Term insurance is an excellent & affordable way to secure your family’s financial future in your absence. Term insurance plans not only protect one’s family financially in case of their sudden demise but also provide comprehensive coverage from a range of uncertainties, including accidents and critical illnesses like heart diseases, cancer etc. If you are considering to buy a term insurance plan, you might have to hurry up a bit as, after the recent price hike in the month of April 2020, the insurance premiums are set to experience another significant increase in the months ahead.
Pure protection term plans, including the ones from prominent insurers like HDFC Life, ICICI Prudential Life, Max Life and Tata-AIA, witnessed a price hike between 20% and 35% in the month of April 2020. Now the premiums of term insurance plans are expected to increase by up to 40%. Insurers who have already revised their premiums by a certain percentage would further increase the prices by remaining values. For the insurers who haven’t yet, would be increasing the prices in the months to come.
Rise in Term Life Insurance Prices
To put things in perspective, for a 35-year-old male, non-smoker residing in a metro city looking for a Rs 1-crore term plan with coverage till 75 years, the monthly premium for TATA AIA term plan surged from Rs 1104 to Rs 1490, witnessing a 35% increase. Similarly, ICICI Prudential incremented the premium by 22% while HDFC and Max Life premiums have been hiked by 18% and 9%, respectively.
Reason Behind Term Life Insurance Price Hike
In order to determine term insurance premiums by the reinsurers, it has been assumed that for every 10,000 lives covered under term insurance plans, only 3 deaths would occur in each policy year. While the expected number is 3, the actual deaths per 10,000 policies issued in a policy year are between 4 & 4.5. To add to the reinsurer woes, the claim amount is massive in case of term insurance with an average policy sum assured of around Rs 1 crore. In the ideal case scenario, actual vs expected ratio should be around 1. This is clearly not the case in India, with the ratio being more than expected, leading to a negative experience in mortality. This situation has lead to revisions in the term insurance premiums by 40%, as demanded by the re-insurers.
Term Plans Remain a Must-Buy
Planning your future well in advance is one of the most important things that you should do to ensure you and your family are financially stable throughout lifetime. A term life insurance plan does exactly this – provides the insured person’s family with a sum assured on the death of the individual to make sure that the family does not have to face hardships after their loved one is no more. A term insurance plan offers life cover for a specific amount & tenure. If the policyholder passes away during the policy term, the insurer pays a death benefit to the beneficiary or the nominee.
A good term insurance plan helps you protect your even better by covering you against most important 3Ds of your life that are Death, Disease and Disability. Term insurance plans can be bought at a very nominal cost. The payouts can be customised as per your needs, whether it be a lump sum payout or staggered payout in monthly instalments. It is further beneficial as the premium you pay towards it can help you avail a deduction under Income Tax Laws. With term insurance prices set to rise anytime soon, it is best to buy a term plan at the earliest as the earlier you buy, the lesser you pay.
The LIC (Life Insurance Company) as it’s one of the best
insurance companies in India. This company allows you to surrender the
LIC policy.
If you are looking for a step by step guide on how to surrender LIC policy then you are at the right place.
Here is a step by step guide on how to surrender LIC policy:
What is policy surrender?
When you surrender a policy, it means that you are discontinuing and breaking the insurance
policy bond or contact with the firm. It means that after surrendering,
you won’t get any insurance in case of an accident. You will get only
30% of the premiums paid and it also has some conditions.
There’s a surrender value which will be paid to you and that is only
when you surrender after 3 or more years. This value is around 30% of
the premiums paid.
Documents required to Surrender LIC policy:
I hope you got the actual meaning of surrendering the
policy. To surrender a policy you will require some important documents
these are:
1. Original Policy Bond document
This is the official document provided by the firm when buying an insurance policy.
3. LIC’s NEFT Form
This document is optional which means that if you don’t have or you are not using the surrender form then this will be required.
4. Original I’d Proofs Like PAN Card, Driving License, or Aadhar Card.
5. Bank Account Details.
Your bank account details to which you want the surrender value to send.
How to surrender LIC policy?
LIC has made it very simple for you to surrender the policy. It’s not
much difficult as what people think. Here is the very simple process:
1. The first step to surrender or discontinue the policy is that you
will have to fill up the LIC NEFT Form & LIC surrender Form.
2. While filling up the form you will have to attach the important
documents mentioned above which are Original I’d Proofs And the original
policy bond document
3. You will also have to write the reason why you are surrendering
the LIC policy. This should be handwritten (letter written from any
machine may not be accepted by the firm & for this, you may have to
do it again)
4. After doing all these tasks, the last step is to send all these
documents to the firm. You can send through any means such as by post.
