Sunday, May 25, 2014

New Jeevan Anand (Plan No 815)


A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Accident Benefit as a rider.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any
Death Benefit -
During the policy term – ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term – Basic Sum Assured
What is Sum Assured on Death?
Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP).
The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
[*excluding taxes, extra premiums and premiums for riders, if any]
Eligibility Conditions and Restrictions
  • Age at entry - 18 to 50 years
  • Age at Maturity - Maximum 75 Years
  • Policy Term - 15 to 35 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Basic Sum Assured - 100000 and above ( In multiples of 5000)
Loan – Available after payment of 3 full years premiums.
The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term, as given in the table below.
Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.
Policy TermUpto 2324 to 2728 to 3132 to 35
% for inforce policies90%80%70%60%
% for Paid-up policies80%70%60%50%
Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.
Examples of GSV factors applicable for total  premiums paid
Policy Year GSV factor
3   =   30%
5   =   50%
t -1  =   80% (t=Policy Term)
GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –
Year of SV – Policy Term – Factor
3                  15                  17.66%
19                 25                  20.85%
29                 30                  30%
Special Surrender Value (SSV) -Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

कानूनी पहलू: क्या आपने वसीयत बनाई?




अगर आप इंश्योरेंस से लेकर प्रॉपर्टी तक अपने सभी इन्वेस्टमेंट्स के लिए नॉमिनी अपॉइंट करना चाहते हैं और सोच रहे हैं कि यह वसीयत तैयार करने जैसा ही है, तो आप गलत हो सकते हैं।   जानिए कुछ कानूनी पहलू.

मुंबई के नलिन शाह को हाल ही में इसका तब पता चला, जब वह अपने वकील के पास वसीयत तैयार कराने पहुंचे। 2010 में उन्होंने पत्नी को एक इंश्योरेंस पॉलिसी में नॉमिनी बनाया था, लेकिन वकील ने उन्हें बताया कि उनकी पत्नी को इससे सम इंश्योर्ड नहीं मिलेगा और इसके हकदार उनके कानूनी वारिस होंगे। 

जानकारों का कहना है कि नॉमिनी केवल ट्रस्टी होता है, जिसे एसेट्स को वसीयत में बताए गए कानूनी वारिसों या उत्तराधिकार के कानूनों के मुताबिक बांटना होता है। ऐसे में केवल सिर्फ नॉमिनेशन से नहीं चलेगा काम, वसीयत बनाएं.. 

हालांकि, कंपनी शेयर्स जैसे कुछ इन्वेस्टमेंट्स में संबंधित कानूनों के प्रोविजंस उत्तराधिकार कानूनों से अलग होते हैं। अलग-अलग हालात में कानूनी स्थिति इस तरह होती है। आगे क्लिक करके जानें, इंश्योरेंस, एंप्लॉयीज प्रॉविडेंट फंड आदि पर क्या कहना चाहता है कानून...

इंश्योरेंस 

इंश्योरेंस एक्ट, 1939 के सेक्शन 39 के मुताबिक, इंश्योरेंस कंपनी को पॉलिसी में बताए गए नॉमिनी को रकम सौंपनी चाहिए।

नॉमिनी से उम्मीद की जाती है कि वह इसे कानूनी वारिसों में बांटेगा, जो पॉलिसीहोल्डर की वसीयत में बताए गए हैं। वसीयत न होने पर उत्तराधिकार कानून लागू होंगे।

कोऑपरेटिव हाउसिंग सोसाइटी में प्रॉपर्टी

इंश्योरेंस की रकम की तरह ही, किसी हाउसिंग सोसाइटी में प्रॉपर्टी का नॉमिनी खुद इसका वारिस नहीं बन जाता। 

मालिक की मृत्यु होने पर हाउसिंग सोसाइटी को मृतक के शेयर्स नॉमिनी को ट्रांसफर करने होते हैं, जो इन्हें कानूनी वारिसों को ट्रांसफर करता है। 

एंप्लॉयीज प्रॉविडेंट फंड

ईपीएफ के मामले में हालात अलग हैं। इसमें रकम नॉमिनी के पास जाती है, वसीयत में बताए गए शख्स के पास नहीं। रूल्स के मुताबिक, आप अपने ईपीएफ खाते में परिवार के सदस्य के अलावा किसी अन्य व्यक्ति को नॉमिनेट नहीं कर सकते, जब तक कि आपका परिवार न हो। परिवार होने पर आपको अपना नॉमिनेशन इसके किसी सदस्य के पक्ष में बदलना होता है। 

आप परिवार के एक से ज्यादा सदस्यों को भी नॉमिनेट कर ईपीएफ की रकम उनके बीच बांटने का अनुपात बता सकते हैं। इसके लिए एंप्लॉयी प्रॉविडेंट फंड स्कीम, 1952 के सेक्शन 61 को देखें।

