by Ashok Kumar | Jan 20, 2023 | Insurance
The Life Insurance Corporation of India (LIC) has launched LIC Jeevan Azad Plan, offering death benefits and an assured maturity sum in the event the policyholder survives.
The plan’s minimum sum assured is Rs 2 lakh, and the maximum is Rs 5 lakh. The subscriber won’t require a medical test if the sum assured is up to Rs 3 lakh, if more, they will require one.
Likewise, the minimum policy term is 15 years, and the maximum is 20 years, while the lowest age limit is 90 days and the highest is 50 years.
If the entry age is less than eight years, the risk cover will commence either two years from the date of the start or the anniversary coinciding with the policyholder’s eighth birthday or immediately after.
The following are some key features of the plan.
Premium Payments
The policyholder can pay the premiums yearly, half-yearly, quarterly, and monthly. It also offers the option to select the mode and the premium payment term, like paying through cash or electronic modes, such as a cheque, UPI, etc.
In addition, the premium payment term is equal to the policy term minus eight years. So, if a policyholder opts for 15 years, they will need to pay premiums for seven years. If it is 20 years, the policyholder is required to pay premiums for 12 years
Maturity Benefits
The policyholder will get a guaranteed sum—equal to the basic sum assured on maturity—if he survives the policy term. So, the maturity sum can be a minimum of Rs 2 lakh or a maximum of Rs 5 lakh.
If the policyholder dies during the policy term, then the nominee will get the sum assured. It could be higher of the basic sum assured or seven times the annualised premium.
However, the death benefits will be at least 105 per cent of the total premiums paid till death.
If the insured minor dies before risk commencement, the insurer will refund all premiums paid, excluding taxes, any extra premium, and rider premiums, if any, LIC said on its website.
On maturity, the policyholders also have the option to receive the maturity benefits in installments over a period of five years instead of a lump sum.
Loan Facility
The policyholder can get a loan against the plan, provided they paid premiums for two years. For in-force policies, it is up to 90 per cent, and for paid-up policies, it is up to 80 per cent. LIC would determine the loan rate interest from time to time.
Available Riders
LIC Jeevan Azad offers riders along with the base plan for an additional premium. These riders include Accidental Death, Disability Benefit, and New Term Assurance. However, these riders carry different eligibility conditions.
Premium wise Details
by Ashok Kumar | Nov 12, 2022 | Shares
NSE:PETRONET
Petronet LNG Ltd is an Indian oil and gas company formed by the government of India to import liquefied natural gas and set up LNG terminals in the country.
Number of employees: 519 (2022)
Revenue: 35,815 crores INR (US$4.7 billion, 2020)
Share Price – Rs.212
Face Value – Rs.10
Book Value – Rs.94.6
Market Cap- Rs 31,830 cr
Stock P/E – 9.45
Dividend Yield – 2.12 %
1. Petronet LNG Limited is a LPG/CNG/PNG/LNG Supplier PSU company currently traded at CMP Rs.212.
2. Petronet LNG Ltd is a joint venture company promoted by the Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOC) and Bharat Petroleum Corporation Limited (BPCL).
3. Adani Petronet (Dahej) Port Pvt Ltd is a subsidiary company of Petronet LNG, Adani Petronet (Dahej) Port Pvt Ltd is also a joint venture company formed by Adani port and Petronet LNG
4. Petronet LNG Limited is a 10 rupee face value company.
5. Petronet LNG Limited is a part of the Nifty 500, Petronet LNG Limited traded at P/E ratio of 9.45 and the Nifty500 traded at P/E 22.63, So Company P/E is less than INDEX P/E, this is a sign of cheap valuation.
6. Year high of Petronet LNG Limited is 243.55 and the Year low is 190.25, Year high/low ratio is stable below 2.
7. Net sale per share of Petronet LNG Limited Ltd is 287.79 so in net sale per share term this stock is a value buy,
8. Book value of Petronet LNG Limited is 94.18 and CMP is 212
9. Base price ( 3 Years average price) of Petronet LNG Limited is 235.12 So CMP 212 is 9.6 % below from base price, so this is a good time to buy.
