Unit Plans - Money Plus-I

Money Plus-I

This is a unit linked Endowment plan with regular premium paying term which offers investment cum insurance during the term of the policy. You can choose the level of cover within the limits, which will depend on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the term of the policy. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-. The minimum monthly (ECS) premium will be Rs. 1000/- increasing thereafter in multiples of Rs. 250/-.

Fortune Plus

Fortune Plus:-

It is a unit linked assurance plan where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy. The level of cover will depend on the level of premium you agree to pay.Four types of investment funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of the units may increase or decrease, depending on the Net Asset Value (NAV). The plan therefore serves the purpose of insurance-cum-investment.Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals for 5 years. The minimum First year premium will be Rs.20,000/- and you may pay any amount exceeding it. From second year onwards each year’s premium will be 25% of the first year premium.
Other Features:i) Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following:i) In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after18th birthday). ii) Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.iii) For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.iv) Under policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.v) Under policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value being atleast Rs. 10,000/-.ii) Switching: You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any. iii) Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.I) Where atleast 3 years’ premiums have been paid, the Life Cover and Accident Benefit rider, if any, shall continue during the revival period. During this period, the charges for Mortality and Accident Benefit cover, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:i. two years from the due date of first unpaid premium, or ii. till the date of maturity, oriii. till such period that the Policyholder’s Fund Value reduces to Rs. 5,000/-,whichever is earlier.The benefits payable under the policy in different contingencies during this period shall be as under: A. In case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value. The Sum Assured shall be subject to provisions of Partial Withdrawals made, if any.B. In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.C. On Maturity: The Policyholder’s Fund Value.D. In case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years. E. In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made.II) Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover and Accident Benefit rider cover, if any, shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:F. In case of Death: The Policyholder’s Fund Value.G. In case of death due to accident: Only, the amount as under F above. H. In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.I. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.iv) Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.If premiums have not been paid for at least 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest. If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity. No proof of continued insurability shall be required but all arrears of premium without interest shall be required to be paid.The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Proposer / Life Assured.Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall be terminated and thereafter revival will not be entertained. If 3 years’ or more than 3 years’ premiums have been paid and the Policyholder’s Fund Value reduces to Rs. 5000/-, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.v) Settlement Option: When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.Reinstatement: A policy once surrendered will not be reinstated.Risks borne by the Policyholder:i) LIC’s Fortune Plus is a Unit Linked Life Insurance product which is different from the traditional insurance products and are subject to the risk factors.ii) The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.iii) Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Fortune Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.iv) Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.v) The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.vi) All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time. Cooling off period:If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. Loan:No loan will be available under this plan.Assignment:Assignment will be allowed under this plan.Exclusions: any amount exceeding it. From second year onwards each year’s premium will be 25% of the first year premium.
In case the Life Assured commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Policyholder’s Fund Value on death.

Profit Plus

Profit Plus:-

It is a unit linked Endowment plan where the premium payment term (PPT) is limited to single lump sum, or uniformly over 3, 4 or 5 years. You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
Payment of Premiums:You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the premium paying term of 3, 4 or 5 years. The minimum premium will be Rs.10000/-. Alternatively, a Single premium can be paid subject to a minimum of Rs.20,000/- .
Other Features:i) Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following:i) In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday). ii) Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.iii) For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.iv) Under Limited Premium Paying Term policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.v) Under Limited Premium Paying Term policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value being at least Rs. 10000/-.vi) Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/- in the Policyholder’s Fund Value.ii) Switching: You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any. iii) Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.I Where atleast 3 years’ premiums have been paid, the Life Cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period. During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit cover, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:i. two years from the due date of first unpaid premium, or ii. till the date of maturity, oriii. till such period that the Policyholder’s Fund Value reduces to Rs. 5,000/-, whichever is earlier.
The benefits payable under the policy in different contingencies during this period shall be as under: A. In case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value. The Sum Assured shall be subject to provisions of Partial Withdrawals made, if any.B. In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.C. In case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for.D. On maturity: The Policyholder’s Fund Value.E. In case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.F. In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made.II Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit and/or Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:G. In case of Death: The Policyholder’s Fund Value.H. In case of death due to accident: Only, the amount as under G above.I. In case of Critical Illness claim: Nil.J. In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.K. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.iv) Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.If premiums have not been paid for at least 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest. If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity. No proof of continued insurability shall be required but all arrears of premium without interest shall be required to be paid.The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Proposer / Life Assured.Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall be terminated and thereafter revival will not be entertained. If 3 years’ or more than 3 years’ premiums have been paid and the Policyholder’s Fund Value reduces to Rs. 5000/-, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.v) Settlement Option: When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.Reinstatement: A policy once surrendered can not be reinstated.Risks borne by the Policyholder:i) LIC’s Profit Plus is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.ii) The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.iii) Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Profit Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.iv) Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.v) The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.vi) All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time. Cooling off period:If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.
Assignment:Assignment will be allowed under this plan.

