Tag Archives: LIC

Introduction :
In view of the demand from various offices it has been decided to modify LIC’s Jeevan
Akshay – VI plan. The modifications are as under:
• The plan shall also be sold online in addition to other existing distribution channels.
• Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing six options.
• Reduction in the minimum age at entry and increase in maximum age at entry.
• Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other
distribution channels it shall be Rs. 1 lac.
• Slabs of incentive for higher purchase price have been modified.
• Service tax to be collected from the policyholder along with the purchase price.

Type of annuities available:
Various annuity options available under the Plan are as under:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
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vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/
her life time on death of annuitant with return of purchase price on the death of last
survivor.

Benefits:
The first instalment of annuity shall be paid one year, six months, three months or one
month after the date of purchase of the annuity depending on whether the mode of annuity
payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be
paid during the life time of the annuitant with following provisions on death of the annuitant
for different options:
(a) Under option (i) – payment of annuity ceases.
(b) Under option (ii)
i. On death during the guarantee period – annuity is paid to the nominee till the
end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period – payment of annuity ceases.
(c) Under option (iii) – payment of annuity ceases and the purchase price is returned to
the nominee.
(d) Under option (iv) – payment of annuity ceases.
(e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the
surviving named spouse during his/her life time. If the spouse predeceases the
annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to
the surviving named spouse during his/her life time. If the spouse predeceases the
annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the
surviving named spouse during his/her life time and purchase price is returned to
the nominee after the death of the spouse. If the spouse predeceases the
annuitant, the annuity ceases and purchase price is paid to the nominee.
The amount of annuity shall be assured throughout the period for which it is payable.

Eligibility Conditions and Features:
(a) Minimum Age at entry: 30 years last Birthday
(b) Maximum Age at entry: 85 years last Birthday
(c) Minimum Purchase Price: Rs.1,00,000/- for all distribution channel except online
sale.
Rs. 1,50,000/- for online sale.

Surrender value:
No surrender value shall be available under this plan.

Loan:
No loan shall be given by the Corporation to the policyholders under this plan.

Assignment / Nominations:
No assignment is allowed under this policy.
Notice of change of nomination should be submitted for registration to the office of the
corporation, where this policy is serviced if the type of annuity opted is either for a
guaranteed period and for life thereafter or with return of purchase price. In registering a
nomination the Corporation does not accept any responsibility or express any opinion as
to its validity or legal effect.

Normal requirements for claim:
On death of the annuitant:
The normal documents which the claimant shall submit while lodging the claim in case of
death of the Annuitant shall be the claim form, as prescribed by the Corporation,
accompanied with original policy document, proof of title, proof of death, whichever is
applicable, to the satisfaction of the Corporation.
It will apply in case the option exercised is for
The following options are available under the plan

  1. Annuity payable for life at a uniform rate.
  2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
  3. Annuity for life with return of purchase price on death of the annuitant.
  4. Annuity payable for life increasing at a simple rate of 3% p.a.
  5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

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LIC JEEVAN VRIDDHI

( A Non ULIP, Single Premium, Guaranteed Maturity Plan, Table no. 808)

LIC OF INDIA has launched another new product LIC JEEVAN VRIDDHI. It is a single premium non-market linked plan which provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, on maturity. Under this plan death benefit is the Basic Sum Assured. The benefits and other details of this plan are given below.

Buy LIC JEEVAN VAIBHAV

Maturity Benefit:
At the end of the policy term, maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.

LIC HELPLINE
Case 1: If someone who is in 30% tax slab invest Rs 1,00,000/- in it he will save Rs30,000/- as tax benefit so his net investment becomes Rs 70,000/- and on which he is getting Rs 2,21,651 which is 100% tax free so the net yield in this plan is more than 12%.
Case 2:  If the investor is in 30% tax slab and his 1lac limit of secton 80 C already used, even it is great investment for him as if he had invested in banks he has to pay the taxes on maturity @30% (Rs 121651 @ 30% = 36495 goes in taxes ) but here in LIC JEEVAN VRIDDHI he is not taxed at all so still it is a good investment.
Death Benefit:
On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.

