus available in the plans of pvt. insurers.
3. Lesser premium: LIC OF INDIA charges no extra premium for premium waiver benefit in case of death of the parent in LIC JEEVAN ANKUR and also LIC is not charging any thing extra for EDUCATIONAL INCOME BENEFIT whereas in pvt. insurers nothing comes for free.
4. LIC SOVEREIGN GUARANTEE make it safest to invest in lic but there is no such guarantee exists with any plan of any pvt. insurers.
The list of benefits of LIC JEEVAN ANKUR for you and your family and how it is better than other plans of pvt. insurers are many. To know more or to take this plan to secure the future of your loving kids contact LIC authorized agents visit LIC HELPLINE.
Source LIC JEEVAN ANKUR
These days ECS ( Electronic cheque clearing system) is becoming more and more popular in LIC OF INDIA. People are preferring paying the premium of their LIC POLICIES under monthly mode via ECS. There are many advantages as well as disadvantages of taking LIC POLICIES under ECS mode.
1. The LIC policy holder needs to pay only one month premium and next month onwards it keeps on deducting direct from their bank.
2. No need to stand in ques in LIC OFFICES to pay their premium as it keeps on deducting direct from bank.
3. LIC does not charge 5% extra for policies done under monthly mode (ECS) while it charges 5% extra in cases of without ECS monthly mode.
4. Easy small payment option and it is difficult to spare yearly payment.
PRECAUTIONS or DISADVANTAGES for policies under MONTHLY ECS mode:
1. Make sure that your bank account details are entered correctly in ECS form other wise ECS will not work properly and you have to pay next installment in cash at LIC OFFICE COUNTER and CDA ( Cheque dishonor charges) will be levied on you by LIC as well as by your bank. Double CDA charges
2. LIC takes payments from banks on 3 different dates in a month. For policy done from 1st to 7th ECS will hit on 7th and for policy done from 8th to 14th ECS will hit on 14th and for policy done from 15th to 30th ECS will hit on 28th date of that month. But still it is advisable to keep sufficient funds in your bank to avoid CDA charges.
3. Need to pay in cash at the counter whenever ECS will bounce along with the penalty.
4. The policyholder will not get any renewal receipt for subsequent months, entries only in bank statement or passbook will be the proof of premium paid in LIC.
5. For Tax certificate for the payment made in entire financial year, you need to depend on your LIC ADVISOR. There is no alternative to it.
Download ECS MANDATE FORM.
When it comes to pension, a picture of regular income after retirement comes into mind. Very few people have idea, how pension funds work in India but an investor expects that there should be enough flexibility, high risk cover, high, safe & tax free returns in pension funds.
Pension funds do not provide any flexibility, high insurance cover and tax free returns at all. This is valid to all insurers operating in India and most of them even do not have any instruments like pension plans.
LIC OF INDIA, the biggest life insurer has more than 45 plans as on today can definitely fulfill the requirements of an investor who is looking for pension plan for his retirement with a lot of flexibility, high risk cover, reasonably high, tax free and safe returns.
Pension with a lot of flexibility, high risk cover, reasonably high, tax free and safe returns can easily be created using the combination of plans from LIC OF INDIA. There can be various combination depending upon once requirements and they will be always be better then existing pension plans available today in insurance industry.
LIC advisors listed on LIC HELPLINE are equipped with special softwares from LIC that they can easily fulfill your requirement of pension plan.
There are more than 48 plans in LIC OF INDIA which covers the requirement of each and every individual. But even then some people come up with certain requirements which can not be fulfilled by single plans. So If two or more plans are clubbed together then requirements of each and every individual can be fulfilled.
The details of one such LIC Plan is:
Pay Rs 1,00,000/- per annum for 10 yrs and get guaranteed income of Rs 75000 p.a. till 100yrs of age with a maturity of Rs 10,00,000/- at the age of 80yrs and whole life insurance of Rs 10,00,000 +.