Unit plans

Unit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.
1. Unit Plans - Market Plus
This is a unit linked pension plan wherein the pension is payable after a specified period. Four types of investment Funds namely Bond, Secured, Balanced and Growth Fund are offered. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future. BENEFITSA)- On Vesting: On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available. B) On Death: In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any, will be payable in a lump sum or as a pension. OPTIONS Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.REVIVALAn attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.PAYMENT OF PREMIUMSPremiums can be paid in a lump sum (single premium) and also by monthly(ECS), quarterly, half-yearly and yearly modes. CHANGE IN FUND TYPE (SWITCH)The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge. OTHER FEAUTRES There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000 can be paid without any limit at anytime during the term of policy.The above information is only a gist of the benefits/features of the plan. For further details please refer to the sales brochure available with our agents/offices.

Pension Plans - New Jeevan Suraksha-I

New Jeevan Suraksha-I

Product summary:These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).Tax Benefits:Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.Bonuses:These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get 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. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.

Pension Plans - Jeevan Akshay V

Jeevan Akshay V :-

Introduction:It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.Options Available:The following options are available under the planType of Annuity:
Annuity payable for life at a uniform rate.
Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
Annuity for life with return of purchase price on death of the annuitant.
Annuity payable for life increasing at a simple rate of 3% p.a.
Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. You may choose any one. Once chosen, the option cannot be altered.Mode:
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.Salient features:
Premium is to be paid in a lump sum.
Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
Mode
Minimum Annuity
Monthly
Rs. 500 per month
Quarterly
Rs. 1000 per quarter
Half-yearly
Rs. 2000 per half year
Yearly
Rs. 3000 per year
No medical examination is required under the plan.
No maximum limits for purchase price, annuity etc.
Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
Age proof necessary.

for high purchase price: If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.
Cooling-off periodIf you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.Paid-up value: The policy does not acquire any paid-up value.Surrender Value : No surrender value will be available under the policy.Loan : No loan will be available under the policy.Section 41 of Insurance Act 1938 :
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note : For full details please refer to the Policy document or contact our nearest Branch Office.

Pension Plans

LIC's JEEVAN NIDHI :-

LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.
Salient Features: a . Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.
d. Annuity Options:On vesting, the annuity instalment, mode of annuity payment and type of annuity which shall be made available to the Life Assured (Annuitant) / Nominee will depend upon the then prevailing Immediate Annuity plan of the Life Insurance Corporation of India and its terms and conditions.Currently the following options are available under LIC’s immediate annuities:1. Annuity for life: The annuity is paid to the life assured as long as he/she is alive.2. Annuity Guaranteed for certain periods: The annuity is paid to the life assured for periods of 5 or 10 or 15 or 20 years as chosen by him/her, whether or not he/she survives that period. After the chosen period, the annuity is paid to the life assured as long as he/she is alive.3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.e. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

Insurance Plans -Child Future Plan

Introduction:This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.Options:You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.Payment of Premiums:You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.Sample Premium Rates:Following are some of the sample premium rates per Rs. 1000/- S.A.:

Insurance Plans - Jeevan Chhaya

Product summary:This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.Bonuses:This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of 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. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Insurance Plans - Marriage Endowment Or Educational Annuity Plan

Product summary:This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child.Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or 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. Such bonuses are to be added till maturity even if the life assured dies before the maturity date. Final (Additional) Bonus may also be payable provided a policy is of a certain minimum term.

