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Wednesday 26 December 2012
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List of LIC policies
LIC policies provides you Money Back plan, Children Plan, Term Assurance Plan. If you are looking for Lic Investment plan, Life Insurance, Lic Term policy, New Bima Gold - Money back plan with difference. Compare various good lic policies Price, Features and Ratings; buy best lic policy in HYD.
Best LIC tax saving policy with good benefits ... LIC Insurance plans to guarantee education of your children. ... Endowment with ProfitEndowment with Profit Term Assurance Policy Term Assurance Policy Money Back Policy Money Back Policy.
Pension Plans, Children's Plans, Investment Plans, Money Back Plans, Whole life ... Compare all LIC Life insurance policies before you apply. Find LIC life insurance policy best insurance life quote. ... Endowment Policy, Term Policy, Money Back Policy, Joint Life Policy, Children's Policy
Lic Jeevan anand: LIC Jeevan Anand is a good whole life plan. It has the wonderful returns and extremely helpful plan. Entire Life Plan + Endowment guaranteed Plan.
Lic Jeevan saral: LIC's New Jeevan Saral Monthly Recurring Scheme Jeevan Saral ATM Plan Table No 165. Jeevan saral policy by Lic of India which is also called ATM plan. Jeevan Saral offers insurance with money liquidity and tax saving. Awarded best innovative Insurance product from IRDA (Golden Peacock Award Winner Policy international award)
Lic new bima gold Policy: Table-179 It is a plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.
LIC Jeevan Tarang: Table 178 this is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Jeevan Mitra(Triple Cover Endowment Plan): This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.
Jeevan Shree-I: This is an Endowment Assurance plan offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.
Lic Endowment Plus: This is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay.
Lic Pension Plan Pension Plus: LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover.
Lic Pension Plan Jeevan Nidhi: LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan.
Lic Pension Plan Jeevan Akshay VI: It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
Lic Pension Plan New Jeevan Dhara-I: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Lic Pension Plan New Jeevan Suraksha-I: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Lic Tarm Policy Amulya Jeevan – I: Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.
Lic Tarm Policy Anmol Jeevan-I: On Death during the Term of the Policy, Sum Assured.
Lic Children plans Child Career Plan: This plan is specially designed to meet the increasing educational and other needs of growing children.
Lic Children plans Child Future Plan: This plan is specially designed to meet the increasing educational, marriage and other needs of growing children.
Lic Children plans Marriage Endowment or Educational Annuity Plan: This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child.
Lic Children plans Jeevan Kishore: This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.
Lic Children plans Komal Jeevan: This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
Lic Children plans Jeevan Anurag: Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children.
Lic Children plans Jeevan Chhaya: This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.
Tax Savings - buy life insurance is to avail tax benefits under section 80C up to the limit of Rs. 1,00,000 annually
JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)
Features of Jeevan Anand plan
Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.
BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT) Death benefit: If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term. Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate. Example: Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till the death of Mr. Sharad Pawar. But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus |
JEEVAN SARAL LIFE INSURANCE POLICY BY LIC (Suitable for all ages)
Feature of Jeevan Saral plan:
Lic Jeevan Saral is the most sold plan by Life Insurance Corporation of India. Jeevan Saral is a very flexible plan designed by keeping in mind the ever changing demand of customer's. Jeevan saral is a kind of endowment plan which can be taken for a maximum period of 35 years. One can start with yearly, half yearly, quatertly, ECS or monthly payment option from as little as Rs.250 per month and there is no upper limit. Ideally in Mumbai one should at least take Rs.3060 per month Jeevan saral policy as it will give you and your family a highly secure and safe invesment option. You will be covered for 250 times for death risk and 500 times for accidental death risk.
In simple terms
a)3000 X 250 = 7,50,000/- (Death Risk paid to the nominee)
b)3000 X 500 = 15, 00,000/- (Death Risk paid to the nominee)
c)Maturity paid to survior Appox Rs. 1,10,13,305/-
(Term 35 years projected @10% Loyalty Addition)
However please note that this is not a gauranteed plan and hence the returns shown above can fluctuate depending upon the loyalty addition declared by Lic of India.