बैंक एकाउंट, म्यूचुअल फंड और अन्य इन्वेस्टमेंट्स 

बैंक एकाउंट, म्यूचुअल फंड और अन्य इन्वेस्टमेंट्स के मामले में भी नॉमिनी अपने आप इनके बेनेफिशयरीज नहीं बन जाते। 

आरबीआई की गाइडलाइंस में यह बात साफ की गई है। 

कंपनी शेयर्स

कंपनीज एक्ट के सेक्शन 109ए के मुताबिक, नॉमिनी मूल शेयरहोल्डर की मृत्यु के बाद शेयर्स का कानूनी तौर पर वारिस होता है। 

अगर शेयरहोल्डर ने किसी अन्य व्यक्ति को अपनी वसीयत में हकदार बनाया है, तो भी नॉमिनी ही शेयर्स का मालिक होगा।

नॉमिनेट क्यों करें?

अपनी मृत्यु के बाद एसेट का हकदार बनाने के लिए आपके किसी व्यक्ति को जरूर नॉमिनेट करना चाहिए। इसके साथ ही आपके पास वसीयत भी होनी चाहिए, जिससे एसेट्स आपकी इच्छा के अनुसार बांटे जा सकें।

New Jeevan Arogya Health Plan ( Plan No.903)



LIC Jeevan Arogya (Health Insurance Plan)

LIC Jeevan Arogya (Table 903) is a non-linked Health Insurance Policy which helps individuals to cope up with the rising medical costs. In this plan you can cover yourself, spouse, children, parents as well as mother-in-law and father-in-law. It is a comprehensive health insurance policy for the entire family. 
      

Features of LIC Jeevan Arogya :


•   One health insurance policy that covers self, spouse, children, parents and parents-in-law
•   Provides Hospitalisation Cash benefit (HCB) and Major Surgical Benefit (MSB)
•   Provides benefit payout irrespective of actual medical cost incurred
•   Cover can be extended to new members of the family in case of marriage and childbirth
•   Quick Cash Facility is available on hospitalisation instead of waiting to make a claim for the benefit after discharge

LIC Jeevan Arogya Eligibility Conditions :

Minimum

Maximum

Daily Hospitalisation Cash Benefit (in Rs.)1000/day4000/day
Major Surgical Benefit (in Rs.)1,00,0004,00,000
Entry Age of Self/Spouse1865
Entry Age of Parents (in years)1875
Entry Age of Children91 days17
Age at Maturity-80
Payment modesYearly, Half-yearly, Quarterly and SSS 

Exclusions of LIC Jeevan Arogya :


•   Routine check-ups and Non-allopathic treatments
•   Pregnancy or child-birth related conditions
•   Epidemic diseases or conditions (classified by Central or State Government)
•   Abuse of drugs, alcohol or intoxicants
•   Participation in dangerous sports like racing, scuba diving, bungee jumping
•   Sexually transmitted diseases like HIV / AIDS
•   Any act of war, invasion of foreign enemy, naval or military operations etc

New Jeevan Nidhi (Plan No 812)


Plan Specialty : 
  1. Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.
  2. A grace period of one calender month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
  3. Cooling-off period: If the Life Assured is not satisfied with the ‘Terms and Conditions’ of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections.
LICs New Jeevan Nidhi Plan (Table No 812)
  • Plan Group: New Jeevan Nidhi Plan
  • Product Type: Individual
  • Plan Objective: Retirement Policy
  • Loan: No loan facility will be available under this plan.
  • Policy Term : 5 to 35 years
Investment Objective: LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
GRACE PERIOD: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums
BENEFITS:
  1. Guaranteed Additions : The policy provides for Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.
  2. Optional Benefit : Accident Benefit Rider : Accident Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in monthly instalments spread over 10 years and future premiums shall be waived. If the policy becomes a claim either by way of death or the policy vests before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid in lump sum. The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 65 yrs or till the vesting age, whichever is earlier.
  3. Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted from tax under Section 10 (10A). Annuity that is received is taxable.
  4. Benefit on Vesting : On vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.
  5. Death Benefit :
  • Death during first five policy years: Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.
  • Death after first five policy years : Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.
  • The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.
SUM ASSURED DETAILS
Minimum Basic Sum Assured : Rs.1,00,000 under Regular Premium policies & Rs.1, 50,000 under Single Premium policies
Maximum Basic Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs.5000/-)
ENTRY AGE DETAILS
Minimum Entry Age : 20 years (nearest Birthday)
Maximum Entry Age : 60 years (nearest birthday)
PREMIUM PAYMENT TERM
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid
Exclusion : Suicide : This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).
Surrender Value : The policy can be surrendered at any time after completion of at least 3 policy years but before the date on which annuity vests.
The Guaranteed Surrender Value will be as under:
i) Single Premium Policies: The Guaranteed Surrender value is equal to 90% of the premium paid excluding extras, if any.
ii) Regular Premium Policies: The Guaranteed Surrender Value will be available provided atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.
The surrender value shall be the guaranteed surrender value along with cash value of any accrued Guaranteed Additions and vested simple reversionary bonuses, if any.
REVIVAL DETAILS: If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Accident Benefit Rider, if opted for, shall be revived along with the basic plan and not in isolation.
VESTING AGE DETAILS
Minimum Vesting Age : 55 years (nearest birthday)
Maximum Vesting Age : 65 years (nearest Birthday)

