LIC Plans & Policies | Life Insurance

Why should one purchase Jeevan Ankur?

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Jeevan Ankur is specially designed for the benefit of the children. Your child is totally dependent on you during his/her growing up years. Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids grow up. Through payment of Income Benefit, Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise. The Policy term is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till she is old enough to start earning and settle in life. Because you can enjoy peace of mind that comes with the insurance cover and the certainty that all the benefits under the plan belong to your child. Also because your child will emulate your saving habit; an important lesson you can impart to your child at an early age.

Death Benefit under the Jeevan Ankur

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On death of the Life Assured during the term -
i. The Basic Sum Assured is payable immediately on death.
ii. An Income benefit equal to 10% of the Basic Sum Assured is payable on every policy anniversary coinciding with or next following the date of death of Life Assured till the end of policy term.
iii. Another lump sum amount equal to Basic Sum Assured is payable on the maturity date along with Loyalty Addition, if any.

Riders under the plan Jeevan Ankur

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The Riders available under the Jeevan Ankur plan are:
· Accidental Benefit Rider
· Critical Illness Benefit Rider ( with an additional option of Premium Waiver Benefit)

Jeevan Ankur premium required

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The amount of premium shall be calculated on the basis of age of the Life Assured, the Sum Assured desired under the plan and as per the underwriting decision. On the calculated amount of premium, Service Tax will be applicable as per Sevice Tax Laws.

Amount of Insurance Cover in Jeevan Ankur

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The policy can be taken for any amount of Sum Assured(Insurance Cover), there is no upper limit but minimum Sum Assured should be Rs.100000/-

Who can take Jeevan Ankur?

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Parents between the ages of 18 to 50 years with children between the ages of 0 to 17 years can take Jeevan Ankur.

Jeevan Ankur Table 807 Presentation

2012-01-21T00:17:00.000+05:30

Jeevan Ankur Table No. 807 Presentation:

Download Jeevan Ankur Table 807 Presentation

Reasons to Buy Jeevan Ankur Plan 807

2012-01-20T13:42:00.000+05:30

Reasons to Buy Jeevan Ankur (Table No. 807):

Because it conveys the most important message to your child –

That he/she is the prime focus of your life.
That savings are important.
That security is important.

Monetary Benefits of the plan shall enable your child to meet important financial expenses during his/her growing-up years.
The immediate payment of amount equal to the Sum Assured will help meet financial needs that arise on demise of the Life Assured.
Continued benefit of 10% of SA on every policy anniversary till Maturity is helpful in meeting educational expenses from time to time.
Plus the Maturity Benefits of Basic Sum Assured and Loyalty Additions, if any shall be available on maturity irrespective of your survival.
You can customize your plan through Accidental Benefit Rider and Critical Illness Rider as additional security is always an added advantage.

Jeevan Ankur (Plan no. 807) Benefits

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Jeevan Ankur (Plan no. 807) Benefits

Maturity Benefit:
An Amount equal to Sum Assured plus Loyalty Additions, if any.

The Maturity Benefit is also paid to nominee along with Sum Assured and Income Benefit payments in event of Death of the Life Assured.

Death Benefit :
• Immediate payment of an amount equal to the Basic Sum Assured.
• Income Benefit - Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy
anniversary from the policy anniversary coinciding with or next following the date of death, till the end
of policy term to the nominee child.
• Another lump sum equal to Basic Sum Assured with Loyalty Addition, if any, on the maturity date

Jeevan Ankur Plan no 807 Eligibility conditions

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Entry Age Life Assured (Parent):
Min: 18 years | Max: 50 years

Entry Age for child:
Min: 0 years | Max: 17 years

Term:
Min: Maximum (18 minus age of child, 8) years | Max: 25 minus age of child

Sum Assured:
Min: Rs.100000/- | Max: No limit

Premium Payment mode: Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Other Conditions: Sum Assured shall be in multiples of Rs. 5000/-

FAQ’s for Sales Talk of Jeevan Ankur

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Who can take the policy?
Parents between the ages of 18 to 50 years with children between the ages of 0 to 17 years can take Jeevan Ankur.

For what amount of Insurance Cover can the policy be taken?
The policy can be taken for any amount of Sum Assured(Insurance Cover), there is no upper limit but minimum Sum Assured should be Rs.100000/-.

How much premium is required to be paid under the plan?
The amount of premium shall be calculated on the basis of age of the Life Assured, the Sum Assured desired under the plan and as per the underwriting decision. On the calculated amount of premium, Service Tax will be applicable as per Sevice Tax Laws.

What is the term of the policy?
The policy can be taken for a minimum term of 18 minus age of child or 8 years, whichever is higher upto a maximum term of (25 minus age of child). For example if a child is 2 years old, then the policy term can be between 16 years ( i.e. Higher of (18-2,8) years) and 23 Years(i.e.(25-2) years).

What is the premium paying term under the plan?
The policy holder has the option to choose whether to pay regular premium throughout the term or a single premium at the outset. Under Regular premium policies the Premium Paying Term shall be equal to the policy term.

What can be the frequency of payment of premiums?
You can choose to pay the premium in lump sum i.e. Single Premium or Regular Premium i.e. Yearly, Half Yearly, Quarterly and Monthly ( through ESC or Salary Deductions only)

Are there any riders under the plan?
The Riders available under the plan are:
· Accidental Benefit Rider
· Critical Illness Benefit Rider ( with an additional option of Premium Waiver Benefit)

What happens at the end of the policy term?
At the end of the policy term i.e. at Maturity, the maturity benefit amount equal to Basic Sum Assured shall be payable. In addition to this, Loyalty Addition if declared by the Corporation shall be payable. Even in case of death of the Life 3 Assured during the policy term, the maturity benefit equal to the Basic Sum Assured along with Loyalty Addition, if any, shall be payable to the nominee.

What is the Death Benefit under the Plan?
On death of the Life Assured during the term -
i. The Basic Sum Assured is payable immediately on death.
ii. An Income benefit equal to 10% of the Basic Sum Assured is payable on every policy anniversary coinciding with or next following the date of death of Life Assured till the end of policy term.
iii. Another lump sum amount equal to Basic Sum Assured is payable on the maturity date along with Loyalty Addition, if any.

Can the policy be surrendered in event of urgency?
Yes, Regular premium policies will acquire Surrender Value after 3 years, provided that 3 full years’ premiums have been paid and Single premium policies will acquire Surrender Value after one year.

What happens if premiums are not paid?
Under Regular premium policies, if premiums are not paid within days of grace the policy will lapse. A lapsed policy may be revived within a period of 5 years from the date of first unpaid premium. by payment of full arrears of premium together with interest subject to submission of proof of continued insurability of
the Life Assured.

Why should one purchase Jeevan Ankur ?
Jeevan Ankur is specially designed for the benefit of the children. Your child is totally dependent on you during his/her growing up years. Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids grow up. Through payment of Income Benefit, Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise. The Policy term is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till she is old enough to start earning and settle in life. Because you can enjoy peace of mind that comes with the insurance cover and the certainty that all the benefits under the plan belong to your child. Also because your child will emulate your saving habit; an important lesson you can impart to your child at an early age.

LIC’s JEEVAN ANKUR Salient Features of the plan 807

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Salient Features of the plan JEEVAN ANKUR (Table No. 807)

A must plan for all parents.
Parent is the Life Assured, child is the Beneficiary.
Insurance Benefit = Sum Assured + Income Benefit + Maturity
Benefits:

Maturity Benefit = Sum Assured + Loyalty additions.
Plan available for parents of a new born child also.
Three Riders to customize your policy.

Accident Benefit Rider
Critical Illness Benefit Rider
Premium Waiver Benefit Option under Critical Illness Rider:

Conventional with profit plan.
On death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit in addition to this all Maturity Benefits shall be payable on the scheduled date of Maturity.
Income Benefit is equal to 10% of the Basic Sum Assured and is 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.

Jeevan Ankur Plan 807 LIC for Your Child

2012-01-20T12:51:00.000+05:30

LIC Launched New Plan For Your Child "Jeevan Ankur"

Plan No. 807 or Table No. 807

Jeevan Ankur is a LIC new policy for your child.

This Plan is for Taking Care of your Child's all requirement.

Jeevan Ankur New LIC Policy for you Child

Late fee for delayed payment of LIC Premium Fine

2012-01-18T18:40:00.000+05:30

How delayed payment interest is calculated?
LIC considers the delay of
1 month 14 days as one month.
1 month 15 days to 2 months 14 days as 2 months and like that.
A delay of just 15 days will also be considered as a delay of one month.
And the fine will be charged at the rate of 8%.

For example: A person has to pay a premium of Rs. 2000/- he makes a delay of more than 2 months 14 days in paying the premium then the delay will be considered as a 3 months delay. The late fee rate for Rs. 1% premium for 3 months at the rate of 8% is 0.01999
Therefore the late fee he has to pay is 2000 x 0.01999 = Rs. 39.98/-.
The total amount he has to pay is 2039.98.

Jeevan Sukh Combination of LIC plans

2012-01-18T17:48:00.002+05:30

Jeevan Sukh is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.

1. Pay Premium of 86261/- for 12 Years and Get Approximately Returns of 100000/- from 12th year onwards (upto age 75)
2. Tax is not applicable on Annuity Amount
3. High Riskcover during premium paying period
4. Tax Benefit on premiums paid (under sec 80C)
5. Loan is Available after 3 years

Jeevan Sukh Combination ensure you to meet all your retirement requirements. So you can retire peacefully from work, but not from life.

Benefits During Premium Paying Period:

The Premium Paying period is the productive period of your life. During this period you have to make provision for your retirement by paying annual premium of 86261/-. There is high riskcover in this period ranging from 1512115/-(Age: 30) to 2195380/-(Age: 41). Loan facility is also available depending upon number of premiums paid. Premiums paid are available for exemption under section 80C upto 100000/- per annum. This presentation give an effective yield of 8.63%

(*) Jeevan Sukh is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.
(*) The benefits shown in this presentation have been calculated on the basis of reversionary bonuses declared by LIC for the last year ended. Actual results may deviate depending on the future bonuses declared by LIC.
(*) Loan calculation is done on the basis of present surrender value rates.

(Click on Image to ZOOM)

Benefits During Retirement Period:

In Retirement period your physical strength will be low but as you made provision you need not to work and need not to pay premium. In this period you will start getting tax free pension. You will get pension from age 42 to age 75. The pension amount for every year is shown in following table. If required loan can be taken against insurance policy anytime in deferment and retirement period. Loan facility starts after payment of 3 years premium. This presentation give an effective yield of 8.63%

(Click on Image to ZOOM)

(*) Jeevan Sukh is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.

(*) The benefits shown in this presentation have been calculated on the basis of reversionary bonuses declared by LIC for the last year ended. Actual results may deviate depending on the future bonuses declared by LIC.

(*) Loan calculation is done on the basis of present surrender value rates.

(*) Yearly Installment : Under settlement scheme of LIC

Jeevan Sukh Combination of LIC plans

(Click on Image to ZOOM)

Happy Jeevan Combination of LIC plans

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Happy Jeevan Combination of LIC plans
A Complete Family Package

Pay Premium of 149479/- for 12 Years and Get Approximately Returns of 150000/- from 12th year onwards (upto age 100)
Provision for all members of family
Tax is not applicable on Annuity Amount
High Riskcover during premium paying period
Tax Benefit on premiums paid (under sec 80C)
Loan is Available after 3 years

Why Retirement Planning is Important?

A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why retirement planning is important, and why you should too, read on.
1. Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.
2. Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.
3. Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees - are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.
4. Medical emergencies: With age come health problems. With health problems, come medical expenditure which may make a huge dent in your income post retirement. Failure here could lead you to liquidate (sell) your assets in order to meet such expenses. Remember mediclaims do not always suffice.
5. No government sponsored pension plan: Unlike the US and UK where they have IRA and state pension respectively as social security benefit during retirement, the government of India does not provide such benefits. So again you are on your own.
6. Inflation: As you need to worry about it you need to account for it as well. You need to take into account inflation while calculating your retirement corpus as well as your returns. Happy Jeevan Combination ensure you to meet all your retirement requirements. So you can retire peacefully from work, but not from life.

(*) Happy Jeevan is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.
(*) The benefits shown in this presentation have been calculated on the basis of reversionary bonuses declared by LIC for the last year ended. Actual results may deviate depending on the future bonuses declared by LIC.
(*) Loan calculation is done on the basis of present surrender value rates.

The Premium Paying period is the productive period of your life. During this period you have to make provision for your retirement by paying annual premium of 149479/-. There is high riskcover in this period ranging from 1937480/-(Age: 30) to 2734760/-(Age: 41). Loan facility is also available depending upon number of premiums paid. Premiums paid are available for exemption under section 80C upto 100000/- per annum. This presentation give an effective yield of 7.45%
(Click on Image To ZOOM)

Benefits During Retirement Period:

In Retirement period your physical strength will be low but as you made provision you need not to work and need not to pay premium. In this period you will start getting tax free pension. You will get pension from age 42 to age 100. The pension amount for every year is shown in following table. If required loan can be taken against insurance policy anytime in deferment and retirement period. Loan facility starts after payment of 3 years premium. This presentation give an effective yield of 7.45%

(Click on Image To ZOOM)

The premium payment stops. once again, the survivor will get SA + Bonus at maturity if he/she survives till the end of term. If the survivor dies before maturity, then the nominee will get the SA + Bonus upto that period.
In case Husband and wife expire due to same accident, then nominee will receive 4 times of Sum Assured + Bonus accrued till death.

(*) Happy Jeevan is a combination of LIC plans specially researched to meet the objective of securing a financially independent life for yourself and your spouse on retirement.
(*) The benefits shown in this presentation have been calculated on the basis of reversionary bonuses declared by LIC for the last year ended. Actual results may deviate depending on the future bonuses declared by LIC.
(*) Loan calculation is done on the basis of present surrender value rates.
Happy Jeevan Combination of LIC plans
(Click on Image To ZOOM)

Amar Jeevan Combination of LIC plans

2012-01-18T16:18:00.004+05:30

Amar Jeevan is combination of LIC plans specially designed to provide Tax Free Returns and High Risk cover.

High Risk cover of 2500000/- for 10 Years
Premiums paid are returned on maturity
Tax is not applicable on maturity amount
Tax Benefit on premiums paid (under sec 80C)
Loan is Available after 3 years

Disclaimer:

* Amar Jeevan is combination of LIC plans specially designed to provide Tax Free Returns and High Risk cover.
* The Maturity is calculated as per bonuses last declared by LIC.
* The above Statements are based on certain assumptions, which are liable to change according to Government / Corporation's Policies.

Riskcover & Cashflow Chart:

The high riskcover is available from age 32 to 42. Loan facility is also available depending upon
number of premiums paid. Premiums paid are available for exemption under section 80C upto
100000/- per annum.