This plan contains good feature of the conventional plans and the flexibility of endowment plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms. This plan is very appropriate for employees seeking life cover through salary savings schemes.
Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value will be the greater then guaranteed surrender value or special surrender value as given below:
Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of premium paid excluding the premium for the first year and all the extra premiums and premium for accident / term riders.
Special surrender value (SSV): the special surrender value under the policy shall be paid as the sum of (a) and (b) gives as under:
Discounted value or accumulated value, as the case may be, of the following: 80% of maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5 or more years premium have been paid.
The loyalty additions, if any as announced while declaring the results of the corporation's valuation as on 31st march, immediately preceding the date of surrender.
Auto cover: the plan offers auto cover of 12 month after the policy has been in force for a period of 3 years or more.
Flexible term: the policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.
Partial surrenders: the plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document. Due to existence of the flexible term and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also provides for 15 days free look period".
Optional rider: term assurance rider, accidental death and disability benefit rider is available by the payment of an addition premium.
Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode rebate & death accident benefit.
Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit S.A. e.g. if yearly premium is Rs.6000
Tuesday 4 December 2012
Why a person need life insurance
Most people recognize that if they die from a cause other than old age, their death could have negative economic consequences for others. Although there’s no way to replace the personal value of a life, life insurance does serve as a way to provide for our loved ones and/or pay our debts after we die.
To replace one’s ability to care for others
If you’re involved in the daily care of a household, your contributions have an economic value and your death would cause an immediate need for replacement care. Again, the presence of young children in a household means that the loss of a caregiver (usually a mother) has economic consequences. If the Mom Salary Wizard at Salary.com is correct, a stay-at-home mom with two school-age children does work with a salary value ranging from $64K to 174K, depending on where the family lives. Alternatively, if you’re responsible for the care of an elderly relative or an older child with special needs, life insurance could be needed to provide continued care in the event of your death.
To pay for expenses arising as a result of death
This could include anything from the cost of burial to the payment of estate taxes or the repayment of your debts.
To fund a charitable interest
If you desire to support a charity, life insurance can be a way to make gradual payments that eventually result in the provision of a significant charitable gift.
To provide supplemental income later in life
Some types of insurance policies are considered permanent insurance (in contrast with term insurance, which has a specified duration). Such policies, in addition to providing for a death settlement, have a cash value which can be used in various ways. In some instances it may make sense to fund a policy so that it contains an excess of cash value that can subsequently be withdrawn or borrowed during retirement. Using an insurance policy for this goal requires particularly careful planning. This use of insurance will not apply to most people, since there are several other tax-advantaged ways to provide for retirement income.
It should also be evident that buying life insurance requires an analysis of a household’s total financial situation in order to determine the amount of insurance needed. It’s wasteful to buy more than you need. If your goal is to replace lost income, you need to estimate the actual economic impact of a death rather than buying what sounds like a good number or using a “rule of thumb.” $500,000 of coverage might be a lot more life insurance than you need, or it might be far short of being sufficient
I can think of at least six reasons that a person might need life insurance:
To replace one’s ability to earn income
If your income is needed to support family members (particularly minor children), your death causes an economic shortfall. Unless your family has significant surplus financial resources and/or other extended family can provide support, you probably need some life insurance. To replace one’s ability to care for others
To pay for expenses arising as a result of death
To provide for special business needs
If your contribution is critical to the success of a business (especially a small business), there would be serious consequences if you die suddenly. Banks sometimes require life insurance on a key person in a business as a condition of extending business credit. Life insurance may be needed to enable the business to survive the transition when a principal dies, or there may be a need for ready cash to enable the remaining partners in a business to buy out the heirs of a deceased partner.To fund a charitable interest
To provide supplemental income later in life
It should also be evident that buying life insurance requires an analysis of a household’s total financial situation in order to determine the amount of insurance needed. It’s wasteful to buy more than you need. If your goal is to replace lost income, you need to estimate the actual economic impact of a death rather than buying what sounds like a good number or using a “rule of thumb.” $500,000 of coverage might be a lot more life insurance than you need, or it might be far short of being sufficient
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