Private life insurance unfair trading (most number of complaints in life insurance got from private firms)

http://economictimes.indiatimes.com/personal-finance/insurance/insurance-news/hdfc-standard-life-tops-unfair-trade-practices-complaint-chart/articleshow/19696100.cms

Leading private life insurers HDFC Standard Life, Bajaj Allianz and Birla Sun Life top the list of firms against whom consumers have have filed complaints with sectoral regulator Irda for indulging in unfair business practices. 

The other major companies against whom large number of complaints for making false lucrative offers to sell policies have been filed include ICICI Prudential and Reliance Life,Finance Minister P Chidambaram informed the Rajya Sabha in a written reply. 

As compared to their private counterparts, the number of unfair business practice complaints filed against public sector behemoth LIC was significantly less during 2012-13. 

Insurance regulator Irda, Chidambaram said, "based on its own enquiries, levies penalty on insurance companies wherever a case of unfair business practice is established". 

Based on the data by the Finance Minister, the total number of unfair business practice complaints have shot up to 1.68 lakh in 2012-13, from about 1 lakh a year ago. 

During the year, the number of complaints filed against HDFC Standard Life during 2012-13 stood at 33,813 followed by Bajaj Allianz (21,745), Birla Sun Life (21,651), ICICI Prudential Life (16,891) and Reliance Life (16,401). 

In case of LIC, which is the largest insurance company in the country, only 2,538 complaints regarding unfair business practice were received by Irda. 

The complaints against insurance companies for selling policies by making false lucrative offers at the point of sale are put under the category of the unfair business practices, he said

LIC JEEVAN SUGAM (PLAN No. 813) fixed deposit plus life insurance ...

LIC Jeevan Sugam Plan LIC Jeevan Sugam Plan is a Single Premium non-Participating Endowment Plan. It is a Traditional Plan without Bonus facility. This is a close ended plan available for a short period of time only.

How it works – In this plan, premium needs to be paid upfront as this is a Single Premium Plan. The Death Benefit provided in this plan is 10 times the single premium paid. The Policy Tenure in this plan is also fixed at 10 years. There is Loyalty Additions available in this plan as well.

Let us understand the working of this plan diagrammatically with an example of a 30 year old man opting for Maturity Sum Assured of Rs 60,000.

Is it worth to invest?

Even though premiums may looks as if same but difference of premium for the minimum age (8 Yrs) to maximum age (45 Yrs) for above calculation is Rs. 1,02,884. So if you want to invest in this plan then better to invest in your spouse or kid name to benefit the age factor. Considering the other options available like bank FDs, this plan looks attractive in terms of tax angle too. You can avail the tax benefit under Sec 80C during the period of investment (For insurance policies issued on or after April 01 2012, deduction is allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured). Also you can avail the tax benefit under Sec 10(10D) post maturity also under current income tax laws (For insurance policies issued on or after April 01 2012, exemption would be available for policies where the premium payable for any of the years during the term of the policy does not exceed 10% of the actual capital sum assured).

Find the premium chart below 

LIC NEW JEEVAN NIDHI – Plan no 812

LIC NEW JEEVAN NIDHI (Plan no 812) is a deferred pension plan which is launched on 2nd JAN 2013.New Jeevan Nidhi also provides a risk cover during the deferment period. The USP of the New Jeevan Nidhi plan being the pension can commence at 55 years.

The premiums paid are exempt under Section 80CCC of Income Tax Act.

•Life Protection ~

Insurance Cover upto Date of Vesting

•Pension ~

Option To purchase an Immediate Annuity (0r)

To purchase New Single Premium Deferred Pension Plan

•Guaranteed Additions ~

For the first 5 years @ Rs.50‰ Basic Sum Assured

•Participation in Profits ~

After 6th policy year, benefit of  Vested Bonus and Final Additional Bonus.

•Flexibility ~

Premium Payment Frequency-Single Premium,Yearly,Half-yearly,Quarterly,Monthly(ECS/SSS)

•Customization ~ Option for Accident Benefit Rider under Regular Premium Policies only

LIC’s JEEVAN ANKUR (Table-807) New Child's Plan

LIC’s Jeevan Ankur w.e.f. 23rd Jan 2012 is 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 Policy term of Jeevan Ankur is based on the age of the child (18 and 25) to ensure that the financial needs of your child. Under this plan the risk will be on life of parents and child shall be the nominee. The policy term shall be based on the age at maturity of the child.

Plan Benefits:
Maturity Benefit = Sum Assured + Loyalty addition.
Death Benefit = Sum Assured + Income Benefit + Maturity Benefit *.
Income Benefit= 10% of Basic Sum Assured on each policy anniversary till the end of the policy term.
Loyalty Addition= Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity.

Optional Benefits:
i) Accident Benefit Rider
ii) Critical Illness Rider

Plan Parameters:
Sum Assured:
Minimum: Rs. 100,000 Maximum: No Limit
Minimum Age at entry for Life Assured: 18 years
Maximum Age at entry for Life Assured: 50 years
Maximum Maturity Age for Life Assured: 75 years
Entry for child:
Mimumum: 0  years Maximum: 17 years
Policy Term:
Minimum: 8 years Maximum: 25

Mode of Premiums: 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.
Rebate on Mode of Payment: 2% yearly,1% Half yearly, Nil on Qly and SSS
Polcy Loan: No loan facility will be available under this plan.

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.

Example:
Mr. Venkat,34 ages has a 10 months old daughter laxmi. He opts for Jeevan Ankur Plan for Rs. 2 lacs Sum Assured for 25 years. He pays premium of Rs. 7175/- annualy and after maturity of this policy Rs. 3,88,000/-* will be given to his daughter i.e. Sum Assured+ Loyalty Additions (*10% p.a)

If Mr. Venkat death occurs after 10 years, Basic Sum Assured Rs. 2,00,000/-shall be given to his nominee immediately.And when his daughter Pooja attains the age of 25 year(policy term), she will get Rs. 3,00,000/- (An income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary)
Total gain
2laks+(20k*15 =3 laks)+ maturity benefits ...
so ur children future is safe .

Call:  Ramana-7207597946(Hyderabad/Manikonda) for details and start this policy.