To Buy this policy visit http://www.lichelpline.com

 
Why one should buy LIC JEEVAN VRIDDHI?
a) In the time of uncertainity, LIC JEEVAN VRIDDHI is the only guaranteed plan.
b) This is one time (Single Premium) investment LIC POLICY in which the customer get returns alongwith  insurance.
c) You can get loan on your investment at very reasonable rate 10.25% per annum.
d) There is tax benefit on the premium under section 80C.
e) The maturity is also tax free under section 10.10D.
f) Best plan for people with High Income group as they can get tax benefit on the premium and the maturity will also be tax free.

Buy LIC JEEVAN VAIBHAV

 

Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the
minimum age at entry i.e. 8 years.

Guaranteed Surrender Value
The Guaranteed Surrender Value will be available after expiry of one policy year.
The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding
any extra premium, if any.

Special Surrender Value
Special Surrender Value will be payable, if it is more favorable to the policyholder. The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy.

Loans
Loan facility is available under this plan, after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.

Back-dating :
The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

Proposal Form :
Proposal Form No. 300 or 340, as the case may be shall be used under this plan.

Buy LIC JEEVAN VAIBHAV

Download power point presentation of Jeevan_Vriddhi

Download Guaranteed maturity Sum assured LIC JEEVAN VRIDDHI

 

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How to change LIC BRANCH of your LIC POLICY?
Posted by:blog-admin, December - 26 - 2011

LIC OF INDIA is the biggest life insurance company in India operating since 1956 with more than 2000 branches and offices. To change a LIC BRANCH for your LIC POLICY is very easy. Simply write the mail or give a written request to your home LIC BRANCH mentioning the name of the new LIC BRANCH and your LIC POLICY will be shifted from your old LIC BRANCH to new LIC BRANCH which you demanded.

Note:

1) . In LIC OF INDIA each branch has a name either simply numeric like 122 or 91 or 113 or any number something like that. Sometimes you will find the name of the LIC BRANCH will be the combination of numberic letters followed by English alphabets like 11A or 91P or 11P etc.

2). LIC BRANCH is usually written on your FIRST PREMIUM RECEIPT and also on the LIC POLICY bond.

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Regular & Fixed Income whole life Plan in LIC OF INDIA
Posted by:blog-admin, November - 16 - 2011

In the time of uncertainty, People wants to have regular & fixed income but it is almost impossible to get regular, fixed and  hassle free income lifetime. Business man who have doing good and wants a security for their family can opt for these plans as you never know what will happen in future but your family will be safe life time they keep on getting regular and fixed income. People who wants to have regular, fixed and life time guaranteed income for them its a ray of hope. LIC OF INDIA offers two plans where they can get guaranteed monthly, quarterly, half yearly or yearly income through out their life.
One plan is suitable for children ( Specially for Girls ), In this plan, A lump sum or annual payment is made till the term of the policy after the maturity the child keeps on getting a regular, fixed and life time income and a handsome insurance also for their full life. and This plan is guaranteed by cent. govt. as well. For more details Visit LIC HELPLINE
In another Plan, The minimum age of getting regular, fixed and guaranteed income lifetime is 40years of age, if you are less than 40years of age you can start investing in this plan and once you attain 40years of age you will start getting lifetime income. If you put a lump sum amount in this plan or regular annual investments even then you can get regular income for their life time.

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How to choose life insurance?
Posted by:blog-admin, November - 09 - 2011

There are various life insurance companies operating in India, every day a new company is planning to set up its operations in India. India is the 2nd largest country in the world population wise (1,210,193,422 as on March 31, 2011) and only 30% of the population is insured.