Jeevan Akshay VI Plan (Plan No.810)

LIC Jeevan Akshay VI Plan is a Single Premium Immediate Pension Plan. This is a non unit-linked pension plan.
How it works –In this plan, a lumpsum amount of premium is paid to purchase annuity which starts immediately without any delay. All other deferred annuity plans of LIC purchase annuity from LIC Jeevan Akshay VI Plan and avails the pension options and rates provided here.
This plan has 6 pension options to choose from but once chosen, the option cannot be altered since pension starts immediately without delay. Annuity may be paid monthly, quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen.

Our Take – This plan is an immediate pension plan with varied pension options and is used to provide pension even to all deferred annuity plans. Hence this plan is a good choice if you have not planned your pension before but would like to avail it now by paying a lumpsum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money.
  
Key Features of LIC Jeevan Akshay VI Plan

This plan is an immediate pension plan
There are 6 options for Pension-
  1. Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death,
  2. Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
  3. Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,
  4.  Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
  5. Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive
  6. Joint Life Last Survivor Annuity 1000% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 1000% of the pension continues to be payable to spouse as long as the spouse if alive.
Annuity may be paid monthly, quarterly, half yearly or yearly intervals.
There is an incentive for purchase of Rs 1.5 lakhs of annuity or more.

Benefits you get from LIC Jeevan Akshay VI Plan

Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
  • Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
  • Annuity Guaranteed for Certain Periods-
  • During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops.
  • After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
  • Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
  • Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
  • Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
  • Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk of living too long. Pension is provided immediately according to the option selected.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.

Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan


Minimum
Maximum
Purchase Price of Annuity (in Rs.)
50,000
No Limit
 Annuity Payout (in Rs.)
3000 Annually, 2000 Half yearly, 1000 Quarterly and 500 Monthly
No Limit
Premium Payment Term (in years)
Single
Entry Age of Policyholder (in years)
40
79
Payment modes for Annuity
Yearly, Half-yearly, Quarterly or Monthly

Sample illustration of annuity payouts for LIC Jeevan Akshay VI Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Purchase Price= Rs 1,00,000
Annuity Option= Life Annuity
Annuity Mode= Yearly

LIC Jeevan Akshay 6 Sample Premium Values

Additional Features and Benefits of LIC Jeevan Akshay VI Plan

Riders- There are No Additional Rider available:

What happens if?

You stop paying the premium – This plan is a single premium plan and hence there is no question of stopping further premiums.

You want to surrender the policy – There is no Surrender Value for this plan and it cannot be paid up.

You want a loan against your policy – Loan facility is not available under this policy

New Bima Bachat (Plan No 816)

LIC Launches new Bima Bachat Plan (Table No 816)

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit -Single Premium Paid along with loyalty addition less Taxes and  extra premiums ,if any
Death Benefit -
First 5 years:  Sum Assured shall be payable.
After completion of 5 years:  Sum Assured and Loyalty Additions, if any shall be payable.
SURVIVAL BENEFIT (as a percentage of Sum Assured )
Year >Term3rd6th9th12th15th
915%15%MaturityNANA
1215%15%15%MaturityNA
1515%15%15%15%Maturity
Eligibility Conditions and Restrictions
  • Age at entry - 15 years
  • Age at Maturity - Maximum 75 Years
  • Policy Term - 9 , 12 and 15 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Basic Sum Assured -
    Min Term 9 YrsMin Term 12 YrsMin Term 15 YrsMaximum Term – 9/12/15
    Sum Assured350005000070000No upper LimitSA shall be in multiple of Rs.5000
Loan – Loan facility available after completion of 1 policy year.
Loan can be granted upto 60% of Surrender Value
Surrender Value-
  • Available at any time during the policy term subject to realisation of the premium cheque.
  • No Loyalty Addition payable
  • Higher of GSV or SSV payable
Guaranteed Surrender Value (GSV) -
1st  Year ~ 70% of Single Premium excluding taxes and extra premium,if any.
Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.
Special Surrender Value (SSV) -Discounted value of Single Premium paid excluding taxes and extra premium, if any.