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Know About Your Life Insurance

Posted 1/17/2020

In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.  
It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.

For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:
» The date of maturity, or
» Specified dates at periodic intervals, or
» Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.  

By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1.That of dying prematurely leaving a dependent family to fend for itself.
2.That of living till old age without visible means of support.

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women

Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

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LIC chief optimistic on investing, growth, ULIPs, IDBI Bank merger

Posted 12/12/2019

There has been a slowdown in the economy, but the insurance business is doing well. What is your view?
Yes, there is a slowdown no doubt about it but the insurance business is growing because whenever there is a downturn, people feel the need to go to safer assets. Life Insurance has always done well when there is a slowdown. But then this slowdown is not permanent. We have seen slowdowns in the past too. It is only a question of time before we get out of it, but meanwhile we are doing very well.

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LIC waives off charges on credit card payments

Posted 12/12/2019

To promote digital transactions, Life Insurance Corporation has waived off the convenience fee on all payments to the national insurer, effective December 1.The Corporation said any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance, from December 1.

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LIC’s new business premium grows 5.68 per cent to Rs 1.42 lakh crore in FY19

Posted 9/6/2017

 

Led by LIC, life insurers’ collective new premium income jumped 94 per cent to ₹32,241.33 crore in June this year, according to data from Insurance Regulatory and Development Authority.

Its total premium income grew 6.08 per cent to Rs 3.37 lakh crore, an official statement issued here said.

The new business performance has grown to 5.68 per cent to Rs 1,42,191 crore, the highest ever for the life insurance behemoth.

 

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LIC Profits jumps 145%

How to file ITR FOR FY2016-17

Posted 8/1/2017

The income tax department through its website https://incometaxindiaefiling.gov.in/ has provided an easy to use platform for users to pay taxes, file ITRs, cross-check TDS through TRACES, download forms, claim refunds, check status of dues, refunds, challans etc.

1. Collect TDS certificates, capital gains statements
2. Download and check Form 26AS
3. Get Form 26AS errors, if any, set right
4. Compute total income for the financial year
5. Compute your tax liability
6. Calculate final tax payable
7. File income tax return after all taxes are paid

Once you have paid your taxes, file the return. The deadline for filing individual tax returns ( except for those whose accounts are required to be audited as per section 44AB or those who are required to furnish the Transfer pricing report) is normally July 31 of the year immediately after the financial year for which the return is being filed

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LIC Doubles profit in 2016-17

About Sukanya Samriddhi Yojana

Posted 4/4/2017

About Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the 'Beti Bachao Beti Padhao' campaign. It is currently (2016-17) fetching an interest rate of 9.1 per cent and provides income-tax rebate.

A Sukanya Samriddhi Account can be opened any time after the birth of a girl till she turns 10, with a minimum deposit of Rs 1,000. A maximum of Rs 1.5 lakh can be deposited during the ongoing financial year (FY16-17). The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18. The account can be opened by the natural or legal guardian in the name of the girl from her birth till she turns 10.

The account can be opened with an initial deposit of Rs 1,000 and thereafter, any amount in multiple of Rs 100 can be deposited, subject to the condition that a minimum of Rs 1,000 will be deposited in a financial year, but the total money deposited in an account on a single occasion or on multiple occasions will not exceed Rs 1,50,000 in a financial year.

Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. An irregular account where the minimum amount has not been deposited may be regularised on payment of a penalty of Rs 50 per year, along with the minimum specified subscription for the year (s) of default. If the penalty is not paid, the entire deposit, including those made before the date of default, will receive interest at post office savings bank account rate, which is currently 4%. If excess interest has been paid, it will be reversed.

In the event of death of the account holder, the account will be closed immediately on the production of a death certificate issued by the competent authority, and the balance in the account will be paid, along with the interest till the month preceding the month of the premature closure of the account, to the guardian of the account holder.

To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal of up to 50 per cent of the balance at the credit of the account at the end of preceding financial year is allowed. However, the withdrawal will be allowed only when the account holder turns 18.

For this, not just a written application, but documentary proof in the form of a confirmed admission offer in an educational institution or a fee slip from such institution. 

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5 Reasons why you should buy your term plan now

Posted 1/2/2016

Insurance has always been viewed as a PUSH product. The reasons for this are multiple but there has been a dramatic change in the way term insurance plans are now being sold or rather “purchased”. Online term plans have now become part of “small talk” and thankfully it is in a positive way.

For the not so financially savvy – Term insurance is the most basic and useful form of life insurance. It provides a large cover at low premiums ensuring that the nominee of the policyholder can live the same lifestyle in case of the policyholder’s death. There is no other financial product as important as a term insurance plan.

So let me list 5 reasons why you should buy your term plan NOW

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An Analytical View of Endowment Plans

Posted 1/2/2016

Most plans that are there in the industry are actually Endowment Plans and understanding the basics of Endowment Plans would empower each one of you to understand most of the plans that are there. Like the 3 basic colours Red, Blue and Green and other colours being a combination of these primary ones, there are 4 basic types of Life Insurance Plans in the industry and other plans available are combinations or extensions of these basic ones.

The 4 basic types of Plans available in the Life Insurance Industry are:
1. Term Plans- which cover the pure risk and are the cheapest form of Life Insurance Coverage without any return on Investment
2. Endowment Plans- which cover the risk as well as has savings inbuilt in the plan with a part of the premium being used as Investment with the risk of Investment lying with the Insurance Company
3. ULIP- which also cover risk with Investment as a part of the premium but in this case the risk of Investment lies with the policyholder
4. Annuity- Which provides annuity from the Vesting Date for the lifetime of the annuitant or more, depending upon the option of annuity chosen. This is the plan where annuity starts immediately from the next installment date.

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