There are 23 life insurance companies operation in India as on March 31, 2011, including LIC OF INDIA . All 22 pvt. life insurance companies started their operation after year 2000. IRDA is the insurance regulator came into existence in the year 2000.

There is always confusion among new life insurance customers about their plans as mentioned above there are 23 insurance companies operating in India with more than 200 life insurance products.

In the busy life, people have very less time to do research and analysis about these life insurance products and they buy life insurance policies blindly as suggested by the company representatives or life insurance advisors near them.

There are various points to be considered while buying life insurance products, some of them are listed below:

  • What is the claim ratio of the life insurance company?  You are buying life insurance policy to cover your family for unforeseen unfavorable  future financial circumstances, but what if after buying life insurance policy your goal does not meet. LIC OF INDIA is settling maximum claims 99% , average of rest 22 life insurance companies are settling only less 72%.
  • What is the bonus rates declared by the company in last financial year? Life insurance companies declare their bonus every year, before buying the product please do consider the bonus how much maturity will come to you and ask your advisor to calculate it as per bonus declared by the company in last year. LIC OF INDIA has maximum bonus rates in entire life insurance industry.
  • What is the profit of the life insurance company? Life insurance Companies are going and coming, this process continues but you and your family has to stay. What is the guarantee that at the time of maturity the company will stay . Please do consider its profit and its balance sheet for better security to your family and its future. LIC OF INDIA has declared total profit of Rs 17,000 crores last year, whereas hardly any pvt. insurer company exits which have declared profit even 1000 crores. 

for more details you can visit http://www.lichelpline.com and for the facts and figures mentioned above, please consult IRDA report 2008-2009.

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LIC Of India Offers Variety Of Plans
Posted by:blog-admin, November - 06 - 2011

In India, 23 different companies operating as on 1st Jan 2011, including LIC OF INDIA. All other insurance companies started their operation after the year 2000. All these companies offers variety of plans.
LIC OF INDIA is the largest insurer in India operating since 1956, it has launched more than 210 plans since its inception. Even today it offers variety of plans, they are 48 in numbers ( which is maximum in entire insurance industry of India) meeting the requirements of every individual. Insurance Plan, whole life plans, Endowment Plans, Child Plans, Joint life Plans, Plans for handicapped people, Ladies Plans, Retirement Plans, terms Plans, Investment Plans, Unit linked Plans, Health Plans, Special Plans.
Whoever you are, whatever you do, wherever you live, there is a plan in LIC OF INDIA for every Indian. Visit LIC HELP LINE to get the best plan for you.

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LIC OF INDIA increases bonus after 2 years
Posted by:blog-admin, September - 03 - 2011

After a gap of two years, Life Insurance Corporation of India (LIC) has raised bonus by up to 15 per cent for 2010-11.
The country’s largest life insurer, which reported a 10.3 per cent rise in net actuarial surplus at Rs 22,716 crore for 2010-11, compared to Rs 20,586 crore in the previous year, allocated Rs 21,580 crore for paying annual bonus to policyholders.
“The bonus rates have gone up after a gap of two years. We will be providing higher bonus rates under seven plans like Jeevan Anand, Jeevan Tarang, Jeevan Madhur, Child Future Plan, Jeevan Shree I, Jeevan Bharti I and Jeevan Pramukh. This apart, we have also brought in seven other plans under loyalty additions,” a LIC spokesperson told reporters.
In the traditional plans category, which accounts for more than 60 per cent of its incremental sales, the insurer will launch cheaper products, in line with the rates offered by private insurance companies. “Currently, our traditional plans are costlier than offered by the competition. So, we will come out with plans with competitive rates,” he said.
In 2010-11, LIC collected Rs 86,444.7 crore by selling new policies, 22 per cent more than Rs 70,891.5 crore garnered in the previous corresponding period. Total investment in debt and equities stood at Rs 2,00,000 crore and the solvency margins improved to 154.07 per cent from 153.96 per cent.
 
 

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