Complete details are shown below: (Click on Image to ZOOM)

Amar Jeevan Combination of LIC plans

7 principles of prospecting

2012-01-05T23:46:00.000+05:30

Prospecting Principle No.1:
Go on asking different Prospects on the same day till you get the desired no of appointments. How many calls do you need to make to get 5 appointments on a good day. No guesses go on calling till you get 5 appointments

Prospecting Principle No.2 :
Go on asking the same Prospect on various occasions till he gives an appointment. How long should you call? No guesses, till you get his appointment.
If somebody says “No” it means “No” for the day. It does not mean No forever.

Prospecting Principle No.3 : Always be in front of Prospects
Be in front of prospects always as there is a time for each Prospect and he will buy when he wants not when you want People who says “No” in one month may buy some other month, so always keep in front of people. You don’t know when they would be ready to buy.

Prospecting Principle No.4 : Dedication & Commitment
Many a time the customer will deliberately go on delaying and ask for more and more clarifications. What they want to check is your dedication and commitment. It’s an acid test you are put through.

Prospecting Principle No.5 : Business of “No’s”
Every one who meets a client expects a “Yes” but if one gets a “No” he gets upset and de-motivated. This business is a business of “No’s”.
Try to collect as many “No’s” as possible because after some No’s there is bound to be a “Yes” Every 10 No’s. will be followed by one “Yes”. So how about collecting maximum “No’s” in a month.

Prospecting Principle No.6: Visiting Fees
One is paid 35% commission – Why? Not because of the one person who buys but it is a payment for all those people who did not buy. Visiting fees is equal to commission earned divided by the total meetings. Every meeting pays you.

Prospecting Principle No.7: Meeting with a positive mind set sells
Most of the times we decide that a particular customer is not very potential and thus we are not able to make a good impact.

How to prepare the prospect file

2012-01-05T23:42:00.000+05:30

1) Decide area of operation. Where would you be doing Business? Let us say you decide to work from Borivali to Cuffe Parade on the western line only.
2) Divide your area of operation into four Zones. A Zone should be an Area where we can travel from one end of zone to the other end in 30 minutes like Haji Ali to Cuff Parade could be one Zone, Worli, Parel up to Haji Ali another zone.
3) Make a file of the prospecting call sheets given to you. The file should have at least 50 sheets.
4) Put partition cards after 12 sheets in such a way that there are four partition cards in the file denoting each Zone.
5) Write the name of a different zone on each of the partition cards
6) Designate four days in a week purely for meetings with customers both new and follow up. Allot a different zone to each of those four days
7) Paste the Schedule on the front inside cover of the file.
8) Fill up the prospect file with names, Tel no’s, addresses and reference details zone wise depending on where we would meet them. If we do not know where the person would prefer to meet then write his details in both zones – zone of residence as well zone of his office. If he stays in Santa Cruz and office is in Town write his details in both zones.
9) Whenever you want to fix appointments look at the schedule in the front inside cover of the file. Depending on the day and the zone allotted to that day, open the divider of that zone and take appointments for persons in that part of the prospect file.
10) If a customer is generally not available on the day allotted to that zone or if someone would meet you only on a particular day then change the schedule in that week to accommodate that person and then revert back to the original schedule in the following week. This should however be an exception than a rule.
11) Whenever you call a particular person enter the details of the call in the calling sheet provided to you. One calling sheet can accommodate 6 persons and 12 call details of each prospect. Enter the date of calling in the column provided for the date. Enter the name of the prospect if you spoke to him/her. If the prospect is not available then enter the name of the person you spoke to. Always enter the details in pencil so that you can extend the use beyond 12 calls. Enter short details of what the prospect told you.
12) Whenever you call the person again, read all the details of his previous calls so that you can an understanding of the situation. If he has asked to call after a month and if a month is not over you can skip calling that prospect.

POLICIES WITHOUT MEDICAL OR FORMALITIES

2012-01-05T00:17:00.000+05:30

POLICIES WITHOUT MEDICAL OR FORMALITIES - RELIANCE & BIRLA SUNLIFE SARAL JEEVAN

Building the team

2012-01-05T00:13:00.001+05:30

Building the team is like recruitment:
One needs to select the right people and motivate them.
He understands the pressures and the soft points of people,
and uses this knowledge
to make them part of his team.
Each one of his team members is treated as special, as being different.

ALLOCATING ROLES:
Bhuvan also assigns responsibilities to each of his people.
Just getting the people in the team is not good enough.
They have to be told what the goal is.
A team consists of different individuals.
The objective is to make them all work together like a fist, like a team.

SUPPORT THE TEAM MEMBERS:
Bhuvan backs his team members to the hilt,
even when they make mistakes.
It is indeed important in any team that the captain backs
the right person, at the right time, for the right job.

Passion As The Differentiator:
Bhuvan and his team members played for the hopes &
aspirations of their villagers.
It was their passion that made all the difference.
As leaders we all have to be careful of what we say and do,
for the slightest sign of weakness
can get magnified within the team.

Lead From The Front:
Never Give Up… that was Bhuvan’s winning mantra.
This attitude of his also enabled him to give his best shot
even at the last ball and thus win the match.
In sport, in business and in life…..always be alert, because
you never know when opportunity may knock on your door.

DEFINE THE ENEMY:
To the British it was just a game but for Bhuvan it was fight
against the British oppressors and a win against them would bring
3 years of ‘TAXFREE’ life for his village folk.
For Bhuvan the enemy was defined as bad, oppressors and
merciless British overlords.
This clear definition helped him to fight towards a specific goal.
In any case,
having a clearly defined enemy
works as a rallying point for the team.

Lessons in Leadership
- THE LAGAAN Way -

Small victories are Important at the start

2012-01-05T00:12:00.000+05:30

Bhuvan hitting the ball for the first time in full public view and
inculcating a feeling of participation among them.

When starting any project it is important to have small wins at the
start to motivate the team.

Lessons in Leadership
- THE LAGAAN Way -

Make a beginning

2012-01-05T00:11:00.000+05:30

Bhuvan did not wait to start.
He did not see around.
He made bat and a ball, got the kid interested and started.

Only when we close the door behind us,
we will see the doors in front start opening.

Lessons in Leadership
- THE LAGAAN Way -

Give examples to Enhance understanding

2012-01-05T00:09:00.002+05:30

Bhuvan simplified the challenge of learning cricket
by portraying it as something similar to gilli-danda.

Analogies have that effect
and can be powerful in helping tame the seemingly difficult.

As managers and leaders, we too have this task
of motivating the team members to take up challenges in the projects.

Lessons in Leadership
- THE LAGAAN Way -

Be determined In face of opposition

2012-01-05T00:08:00.002+05:30

Right from the start when the entire village opposes Bhuvan’s
having taken up the challenge to the time when the rest of his
team refuses to play because he wants to take in
an untouchable in the team.

We face this situation many times
in our organisations. Many a time, we give up and accept what we
feel is perhaps a lesser decision. It is at times like these that we need
to speak up- as long as we know we are fighting for the right issue,
and not against an individual.

Lessons in Leadership
- THE LAGAAN Way -

Put community before self

2012-01-05T00:07:00.003+05:30

Bhuvan did not dream for himself,
he dreamt for the good of his village folk.
Not once did this man of character
put his self-interest before that of others.
It was this that made him win the support of his villagers…
after some initial resistance.

Lessons in Leadership
- THE LAGAAN Way -

Dream big and define the goal

2012-01-05T00:07:00.000+05:30

Bhuvan accepting the challenge to play the cricket match,
as winning it meant 3 yrs of ‘TAXFREE’ happiness.
But he did not just dream ‘BIG’, he also chalked out a
strategic plan of action to win the match. He then put it before
eyes of those, whose involvement was of importance in the match.

Lessons in Leadership
- THE LAGAAN Way -

Think of problems as opportunities

2012-01-05T00:05:00.000+05:30

Captain russell’s challenge to bhuvan
To play the cricket match
Was taken up by bhuvan
As an opportunity to bring happiness
Into the lives of his village folk.

Lessons in Leadership
- THE LAGAAN Way -

Why Retirement Planning is Important?

2012-01-04T23:53:00.000+05:30

A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working.

To understand why retirement planning is important, and why you should too, read on.
Independence is the new way of life: An increasing number of young Indian professionals are
moving away from the traditional joint family structure. Since support no longer comes easily,
parents have realized the need to provide for themselves during their retirement years.

Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.

Non-earning retirement phase is now longer: Only 4% of India working population
Mostly government employees - are covered by pensions.
The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.
Retire & Relax combination ensure you to meet all your retirement requirements. So you can retire
peacefully from work, but not from life.

1) Everybody retires someday. You are going to retire one day.
2) You will retire from your service or business. but, not from your life.
3) Most people do not plan for retirements. Until they are about to retire.
4) Science has increased life expectancy, you will have longer retired life.
5) You may have to cope up with
a) Higher rate of inflation
b) Increasing cost of living
c) Decreasing interest rates
d) Rising medical cost.
6) Your fixed saving may not be sufficient to provide same life style for almost 3 decades after
you retire.

Have you plan for retirement?
Whether your dependents would have peaceful life if you are not there to support them?
Do you have enough funds to have a happy retired life?
Have you provided for rising critical expenses?
Do you want solution?

Download your Retirement Solution.

How much Insurance cover do I need?

2012-01-04T23:42:00.000+05:30

You insure your cars and scooters for an exact value, but do you know your exact value ?
Calculate it for yourself at once . . .How much Insurance cover do I need?

Provide sufficiently for the security of your family. So that your unfortunate absence is felt only in life and not lifestyle.

"Insurance is the Shock absorber
Purchased by you when you think its not needed . . . . .
And gives your family a Financial support when it’s most needed."

Have YOU decided to spend the Increased SALARY on unwanted things?
Or YOU want to invest it in a Proper way to safeguard your FUTURE?

We can guide you to find the way in this confusing world of Investments & Insurance

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Deductions for Income Tax for the financial year 2011-12

2012-01-03T17:00:00.000+05:30

Deductions:
1. Section 80D – Mediclaim policy – Max. `15,000/= for self , spouse & Dependent children. You can buy a health cover for your parents & get additional deduction of `15,000/=. The deduction is higher (`20,000) if parents are Senior Citizens.
2. Section 80DD – Treatment of handicapped dependents – Max. `50,000 (Disability) or `75,000 (Severe Disability) . This claim requires Certificate under section 139 of the Income Tax Act.
3. Section 80U – an amount of `50,000/= in case of self is physically disabled & `1,00,000/= in case the self is severely physically disabled.
4. Section 80E – Education loan – Interest on loan is allowed as a deduction without limit for a period of 8 yrs.
5. Section 80 G – Donations –
i) to Govt. Schemes – Full exemption
ii) to other trusts – 50% of donated amount.
6. Section 80GG – House Rent paid by Businessman/ Professional subject to ceiling.
7. Section 80DDB – Medical treatment for self/ spouse / children- `40,000/=

Other Deduction: The interest paid on Housing Loan is allowed as a deduction under section 24(b) up to `1.5 lacs per anum for self occupied house.

Tax Incentives for Savings – Maximum Limit 1,00,000/=( Section 80CCE)

2012-01-03T16:57:00.000+05:30

This comprehensive section comprises of section 80C, 80CCC & 80CCD
1. Life Insurance premium ( limited to 20% of the Sum Assured)
2. Subscriptions to the GPF / CPF – Rate of return 8.5%
3. Subscription to ELSS – This will cease to be a tax saving option after the Direct Taxes Code comes into effect in April,2012.
4. Contribution to Public Provident Fund – Maximum `70,000/=
5. Investments in NSC VIII & Accrued interest on NSC deemed to be reinvested – Interest is taxable
6. Fixed Deposits for more than 5 years in SBI/ Scheduled Banks/ Post Office 5 year Time Deposit Scheme – Interest is taxable
7. Tuition fees paid limited two children. Both parents can’t claim deduction for the same expense.
8. Repayment of Housing Loan
9. Contribution both by the individual & Government made to new pension scheme ( Section 80CCD)
10. Senior Citizens Saving Scheme – 9% return but taxable.

Apart from the above savings , a further amount of `20,000/= invested in Infrastructure Bond approved by Government is exempted from Income Tax (Section 80CCF). However, there is a lock-in of 5-7 yrs. & interest income is taxable.

Age 80 years or more Income Tax 2011-12

2012-01-03T16:54:00.000+05:30

In case of individual resident who is of the age of 80 years or more at any time during the previous year :

No.	Income Level	Income Tax Rate
i	Where the total income does not exceed `2,50,000/=	Nil
ii	Where the total income exceeds `2,50,000/= but does not exceed `5,00,000/=	Nil
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`60,000/= + 30% of amount by which the total income exceeds `8,00,000/=

Age 60 years or more Income Tax 2011-12

2012-01-03T16:53:00.000+05:30

In case of individual resident who is of the age of 60 years or more at any time during the previous year :

no.	Income Level	Income Tax Rate
i	Where the total income does not exceed `2,50,000/=	Nil
ii	Where the total income exceeds `2,50,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `2,50,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`25,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`85,000/= + 30% of amount by which the total income exceeds `8,00,000/=

Woman Income Tax 2011-12

2012-01-03T16:51:00.000+05:30

In case of individual being a woman resident in India & below the age of 60 years at any time during the previous year :

no.	Income Level	Income Tax Rate
i	Where the total income does not exceed `1,90,000/=	Nil
ii	Where the total income exceeds `1,90,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `1,90,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`31,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`91,000/= + 30% of amount by which the total income exceeds `8,00,000/=

Individual Income Tax 2011-12

2012-01-03T16:49:00.000+05:30

The new Income Tax Rate applicable for the financial year 2011-12 (Assessment Year 2012-13) for various categories of assesses are as follows:
In case of individual ( other than woman resident in India & below the age of 60 years ) and HUF :

no.	Income Level	Income Tax Rate
i	Where the total income does not exceed `1,80,000/=	Nil
ii	Where the total income exceeds `1,80,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `1,80,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`32,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`92,000/= + 30% of amount by which the total income exceeds `8,00,000/=

Income Tax for the financial year 2011-12

2012-01-03T16:45:00.000+05:30

The various provisions of Income Tax Act,1961 undergo changes every year with the passing of the Finance Bill after presentation of Union Budget. Life Insurance Agents must keep themselves abreast about these changes so that they are able to tap the life insurance business from people falling under various income tax bracket.
The new Income Tax Rate applicable for the financial year 2011-12 (Assessment Year 2012-13) for various categories of assesses are as follows:
In case of individual ( other than II & III below) and HUF :

No.	Income Level	Income Tax Rate
i	Where the total income does not exceed `1,80,000/=	Nil
ii	Where the total income exceeds `1,80,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `1,80,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`32,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`92,000/= + 30% of amount by which the total income exceeds `8,00,000/=

In case of individual being a woman resident in India & below the age of 60 years at any time during the previous year :

No.	Income Level	Income Tax Rate
i	Where the total income does not exceed `1,90,000/=	Nil
ii	Where the total income exceeds `1,90,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `1,90,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`31,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`91,000/= + 30% of amount by which the total income exceeds `8,00,000/=

In case of individual resident who is of the age of 60 years or more at any time during the previous year :

No.	Income Level	Income Tax Rate
i	Where the total income does not exceed `2,50,000/=	Nil
ii	Where the total income exceeds `2,50,000/= but does not exceed `5,00,000/=	10% of amount by which the total income exceeds `2,50,000/=
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	`25,000/= + 20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`85,000/= + 30% of amount by which the total income exceeds `8,00,000/=

In case of individual resident who is of the age of 80 years or more at any time during the previous year :

No.	Income Level	Income Tax Rate
i	Where the total income does not exceed `2,50,000/=	Nil
ii	Where the total income exceeds `2,50,000/= but does not exceed `5,00,000/=	Nil
iii	Where the total income exceeds `5,00,000/= but does not exceed `8,00,000/=	20% of amount by which the total income exceeds `5,00,000/=
iv	Where the total income exceeds `8,00,000/=	`60,000/= + 30% of amount by which the total income exceeds `8,00,000/=

Education Cess : 3% of the Income Tax to be paid by all Tax payers.
SOURCES OF INCOME
As per Income Tax Act,1961 all incomes have been classified into 5 groups :-

Income from salary
Income from House Property, basically, Rent
Income from Business/ Profession
Income from Capital Gains / Long Term/ Short Term bank deposits / Bonds/ Debentures , dividend on shares, Gift, Competitions, Lottery, etc.

