JEEVAN RAKSHAK

Life Insurance Corporation of India (LIC) has introduced its Jeevan Rakshak Plan, which is a participating non-linked plan. This plan offers a combination of protection and saving features.

This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan is available to standard lives only under non-medical scheme. The total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs 2 lakhs.

JEEVA RAKSHAK

LIC Jeevan Rakshak Plan features

Introduction : It has been decided to introduce LIC’s Jeevan Rakshak (Plan No. 827) with effect from 19th August 2014.
This is a regular premium paying Non-linked, with-profit, endowment assurance plan. This plan shall be available to standard lives only under non-medical limit and the total Sum Assured under all the policies issued to an individual under this plan shall not exceed Rs. 2 lacs. The benefits and other details of the plan are as follows.

Eligibility Conditions and Restrictions

  • Age at entry : 8 to 55 Years.
  • Age at Maturity : 70 Years.
  • Plan Term : 10 to 20 Years.
  • Premium Mode : Yearly, Half Yearly, Quaterly, Monthly(SSS or ECS).
  • Basic Sum Assured minimum Per Life : 75000 and above (In multiples of 5000).
  • Basic Sum Assured mmaximum Per Life : 2,00,000.
Mode Rebate
Yearly 2% of tabular premium
Half-Yearly 1% of tabular premium
Quaterly Nil
Basic Sumassured Rebate
1,50,00 to 2,00,000 1.50‰ BSA
75,000 to 1,45,000 NIL

LIC’s Jeevan Rakshak Plan – Loan

Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following condition :
♦ a) The maximum loan as a percentage of surrender value shall be 70% in case of inforce policies and 60% in case of paid-up policies.
♦ b) The rate of interest to be chaged for the loan amount would be determined from time to time by the Corporation.
♦ c) No foreclosure action Under Inforce policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.

LIC’s Jeevan Rakshak maturity benefits

♦ On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any, shall be payable.

LIC’s Jeevan Rakshak deth benefits

♦ On death of the Life Assured during the policy term “Sum Assured on Death” shall be payable, which is the highest of .
♦ Basic Sum Assured or.
♦ 10 times of annualized premium or.
♦ 105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.
In addition to the above Loyalety Addition, if any, shall be payable if death occurs after completion of 5th policy year.

LIC’s New Jeevan Rakshak Plan – Surrender Value

The policy can be surrendered at any time during the policy term provided atleast three full years´ premium have been paid.
Guaranteed Surrender Value (GSV).
♦ The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and is enclosed as Annexure 3.
Special Surrender Value (SSV).
♦ The Corporation may, however, pay Special Surrender Value as applicable as on the date of surrender, provided the same is higher than Guaranteed Surrender Value. The Special Surrender Value will be the discounted value of Paid-up Sum Assured (as defined in Para 11 above). The discount factors shall be the surrender value factors as provided in Table-1A of Special Surrender Values booklet used Endowment Assurance plan and will depend on the policy term and duration elapsed since the commencement of the policy.

contact: P.MOHAN ,CHIEF LIFE INSURANCE ADVISOR,NAGERCOIL, CELL:94428 29310, 75988 17281

 

{ 0 comments }

tax-L
The announcement to hike tax savings limit was made by Finance Minister Arun Jaitley in his speech while presenting the Union Budget, 2014-15. (Source: PTI)

Summary

The hike in the exemption limit would provide relief to the salary earners who are reeling under the impact of high inflation.

Seeking to boost household savings, the government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh.

Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax Act.

The announcement to hike tax savings limit was made by Finance Minister Arun Jaitley in his speech while presenting
the Union Budget, 2014-15.

There have been demands from bankers and insurers to hike the tax exemption limit from Rs 1 lakh per annum to encourage household savings.

The savings rate has come down from over 38 per cent of GDP in 2008 to 30 per cent in 2012-13.

The hike in the exemption limit would provide much needed relief to the salary earners who are reeling under the impact of high inflation.

The Direct Taxes Code (DTC) too had recommended that the combined ceiling for investments and expenditures be raised to Rs 1.5 lakh per annum.

The financial instruments which enjoy exemption include life insurance premium, public provident fund, employees provident fund, National Savings Certificates, repayment of capital on home loan, equity linked saving schemes sold by mutual funds and bank FDs of five year maturity.

{ 0 comments }

Insurance Agent

Eligibility

12th Pass (10+2)
Age 18 Years or above

****Procedure to become an Insurance Agent in India****

  • Candidate seeking Insurance Agency License for the first time should complete 50 hours of training from IRDA approved institution.
  • Online and off line training modes are available. Please check this with your Insurer.
  • 25 hours of training in case of candidate seeking renewal of license.
  • Candidate who is seeking license for the first time to act as composite (i.e. Life/General) insurance agent has to complete 75 hours of training.
  • Minimum qualification of a pass in 12th standard in case of urban areas and 10th Standard in case of rural areas if the population is less than 5000.
  • Should pass pre recruitment qualification test for insurance advisors.
  • Insurance Institute of India in tie up with National Stock Exchange conducts online Pre recruitment Qualification Test..
  • The Test contains 50 Multiple Choice Questions.
  • Time is ONE Hour Exam.
  • Each question carries one mark.
  • There is NO NEGATIVE MARK for wrong answers.
  • To qualify a person should get 50% mark

contact :  P.MOHAN ,CHIEF LIFE INSURANCE ADVISOR ,CELL :94428 29310, 75988 17281

{ 0 comments }