Tuesday, May 14News That Matters

Insurance

Corona Virus Health Insurance Policies – Should you buy?

Corona Virus Health Insurance Policies – Should you buy?

Insurance
In view of on-going COVID-19 pandemic, Insurance companies are launching Corona virus specific insurance policies. It will be beneficial for the individuals who do not have any other health insurance. Features of Corona Virus specific insurance policies: These policies are intended to give you a lump sum amount or hospitalisation expenses  in case you are diagnosed positive for Corona Virus. (depending on the policy) These policies are for limited period  - for 1 year only. It cannot be renewed. These policies are for Indian Citizens. There are some eligibility criteria related to age or travel history as well as waiting period etc. These are different for different companies. These policies are typically for sum assured between Rs 20000 to Rs 2 lakhs. The premiu...

e-Insurance Account – Insurance policies are now issued in electronic format

Featured, Insurance
From 1st October, every insurance has to issue all kind of insurance policies in the electronic format (online/ DMAT format). If you are planning to buy an insurance policy,  then it is mandatory for you to have an e-insurance account. You need to open an e-Insurance Account  (eIA) for most of the insurance policies (life / motor / heath etc) if the premium is Rs 10000 or Sum Assured is Rs 5 / 10 lakhs as below: What is e-Insurance Account ( eIA) e-Insurance Account is actually an electronic account for Insurance policies. Like Shares are kept in DMAT form, now Insurance policies are also issued and kept in electronic form. Benefits of opening -Insurance Account ( eIA) 100% Free -  The eIA is 100% free - no charges to open it, no ongoing or maintrenance or transaction charges. Central re...
How to update contact details in LIC policy

How to update contact details in LIC policy

How to Series, Insurance
In today's fast changing world, many people change jobs and move to different places and cities, it is important to update the new contact details for all your investments. Traditionally it was very difficult to change the details with the public sector banks or insurance companies. Most of the people in India will have at least one LIC policy in their family either for own or any other family member and if you wanted to change something on the policy, that was nightmare. With LIC becoming more customer friendly, if you have correct mobile & email id, you can get alerts and information related to your Policy like premium due dates, money-back details, maturity payments etc. As of now, if you have to update contact details for an LIC policy, you will need to visit your LIC Servicing Bra...

LIC’s Bima Diamond Plan (Table No. 841) – LIC New Money Back Policy 2016 – Details & Review

Insurance
On the occasion of its Diamond Jubilee year, LIC has launched a new money back plan - LIC Bima Diamond (Money Back Plan 841). This is a closed ended plan and available for sale until August 31, 2017.   UIN: 512N307V01 It is a with profit, limited premium payment, money back plan with policy term of 16, 20 or 24 years  while the premium paying terms are 10, 12 & 15 years respectively. It is non-linked plan i.e. it is not ULIP or your money will not be linked to equity market movements. Whats Unique about this new policy Money Back after 4 years interval -  This policy provide money back after every 4 years. Most of the LIC policies had money back feature after 5 years interval. Extended Coverage -  After the premium is paid for the  complete term, half of the policy term is extended w...
[How to] check LIC policy details & status online, sms & phone

[How to] check LIC policy details & status online, sms & phone

Featured, How to Series, Insurance
If you have an LIC policy and you can check details / status of your LIC policy via LIC portal (www.licindia.in) , by phone or by SMS. You can check the status of your LIC policy online by policy number, make the premium payment online, print receipt, check premium payment calendar, surrender value details, bonus etc. Policyholders can enroll policies on their own life only. If the policy pertains to a different person viz. spouse, children etc, then he/she is requested to register a separate user-id and enroll the respective policy/ies under that user-id. -------------------------------------------------------------------------------------------------------------------------- A. How to check the LIC Policy Status Online – on LIC Portal (www.licindia.in) You just need to follow simple st...

LIC Bonus Rates for 2016- 2017

Insurance
If you have Traditional Life Insurance Policies of LIC (like Endowment Policies, Money Back Policy etc), then you should keep track of Bonus declared by LIC every year. These bonuses form the major portion of the returns from such policies. Every year LIC declares the reversionary bonus.  Where applicable, Final additional bonus (FAB) and Loyalty addition (LA) are also declared with reversionary bonus rate.  On its 60th anniversary, LIC has also declared the One time Diamond Jubilee Bonus.   LIC Bonus Rates for 2016- 2017  (Revisionary) Plan Name Term (years) Reversionary Bonus Rates (Per 1000 Sum assured) Comaprison from Last year's Bonus     2015-2016 2016-2017   Whole life type ( plans 2, 5, 6, 8, 10, 28 (before conversion), 35, 36, 37, 38, 09, 77, 78, 85.86) NA 70 70 No ...

LIC Bonus Rates for 2015-2016

Insurance
  Reversionary Bonus is declared per thousand of the Sum Assured Amount in each financial year by LIC. It will be be paid at the end of maturity period or on the death of the policyholder, whichever is earlier. Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015   Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015 Sl No. Plan Term* Bonus Rates (Per `       1000/- Sum Assured)**       2015 1 Whole Life Type Plans (2,5,6,8,10,28 – before conversion,35,36,37,38,49,77,78,85 & 86)   70 2 Endowment Type Plans (14,17,27 – after conversion, 28 -after conversion,34,39,40,41,42,50,54,79,80,81,84,8 7,90,91,92,95,101,102,103,109,110 & 121) < 11 34     11 to 15 38     16 to 20 42     > 20 48 3 N...

LIC Jeevan Pragati Policy (Table no. 838) – Plan Details and Review

Insurance
LIC has launched "Jeevan Pragati Policy" (Table Plan No. 838) in Feb 2016.   Unique Identification number of Jeevan Pragati Plan is 512N306V01. This policy is with profit endowment (savings-cum-protection) policy non-linked (not linked to stock market) This is the third policy launched by LIC in 2016 after LIC Jeevan Labh and Jeevan Shikhar In this policy, the risk cover keeps on increasing every 5 year. This is an important feature as it provides adequate risk cover against inflation as the years passes.  You can also add accidental benefit rider. Key Features Increasing Life Cover every 5 years (25% risk cover increased every 5 years) Option to add accidental rider Premium paid is eligible for deduction under 80(C) Maturity amount will be tax free under 10(10D) Optional Ri...

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

Featured, Insurance
In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) - for Accidental Death and Disability Risk Coverage • Accidental death  - Rs 2 Lakhs   • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or Foot ) – Rs 2 Lakh and   •  Partial disability (Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ) – Rs 1 Lakh....

LIC Bonus rates for 2013-2014

Insurance
LIC has declared bonus rates for its plans for year 2013-2014. See the details below: Plan Term Reversionary   & Interim     Bonus (per 1000) Whole Life     2,5,6,8,10,28 ( before conversion),    35,36,37, 38,49,77,78,85,86   70 ENDOWMENT TYPE     14,17,27& 28( After conversion), 34, 39, 40, 41, 42, 50, 54, 79, 80,81,   84, 87,90,91,92,95,101,102, 103,109,110,121. 10   & less 34 11 to 15 38 16 to 20 42 21 & above 48 Plan   88,89,48 15 & less 40 16 to 20 44 21 & above 48 Plan   133 15 & less 40 16 to 20 45 21 & above 50 Money Back & Anticipated         24,25,26,73,74,75,76 & 93 12 & 15 32 20 39 25 44 Jeevan Surbhi     106,107,108 15 34 20 41 25 50 JEEVAN   ANAND - 149 premium paying upto   10 years 36 ...