5. The LIC team will review your details and other documents and will process your request accordingly.
6. The surrender value will be sent to your bank after reviewing and some little tasks.
LIC is one of the biggest
Insurence companies in India in which many problems and complaints
occur. For helping customers LIC has made LIC Helpline No. 022 6827 6827
which is available 24*7 at phone service.
Kolkata Zone Address
24, Chittaranjan Ave, Chandni Chawk, Kolkata, West Bengal 700072
Patna Zone Address
Jeevan Deep, Exhibition Rd, Old Jakkanpur, Lodipur, Patna, Bihar 800001
Delhi Zone Address
LIC of India, Zonal Office, Jeevan Bharati, Tower II, 124, Connaught Circle, Central, Delhi 110001
Delhi Office Address
LIC of India, Branch Office, 64, Janpath Rd, Atul Grove Road, Janpath, Connaught Place, New Delhi, Delhi 110001
Kanpur Zone Address
LIC of India, Branch Office, Jaina Palace, Neemeshwar MahaMandir Society, Ratan Lal Nagar, Kanpur, Uttar Pradesh 208022
Kanpur Office Address
LIC of India, Branch Office, 16/98 Jeevan Vikas, Mall Rd, Phool Bagh
Chauraha, Phool Bagh, Patkapur, Kanpur, Uttar Pradesh 208001
Bhopal Branch Address
LIC of India, Branch Office, BO- BHEL, B-Sector, NR. HEALTH CENTER, PIPLANI, BHOPAL, Bhopal, Madhya Pradesh 462021
Mumbai Office Address
LIC of India, Branch Office, New India Bldg. 1st Flr, SV Rd, Santacruz West, Mumbai, Maharashtra 400054
LIC merchant is those individuals who are involved in the premium collection process by LIC of India.
Merchants work like a link between Policy buyers and the LIC of India.
LIC merchant looks for details about Premium collection and also updates
its details.
Hey, guys, this article is for the agents of LIC India who are
working online in the LIC portal who are having access to the Premium
collection process by LIC of India. So. if you’re a LIC employee or a
LIC agent or CLIA this article is a must for you. You can read the full
article and know how to do LIC MERCHANT LOGIN.
So we’re going to explain step by step how to do LIC MERCHANT LOGIN
In Pradhan Mantri Vaya Vandana Yojana (PMVVY), a senior citizen (above 60 years) makes one time single investment and gets assured 7.4% monthly pension for 10 years and after 10 years policyholder gets back his/her deposited amount.
More details please view Videos shared for your or call us at 9891423442.
DOWNLOAD FORM LIC PMVVY NOW (Pls DONATE minimum Rs.01.00 on Every Download from PhonePay- 9891423442, Gpay- 9891423442 for Support of Poor Child Education)
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme is a Guaranteed Pension Scheme of Government of India for senior citizen (60 years and above) available with Life Insurance Corporation (LIC) of India which provides guaranteed pension of 7.4% monthly and 7.66% yearly for 10 years. The deposited amount is returned to the policy holder after 10 years.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) modified -2020 (LIC Table No. 856) is modified version of earlier PMVVY (Table No. 842) which was closed on 31-03-2020. The earlier plan has been modified and made available for three more years up to 31-03-2023. This plan is available for purchase from 26-05-2020 from LIC.
Key Features
Policies purchased during financial year 2020-21 will get pension at the rate of 7.4% in monthly mode and 7.66% in yearly mode.
The interest rate will be guaranteed for entire term of 10 years. Policyholder will get assured same rate for next 10 years which was fixed at the time of buying the scheme.
On completion of 10 years, invested amount will be returned to the policyholder.
In case of death of the policyholder before completion of 10 years term, invested amount will be returned to nominee of the policyholder.
Interest rate for policies purchased beyond 2020-21 will be revised by Ministry of Finance on the beginning of each financial year.
Eligibility and Restrictions
Purchase Price and Pension Amount
Age
60 years and above
Policy Term
10 years
Pension Mode
Yearly, Half Yearly, Quarterly or Monthly and pension amount is payable directly to policyholder’s bank account.
Interest rate
7.4% in monthly mode and 7.66% in yearly mode for policy purchased in FY 2020-21
Revision of interest rate
Revision of interest rate for next two FY 2021-23 and FY 2022-23 will be revised at the beginning of each year in line with Senior Citizen Saving scheme (SCSS) with ceiling of 7.75%.