To arrive at taxable income , we delete those incomes which are exempted from tax or deductions which are allowed to an Individual by way of investments & expenditures.

Important Section	Nature of Exemption/ deduction	Provisions & Limits
10 (1)	Agriculture income	Fully exempted / However, Net Agricultural Income will be added to determine I.T. Rates
10(10A)	Commuted Pension as applicable to various Pension Plans	1/3 rd of Pension
10 (10D)	Payments received from Life Insurance Policies	Any sum received as Maturity, SB, Surrender, Death Claim is Tax free except Policies under Key Man Insurance Premium under a policy which exceeds 20 % of the S.A. like single premium Policies or Short term policies of 5yrs & less
10(11)	Interest Income from PPF/PF	Totally exempted
10(14)	Transport Allowance paid to Employees	`800/= per month
16(3)	Professional Tax	Actual amount paid

Sample Benefit Illustration for an initial HCB for Jeevan Arogya

2011-12-25T00:54:00.001+05:30

Sample Benefit Illustration for an initial HCB of Rs. 1000/-
Nature of Benefit	1st Pol Year(Rs)	2nd Pol Year & onwards(Rs)	Max. eligible during the term (Rs)
Hospital Cash Benefit (HCB)	45,000	1,41,750	16,20,000
Major Surgical Benefit (MSB)	1,00,000	1,05,000	12,00,000
Other Surgeries Benefit (OSB)	30,000	94,500	10,80,000
Day Care Procedure Benefit (DCPB)	15,000	15,750	1,80,000
Maximum Benefit under the policy per insured	40,80,000 + () + () + (**)
Reimbursement of Ambulance Charges incurred	* Rs.1000/- per insured per year for undergoing cat 1& 2 MSBs
Premium waiver Benefit	**After availing MSB under cat 1&2 for any insured subsequent year premium will be waived
No Claim Bonus	***5%of IDB is available as No claim Bonus

Jeevan Arogya Plan features & Benefits

2011-12-25T00:52:00.000+05:30

LIC’s Jeevan Arogya (PLAN No. 903 ) (UIN:512N266V01)

Plan features
• Eligible Age- PI&Spouse-18 to 65; Parents & Parents-in-law -18 to 75;
• Children- 3 months to 17yrs
• Modes of premium payment- Yly, Hly, Qly & ECS(Mly) – Mode rebate for Yly & Hly.
• Premiums are guaranteed for 3 years with automatic renewal facility.

Unique Benefits
1. Hospital Cash Benefit (HCB)
2. ICU Benefit
3. Major Surgical Benefit (MSB)
4. Day Care procedure Benefit (DCPB)
5. Other Surgical Benefit (OSB)
6. Quick Cash facility
7. Ambulance charges Benefit
8. Premium Waiver Benefit
9. Term Assurance rider (Death Benefit)
10. Accident Benefit rider (AB)
11. No claim Benefit

• Hospital Cash Benefit from Rs. 1000/- to Rs. 4000/- per day (to be opted by the policy holder in multiples of Rs.1000/-).
- Double the Benefit for ICU.
- Maximum 720 days for each member including 360 days ICU benefit, through out the
policy term up to 80 years of age; for children up to 25 years of age.
- Automatic increase in HCB by 5% of Initial HCB every year up to 50% of the Initial HCB
• Major Surgical Benefit for 140 Listed Surgical Procedures
- MSB is equal to 100 times of HCB
- Automatic increase in MSB by 5% of Initial MSB every year up to 50% of the Initial MSB
- Maximum 8 times of MSB through out policy Term (1 MSB per annum)
- upto 80 years of age for other than children.- - For children up to 25 years of age.
• Day Care Procedure Benefit for 140 Day care procedures. 5 Times of Applicable Daily Cash Benefit (ADB). 3 times in a year and 24 times in the policy full term
• Other surgical Benefit-for any surgery not covered under MSB. 2 times of Applicable Daily Cash Benefit-45 days in a year 360 days in the policy full term (15 days-First year)
• Quick Cash facility-This is the facility available for all insured, where instant cash can be paid as an advance up to 50% of eligible 57 MSB surgeries of category 1 & 2
• Ambulance charges- for 57 surgeries eligible for MSB listed under category 1& 2
-benefit @Rs.1000 per insured per policy year
• Premium Waiver Benefit-for 57 surgeries eligible for MSB listed under category 1&2 one year premium will be waived
• Term Assurance rider: Death Benefit MSB is covered under this policy by payment of additional premium
• Accident Benefit rider- Accidental Death Benefit up to initial MSB is available by payment of additional premium
• No Claim Benefit- If there is no claim from any insured between two Automatic Renewal Date (ARD) 5%of IDB will be added to the ADB from next ARD for all insured .

Special Attractions of LIC’s Jeevan Arogya

2011-12-25T00:50:00.000+05:30

LIC’s Jeevan Arogya (PLAN No. 903 ) (UIN:512N266V01)

Special Attractions:
• A unique non linked benefit type plan offering both life & health cover up to age 80 yrs.
• Single Policy for self (Principal Insured-PI) & entire family including Parents and Parents-in-law.
• Health Benefit for Listed as well as unlisted surgeries
• Benefit type of policy without any link to actual expenses incurred.
• No exclusion of first 24 hours, if hospitalization exceeds 6 days 4 hours.
• Attractive rebates on higher HCB Slabs
• Premium paid will be eligible for IT exemption under section 80D up to Rs.15,000/-
(Rs. 30,000/- if parents are covered)

LIVE CASE OF CLAIM SETTLED UNDER LIC'S HEALTH PLUS and HEALTH PROTECTION PLUS

2011-12-25T00:48:00.000+05:30

LIVE CASE OF CLAIM SETTLED UNDER LIC'S HEALTH PLUS

POLICY NUMBER

323282990

NAME OF THE PRINCIPAL INSURED

M.N.Rajan

Date of Commencement

31.03.2009

Yearly Premium

Rs.25,000

Members covered

Name

Relation

HCB

MSB

M.N.Rajan

2,500

5,00,000

Hospitalisation Details

Intimation No. 11000548/14.10.2011

Name of the Beneficiary

Admitted On

27.08.2011

Dscharged On

06.09.2011

Hospitalised for

CABG

Via Open Chest Surgery

Amount Paid to the Claimant

Expenses Actually

under LIC's HEALTH PROTECTION PLUS

incurred by the Claimant

NON-ICU-HCB

Rs. 22,000

Medicines

Rs.2,50,550/-

Rent

MSB

Rs. 5,00,000

Diagnosis

TOTAL

Rs. 5,22,000

Consultation

Others

Rs.28184/-

Total

Rs.2,78,734/-

Claimant has got a benefit of Rs.5,22,000by taking
LIC's Health Protection Plus Policy , as against incurred expenses of Rs.2,78,734/-

LIVE CASE OF CLAIM SETTLED UNDER LIC'S HEALTH PROTECTION PLUS
POLICY NUMBER		104049149
NAME OF THE PRINCIPAL INSURED		A. BHORA
Date of Commencement		15.10.2009
Yearly Premium		Rs.12,000
Members covered	Name	Relation	HCB	MSB
	A.BHORA	PI	2,000	4,00,000
Hospitalisation Details		Intimation No.1130490/23.09.2011
Name of the Beneficiary		PI
Admitted On		28.08.2011
Dscharged On		07.9.2011
Hospitalised for		Aortic Valve Replacement
Amount Paid to the Claimant		Expenses Actually
under LIC's HEALTH PROTECTION PLUS		incurred by the Claimant
ICU-HCB	Rs.12,600	Medicines		Rs.52,747/-
NON-ICU-HCB	Rs.10,500	Rent
MSB	Rs.4,00,000	Diagnosis		Rs.3965/-
TOTAL	Rs.4,23,100	Consultation		Rs.1,46,000/-
		Others		Rs.815/-
		Total		Rs.2,03,527/-
Claimant has got a benefit of Rs.4,23,100by taking LIC's Health Protection Plus Policy , as against incurred expenses of Rs.2,03,527/-

JEEVAN AROGYA Calculator

2011-12-25T00:44:00.001+05:30

Jeevan-Arogya-Calculator.XLS

Save 1 Lacs for 12yrs - Get 1Lacs Lifetime

2011-11-23T12:47:00.000+05:30

Projections :- (1) Save 1 Lacs for 12yrs & Get 1Lacs Lifetime with Insurance Cover./ Save 1 Lacs for 15yrs & Get 2 Lacs For LIFETIME WITH INSURANCE COVER OF 32 Lacs Lifetime

Projections :- (2) Invest Only 15yrs at age 25 & get 27 Lacs on Maturity of Age 50 GET LIFETIME 2.40 Lacs WITH INSURANCE COVER LIFETIME

Projections :- (3) Give Lifetime Govt. Facilities Get to u in Lifetime PENSION *PF*DAB*Loan*Gratuity* Tax Free Pension*Family Healthcare*Disability Benefit

Projections :- (4) Get Special Term Plan Project To Ur Age (In Projection No any market risk)

Bajaj Allianz mis selling ULIP Policy on Phone

2011-11-18T17:56:00.001+05:30

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Download: Bajaj Allianz mis selling ULIP Policy on Phone

Limited Payment The Whole Life Policy

2011-10-07T12:36:00.000+05:30

Features: This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse.

With Profits Limited Payments Policies do not cease to participate in profits after completion of the premium paying period but continue to share in the periodical Bonus Distribution until the death of the Life Assured. The Without-Profit option is available under Table no. 3.

If the policyholder pays at least 3 years' premiums and then discontinues paying any more premiums, a reduced paid-up assurance policy comes into force.

Such a reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached thereto. The premium paying term under this plan is five years minimum and 55 years maximum.

Product summary This is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured.

Premiums: Under Table Nos 2 & 5 the premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you. Under Table No 8 the premium is payable in one lump sum (Single Premium).

Under Table No 2 the premiums are payable for a period of 35 years or up to age 80 years, whichever is later. Under Table No 5 the premiums are payable up to the selected premium paying period.

Under Table No 2 the premiums are payable for a period of 35 years or up to age 80 years, whichever is later. Under Table No 5 the premiums are payable up to the selected premium paying period.

The premiums are payable for the periods as specified above or up to earlier death

Bonuses: This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.

Death Benefit : The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.

Maturity Benefit : This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.

Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Surrender Value : Buying a life insurance contract is a long-term commitment. However, surrender value is available under the plan on earlier termination of the plan.

Guaranteed Surrender Value : The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra/additional premium.

Corporation’s policy on surrenders : In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premiums paid.

The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.

SURVIVAL BENEFIT: Sum assured plus accrued bonuses and the terminal bonuses, if any, on the policyholder attaining age 80 years or on expiry of term of 40 years from the date of commencement of the policy whichever is later.

DEATH BENEFIT :Sum assured plus accrued bonuses and the terminal bonuses, if any, on the death of the policyholder are paid to his/her nominees/heirs.

Two Year Temporary Assurance Policy

2011-10-07T12:23:00.001+05:30

Two Year Temporary Assurance policy Feature

The Two Year Temporary Assurance policy is designed for the insuring public who requires risk cover for a maximum of two years.
Under the Two Year Temporary Assurance policy a single premium is required to be paid at the outset of the policy to cover the entire period of term.
The proposer is required to pay the medical examination fee. The proof of age must also accompany the proposal.
The policy issued will be only under the 'Without Profits' plan.
The policy is not entitled to any surrender value.
No loan will be granted against the Two Year Temporary Assurance policy.

Suitable For The Two Year Temporary Assurance policy caters to the individuals who specifically require insurance cover against risk for a short period of two years, for instance persons who are required to go on tours for instance for a year or so.

SURVIVAL BENEFIT: Not applicable

DEATH BENEFIT: Total sum assured.

Minimum	Maximum
Entry age	18	60
Sum assured (Rs.)	50,000	1,00,000
Term (years)	6,12,18,24 months	Not Applicable

Mode of Payment	Maximum premium paying period	Policy loan available
Single Premium	62 years	No

Sovereign guarantee for all policies issued by Life Insurance Corporation will continue

2011-10-07T12:14:00.000+05:30

Sovereign guarantee for all policies issued by Life Insurance Corporation (LIC) will continue, a government official said, allaying fears of millions of clients of the country's largest life insurer.

The government has decided to drop a clause from the Life Insurance Corporation (Amendment) Bill 2009 that suggested limits on the sovereign guarantee available to the country's largest life insurer.

"It has been decided to continue with government guarantee to LIC," the official told ET.

The government has also decided to retain a clause that allows the insurer to regulate the terms and conditions of its agents and the recruitment procedure for employees and agents. The provision gives the insurer powers to decide on the commission benefits of over 14 lakh agents.

The finance ministry has circulated a draft cabinet note on the changes to be made to the legislation before it is taken up for approval in the monsoon session of Parliament.

LIC, which is governed by a 50-year-old Act, has government backing for all its policies. The public-sector behemoth had 65% market share in first-year premium and 70.8 % share in total policies in 2010. The insurer sold over 37 million policies in the last fiscal.

The relaxation in sovereign backing comes despite the government tightening conditions under which such guarantee can be made available.

The Standing Committee on Finance had strongly opposed the provision in the Bill that empowered the government to limit the extent of sovereign guarantee.

The amendment Bill was reintroduced by the finance minister after it lapsed following the dissolution of the previous Lok Sabha.

The dropping of the clause, seen smoothening the passage the Bill in Parliament, comes amid stiff opposition from private-sector players. State backing for LIC has also been criticised by the Insurance Regulator Development Authority for not allowing a level playing field.

In the Union Budget for 2011-12, the government disclosed for the first time the total financial guarantees given, in order to present a clearer picture of its financial position.

The clause allowing the insurer to frame rules for its agents and the method and decide on the recruitment process of staff had not found favour with the parliamentary panel and insurance agents.