Insurance Plans - Komal Jeevan

Product summary:This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.Commencement of risk cover:The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).Guaranteed Additions:The policy provides for theGuaranteed Additions at the rate of Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.Loyalty Additions: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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.

Insurance Plans - Jeevan Vishwas

Product summary:This is an Endowment Assurance plan designed for the benefit of handicapped dependants.Premiums:Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).Guaranteed Additions:The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.Loyalty Additions: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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.

Insurance Plans - Jeevan Kishore

Product summary:This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.Commencement of risk cover:The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.Premiums:Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child.Bonuses:This is a with-profits 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 policy has run for certain minimum period.

LIC'S insurance Plans

As individuals it is inherent to differ. Each individual?s insurance needs and requirements are different from that of the others. LIC?s Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
Insurance Plans - Jeevan Anurag

LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year. Death BenefitPayment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Green Funds Scheme

Objectives of the Green Funds Scheme

The Green Funds Scheme has been set up to encourage projects that have a positive effect on the environment. The government supports these projects in several ways, for example by making the funding of such 'green projects' attractive. Since the government offers a tax advantage to ‘green’ savers and investors, banks can offer loans at lower interest rates, for projects such as sustainably built houses, wind farms, or organic agricultural businesses.The Green Funds Scheme is a collective scheme from the:
Ministry of VROM (Housing, Spatial Planning and the Environment)
Ministry of Finance Ministry of LNV (Agriculture, Nature and Food Quality)
The Ministry of VROM coordinates the implementation of the Green Funds Scheme. SenterNovem and the Dienst Regelingen (implementation department) at the Ministry of LNV are responsible for evaluating the projects, and if approved, these organisations also issue Green Certificates on behalf of the Minister. The procedure usually takes around five weeks.No rights may be derived from this text. The official text of the Green Projects Scheme is published in the Staatscourant

Reliance Infocomm has introduced two zero rental plans

NEW DELHI: Reliance Infocomm has introduced two zero rental plans -

New Joy 299 ZR and New Joy 649 ZR. According to the press release, under these plans subscribers get free intra-circle calls worth the entire monthly rental making them virtually zero-rental. CLIP and plan charges of Rs 25 each apply like they do to all Joy plans.Under the new plans, intra-circle calls to all Reliance phones cost 50 paise per minute, while those to non-Reliance phones cost Rs.1.50 per minute under New Joy 299 ZR, and Re.1 per minute under New Joy 649 ZR.The company has also announced that from now on all new subscribers will automatically get STD facility immediately on address verification. "The automatic activation of NLD facility is aimed at customer convenience," said Reliance Infocomm post-paid business head Inder Bajaj.

