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.:
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Thursday, July 24, 2008
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
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
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
Sunday, July 20, 2008
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.
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.
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