However, the official said, "The corporation should have powers to decide about the welfare of its agents and employees."

A petition was filed in the Supreme Court challenging the bill but was rejected by the court.

The bill seeks to raise the capital base of the state-owned insurer to 100 crore from 5 crore, bringing it on a par with private insurers, both in life and non-life segments, which are required to have a minimum capital base of 100 crore as per IRDA norms.

The bill also seeks to allow LIC to allocate 90% or more such surplus - excess of assets over liabilities - for life insurance policy-holders and the rest to a separate account maintained by LIC.

The account would be utilised by the government for any purpose it decides on, while the rest would be paid as dividend. At present, the insurer is required to set aside at least 95% of the surplus, while rest goes to the government.

Src: ET

CLAIMS REPORT of 2010-2011

2011-10-07T12:12:00.000+05:30

CLAIMS REPORT
	2009-10 **			2010-11***
	Claims repudiated	Claims settled	Claims pending	Claims repudiated	Claims settled	Claims pending
LIC	1.21	96.53	1.41	1.09	97.50	1.47
ICICI Prudential	3.27	90.17	6.56	2.80	94.40	2.60
HDFC Life	4.67	91.14	4.20	3.97	96.03	0.61
Aviva Life	9.75	87.11	3.14	4.10	87.11*	3.14*
Birla Sun Life	10.62	89.09	5.82	4.99	94.66	0.35
India First Life	7.69	53.85	38.46	9.40	90.58	0.03
Max New York Life	12.31	65.51	7.14	14.85	78.01	7.14
SBI Life	14.75	83.27	1.96	16.74	82.24	1.03
IDBI Federal Life	23.81	49.52	26.67	21.00	65.00	14.00
* Close to year ago figures; Irda Figures; * Unaudited figures

SBI Life Insurance Products

2011-09-28T17:04:00.002+05:30

SBI Life Insurance Products ( Product list updated as on 22-Jun-11 )
Financial Year	Name of the Product	In operation
Financial Year	Name of the Product	*From (opening date)**	To (closing date)
2000-01	SBI Life - Sanjeevan	30-Mar-01	1-Sep-07
2001-02	SBI Life - Young Sanjeevan	31-Aug-01	1-Sep-07
2001-02	SBI Life - Sukhjeevan (Single Premium Product)	4-Sep-01	1-Aug-02
2001-02	SBI Life - Scholar	8-Oct-01	14-Nov-04
2001-02	SBI Life - Super Suraksha	9-Nov-01	30-Nov-09
2001-02	SBI Life - Swarna Ganga	5-Dec-01	7-Oct-09
2009-10	SBI Life - Swarna Ganga	7-Oct-09
2001-02	SBI Life - Credit Guard	13-Dec-01	31-Oct-03
2003-04	SBI Life - Credit Guard	31-Oct-03
2002-03	SBI Life - Sudarshan	25-Jun-02	30-Nov-09
2002-03	SBI Life - Sukhjeevan Pratham (Single Premium Product)	1-Aug-02	1-Sep-07
2002-03	SBI Life - Group Gratuity cum Life cover Scheme	1-Nov-02	30-Nov-09
2002-03	SBI Life - Lifelong Pensions (for Individual)	21-Jan-03	30-Nov-09
2002-03	SBI Life - Lifelong Pensions (for Groups)	4-Mar-03	30-Nov-09
2003-04	SBI Life - Swadhan (Individuals)	15-Apr-03
2003-04	SBI Life - Swadhan (Group)	7-May-03
2003-04	SBI Life - Pension Tatkal	13-May-03	9-Apr-07
2003-04	SBI Life - Sanjeevan Supreme	15-Sep-03
2003-04	SBI Life - Sethubandhan	16-Sep-03	1-Sep-07
2003-04	SBI Life - Shield	8-Jan-04	1-Jan-11
2003-04	SBI Life - Money Back	30-Jan-04
2004-05	SBI Life - Scholar II	22-Jun-04
2004-05	SBI Life - Horizon	11-Nov-04	1-Jul-06
2005-06	SBI Life - Unit Plus_Single	9-Sep-05	1-Jul-06
2005-06	SBI Life - Unit Plus_Regular	9-Sep-05	1-Jul-06
2005-06	SBI Life - Dhana Vriddhi	9-Sep-05	31-Mar-06
2005-06	SBI Life - Immediate Annuity	23-Feb-06
2006-07	SBI Life - Group Leavencashment cum Life Cover Scheme	8-Jun-06	30-Nov-09
2006-07	SBI Life - Horizon II	3-Jul-06	1-Jan-10
2006-07	SBI Life - Unit Plus II Regular	4-Jul-06	1-Jan-10
2006-07	SBI Life - Unit Plus II - Single	4-Jul-06	1-Jan-10
2006-07	SBI Life - Group Superannuation	12-Oct-06	30-Nov-09
2006-07	SBI Life - Horizon II Pension	13-Nov-06	1-Jan-10
2006-07	SBI Life - Unit Plus II Pension	20-Dec-06	1-Jan-10
2006-07	SBI Life - Golden Gratuity	13-Jan-07	30-Nov-09
2006-07	SBI Life - Group Immediate Annuity	22-Mar-07	30-Nov-09
2007-08	SBI Life Dhanaraksha Plus - LPPT	7-Jun-07
2007-08	SBI Life Dhanaraksha Plus - RP	7-Jun-07	30-Nov-09
2007-08	SBI Life Dhanaraksha Plus - SP	7-Jun-07
2007-08	SBI Life Grameen Shakti	6-Sep-07
2007-08	SBI Life Grameen Super Suraksha	6-Sep-07
2007-08	SBI Life - Sampoorna Suraksha Group Plan	28-Sep-07	5-May-09
2009-10	SBI Life - Sampoorna Suraksha Group Plan	5-May-09
2007-08	SBI Life - Nidhi Raksha RP	9-Oct-07
2007-08	SBI Life - Group Leave Encashment	15-Oct-07
2007-08	SBI Life - Group Supernnuation	15-Oct-07
2007-08	SBI Life - Group Gratuity	15-Oct-07
2007-08	SBI Life - Unit Plus Elite	27-Nov-07	1-Jan-10
2007-08	SBI Life - Unit Plus Child Plan	20-Dec-07	1-Jan-10
2007-08	SBI Life - Saral ULIP	4-Feb-08	1-Jan-10
2007-08	SBI Life-Dhanrashi	31-Mar-08
2008-09	SBI Life - Swarna Jeevan	2-May-08
2008-09	SBI Life Group Criti 9 Plan	4-Jul-08
2008-09	SBI Life Suraksha Plus	20-Oct-08
2008-09	SBI Life Kalyan ULIP	26-Dec-08	31-Aug-10
2008-09	SBI Life Smart ULIP	28-Feb-09	1-Jan-10
2009-10	SBI Life Smart ULIP	8-Dec-09	31-Aug-10
2009-10	SBI Life - Maha Anand	11-May-09	1-Jan-10
2009-10	SBI Life - Shubh Nivesh	29-Jun-09
2009-10	SBI Life Unit Plus III	20-Nov-09	31-Aug-10
2009-10	SBI Life Lifelong Pension Plus	8-Dec-09
2009-10	SBI Life Maha Anand II	8-Dec-09	31-Aug-10
2009-10	SBI Life - Horizon III	19-Dec-09	31-Aug-10
2009-10	SBI Life - Unit Plus III Pension	22-Dec-09	31-Aug-10
2009-10	SBI Life - Horizon III Pension	22-Dec-09	31-Aug-10
2009-10	SBI Life - Unit Plus II Child Plan	24-Dec-09	31-Aug-10
2009-10	SBI Life - Unit Plus Elite II	24-Dec-09	31-Aug-10
2009-10	SBI Life - Cap Assure	28-Jan-10
2010-11	SBI Life Hospital Cash	21-Apr-10
2010-11	SBI Life - Saral Shield	16-Jul-10
2010-11	SBI Life - Smart Shield	16-Jul-10
2010-11	SBI Life - Saral Life	8-Nov-10
2010-11	SBI Life - Gaurav Jeevan	31-Jan-11
2010-11	SBI Life RiNn Raksha	11-Mar-11
2011-12	SBI Life -Flexi Smart	26-May-11
New ULIPs tobe offered for sale w.e.f. 01.09.2010
2010-11	SBI Life - Smart Performer	30-Aug-10
2010-11	SBI Life - Unit Plus Super	31-Aug-10
2010-11	SBI Life - Saral maha Anand	6-Sep-10
2010-11	SBI Life - Smart Elite	3-Dec-10
2010-11	SBI Life - Smart Scholar	3-Dec-10
2010-11	SBI Life - Smart Horizon	3-Dec-10
2010-11	SBI Life - Smart Pension	20-Jan-11
2010-11	SBI Life - Smart Wealth Assure	24-Feb-11
2010-11	SBI Life - Kalyan ULIP Plus	16-May-11

Kotak Mahindra OM Life Insurance Products

2011-09-28T16:54:00.000+05:30

Kotak Mahindra OM Life Insurance Products (Product list updated as on 22-Jun-11
Financial Year	Name of the Product	In operation
Financial Year	Name of the Product	*From (opening date)**	To (closing date)
2001-02	Kotak Insurance Bond	1-Apr-01	15-Jul-03
2001-02	Kotak Endowment Plan	1-May-01
2001-02	Kotak Money Back Plan	1-May-01
2001-02	Kotak Gramin Bima Yojana	26-Nov-01	27-Feb-03
2002-03	Kotak Gramin Bima Yojana	27-Feb-03
2001-02	Kotak Term Assurance Plan	3-Dec-01	21-Jun-04
2004-05	Kotak Term Assurance Plan	21-Jun-04	22-Apr-08
2008-09	Kotak Term Plan	22-Apr-08	11-Nov-09
2009-10	Kotak Term Plan	12-Nov-09
2001-02	Kotak Credit Term Group Plan	13-Dec-01	26-May-05
2005-06	Kotak Credit Term Group Plan	26-May-05
2001-02	Kotak Term Group Plan	18-Dec-01	26-May-05
2005-06	Kotak Term Group Plan	26-May-05	11-Dec-09
2009-10	Kotak Term Group Plan	11-Dec-09
2002-03	Kotak Child Advantage Plan	27-May-02
2002-03	Kotak Preferred Term Plan	23-Aug-02	21-Jun-04
2004-05	Kotak Preferred Term Plan	21-Jun-04	22-Apr-08
2008-09	Kotak Preferred Term Plan	22-Apr-08	25-Mar-10
2009-10	Kotak Preferred Term Plan	25-Mar-10
2002-03	Kotak Gratuity Group Plan	3-Dec-02	1-Jul-06
2006-07	Kotak Gratuity Grouplan - KGGP	1-Jul-06	31-Aug-10
2010-11	Kotak Gratuity Grouplan - KGGP	15-Mar-11
2002-03	Kotak Capital Multiplier Plan	3-Dec-02
2002-03	Kotak Immediate Income Plan (With Return of Purchase Price on Death)	12-Dec-02
2002-03	Kotak Retirement Income Plan with cover	12-Dec-02
2002-03	Kotak Retirement Income Plan without cover	12-Dec-02
2002-03	Kotak Safe Investment Plan	21-Jan-03	21-Jun-04
2003-04	Kotak Superannuation Group Plan	15-Sep-03	1-Jul-06
2006-07	Kotak Superannuation Grouplan	1-Jul-06	31-Aug-10
2003-04	Kotak Term Group Plan With Experience Sharing	13-Oct-03	26-May-05
2005-06	Kotak Term Group Plan With Experience Sharing	26-May-05
2003-04	Kotak Complete Cover Group Plan	25-Nov-03	26-May-05
2005-06	Kotak Complete Cover Group Plan	26-May-05
2003-04	Kotak Easy Growth Plan	25-Mar-04	1-Jul-06
2003-04	Kotak Easy Growth Plan (With 5 times cover)	25-Mar-04	1-Jul-06
2006-07	Kotak Easy Growth Plan (With 5 Times Cover)	1-Jul-06	1-Jan-10
2004-05	Kotak Safe Investment Plan II	21-Jun-04	1-Jul-06
2006-07	Kotak Safe Investment Plan II	1-Jul-06	1-Jan-10
2006-07	Kotak Safe Investment Plan II	23-Dec-09	31-Aug-10
2004-05	Kotak Premium Return Plan	12-Oct-04
2004-05	Kotak Flexi Plan	9-Nov-04	1-Jul-06
2007-08	Kotak Flexi Plan	1-Jul-06	1-Jan-10
2004-05	Kotak Retirement Income Plan (Unit Linked)	28-Dec-04	1-Jul-06
2004-05	Kotak Retirement Income Plan (Unit Linked Single Premium)	28-Dec-04	1-Jul-06
2004-05	Kotak Retirement Income Plan (Unit Linked Without cover)	28-Dec-04	1-Jul-06
2004-05	Kotak Loan Protection Plan - Regular Premium	10-Jan-05
2004-05	Kotak Loan Protection Plan - SIngle Premium	10-Jan-05
2005-06	Kotak Privileged Assurance Plan	16-Dec-05	1-Jul-06
2006-07	Kotak Privileged Assurance Plan	1-Jul-06	1-Jan-10
2006-07	Kotak Easy Growth Plan (with 1.25 times cover)	1-Jul-06	1-Jan-10
2006-07	Kotak Retirement Income Plan (Unit Linked) - with cover plan	1-Jul-06	1-Jan-10
2006-07	Kotak Retirement Income Plan (Unit Linked) - Single Premium plan	1-Jul-06	1-Jan-10
2006-07	Kotak Retirement Income Plan (Unit Linked) -without cover plan	1-Jul-06	1-Sep-09
2006-07	Kotak Headstart Assure Wealth (Single Life Plan)	4-Oct-06	1-Jan-10
2009-10	Kotak Headstart Assure Wealth (Single Life Plan)	2-Dec-09	31-Aug-10
2006-07	Kotak Headstart Assure Wealth (Joint Life Plan)	4-Oct-06	1-Jan-10
2009-10	Kotak Headstart Assure Wealth (Joint Life Plan)	11-Feb-10	31-Aug-10
2006-07	Sukhi Jeevan	13-Oct-06	1-Sep-09
2006-07	Kotak Headstart Future Protect (Single Life Plan)	20-Oct-06	1-Jan-10
2009-10	Kotak Headstart Future Protect (Single Life Plan)	9-Nov-09	31-Aug-10
2006-07	Kotak Headstart Future Protect (Joint Life Plan)	20-Oct-06	1-Jan-10
2006-07	Kotak Platinum Advantage Plan	12-Jan-07	1-Sep-09
2007-08	Kotak Eternal Life Classic Shield	6-Jun-07
2007-08	Kotak Eternal Life Premier Shield	6-Jun-07
2007-08	Kotak Surakshit Jeevan	27-Jul-07
2007-08	Kotak Smart Advantage	18-Dec-07	1-Jan-10
2007-08	Kotak Long Life Secure Plus	19-Dec-07	1-Jan-10
2009-10	Kotak Long Life Secure Plus	17-Dec-09	31-Aug-10
2007-08	Kotak Long Life Wealth Plus	19-Dec-07	1-Jan-10
2009-10	Kotak Long Life Wealth Plus	31-Dec-09	31-Aug-10
2008-09	Kotak Platinum Advantage Plus	15-Sep-08	1-Jan-10
2008-09	Kotak life Time Income plan	18-Sep-08
2008-09	Kotak Group Annuity plan	18-Sep-08
2008-09	Kotak Secure Retirement Plan	17-Oct-08	1-Jan-10
2008-09	Kotak Group Shield	25-Nov-08	3-Jun-10
2010-11	Kotak Group Shield	3-Jun-10
2008-09	Kotak Group Assure	25-Nov-08
	Kotak Group Assure	3-Aug-10
2008-09	Kotak Second Innings Plan	2-Jan-09	1-Jan-10
2009-10	Kotak Second Innings Plan	22-Dec-09	31-Aug-10
2009-10	Kotak Single Invest	3-Jun-09	1-Jan-10
2009-10	Kotak Single Invest	22-Dec-09	31-Aug-10
2009-10	Kotak e-retirement Saver	10-Nov-09	31-Aug-10
2009-10	Kotak e-Invest Maxima	26-Nov-09	31-Aug-10
2009-10	Kotak Guaranteed Pension Builder Plan	7-Dec-09	31-Aug-10
2009-10	Kotak Super Advantage	12-Dec-09	31-Aug-10
2009-10	Kotak Platinum Edge	30-Dec-09	31-Aug-10
2010-11	Kotak e-Preferred Term Plan	27-Apr-10
2010-11	Kotak e-Term	3-May-10
2010-11	Kotak Fixed Return plan	31-Jan-11
2010-11	Kotak Assured Income	24-Feb-11
2010-11	Kotak Saral Suraksha	28-Mar-11
New ULIPs tobe offered for sale w.e.f. 01.09.2010
2010-11	Kotak Secure Invest Insurance	24-Aug-10
2010-11	Kotak Welath Insurance Plan	27-Aug-10
2010-11	Kotak Ace Investment Plan	8-Nov-10
2010-11	Kotak Single Invest Advantage	22-Dec-10
2010-11	Kotak Headstart Child Assure	13-Jan-11
2010-11	Kotak Platinum	14-Jan-11