New LIC scheme: What's in it for you

Just how good are the Post Office Monthly Income Scheme and the LIC's newest pension offering. Read on:
Post Office Monthly Income Scheme (POMIS)
In their effort to make POMIS more attractive, the authorities reduced the penalty for premature withdrawals to 3.5 per cent from 5 per cent as per a notice dated September 23, 2003.There is a lock-in of one year. The penalty is imposed if withdrawals are effected within three years; there is no penalty thereafter.POMIS is a very popular scheme, especially amongst senior citizens and retired persons.The interest is 8 per cent, payable monthly and in addition there is a bonus of 10 per cent payable at the end of the term of six years. The equivalent annualised rate works out at 9.66 per cent.Though this interest is not tax-free, it is covered by Section 80L wherein income from MIS, aggregated with income from other specified sources like bank interest, NSC interest, etc., is deductible up to the ceiling of Rs 12,000. This is the main reason of the popularity of POMIS.The scheme is so good that the authorities had to peg the maximum deposit at Rs 3 lakh (Rs 300,000) for single accounts and Rs 6 lakh (Rs 600,000) for joint accounts. In these days of falling interest rates, most people are at their wits' end to find appropriate avenues for investment that offer reasonable safety of capital.The endemic inflation adds to their woes. Under this backdrop, POMIS does indeed provide some much-needed succour.However, I am not very enthusiastic about the new changes. This is because any premature withdrawal entails a much higher (hidden) loss than the penalty of 3.5 per cent of the deposit amount.The investor stands to lose the bonus of 10 per cent of the deposit amount, irrespective of the date of the withdrawal. if he effects a withdrawal after the expiry of three years, he does not have to pay the penalty but he certainly loses the bonus. loses the bonus even if he withdraws the corpus just one month (or even one day) before the due date.other avenue of investment imposes such a heavy penalty.is my considered opinion that if the authorities are concerned about the welfare of investors, specially the retired (varishtha) citizens, they should do away with the penalty altogether.lternatively, they may retain the penalty but give discounted value of the bonus for premature withdrawals.his brings me to the next best scheme.
Varishtha Pension Bima Yojana his scheme was launched on July 14, 2003 by LIC. According to some media reports, LIC had severe and several difference of opinions with the Ministry of Finance relating to operational norms and procedures regarding the scheme.But that does not give LIC the right to be so slack and neglect to define the structure, particularly the various tax-related aspects of the yojana in its entirety. EBI, the regulatory body of mutual funds, not only insists that the offer document be explicit in all the respects but also requires MFs to ratify the same from SEBI before the launch of any new scheme.wonder why IRDA is adopting an indifferent, almost disinterested attitude in this regard in spite of the strident protests raised by many financial papers. only draw ones own conclusions from this and hope for the best. I have received several requests from my readers to clarify certain issues related with the yojana.
The scheme has the colour and character of a fixed deposit. The income arising therefrom is essentially interest, though called pension. There does not or did not exist any employer-employee relationship between the investor and LIC.also, there are no specific provisions contained in the scheme regarding tax benefits. Therefore:The pension is fully taxable.
It is not under the shelter of Section 80L of the Income Tax Act.It does not attract standard deduction. Only salary or salary-related income attracts standard deduction.
There is no TDS. Those who have already invested and started getting the so-called 'pension' have found that it has not suffered any TDS.Overseas Corporate Bodies debarred
I strongly feel that Indian legislation is an outcome of the 'erase the error' exercise. Face an error and amend the legislation to erase only the error without attending to the related issues.
An OCB means a company, partnership firm, society or other corporate bodies owned, directly or indirectly, at least 60 per cent by NRIs and includes overseas trusts in which not less than 60 per cent of the beneficial interest is held by NRIs directly or indirectly but irrevocably.
AP (DIR) circular 13 dated November 29, 2001 had debarred OCBs from investing in shares and company deposits under the portfolio investment scheme. his was necessitated because of a large-scale scam perpetrated by some OCBs in those days. The OCBs were allowed to hold their already existing investments till these are sold on the stock exchange. Also, OCBs could continue to enjoy the facilities of opening and maintaining non-resident accounts as before. The above circular also did not in any way affect the eligibility of the OCBs of making investments through the FDI route.Now, circular AP (DIR Series) 14 dated September 16, 2003 has de-recognised OCBs as an eligible 'class of investor' in India under various routes and schemes available under FEMA. This is an outcome of recommendations made by Joint Parliamentary Committee on Security Market Scam.Now, any unincorporated entities and OCBs will not be allowed to make fresh investments in India under various schemes as prescribed by FEMA, either on repatriation or non-repatriation basis.This includes the 'Foreign Direct Investments' route and also the automatic route. This includes shares, convertible debentures, government securities, treasury bills, units of mutual funds, deposits, loans, etc.However, the OCBs may continue with their current holdings till these are sold.Will the OCBs be allowed to subscribe for rights and bonuses? Obviously not. But this is a travesty of equity and justice. I hope the authorities will undertake one more 'erase the error' exercise.
Granted, there were many OCBs which were misusing this route. However, there were others which were bona fide investors bringing in large investments.
Also, if OCBs are barred today, NRIs will become insecure about being barred tomorrow. This is neither the intention nor the objective of the authorities.Obviously, the solution does not lie in barring but in instituting a proper, orderly, regulatory framework.
The OCBs did not fall under regulatory framework of either SEBI or RBI. NRIs do.
I submit that instead of blanket barring we should explore the possibility of imposing stricter regulations combined with supervision and reporting obligations on the part of the OCBs.