11. To download 3-year price data, base price, and graph;- Click here
12. Petronet is a dividend paying comapny see past dividend history here:-
13. I recommended buying it. Our target is 25% plus.
14. Promoters of Petronet LNG Ltd hold 50 % shares and no any share pledged by promoters.
by Ashok Kumar | Nov 12, 2022 | Shares
Power Finance Corporation Limited
NSE :PFC – Feb 2022
JK Tyre & Industries Ltd
NSE :JKTYRE – Aug 2022
Rail Vikas Nigam Limited
NSE :RVNL – Sep 2022
PETRONET LNG LIMITED
NSE :PETRONET – October 2022
Gujrat State Fertilizers & Chemicals Ltd.
NSE :GSFC – Apr 2023
by Ashok Kumar | Nov 7, 2022 | Life Insurance
LIC Jeevan Umang is a life assurance plan meaning that the insurance holder will be covered till he/she turns 100 years of age.
- Why Choose LIC Jeevan Umang?
- Features of LIC Jeevan Umang Plan
- Eligibility Criteria of LIC Jeevan Umang Plan
- Benefits Offered by LIC Jeevan Umang
- How does LIC Jeevan Umang work?
- Riders Benefits Offered by LIC Jeevan Umang Policy
- Sample Illustration of Premiums
- Other Details of the LIC Jeevan Umang Plan
- Tax Implications of LIC Jeevan Umang
- Required Documents
- Policy Exclusions of LIC Jeevan Umang
- FAQs
Why Choose LIC Jeevan Umang?
Tax-free Maturity & Death Benefit
All proceeds from LIC Jeevan Umang, be it on the death of the policyholder, at maturity of the policy, or the annual survival benefits, are entirely tax free under Section 10(10D) of the Income Tax Act, 1969.
Life-long Risk Cover till the Age of 100
The life cover against the risk of death of the policyholder starts from the date of issuance and lasts till he/she reaches 100 years of age.
Guaranteed Income from the Age of 30
Policyholders can buy this policy for themselves or their children and secure a lifetime annual income until 100. These are paid survival benefits for surviving every year till coverage ends.
Features of LIC Jeevan Umang Plan
This LIC plan provides annual survival benefits starting at the end of the premium payment tenure and continues till maturity.
The plan also provides a lump sum amount as a maturity benefit at the end of the policy term, if the insured survives.
Read More
Eligibility Criteria of LIC Jeevan Umang Plan
Let’s take a look at the eligibility criteria of the policy:
Benefits Offered by LIC Jeevan Umang
Here are some of the prime benefits of the LIC Jeevan Umang plan:
Death Benefit
Nominees can claim the entire premium amount paid (Return of premium).
Nominee can claim the higher amount between 7 times the annual premium and the basic sum assured amount. Applicable bonuses such as the simple reversionary bonus and final additional bonus are also paid out along with the death benefit.
Survival Benefit
It is equal to 8% of the basic sum assured amount.
The same amount is offered every year till the policyholder survives or till the last plan anniversary before the date of maturity (whichever event occurs earlier).
Maturity Benefit
In case the life assured survives the specified maturity date, then LIC offers them the basic sum assured along with the simple reversionary bonus and final additional bonus if any.
Loans
The loan facility can be availed under the LIC Jeevan Umang plan as per the following terms and conditions:
A policyholder is eligible for a loan if they have paid premiums for a minimum of 2 years without fail.
If in case the loan is availed during the premium paying term, the maximum loan amount is limited to 90% of the surrender value.
In the case of paid-up policies, the cap on the loan amount is 80% of the paid-up value.
Any loan unpaid shall be recovered from the claim proceeds during exit along with the applicable interest.
Read Less
How does LIC Jeevan Umang work?
Let’s take the example of Dev who is a 30-year-old male at the time of buying this policy. Assuming that he is looking for the following coverage –
Sum Assured – Rs. 10,00,000
Policy Term – (100 minus 30 years) = 70 years
Premium Paying Term – 20 years
Read More
Riders Benefits Offered by LIC Jeevan Umang Policy
The following riders can be added to the LIC Jeevan Umang plan to increase the coverage.