Met Life India Insurance Products

2011-09-28T16:48:00.003+05:30

Met Life India Insurance Products ( Product list updated as on 22-Jun-11)
Financial Year	Name of the Product	In operation
Financial Year	Name of the Product	*From (opening date)**	To (closing date)
2001-02	Met 100 (Non-Par)	7-Dec-01
2001-02	Met Shanti	27-Dec-01	22-Nov-02
2001-02	Met Sukh	27-Dec-01	14-Jun-05
2005-06	Met Sukh	14-Jun-05
2002-03	Single Pay - Mortgage Protection Plan - Non Participating	27-May-02
2002-03	Met Junior	15-Jul-02
2002-03	Met Junior MB	15-Jul-02
2002-03	Met Mortgage Protector	20-Aug-02
2002-03	Met Platinum - Par Endowment	23-Sep-02	15-May-04
2002-03	Met Gold - Par Endowment	23-Sep-02	15-May-04
2002-03	Met Junior - Par Endowment	23-Sep-02
2002-03	Met 100 Gold - Par WL	23-Sep-02
2002-03	Met 100 Platinum - Par WL	23-Sep-02
2002-03	Met Group YRT	11-Oct-02	16-Dec-03
2003-04	Met Group Life	16-Dec-03
2002-03	Met Gold - Non Par Endowment	11-Dec-02	15-May-04
2002-03	Met Platinum - Non Par Endowment	11-Dec-02	15-May-04
2003-04	Met Bhavishya	31-Jul-03
2003-04	Met Suvidha (Par)	6-Dec-03
2003-04	Met Suvidha (Non-Par)	16-Dec-03
2003-04	Met Pension (Par)	27-Jan-04
2003-04	Met Suraksha	10-Feb-04
2003-04	Met Suraksha TROP	25-Mar-04
2004-05	Met Saral	30-Apr-04
2004-05	Met Gratuity	4-Jun-04	1-Jul-06
2004-05	Met Ultimate	25-Jun-04	30-Jun-07
2004-05	Met Family Income Plan	11-Aug-04	31-Jan-07
2004-05	Met Smart	26-Nov-04	1-Jul-06
2004-05	Met Advantage	12-Jan-05	1-Jul-06
2005-06	Met Credit Life	29-Nov-05
2006-07	Non Par - Immediate Annuity	3-May-06
2006-07	Met Smart Plus	27-Jun-06	1-Jan-10
2006-07	Met Smart Premier	27-Jun-06	1-Jan-10
2006-07	Met Advantage Plus	30-Jun-06	1-Jan-10
2006-07	Met Smart Plus - Single Pay	27-Jul-06	1-Jan-10
2006-07	Met Smart Premier - Single Pay	27-Jul-06	1-Jan-10
2006-07	Met Ultimate Plus	5-Mar-07
2006-07	Met Ultimate Premier	5-Mar-07
2007-08	Met Easy	6-Aug-07	1-Jan-10
2007-08	Met Group Gratuity	1-Jul-07	19-Jan-09
2008-09	Met Group Gratuity	19-Jan-09	31-Aug-10
2010-11	Met Group Gratuity	8-Feb-11
2007-08	Met Smart Gold	5-Sep-07	1-Jan-10
2007-08	Met Loan Assure	20-Nov-07	17-Dec-08
2008-09	Met Loan Assure	17-Dec-08
2007-08	Group Credit Lite	11-Mar-08
2008-09	Met Vishwas	2-Jun-08
2008-09	Met Income Guaranteed	3-Oct-08
2008-09	Met Growth	16-Oct-08	1-Jan-10
2008-09	Met Little Star	15-Dec-08	1-Jan-10
2008-09	Met Magic	2-Jan-09	1-Jan-10
2009-10	Met Mortgage Protector Plus	30-Apr-09
2009-10	Met Health Care	1-May-09
2009-10	Met Group Term Life Plus	18-Jun-09
2009-10	Met Monthly Income Plan	6-Jul-09
2009-10	Met Growth Plus	4-Aug-09	1-Jan-10
2009-10	Met Group Deposit Administration Scheme	9-Oct-09
2009-10	Met Growth Super	2-Nov-09	31-Aug-10
2009-10	Met Flexi Shield	2-Nov-09
2009-10	Met Suraksha Plus	4-Nov-09
2009-10	Met Wealth Plus	4-Nov-09	31-Aug-10
2009-10	Met Easy Plus	11-Dec-09	31-Aug-10
2009-10	Met Gold Plus	29-Dec-09	31-Aug-10
2009-10	Met Pension Plus	1-Feb-10	31-Aug-10
2009-10	Met Fortune	4-Feb-10	31-Aug-10
2009-10	Met Smart Life	18-Feb-10	31-Aug-10
2009-10	Met Magic Plus	25-Feb-10	31-Aug-10
2010-11	Met Grameen Ashray	3-May-10
2010-11	Met Monthly Income Plan - 7 pay	24-Jun-10
2010-11	Met Protect	10-Aug-10
2010-11	Met Group Savings Plan	30-Sep-10
2010-12	Met Monthly Income Plan -15 pay
New ULIPs tobe offered for sale w.e.f. 01.09.2010
2010-11	MetSmart Platinum	30-Aug-10
2010-11	MetSmart One	9-Nov-10
2010-11	Met Easy Super	5-Jan-11

Max New York Life Insurance Products

2011-09-28T16:43:00.000+05:30

Max New York Life Insurance Products
Financial Year	Name of the Product	In operation
Financial Year	Name of the Product	*From (opening date)**	To (closing date)
2000-01	Five Year Renewal & Convertible Term Insurance (Non Participating)	29-Dec-00	31-May-10
2000-01	Easy Term Policy	20-Feb-01	31-May-10
2000-01	20 year Endowment Participating Insurance	20-Feb-01
2000-01	Whole Life Participating Insurance	20-Feb-01
2000-01	Whole Life Non Participating Insurance	20-Feb-01	31-Jan-06
2001-02	Life Shield	29-Nov-01
2001-02	Endowment to age 60 Participating Insurance	11-Jan-02
2001-02	Children's Endowment Participating Insurance to age 18/24 with whole life option	11-Jan-02	31-May-10
2002-03	Level Term Policy (Non-Participating/Non-Convertible)	16-Aug-02	20-Sep-10
2002-03	Single Premium Bond	24-Sep-02	16-Jan-03
2002-03	Easy Life Retirement Plan Regular Premium/Single Premium (Participating) Policy	25-Feb-03	31-May-10
2003-04	Max Suraksha	22-Sep-03	3-Jul-08
2003-04	Stepping Stones Participating Insurance Plan	13-Oct-03	15-Jul-08
2003-04	Life Gain Plus 20 Participating Plan	13-Oct-03
2003-04	Life Gain Plus 25 Participating Plan	13-Oct-03
2003-04	Group Gratuity cum Term Assurance	24-Nov-03
2004-05	Life Maker Unit Linked Investment plan	25-Jun-04	28-Apr-07
2007-08	Life Maker Gold	28-Apr-07	1-Jan-10
2004-05	Group Credit life	1-Jul-04
2004-05	Max Amsure Bonus Builder	7-Jul-04
2004-05	Max Amsure Future Builder	19-Jul-04	31-May-10
2004-05	Max Amsure Business Builder	13-Aug-04	31-May-10
2004-05	Life Pay Money Back (Participating Plan)	13-Aug-04
2004-05	Life Gain Endowment (Participating Plan)	15-Dec-04
2005-06	Immediate Annuity	19-Oct-05
2005-06	Super Saver Bond	3-Nov-05	15-Jul-08
2005-06	Life Maker Pension Plan	25-Nov-05	1-Jul-06
2006-07	Life Maker Pension Plan	1-Jul-06	1-Nov-07
2005-06	Max Mangal Endowment Plan	27-Feb-06
2005-06	Max Vriksha Money Back Plan	14-Mar-06
2005-06	Life Partner Plus Limited Pay Endowment to age 75	17-Mar-06
2006-07	Unit Linked Group Gratuity Plan	17-Apr-06	31-Aug-10
2006-07	Life Invest Plan	29-Jun-06	16-May-09
2006-07	Max Amsure Secure Returns Builder	4-Oct-06	1-Jan-10
2006-07	Unit Linked Group Superannuation Plan	23-Jan-07	31-Aug-10
2006-07	Life Maker Premium Investment plan	8-Feb-07	1-Jan-10
2007-08	Life Maker Platinum	28-Apr-07	1-Jan-10
2007-08	Max Bhavishya	11-Jul-07	3-Jul-10
2007-08	SMART Steps	8-Aug-07	1-Jan-10
2007-08	SMART Steps Plus	8-Aug-07	1-Jan-10
2007-08	SMART Steps Single Premium	8-Aug-07	1-Jan-10
2007-08	SMART Invest Pension	13-Aug-07	1-Jan-10
2007-08	Capital Builder	11-Feb-08	1-Jan-10
2007-08	LifeLine Wellness Plus Plan	28-Feb-08
2007-08	LifeLine SafetyNet Plan	28-Feb-08	.
2007-08	Medi Cash Plan	28-Feb-08	31-May-10
2007-08	Medi Cash Plus Plan	28-Feb-08
2007-08	LifeLine Wellness Plan	29-Feb-08	31-May-10
2007-08	Smart Assure	25-Mar-08	1-Jan-10
2008-09	Max Super Life	15-Apr-08
2008-09	Max Vijay	21-Apr-08	23-Oct-10
2008-09	Max New York Life Unit Builder	20-Jan-09	1-Jan-10
2009-10	Max New York Life SMART Xpress	28-Apr-09	31-Dec-09
2009-10	Max New York Life SMART Xpress	15-Dec-09	31-Aug-10
2009-10	Max New York Life- Life Line Healthy Family	1-May-09
2009-10	Max Smart Invest Pension Plus	7-Aug-09	1-Jan-10
2009-10	Max new York Life Secure Dreams	16-Sep-09	23-Oct-10
2009-10	Max New York Life Amsure Magic Builder	4-Nov-09	31-Aug-10
2009-10	Max New York Life Smart Invest Pension Super	15-Dec-09	31-Aug-10
2009-10	Max New York Life Unit Builder Plus	15-Dec-09	31-Aug-10
2009-10	Max New York Life Fortune Builder	15-Dec-09	31-Aug-10
2010-11	Max New York Life Shiksha Plus	21-Dec-09	31-Aug-10
2010-11	Max New York Life Platinum Protect	9-Jul-10
2010-11	Max New York Life Smart Bond	7-Oct-10	20-Dec-10
2010-11	Max New York Life College Plan	20-Jan-11
New ULIPs tobe offered for sale w.e.f. 01.09.2010
2010-11	Max New York Shubh Invest	31-Aug-10
2010-11	Max New York Shiksha Plus II	31-Aug-10
2010-11	Max New York Life Flexi Fortune	5-Jan-11
2011-12	Max New York Life Top Gear	12-May-11
2011-12	Max New York Life Fast Track	23-May-11