There is one such plan with Kotak Mahindra Life Insurance Company. The comparison of both the plans are as:
|FEATURES||LIC GUARANTEED INCOME PLAN||KOTAK ASSURED INCOME PLAN|
|INSURANCE||RS10,00,000 FOR LIFE TIME||RS10,00,000 ONLY FOR 30YRS|
|RETURNS||RS 75,356 FOR LIFE TIME||RS 1,01,000 ONLY FOR 20YRS|
|MATURITY||RS 10,00,000 AT THE AGE OF 80YRS||RS 10,00,000 AT THE AGE OF 70YRS|
|INSURANCE AFTER MATURITY||RS16,00,000 AND INCREASING||NO INSURANCE|
|LOAN AFTER MATURITY||RS 7,74,000||NIL|
Please find the illustration of LIC Guaranteed Income Plan .
At LIC all your requirements can be fulfilled. For more details visit LIC HELPLINE
There are various conditions in which LIC POLICY can be bought for handicapped person. LIC OF INDIA offers variety of LIFE INSURANCE PLANS for physically or mentally handicapped people.
If the person being insured is partially handicapped and employed or self employed then he, himself can buy LIC POLICY on his name and any normal LIC POLICY will work for him . like LIC ENDOWMENT PLAN, LIC MONEY BACK PLAN etc. (Note: It should not be a high risk plan like LIC JEEVAN ANAND or LIC JEEVAN MITRA TRIPLE COVER). For taking LIC POLICY on his name he has to undergo for medical test through TPA and LIC OF INDIA will pay for this test. These tests are basically questionnaires and are known as CNS Questionnaire and Deformity Questionnaire.
If he is fully physically or mentally handicapped and dependent on someone even then LIC OF INDIA offers two LIC PLANS for fully handicapped people namely JEEVAN AADHAR and JEEVAN VISHWAS which can be bought for handicapped people.
For more details visit LIC HELP LINE for locating an LIC HELPLINE authorized advisor near you or call at the number mentioned on LIC HELPLINE for buying LIC POLICY.
LIC JEEVAN TARANG IS SUITABLE FOR:
- People who want regular, fixed and guaranteed income life time.
- For grand parents to gift this lic policy to their grand daughter or son so that they can remember them life time.
- For Girls or ladies.
- For those who want to invest lump sump amount for their near and dear ones for their regular income.
- It is also called 3 generation plan of LIC OF INDIA
DETAILS OF LIC JEEVAN TARANG POLICY:
LIC JEEVAN TARANG POLICY is one of the most selling LIC POLICIES. In the era of uncertainty, it is guaranteed, money back, whole life & high returned plan of LIC OF INDIA. Age entry in this plan is 0yrs to 55yrs. Means this policy can be taken even for a new born baby or rather it will be a superb plan for new born babies. The best part in this LIC POLICY is one who takes this policy remain insured for 100 yrs of age and 5.5% of the total insured value (guaranteed amount) will come to the insured person after the accumulation period per annum on the date of anniversary of the policy directly into the bank account of the insured person. The bonus in this plan is higher or better than many other LIC PLANS so after accumulation period if offers a high cumulative bonus.
Example: Age = 0 yrs, Sum Assured (Insurance ) = Rs 1 crore, Term = 20yrs, Premium p.a. =Rs 495904 or Single premium Rs5355000.
After 20 yrs the insured person will get Rs 1 crore (approx. ) as the total bonus and Rs550000 p.a. life time till 100yrs of age and he will also be covered for insurance of Rs 1 crore life time. mean when the insured person will die his nominee or heirs will also get Rs 1 crore as the claim.
so in total for a baby of 0 yrs who lives till 80yrs of age he will be benefited for Rs 5.3 crores in his life time.
Please find the PDF illustration of LIC Jeevan Tarang to see know how it works.
For taking LIC JEEVAN TARANG POLICY visit LIC HELPLINE and locate LIC ADVISOR near you.
- LIC CUSTOMER PORTAL LOGIN ISSUE on
- LIC Surrender Form; LIC surrender form 5074 download; LIC surrender form free download on
- JEEVAN LABH VS ENDOWMENT PLAN on
- Jeevan Saral : LIC Jeevan Saral : Jeevan Saral from LIC : Table no 165 on
- Jeevan Saral : LIC Jeevan Saral : Jeevan Saral from LIC : Table no 165 on