Scheme last date
31-03-2023
Mode
Minimum
Maximum
Amount
Pension
Amount
Pension
Yearly
1,56,658
12,000
14,49,086
1,11,000
Half Yearly
1,59,574
6,000
14,76,064
55,500
Quarterly
1,61,074
3,000
14,89,993
27,750
Monthly
1,62,161
1,000
15,00,000
9,250
Benefits
Pension Payment:
Policyholder will get guaranteed pension for 10 years. Pension will be available at the end of selected mode, for example, after a month in case of monthly mode.
Death Benefit:
In case of death during 10 years policy term, the purchase price will be returned to nominee of legal heirs of the policyholder and policy will get closed.
Maturity
After completion of 10 years, purchase price and last pension installment will be paid to the policyholder.
Surrender value
The policy can be surrendered in case of exceptional circumstances like treatment of any critical illness of the policyholder or spouse. Surrender value will be 98% of the purchase price.
Surrender value
The policy can be surrendered in case of exceptional circumstances like treatment of any critical illness of the policyholder or spouse. Surrender value will be 98% of the purchase price.
Loan
Loan on this scheme is available after 3 years and maximum loan shall be 75% of the purchase price.
You may getting various calls from all Private Insurance Companies for short term policy. And my experience also All investors attract to take short term policy. But all Private Insurance Companies, personal call center always attract investor with fake policy details about plan and most of investors purchased that plan.
That is very blunder by Investors, without knowing plan they attract on fake calls and invested.
LIC Limited Premium Policy-
To get out from those all fake plans, LIC come with very good Plan LIMITED Premium. Here you have to pay only 8 yrs or 9 Yrs and option to maturity at 12, 16 or 21 yrs with very attractive returns. so LIC HAI TO KAHI AUR KYO JANA.
LIC’s Limited premium endowment policy (Plan No: 830) is a non-linked
guaranteed life insurance plan which provides protection with
investment. This plan is having fixed premium paying terms of 8 & 9
years and fixed policy terms 12, 16 & 21 years which allows policy
holder to plan for financial requirements by paying less number of years
and secure life and receive maturity at later stage.
This plan may be recommended for everyone because of following reasons.
A sound combination of Life insurance and investment.
Less number of premium paying term than policy term.
Eligible for bonus and Final Addition bonus declared by LIC.
To Illustrate the benefits of Limited Premium Endowment Plan, Lets take
an example of a person who is purchasing this plan with following
details. Sum Assured: Rs. 500000 Premium Paying term: 9 Years Policy Term: 16 Years Policy Purchase Year: 2015 Age: 28 Years Premium: Rs. 43995(Yearly)
With above proposed policy details, following benefit
chart has been generated according to bonus rate Rs. 52 per thousand of
sum assured.
Maturity Year
Maturity Age
Maturity Amount
2031
44
910000
For each year during the term of policy, LIC declares
Bonus (Per Thousand of Sum Assured) for that particular year. This
policy may eligible for Final Addition bonus after certain number of
years. As the policy term progresses, these benefits in the form of
Bonuses keep accumulating and at the time of matuirty, policy holder
gets lump sum amount i.e. Sum Assured + Bonus. In case of death during
the policy term, nominee gets sum assured plus bonus accumulated up to
that peroid. Year-wise and Age-wise benefits in case of death is
indicated below.
End of year
Year
Age
Premium Paid
Normal Life Cover
Accidental Life Cover
1
2016
29
43950
522500
1022500
2
2017
30
87900
545000
1045000
3
2018
31
131850
567500
1067500
4
2019
32
175800
590000
1090000
5
2020
33
219750
612500
1112500
6
2021
34
263700
635000
1135000
7
2022
35
307650
657500
1157500
8
2023
36
351600
680000
1180000
9
2024
37
395550
702500
1202500
10
2025
38
0
725000
1225000
11
2026
39
0
747500
1247500
12
2027
40
0
770000
1270000
13
2028
41
0
792500
1292500
14
2029
42
0
815000
1315000
15
2030
43
0
877500
1377500
16
2031
44
0
910000
1410000
Above example illustrates that premium paying stops after 9 years and insurance receives maturity after completion of 16th year. This illustration also includes double accidental benefit which gives the nominee an extra amount equal to sum assure in case of accidental death.
More details you can contact to 9891423442 or write your comments in comment section. Also you can write to [email protected] for personalised presentation.