Life Insurance Corporation of India Product List | LIC POLICIES | LIC Plan List

2011-09-28T16:36:00.000+05:30

Product list updated as on 27-Jun-11

Financial Year	Name of the Product	Product UIN	In operation
Financial Year	Name of the Product	Product UIN	*From (opening date)**	To (closing date)
1956-57	Anticipated Endowment - 15 years	512N001V01	01-Sep-56	01-Apr-80
1956-57	Anticipated Endowment - 20 years	512N002V01	01-Sep-56	01-Apr-80
1956-57	Anticipated Endowment - 25 years	512N003V01	01-Sep-56	01-Apr-80
1956-57	Capital Redemption Plan	512N004V01	01-Sep-56	23-Dec-02
1956-57	Children Deferred Assurance Endowment - 18 years	512N005V01	01-Sep-56
1956-57	Children Deferred Assurance Endowment - 19 years	512N006V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Endowment - 20 years	512N007V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Endowment - 21years	512N008V01	01-Sep-56
1956-57	Children Deferred Assurance Endowment - 22 years	512N009V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Limited Whole Life - 18 years	512N010V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Limited Whole Life - 19 years	512N011V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Limited Whole Life - 20 years	512N012V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Limited Whole Life - 21 years	512N013V01	01-Sep-56	31-Dec-62
1956-57	Children Deferred Assurance Limited Whole Life - 22 years	512N014V01	01-Sep-56	31-Dec-62
1956-57	Convertible Whole Life - with profits	512N015V01	01-Sep-56	01-Apr-80
1956-57	Convertible Whole Life - without profits	512N016V01	01-Sep-56	30-Aug-03
1956-57	Deferred Annuity - without profits	512N017V01	01-Sep-56	16-Jun-00
1956-57	Double Endowment	512N018V01	01-Sep-56	15-Feb-03
1956-57	Educational Annuity Plan	512N019V01	01-Sep-56	01-Jan-87
1956-57	Endowment Assurance - with profits	512N020V01	01-Sep-56
1956-57	Endowment Assurance - without profits	512N021V01	01-Sep-56	14-Nov-02
1956-57	Pure Endowment	512N022V01	01-Sep-56	01-Nov-89
1956-57	Endowment Assurance Limited. Payment - with profits	512N023V01	01-Sep-56	14-Feb-07
2006-07	Endowment Assurance Limited. Payment - with profits	512N023V02	14-Feb-07
1956-57	Endowment Assurance Limited. Payment - without profits	512N024V01	01-Sep-56	14-Nov-02
1956-57	Endowment Assurance Policy - with profits	512N025V01	01-Sep-56
1956-57	Endowment Assurance policy - without profits	512N026V01	01-Sep-56	08-Nov-62
1956-57	Fixed Term Marriage Endowment	512N027V01	01-Sep-56	01-Jan-87
1956-57	Guaranteed Triple Benefit - 15 years	512N028V01	01-Sep-56	01-Jan-87
1956-57	Guaranteed Triple Benefit - 20 years	512N029V01	01-Sep-56	01-Jan-87
1956-57	Guaranteed Triple Benefit - 25 years	512N030V01	01-Sep-56	01-Jan-87
1956-57	Immediate Annuity - without profits	512N031V01	01-Sep-56	16-Jun-00
1956-57	Immediate Annuity Certain	512N032V01	01-Sep-56	01-Nov-02
1956-57	Joint Life Endowment - without profits	512N033V01	01-Sep-56	01-Jan-87
1956-57	Joint Life Endowment - with profits	512N034V01	01-Sep-56	11-May-98
1956-57	Limited payment life policy- with profits	512N035V01	01-Sep-56
1956-57	Limited payment life policy- without profits	512N036V01	01-Sep-56	15-Feb-03
1956-57	Limited Payment Whole Life SP - with profits	512N037V01	01-Sep-56
1956-57	Limited Payment Whole Life SP - without profits	512N038V01	01-Sep-56	15-Feb-03
1956-57	Multipurpose Policy - with profits	512N039V01	01-Sep-56	01-Apr-80
1956-57	Multipurpose Policy - without profits	512N040V01	01-Sep-56	01-Apr-80
1956-57	Special Whole Life Policy - with profits	512N041V01	01-Sep-56	08-Nov-62
1956-57	Special Whole Life Policy - without profits	512N042V01	01-Sep-56	08-Nov-62
1956-57	Special Whole Life Policy - without profits	512N043V01	01-Sep-56	08-Nov-62
1956-57	Two year Temporary Assurance Policy	512N044V01	01-Sep-56
1956-57	Whole Life Assurance - with profits	512N045V01	01-Sep-56
1956-57	Whole Life Assurance - without profits	512N046V01	01-Sep-56	01-May-98
1956-57	Whole Life Limited payment - with profits	512N047V01	01-Sep-56	08-Nov-62
1956-57	Group Term Insurance Scheme	512N048V01	01-Sep-56
1956-57	Group Immediate Annuities	512N049V01	01-Sep-56
1957-58	Group Endowment	512N050V01	01-Apr-57
1957-58	Group Superannuation Deferred Annuity Scheme	512N051V01	01-Apr-57	31-Dec-02
1957-58	Individual Deferred Annuity Scheme	512N052V01	01-Apr-57	31-Dec-02
1957-58	Janata Endowment - with profits	512N053V01	22-Jun-57	31-Dec-74
1957-58	Janata Endowment - without profits	512N054V01	22-Jun-57	31-Dec-74
1958-59	Mortgage Redemption Policy	512N055V01	01-Sep-58	31-Dec-02
1965-66	Retirement Annuity	512N056V01	19-Mar-66	15-Jan-85
1970-71	Convertible Term Assurance	512N057V01	10-Mar-71
1971-72	Centenary Policy	512N058V01	12-May-71	15-Jan-85
1972-73	Group Gratuity(Pure Endowment) Scheme	512N059V01	01-Apr-72	31-Dec-02
1972-73	Group Equalisation Account	512N060V01	01-Apr-72
1975-76	Girha Laxmi	512N061V01	24-Jan-76	01-Apr-80
1976-77	Money Back - 12 Years	512N062V01	01-Sep-76	01-Sep-94
1976-77	Money Back - 15 Years	512N063V01	01-Sep-76	15-Jan-98
1976-77	Cash and Cover Policy - 20 years	512N064V01	01-Sep-76	01-Apr-80
1976-77	Progressive Protection Policy	512N065V01	01-Sep-76	01-Nov-89
1978-79	Money Back - 20 Years	512N066V01	01-Sep-78
1978-79	Money Back - 25 Years	512N067V01	01-Sep-78	01-Sep-86
1978-79	Cash and Cover Policy - 25 years	512N068V01	01-Sep-76	01-Apr-80
1978-79	Children's Anticipated Policy - 18 years	512N069V01	01-Jan-79	01-Dec-97
1978-79	Children's Anticipated Policy - 21 years	512N070V01	01-Jan-79	01-Dec-97
1980-81	Multipurpose Policy - with profits	512N071V01	01-Apr-80	01-Nov-89
1980-81	Anticipated Whole Life - 20 years	512N072V01	01-Apr-80	01-Nov-89
1980-81	Anticipated Whole Life - 25 years	512N073V01	01-Apr-80	01-Nov-89
1980-81	Multipurpose Policy - without profits	512N074V01	01-Apr-80	01-Jan-87
1980-81	Deposit/ Fund Administation Scheme	512N075V01	25-Nov-80
1981-82	Janraksha Policy	512N076V01	30-May-81	01-Nov-89
1981-82	Group Superannuation (Cash Accumulation) Scheme	512N077V01	13-Aug-81
1981-82	Group Gratuity (Cash Accumulation) Scheme	512N078V01	17-Nov-81
1981-82	Group Saving Linked Insurance	512N079V01	31-Jan-82
1981-82	Jeevan Mitra	512N080V01	01-Jul-85
1985-86	Jeevan Saathi	512N081V01	01-Jul-85
1985-86	Marriage Endowment/ Educational Annuity	512N082V01	01-Jul-85
1985-86	New Jana Raksha Plan	512N083V01	01-Jul-85
1985-86	New Children Deferred Assurance Policy	512N084V01	01-Jul-85	01-Dec-97
1985-86	New Money Back - 25 years	512N085V01	01-Sep-86
1986-87	Bhavishya Jeevan	512N086V01	01-Sep-86	15-Jul-04
1986-87	Bima Sandesh	512N087V01	01-Sep-86	30-Mar-02
1986-87	Jeevan Dhara	512N088V01	03-Oct-87	16-Jun-00
1987-88	Jeevan Akshay	512N089V01	05-Feb-88	16-Jun-00
1987-88	Jeevan Balya	512N090V01	19-Jan-89	15-Jul-04
1988-89	Group Insurance - Single Premium	512N091V01	01-Apr-89
1989-90	Deferred Annuity - with return of notional price	512N092V01	01-Oct-89	16-Jun-00
1989-90	Immediate Annuity - with return of purchase price	512N093V01	01-Oct-89	16-Jun-00
1989-90	Jeevan Kishor	512N094V01	15-Dec-90
1990-91	Jeevan Sarita	512N095V01	15-Dec-90	16-Jun-00
1990-91	Jeevan Chhaya	512N096V01	01-Mar-91
1990-91	Jeevan Griha Double Cover	512N097V01	01-Sep-91	14-Nov-02
1991-92	Jeevan Griha Triple Cover	512N098V01	01-Sep-91	14-Nov-02
1991-92	Voluntary Retirment Scheme	512N099V01	01-Apr-92	31-Dec-02
1992-93	Jeevan Surabhi - 15 years	512N100V01	01-Nov-92
1992-93	Jeevan Surabhi - 20 years	512N101V01	01-Nov-92
1992-93	Jeevan Surabhi - 25 years	512N102V01	01-Nov-92
1992-93	Jeevan Sukanya	512N103V01	01-Nov-92	31-Jul-04
1992-93	Asha Deep	512N104V01	07-Sep-93	30-Nov-93
1993-94	Bima Kiran	512N105V01	15-Jul-94	30-Mar-02
1994-95	Jeevan Shree	512N106V01	16-Jan-95	28-Feb-02
1994-95	Childrens' Money Back Policy	512N107V01	16-Jan-95	31-Mar-02
1994-95	Asha Deep II	512N108V01	21-Nov-95	31-Jul-04
1995-96	Jeevan Aadhar	512N109V01	01-Jan-96
1995-96	Jeevan Suraksha	512N110V01	15-Aug-96	24-Dec-01
1996-97	Jeevan Sneha	512N111V01	16-Jan-97	31-Dec-01
1996-97	Jeevan Sanchay - 12 Years	512N112V01	11-Feb-97	15-Mar-02
1996-97	Jeevan Sanchay - 20 Years	512N113V01	11-Feb-97	15-Mar-02
1996-97	Jeevan Sanchay - 25 Years	512N114V01	11-Feb-97	15-Mar-02
1996-97	Jeevan Asha	512N115V01	09-Oct-97	16-Jan-98
1997-98	Group Leave Encashment Scheme	512N116V01	03-Nov-97
1997-98	Jeevan Sanchay - 15 Years	512N117V01	15-Jan-98	15-Mar-02
1998-99	Jeevan Asha II	512N118V01	02-Jan-99	16-Oct-03
1998-99	Bima Nivesh	512N119V01	14-Jan-99	23-Jul-01
1999-00	Jeevan Mitra Triple Cover	512N120V01	06-Oct-99
1999-00	Bal Vidhya	512N121V01	14-Nov-99	31-Mar-03
1999-00	Jeevan Vishwas	512N122V01	01-Dec-99
1999-00	Nav Prabhat	512N123V01	01-Dec-99	31-Mar-01
2000-01	New Jeevan Akshay	512N124V01	01-Jul-00	24-Dec-01
2000-01	New Jeevan Dhara - without profits	512N125V01	01-Jul-00	24-Dec-01
2000-01	LIC's Bima Plus -Unit Linked Insurance Policy	512L201V01	12-Jan-01	16-Oct-05
2001-02	Bima Nivesh 2001	512N202V01	20-Jul-01	15-Dec-01
2001-02	New Bima Nivesh	512N203V01	29-Nov-01	18-Sep-02
2001-02	New Jeevan Akshay-1	512N204V01	14-Dec-01	16-Oct-03
2002-03	New Jeevan Akshay-1	512N204V02	15-Nov-02	16-Oct-03
2001-02	New Jeevan Dhara/Jeevan Suraksha	512N205V01	11-Jan-02
2001-02	Jeevan Anand	512N206V01	17-Jan-02
2001-02	New Bima Kiran	512N207V01	01-Feb-02	17-Aug-05
2001-02	New Jeevan Shree	512N208V01	04-Feb-02	26-Mar-03
2003-04	New Jeevan Shree 1	512N209V01	08-Aug-03
2002-03	Bima Nivesh Triple Cover	512N210V01	18-Jun-02	01-Apr-04
2002-03	Jeevan Rekha	512N211V01	15-Jul-02	17-Mar-06
2002-03	Term Assurance Plan (Without Profit)-Anmol Jeevan	512N212V01	16-Jul-02	01-Nov-03
2003-04	Anmol Jeevan I	512N213V01	01-Sep-03
2002-03	Bima Nivesh 2002	512N214V01	03-Sep-02	01-Apr-03
2002-03	Jeevan Samriddi (New Jeevan Sanchay)	512N215V01	03-Sep-02	01-Mar-05
2002-03	Komal Jeevan	512N216V01	07-Nov-02	28-Feb-03
2002-03	Komal Jeevan	512N216V02	28-Feb-03
2002-03	Mortgage Redemption Plan	512N217V01	31-Dec-02	24-Feb-03
2002-03	Mortgage Redemption Plan	512N217V02	24-Feb-03
2002-03	Bima Nivesh 2003	512N218V01	15-Feb-03	26-Mar-04
2002-03	Group Mortgage Redemption Assurance Scheme	512N219V01	05-Mar-03
2002-03	Jeevan Bharti	512N220V01	06-Mar-03	30-Jul-08
2003-04	Jeevan Akshay - II	512N221V01	01-Oct-03	20-Dec-04
2003-04	Jeevan Saral	512N222V01	04-Feb-04
2003-04	Bima Nivesh 2004	512N223V01	26-Mar-04	21-Mar-05
2004-05	LIC's Jeevan Nidhi	512N224V01	29-Aug-04
2004-05	LIC's Jeevan Anurag	512N225V01	08-Sep-04
2004-05	Jeevan Pramukh	512N226V01	13-Oct-04
2004-05	Jeevan Akshay III	512N227V01	13-Dec-04	17-Mar-06
2004-05	LIC's Future Plus	512L228V01	11-Feb-05	01-Jul-06
2004-05	Bima Nivesh 2005	512N229V01	15-Mar-05
2005-06	LIC's Jeevan Plus	512L230V01	21-Jul-05	01-Jul-06
2005-06	LIC's Golden Jubilee Policy-BIMA GOLD	512N231V01	16-Aug-05	31-Mar-06
2005-06	LIC's Bima Bachat	512N232V01	18-Aug-05
2005-06	LIC's Amulya Jeevan	512N233V01	14-Feb-06	18-Feb-08
2005-06	LIC's Jeevan Akshay - IV	512N234V01	07-Mar-06	20-Sep-06
2006-07	LIC's Jeevan Akshay - V	512N234V02	10-Aug-06	10-Sep-07
2007-08	LIC's Jeevan Akshay - VI	512N234V03	07-Aug-07
2005-06	LIC's Jeevan Tarang	512N235V01	07-Mar-06
2006-07	LIC's New Bima Gold	512N236V01	04-Apr-06
2006-07	LIC's Gratuity Plus	512L237V01	02-Jun-06	31-Aug-10
2006-07	LIC's Market Plus	512L238V01	30-Jun-06	01-Apr-08
2006-07	LIC's Money Plus	512L239V01	01-Dec-06	15-Aug-07
2006-07	LIC's Jeevan Madhur	512N240V01	14-Sep-06
2006-07	LIC's Child Career Plan	512N241V01	25-Jan-07
2006-07	LIC's Child Future Plan	512N242V01	25-Jan-07
2007-08	LIC's Jeevan Amrit	512N243V01	09-Apr-07
2007-08	LIC's Fortune Plus	512L244V01	23-Jul-07	01-Apr-09
2007-08	LIC's Profit Plus	512L245V01	06-Aug-07	08-Dec-09
2009-10	LIC's Profit Plus	512L245V02	08-Dec-09	31-Aug-10
2007-08	LIC's Health Plus	512L246V01	18-Dec-07	01-Jan-10
2008-09	LIC's Jeevan Bharati - I	512N247V01	01-May-08
2008-09	LIC's money Plus -I	512L248V01	12-May-08	08-Dec-09
2009-10	LIC's money Plus -I	512L248V02	08-Dec-09	31-Aug-10
2008-09	LIC's market Plus -I	512L249V01	16-May-08	12-Dec-09
2008-10	LIC's market Plus -I	512L249V02	12-Dec-09	31-Aug-10
2007-08	LIC's Amulya Jeevan - 1	512N250V01	20-Jan-08
2008-09	LIC's Child Fortune Plus	512L251V01	08-Oct-08	24-Dec-09
2009-10	LIC's Child Fortune Plus	512L251V02	24-Dec-09	31-Aug-10
2008-09	LIC's Jeevan Aastha	512N252V01	02-Dec-08	22-Jan-09
2008-09	LIC's Health Protection Plus	512L253V01	16-Dec-08
2008-09	LIC's Jeevan Varsha	512N254V01	07-Feb-09	01-Apr-09
2008-09	LIC's Jeevan Saathi Plus	512L255V01	26-Mar-09	24-Dec-09
2009-10	LIC's Jeevan Saathi Plus	512L255V02	24-Dec-09	31-Aug-10
2009-10	LIC's Superannuation Plus (Defined Contribution)	512L256V01	13-Apr-09	31-Aug-10
2009-10	LIC's Jeevan Mangal	512N257V01	04-May-09
2009-10	LIC's Jeevan Nischay	512N258V01	12-Oct-09	31-Mar-10
2009-10	LiC's Wealth Plus	512L259V01	04-Feb-10	31-Aug-10
2010-11	LIC's Group Flexible Income Plan	512N262V01	20-Jan-11
2010-11	LIC's Bima Account -I	512N263V01	28-Jan-11
2010-11	LIC's Bima Account -II	512N264V01	28-Jan-11
2011-12	LIC's Jeevan Arogya	512N266V01	23-May-11
New ULIPs tobe offered for sale w.e.f. 01.09.2010
2010-11	LIC's Pension Plus	512L260V01	27-Aug-10
2010-11	LIC's Endowment Plus	512L261V01	27-Aug-10
2010-11	LIC's Samridhi Plus	512L265V01	24-Feb-11	25-May-11