Read More
Sample Illustration of Premiums Charged Under LIC Jeevan Umang
You can use the LIC Jeevan Umang calculator to get your premium quotes before purchasing the plan. The following is a sample illustration of annual premium rates (in Rs.) for a basic sum assured of Rs.2 lakhs across various entry ages and premium paying terms.
Other Details of the LIC Jeevan Umang Plan
Grace Period
A grace period is 15-30 days offered by LIC to policyholders who have failed to pay a due premium amount. The policy lapses if payment is not done by the end of this period.
Free-look Period
A free look period of 15 days from the date of policy initiation is offered by LIC. During this period, the policyholder can cancel the policy if he/she is dissatisfied with its terms and conditions.
Policy Surrender
The policyholder can surrender the policy, provided the premiums are duly paid for two consecutive years. On surrender of the policy, the insurance company will pay a surrender value equal to the special surrender value or the guaranteed surrender value (whichever is higher).
Loan Facility
Policyholders can take loans to fund urgent needs. The maximum loan amount is subject to the following conditions –
Paid-up Value
In case the life assured has paid premiums for 2 years but stops after, then the policy will continue as a paid-up policy. In such cases, the sum assured shall decrease as per the remaining premiums.
The paid-up sum assured on death is equal to:
Similarly, the paid-up sum assured on maturity is equal to:
Tax Implications of LIC Jeevan Umang
Statutory taxes, if any, are imposed by the constitutional Tax Authority of India as per the prevailing tax laws. The tax rates are subject to revision from time to time. The taxes applicable shall be paid by the policyholder on the premium for the base policy and riders.
Read More
Policy Exclusions of LIC Jeevan Umang
If the life assured dies by suicide within the first 12 months of the policy, nominees can only claim 80% of the premiums paid till the date of death.
If the life assured dies by suicide after completing 12 months from the date of revival of the policy, nominees can claim the higher 80% premiums paid to date or the acquired surrender value.
कैसे खरीदें ?
आप इस प्लान को ऑफलाइन यानी की एलआईसी एजेंटों के माध्यम से खरीद सकते हैं।
Or Call @ 9990190909
Email- [email protected]
by Ashok Kumar | Nov 7, 2022 | Life Insurance
How LIC Jeevan Umang policy works
Under this plan, the policyholder pays premiums regularly, for the premium paying term of 30 years, and after the end of the premium paying term, they receive 8% of the Basic Sum Assured as the Survival Benefit.
For example, you purchased LIC Jeevan Umang at the age of 26 years for the policy cover of Rs. 4.5 Lacs. If you pay Rs. 42 per day for the first 30 years of the policy term (which will be a total of Rs.. 4,17,420 throughout the premium paying term), you will receive Rs. 36,000 per month, from the 31st year onwards. This income will continue for as long as you live! Not only that, but you will also receive a lump sum amount of Rs. 4.5 Lacs as the maturity benefit.
What are the features of the LIC Jeevan Umang policy?
In order to understand the policy better let’s take a look at some of the key features of LIC Jeevan Umang policy:
Maturity Benefit: The policy offers a maturity benefit on outliving the policy term including the accrued additional bonuses.
Survival Benefit: The policyholders will receive a certain percentage of the Basic Sum Assured every month after the end of the 30th policy year.
Death Benefit: The nominee will receive the sum assured on death including the additional bonuses in case of the unfortunate demise of the policyholder.
Participation in Profits: LIC Jeevan Umang is a participating plan, therefore you will receive a portion of the profits declared by the company.
Tax benefits: Under Sections 80C and 10(10D) of the Income Tax Act 1961, premium payments made towards this policy are eligible for tax deductions.
Loan Benefits: The policy offers the facility of requesting loans in case of an emergency after the end of the 2nd policy year.
Wrapping It Up!
The LIC Jeevan Umang policy is a great way to save money for retirement while also providing protection for your loved ones. So if you’re looking for a LIC policy that will benefit you now and long into the future, you should certainly consider investing in LIC’s Jeevan Umang policy.
कैसे खरीदें ?
आप इस प्लान को ऑफलाइन यानी की एलआईसी एजेंटों के माध्यम से खरीद सकते हैं।
Or Call @ 9990190909
Email- [email protected]