Duties, powers and Responsibilities of IRDA

2011-09-28T16:34:00.000+05:30

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA
1. Issue To The Applicant A Certificate Of Registration, Renew, Modify, Withdraw, Suspend Or Cancel Such Registration;
2. Protection Of The Interests Of The Policy Holders In Matters Concerning Assigning Of Policy, Nomination By Policy Holders, Insurable Interest, Settlement Of Insurance Claim, Surrender Value Of Policy And Other Terms And Conditions Of Contracts Of Insurance;
3. Specifying Requisite Qualifications, Code Of Conduct And Practical Training For Intermediary Or Insurance Intermediaries And Agents
4. Specifying The Code Of Conduct For Surveyors And Loss Assessors;
5. Promoting Efficiency In The Conduct Of Insurance Business;
6. Promoting And Regulating Professional Organisations Connected With The Insurance And Re-Insurance Business;
7. Levying Fees And Other Charges For Carrying Out The Purposes Of This Act;
8. Calling For Information From, Undertaking Inspection Of, Conducting Enquiries And Investigations Including Audit Of The Insurers, Intermediaries, Insurance Intermediaries And Other Organisations Connected With The Insurance Business;
9. Control And Regulation Of The Rates, Advantages, Terms And Conditions That May Be Offered By Insurers In Respect Of General Insurance Business Not So Controlled And Regulated By The Tariff Advisory Committee Under Section 64U Of The Insurance Act, 1938 (4 Of 1938);
10. Specifying The Form And Manner In Which Books Of Account Shall Be Maintained And Statement Of Accounts Shall Be Rendered By Insurers And Other Insurance Intermediaries;
11. Regulating Investment Of Funds By Insurance Companies;
12. Regulating Maintenance Of Margin Of Solvency;
13. Adjudication Of Disputes Between Insurers And Intermediaries Or Insurance Intermediaries;
14. Supervising The Functioning Of The Tariff Advisory Committee;
15. Specifying The Percentage Of Premium Income Of The Insurer To Finance Schemes For Promoting And Regulating Professional Organisations Referred To In Clause (F);
16. Specifying The Percentage Of Life Insurance Business And General Insurance Business To Be Undertaken By The Insurer In The Rural Or Social Sector; And
17. Exercising Such Other Powers As May Be Prescribed

How to Choose best ULIP Plans?

2011-09-28T14:06:00.001+05:30

How to choose a ULIP that works best for you

The wide range of ULIPs available in the market might make it difficult for a consumer to choose the correct ULIP. However if you were to follow a few simple steps choosing the right ULIP can be a smooth process.

Understand the concept of ULIPs thoroughly
Focus on your requirements and risk profile
Understand the peculiarities of the plan
Examine the performance of the plan
Understand the charges levied on the product
Compare ULIP products of different insurance companies
Know about the Company

Can ULIP plans save tax

2011-09-28T14:03:00.001+05:30

ULIPs are an efficient tax saving instrument too .The tax benefits that you can avail in case you invest in ULIPs are described below:

Life insurance plans are eligible for deduction under Sec. 80C
Pension plans are eligible for a deduction under Sec. 80CCC
Health insurance plans and critical illness riders are eligible for deduction under Sec. 80D
The maturity proceeds or withdrawals of life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section

How to Get the most out of ULIP Plans

2011-09-28T13:51:00.000+05:30

Unit-Linked Insurance Plans (ULIPs) offer you benefits of life cove along with investment

Choosing an appropriate sum assured
Choosing the right fund option
Staying with a ULIPs for long term
Understanding the charge structure

Premium Allocation charge
Policy Administration charge
Mortality charge
Fund Management charge

Knowing the features

ULIP plans for health solutions

2011-09-28T13:48:00.002+05:30

When you are young and working you save for various goals like marriage, education, retirement etc. but saving for health care is never considered or left for later. During these years we have various sources of income or savings on which we can rely for health emergencies.

But with increasing cost of healthcare, proportion of this spend is increasing at an alarming pace. This is forcing families to borrow or sell assets to meet expenses during medical emergencies. And during old age health care expenses increase due to health deterioration because of age and higher incidence of chronic illness. Thus it is important for you to invest in health insurance today so that tomorrow you are fully prepared to meet rising healthcare expenses, which would be incurred during old age, with the right health insurance plan.

Health ULIP is a recent innovation from the health insurance industry. In a health ULIP part of your premiums are allocated for investment designed specifically to build a health fund to meet future health related expenses. It aims to create a health savings kitty by investing in a long term flexible savings plan with multiple fund options. The health fund thus created allows you to claim for health related expenses of any kind and also fund your future health insurance charges. You can also avail of tax benefit on premium paid u/s 80D.

ULIP plans for child education

2011-09-28T13:47:00.002+05:30

One of the most important responsibilities you have as a parent is to ensure that your child gets the best possible education that can be provided. Apart from conventional schooling, it becomes important to expose your child to different activities such as dance, painting and sports training for holistic development. As a parent, you want to ensure that their development is not hampered either due to rising costs or unforeseen circumstances.

Today there are ULIPs that offer money at key milestones of your child's education thus ensuring that your child’s education continues unhampered even if something unfortunate happens to you. While, the death of a parent is an irreparable emotional loss, child education plans safeguard the child against the financial ramifications of the death of a parent.

Apart from above mentioned benefit, child plans also offers below mentioned features.

Flexibility of adding on various riders like Income benefit rider, disability rider etc to get additional benefits .For e.g. In case of income benefit rider, In the event of the death of the parent, the child will receive a regular pre-determined amount every year to meet the educational expenses.
In case of unfortunate incidence of the death of a parent, not only will the child receive the sum assured immediately but will also continue to receive money at the key educational milestones.

ULIPs for long term wealth creation

2011-09-28T13:46:00.000+05:30

ULIPs are the right insurance solutions for you if you are looking for a strong wealth creation proposition allied to a core insurance benefit. Such plans are ideal for people who are in their late 20s and early 30s and by investing in such a plan get the flexibility of using it to fund any of their long-term financial goals such as purchase of a house or funding their children’s education. The added element of life cover serves to make these plans a wholesome financial investment option.

Wealth Creation ULIPs can be primarily classified as

Single premium - Regular premium plan: Depending upon you needs & premium paying capacity you can either opt for a single premium plan where you need to pay premium only once during the term of entire policy or regular premium plans where you can premium at a frequency chosen by you depending upon your convenience
Guarantee plans – Non guarantee plans: Today there are wealth creation ULIPS which also offer guaranteed benefit. These plans are ideal insurance-cum-investment option for customers who want to enjoy the potentially higher returns (over the long term) of a market linked instrument, but without taking any market risk. On the other hand non guarantee plans comes with an in - built range of fund options to choose from –ranging from aggressive funds (Primarily invested in equities with the general aim of capital appreciation) to conservative funds (invested in cash, bank deposits and money market instruments with aim of capital preservation) so that you can decide to invest your money in line with your market outlook, time horizon and your investment preferences and needs.
Life Stage based – Non life Stage based: Life Stage based ULIPs factor in the fact that your priorities differ at different life stages & hence distribute your money across equity & debt. Here the initial allocation is decided as per your age since age is a significant indicator of risk appetite. Such a strategy ensures that the asset allocation at all times is in sync with your age and changing financial needs.

ULIPs for retirement planning

2011-09-28T13:45:00.000+05:30

Retirement is the end of active employment and brings with it the cessation of regular income. Today an increasing number of people have stated planning for their retirement for below mentioned reasons

Almost 96% of the working population has no formal provisions for retirement
With the growing nuclearisation of family structure, traditional support system of the younger earning members – is no longer available
Developments in the healthcare space has lead to an increase in life expectancy
Cost of living is increasing at an alarming rate

Pension plans from insurance companies ensure that regular, disciplined savings in such plans can accumulate over a period of time to provide a steady income post-retirement. Usually all retirement plans have two distinctive phases

The accumulation phase when you are saving and investing during your earning years to build up a retirement corpus and
The withdrawal phase when you actually reap the benefits of your investment as your annuity payouts begin

In a typical pension plan you have the flexibility to make a lump sum payment or a regular contribution every year during your earning years. Your money is then invested in funds of your choice. You can opt to receive the annuity at any time after vesting age (age at which you become eligible for pension chosen by you at the inception of the plan).

Most of the Unit linked pension plans also come with a wide range of annuity options which gives you choice in structuring the post-retirement benefit pay-outs. Also at the time of vesting you can make a lump sum tax-exempted withdrawal of up to 33% of the accumulated corpus.

In a Retirement plan, the earlier you begin the greater you gain post retirement due to the power of compounding.

It is never too early to invest in a ULIP for retirement planning.

What are Top-ups?

2011-09-28T13:39:00.003+05:30

Top-ups are one-time payments. You have the flexibility to make an additional investment through a top-up, which is over and above your regular premium payments. You can make a top-up at any time while your policy is in force. The applicable norms for top-ups may differ for every product

What is partial withdrawal?

2011-09-28T13:39:00.000+05:30

Partial withdrawal of a policy implies withdrawal of only a part of the funds of your policy. The applicable norms for partial withdrawal may differ for every product.

Can I surrender my policy?

2011-09-28T13:38:00.000+05:30

After you pay premiums for at least three consecutive years, your policy acquires a surrender value and you can surrender the policy. If you have an single premium policy, you can surrender your policy after the first year.

How Net Asset Value (NAV) be calculated

2011-09-28T13:37:00.000+05:30

The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It is calculated as the value on the day you make a transaction request (provided it is a working day).

I lose my policy document how do I obtain a duplicate policy?

2011-09-28T13:35:00.002+05:30

You will need to pay the charges towards the issue of a duplicate policy, which will also include the charges for stamp fee. We will send a ‘Duplicate Policy Request’ form that you will need to fill and send us.

Who is entitled to receive the Claim benefit?

2011-09-28T13:34:00.002+05:30

The nominee or appointee (in case of minor nominee) last recorded under the Policy in case of Policy on own life.
The proposer in case the Policy is not on own life.
Assignee in case the Policy was assigned.
Life Assured himself in case of policy on own life for living benefit claims (eg. Critical Illness rider)

IRDA guidelines pertaining to Claim processing

2011-09-28T13:33:00.000+05:30

As per IRDA (Insurance Regulatory Development Authority), the Insurance Company is required to settle a claim within 30 days of receipt of all requirements.

However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

Difference between nomination and assignment?

2011-09-28T13:32:00.000+05:30

While nomination is an authorisation to receive the policy monies in the event of death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment. On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favor of the assignee.

I need life insurance but cannot afford the coverage I need

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The cost of life insurance depends on three factors: your age, health and your income. We suggest that you not compromise on the level of protection you require. You could purchase a basic protection policy that gives you the opportunity to pay only the minimum premium. You can choose this affordable policy, without any riders.

Why should I start planning my life cover needs now?

2011-09-28T13:22:00.000+05:30

One should have adequate cover for dependents. It’s better to be prepared and ensure that the financial needs of your loved ones are taken care of, in the unfortunate event of death.
With age, the premiums tend to increase and therefore buying term insurance becomes more expensive.
Apart from the benefit of protection for your dependents, also enjoy tax benefits under Sec 80C up to Rs. 1,00,000.

Why do I need term life insurance?

2011-09-28T13:21:00.000+05:30

Increasing liabilities : People today prefer to take loans to fulfilling their needs, instead of waiting to save for the future. India’s outstanding credit card debt had touched Rs 26,500 crore in May 2008, up by 87% from May 2007. Hence, in your absence, your family needs to take care of this loan.

Nuclear family structure : Earlier, people could depend on their extended joint family system to take care of their near and dear ones in case of their absence. However, the share of families with more than 5 members has come down from 64% in 1990 to 56% in 2005 and is expected to decrease further.

Increasing lifestyle diseases : The share of lifestyle diseases in India is increasing. Also, people in senior management are more prone to lifestyle diseases, as per an ICRIER Study.

Why term plans?

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Term insurance is the simplest and most fundamental insurance product. Term insurance plans are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount).

Term life insurance ensures that your family receives a large lumpsum amount, called the sum assured, in the unfortunate event of death of the policyholder. By offering this benefit at extremely competitive rates, Term insurance plans provide an opportunity to get the protection of insurance cover at extremely affordable prices.

LIC again on number 1 spot in life insurance category | No 1 Insurance Company

2011-09-28T13:18:00.000+05:30

LIC retains number 1 spot in life insurance category

From the year 2003 to 2007, LIC reigned supreme in Brand Equity's Most Trusted Brands Survey - in the services list of the survey - the insurance major was the number one service brand for five uninterrupted years.

But call it a reflection of the market dynamics on-the-ground, the big daddy of life insurance in India slipped to No. 4 in the overall services list last year and is ranked No. 12 in the services list this year. The slip is owing to the rise of other service brands; particularly telecom services providers who have kept a scorching and an aggressive go-to-market strategy touching millions of lives across India.

Telecom services and banks may have dislodged LIC from the overall list, but the company still rules the life insurance category. LIC is at No. 1 spot, followed by competitors SBI Life at No.2 and Reliance Life at 3 respectively. LIC today has 78% market share in the life insurance space and services 28 crore individual policies besides covering more than 9 crore people under group insurance /superannuation schemes and more than 3 crore families under social security schemes.

While LIC still dominates the category by a wide margin, there are clear indications that competition is hard at work to narrow the gap. The Brand Equity's Most Trusted Brands survey reveals that in the four zones, SBI Life comes a close second after LIC in the North zone. SBI Life also beats LIC as the most preferred life insurance brand in Chandigarh. Reliance Life Insurance is the other life insurance brand that has managed to beat LIC in the cities of Chennai, Bangalore and Chandigarh.

The brand has been quite visible through advertising recently and its efforts at improving distribution two years back through the introduction of the Chief Life Insurance Advisors (CLIA) scheme to leverage cream of its agent pool has also yielded positive results. In less than 24 months after CLIA was first introduced, LIC managed to get close to 15 lakh agents.

The first year premium coming from just the CLIA scheme was so significant, that if the proceeds from CLIA were taken in isolation, it'll be the sixth largest amongst the 22 life insurance companies operating in India. For the year 2010-11, LIC earned Rs 203,358 crore as premium and settled a mind-boggling 183 lakh claims for the same time period paying Rs 52,160 crore.

HDFC ERGO Motor Insurance to protect your vehicle

2011-09-28T00:14:00.000+05:30

It offers not only Car Insurance, but also post-accident assistance

Loss Of Or Damage To The Vehicle By Following Events:
Accident by external means
Burglary, House Breaking or Theft
Fire, Explosion, Self Ignition, Lightning
Terrorism, Riots, Strikes, Malicious Acts
Transit by road, rail, inland waterways, air or lift
Earthquake, Flood, Storm, Landslide or Rock slide

Loss Of Or Damage To The Vehicle By Following Events:
Legal liability arising out of an Injury / Death of a third party and Property Damage of a third party in case of an accident involving your vehicle.

Personal Accident Cover For Owner-Driver:
The policy also provides for a mandatory Personal Accident Cover for Owner Driver for an amount of Rs. 2 Lacs covering Accidental Death and Permanent Total Disability

Age Discount
Age of the Insured is between 36 to 45 years – 5 % Discount on the Own Damage Section of the policy
Age of the Insured is between 46 to 60 years – 10 % Discount on the Own Damage Section of the policy

*For Age Discount, you need to submit Age Proof viz. PAN Card Copy.
*In case of online policy, age proof should be submitted at the time of claim.

Occupation Discount
An insured pursuing any of the following occupation can avail 5% discount on the Own Damage Section of the policy:
A fully qualified and practicing Chartered Accountant
Serving in defense and paramilitary services
Teaching in Government recognized Schools, Colleges, and Universities & Educational Institutions
Employees of Central / State Government departments
Qualified medical doctors who are registered with any Government recognized Medical Council.

*For Occupation related discounts, you need to submit either the education or employment certificate.

Insurance plans for different life stages

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Life Stage	Primary Need
Young & Single	Asset creation
Young & Just married	Asset creation & protection
Married with kids	Children's education, Asset creation and protection
Middle aged with grown up kids	Planning for retirement & asset protection
Across all life-stages	Health plans

Key Benefits of Life Insurance

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Life insurance, especially personalized to meet your financial needs

Need for Life Insurance: Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.

Unique benefits of life insurance in detail: Asset Protection: From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the primary benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.

The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Goal based savings: Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.

Life insurance is the only investment option that offers specific products modify for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

Src: http://www.iciciprulife.com/public/Life-plans/Key-Benefits.htm

Insurance Tips | find your need for life insurance

2011-09-27T00:25:00.000+05:30

Some Insurance Tips

1) Always insure yourself at and early age

2) Insure all members of your Family

3) Always take a policy which gives money back option

4) Check the companies claim settlement ratio.

5) Always nominate your nearest relative

6) Death is certain, so Insure today and get secure.

7) Always take a Term Insurance for lower premium

8) Take insurance up to 15 times of your income

9) Always pay premium on time

10) Always spread your risk with different type of plan

11) when your policy matures there must be a company to pay you. Always buy insurance from a reputed Company as insurance is always for a longer period.

How much Insurance Should be taken?

2011-09-27T00:21:00.002+05:30

For most of us with dependents and a debt loan the reason behind purchasing life insurance is so that our dependents can maintain their lifestyle in the event of the death of an income earner. In short, most of us are looking to maintain a standard of living for our dependents in the event of our death. That's the need and directly leads us to the answer of how much life insurance we need. Ans. 10 to 15 times your income.

Is Life Insurance Really Necessary?

2011-09-27T00:20:00.000+05:30

Failure to have sufficient insurance coverage is the quickest and easiest way to accrue mass debt. Nothing will make your business, car, house, family, or self more vulnerable or susceptible to financial strain than a lack of adequate insurance. However, paying too much for insurance can be a financial strain in itself. And paying for insurance that is not needed is just money down the drain.

If life insurance buying is approached in the proper manner it can be very beneficial to yourself and your family. You need to take the time to give some thought to a subject that can be very unpleasant. I guess that is why most people don't think about it, or at best think about it only after they have had a brush with death, or when a life insurance professional brings up the subject. Sometimes these people wait until it is too late to do something about such a critical matter.

HISTORY OF GIC (General Insurance)

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HISTORY OF GIC
The entire general insurance business in India was nationalized by General Insurance Business (Nationalization) Act, 1972 (GIBNA). The Government of India (GOI), through Nationalization took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business.

General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.

As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred to Indian insurance companies. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC (1) National Insurance Company Limited, (2) The New India Assurance Company Limited, (3) The Oriental Insurance Company Limited, and (4) United India Insurance Company Limited

The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force. This act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.

In November 2000, GIC is renotified as the Indian Reinsurer and through administrative instruction, its supervisory role over subsidiaries was ended.

With the General Insurance Business (Nationalization) Amendment Act 2002 (40 of 2002) coming into force from March 21, 2003 GIC ceased to be a holding company of its subsidiaries. Their ownership were vested with Government of India

Comparison of Life Insurance Products

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Market-linked returns have become the norm today. This is the reason why insurance companies launch unit-linked plans in different avatars. Important segments of the consumer market no longer consider life insurers as competing only with other life insurers. In an effort to gain market power and thereby to protect or enhance profitability the issue of product development and innovation, including pricing and marketing innovation, is all the more important with the continued convergence among financial service competitors.

The most significant innovation of the Birla Sun Life and AMP Sanmar is that it has provided social security -insurance cover to the rural and society's poorer sections. In the rural and non-traditional business, these two have rightfully claimed distinction for product innovation. The products include insurance cover, with a very low rate of premium, for livestock, poultry, ducks, fishery, horticulture, sericulture, agriculture, pump sets, gramin personal accident, hut insurance, tribal welfare, etc., whereas such facilities were not made available by GIC nor LIC till 2002.
LIC has done a reasonably good job of introducing a couple of new products over the last two-three years, but there has been very little innovation in the sector in general. The majority of the products available today are also skewed more towards investment return rather than death benefit. With the advent of competition, many new products will be introduced in the market and customers will benefit from more value and options as a result.
If we observe the trend of ULIPS in insurance market, after the insurance sector is opened, private players, came up with aggressive marketing strategies to establish their presence. ‘Modern’ products, which are unit-linked life insurance policies where the investment risks is borne by the policyholder. The LIC hardly took any step for this purpose until recently.
Falling interest rates [The last five years saw interest rates fall dramatically by 400 basis points]. This was also initiated by the private players owing to cut throat competition.The liberalization was also accompanied by wider product offerings by the insurers [ex. Endowment plan, pension plans etc] as compared to the products of LIC.
In a Whole life policy, the sum assured with bonus is paid out either on death or survival till a pre-determined age. Whole life policies expire at age 100. A few expire earlier. Whole life insurance policies are valuable because they provide permanent protection and accumulate cash values for emergencies or bequeaths. Since it is unrealistic to expect the policyholders to keep paying level annual premiums beyond certain age, most insurance companies provide an option to the policyholders to pay their premiums over a shorter term called premium-paying term. LIC stands nowhere near this mark of cover of 100years by Tata AIG. Again, we find that there is only one non-participating whole life policy available in the Indian market.

Endowment Policy Benefits

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Endowment Policy Benefits
Under a special provision in the Income tax Act, the returns on an insurance policy are tax free. There will be two possibilities, if the policy is other than a term policy.

a) On untimely death of the insured:In this situation, a benefit can be received on the death of the person insured under the policy. This receipt is tax free in the hands of the dependants who actually receive the insurance benefit. This means that under Section 10 (10D) of the Income Tax Act the amount received on death from an insurance policy will not be included in the taxable income calculations.

b) On maturity: In this case, the amount would be received at maturity of the policy. It would include bonus and other benefits. This happens when the policyholder actually lives through the entire policy period, for example, in money back policies or endowment policies. In this case too the receipt is completely tax-free in the hands of the investor.

Example : Consider a case where a customer takes a policy with a sum assured of Rs 10 lakh cover. At maturity after 20 years, the total amount including bonus comes to Rs 21 lakh. The bonus is accumulated at different rates for the years over the life and this works out to Rs 11 lakh totalling to an overall figure of Rs 21 lakh; this entire amount is tax free.

While that is true, one of the reasons for endowment and money back policies to be more popular than others is also the fact that Life Insurance Corporation of India (LIC) agents pushed them vigorously. The reason - commission on these products is higher than other products. As a result the market is not aware about other usual products that are in LIC's portfolio. Thus due to the above advantages Indian customers preferred LIC’s money back and endowment policies

Money Back Policy Benefits

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Money Back Policy Benefits:
The benefits under money back policies premiums can be paid as per the insurance company’s policy. These could be quarterly, half yearly or annually. The premiums for these policies are payable for the selected term of years, or till death if it occurs earlier.
 By buying such policies one can receive income at regular intervals other than the risk cover it provides. Also a good amount of bonus on the full sum assured is quite a good bargain.
 Money back life insurance policies offer the dual benefits of insurance and redemption of money at regular intervals.
 These policies fit perfectly in the scheme of things of traditional savings, for people who seek financial instruments that provide insurance and savings elements, coupled with low risk element and guaranteed returns.
 It creates a long-term savings opportunity with a reasonable rate of return, especially since the payout is considered exempt from tax except under specified situations.

Moneyback Plans Parameters

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Money Back plans

Jivan Surabhi
Money Back Policy-25 years

Benefits: Death Benefit, Survival Benefit, Maturity Benefit, SupplementaryBenefit, Surrender Value, Loan

Plan Parameters- Jivan Surabhi Policy
Minimum plan Entry Age 18 (last birthday)
Maximum plan 106 55years, plan 10750years, plan 10850years
Sum Assured 50,000, NoLimits
Term 15 years
Fixed Terms
Maximum Premium 70 years
Paying Period

Plan Parameters- 25 Year Money back
Policy
Entry Age 13 (last 50 yearsbirthday)
Sum Assured -50,000 No Limit
Term -20 & 25years -
Maximum Premium -70 years

Term assurance plans Parameters

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Term assurance plans

Amulya Jivan Policy
Anmol Jivan Policy
Convertible Term Assurance Policy
Two Year Temporary Assurance

Policy Products: Death Benefit, Maturity Benefit, Payment of Premiums, Surrender Value, Loan,Cooling Off Period,Grace Period,Paid Up Value.

Plan Parameters- Amulya Jivan & Anmol Jivan Policies
Minimum age at entry 18 Year (Completed)
Maximum age at entry 60 years (nearest birthday)
Maximum age at maturity 70 years
Policy term 5 to 35years
Minimum Sum Assured Rs.25,00,00/-

Plan Parameters-Convertible Term Assurance Policy
Entry Age 20(nearer 50 years birthday)
Sum Assured 50,000- 1,00,00,00
Term 5 years to 7 years
Mode of Payment -Yearly, half yearly, quarterly, monthly

Plan Parameters-Two Years Temporary Policy
Entry Age 18 years 60 years (completed)
Sum Assured 50,000 1,00,000
Term 6months to 2 years
Mode of Payment -Single Premium
Maximum Premium -62 years
Policy Loan Available -No

Endowment policies Plan Parameters

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LIC-ENDOWMENT POLICIES

Jivan Mitra-Double cover Endowment Plan
Jivan Mitra-Triple Cover Endowment Plan
Jivan Anand Plan
New Janraksha Plan

Product Benefits include:Death Benefit, Maturity Benefit, Extra/Supplementary Benefit. These benefits are offered by LIC in the wake of increased competition, though not many benefits were offered before.

The Plan Parameters
Age at entry: 35 years
Policy Term: 20 Years
Mode of premium payment: Yearly
Sum Assured: Rs.1,00,000 /-
Annual Premium: the rate of annual premium to be paid was very low when LIC was the sole insurer. But in the present scenario LIC has to offer higher premium rates so as to stay in competition.

Life Insurance Business during the Nationalized Era

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Before 1956, insurance was private with minimal government intervention. In 1956, life insurance was nationalized and a monopoly was created. In 1972, general insurance was nationalized as well. There were 107 general insurance companies operating at the time. The reason for this was that insurance is a “cooperative enterprise,” under a socialist form of government; therefore, it is more suited for government to be in insurance business on behalf of the “people”. Second, those Indian companies are excessively expensive. Third, argued that private competition has not improved services to the “public” or to the policyholders.

Indian life insurance was nationalized in 1956. An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. All life companies were merged together to form one single company: the Life Insurance Corporation. By 2000, Life Insurance Corporation had 100 divisional offices in seven zones with 2048 branches. There were over 680,000 active agents across India with a total of 117,000 employees in the Life Insurance Corporation employed directly.

After the report of the Malhotra Committee came out, changes in the insurance industry appeared imminent. On December 7, 1999, the new government passed the Insurance Regulatory and Development Authority Act. Starting in early 2000, the Insurance Regulatory and Development Authority started granting charters to private life and general insurance companies. By the end of 2003, there were thirteen life insurance companies had charters to operate, one public (the old monopoly) and twelve private companies. All of the private companies had foreign partners in life business. Almost all general insurance companies also have foreign partners.

Evolution of the insurance sector in India

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India had the nineteenth largest insurance market in the world in 2003. Strong economic growth in the last decade combined with a population of over a billion makes it one of the potentially largest markets in the future. Insurance in India has gone through two radical transformations. Before 1956, insurance was private with minimal government intervention. In 1956, life insurance was nationalized and a monopoly was created. In 1972, general insurance was nationalized as well. As a part of the general opening up of the economy after 1992, a Government appointed committee recommended that private companies should be allowed to operate. It took six years to implement the recommendation. Private sector was allowed into insurance business in 2000. However, foreign ownership was restricted. No more than 26% of any company can be foreign-owned.

Microinsurance Jeevan Madhur Presentation in ppt

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Download Microinsurance Jeevan Madhur Presentation in PDF format

Jeevan Bharati-I exclusively for women

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SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date. If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time

3. Option to receive maturity proceeds in the form of an annuity: :
The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4. Auto Cover::
After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.
If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.
The auto cover shall not be available for rider benefits.