The National Company Law Tribunal has ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust.
A two-member bench of NCLT Delhi comprising Justice R D Khare and Sumita Purkayastha allowed the plea against Aviva Life Insurance and has also appointed an interim resolution professional to run day-to-day affairs of the company.
Apeejay Trust, which had leased its Mumbai-based (Vashi) premise to Aviva Life Insurance, claimed a default of ₹27.67 lakh as an operational creditor for not receiving payments towards service tax and license fee for the premise.
According to the trust, Aviva — a JV between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd — has not paid license fee, car parking, maintenance/service charge and service tax. It had made its last payment in this regard on October 5, 2017 and from then the debt was lying due.
“Considering the circumstances this tribunal is inclined to admit this petition and initiate CIRP of the corporate debtor. Accordingly this petition is admitted,” The National Company Law Tribunal (NCLT) said.
It has also declared a moratorium under section 14 of the Insolvency and Bankruptcy Code, protecting the company from its lenders during the process.
During the proceedings, Aviva had questioned the maintainability of Appeejay Trust’s plea on the ground that it is an insurance company and thus being a financial service provider, IBC can not be applied against it.
According to it, there is an absolute bar under IBC to initiate any proceedings against insurance companies.
This was rejected by the NCLT saying “the operational creditor does not have any claim in respect of contract of insurance. The claim is with respect to the outstanding license fee and the service tax amount”.
“Hence, the corporate debtor can not use the provision of … IBC as a blanket cover to claim exclusion from IBC proceedings on the ground that it is an financial service provider,” said the NCLT in its order dated November 4, 2019.
My recommendation to all my friends to quit from AVIVA LIFE INSURANCE on priority. This is personal view, As money security is very important.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017 to 31st March, 2020.
Benefits of the scheme
Following are the major benefits under the Pradhan Mantri Vaya Vandana Yojana (PMVVY):
Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
The scheme is exempted from Service Tax/ GST.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.
The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.
The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the Corporation.
Eligibility Conditions and Other Restrictions
Minimum Entry Age: 60 years (completed)
Maximum Entry Age: No limit
Policy Term : 10 years
Investment limit : Rs 15 lakh per senior citizen
Minimum Pension: Rs. 1,000/- per month Rs. 3,000/- per quarter Rs.6,000/- per half-year Rs.12,000/- per year
Maximum Pension: Rs. 10,000/- per month Rs. 30,000/- per quarter Rs. 60,000/- per half-year Rs. 1,20,000/- per year
Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependents.
The Scheme can be purchased offline through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme. To Buy you can call us @ 9891423442, 9990190909 or whatsapps on same numbers.
Payment of Purchase Price
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price. The minimum and maximum Purchase Price under different modes of pension will be as under:
Mode of Pension
Minimum Purchase Price
Maximum Purchase Price
Yearly
Rs. 1,44,578/-
Rs. 7,22,892/-
Half-yearly
Rs. 1,47,601/-
Rs. 7,38,007/-
Quarterly
Rs. 1,49,068/-
Rs. 7,45,342/-
Monthly
Rs. 1,50,000/-
Rs. 7,50,000/-
Mode of pension payment
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
Surrender Value
The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan.
Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.
Free Look period
If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.
The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.
Exclusion
Suicide: There shall be no exclusion on count of suicide and full Purchase Price shall be payable
Life Insurance is pillar of Wealth. So if you don’t have life insurance means you are creating your family more poor and poor.
So my request everyone to get proper insurance for life. Supposed you have not taken life insurance and happened any mis-happening. Then think about your family. Who is totally depend on you and your income. How will they get food, cloth, bills etc day to day expenses. In that case your wife or child may have to work for survive. In summary your family get more poor than current situation. If every family is doing the same then our country get poor and more poor. So we have to plan our family safety.
Term of Life Insurance : When you going to buy life insurance then think as different way.
I use life insurance as property creator and recommend you too take life insurance for whole life. Currently everyone is taking life insurance for certain tenure. After completing of tenure, you get money and policy end.
This is blunders. Please let me know.. when car tyre get maximum chances to puncher ?. I know your answer will be when tyre get old. So the same scenario, when is maximum chances to die, everyone will say that when become old. And at that time everyone get uninsured. So always take policy for whole life. As all insurance company focus not to sale whole life policy due to his liabilities.
I hope, I have given my thoughts in a proper way to you.
Please feel free to call or whatsapp @9891423442 or visit us www.agindiaonline.com for more
Are you looking Money Back Policy ?Then you can view my shared plan
I have presented one of best plan for you. Which will give you best returns as well as higher Maturity Value of your investments.
My idea here to create wealth and money back from LIC OF INDIA. In this presented plan, You will start Life Insurance of Rs. 5,00,000 and increasing upto Rs.13,25,000.
Money Back
After 5 Years – Rs.30,000 Then Again after 5 Years – Rs.30,000 Then Again after 5 Years – Rs.30,000 Then Again after 5 Years – Rs.30,000 Final Maturity after 5 Years – Rs.11,55,000
How to take LIC Money Back plan Online?
Open Free Investment Account for Lifetime at www.agindiaonline.com. Complete your Registration, You are Ready to start.
Sign Up today : http://agindiaonline.com/content/tools/signup.asp Call or Whatsapp @ 9891423442 for support.
Part-time jobs can help you earn extra income butnot peace
Due to Day by Day Inflation and Our expenditure, Most of people to do hard work to maintain our life style. You have heard lot of Part- Time option for create money , Online Tutor, Data Analyst, Online Digital Marketing, Corporate Trainer, Guest Lecturer etc..
But these all are giving money only till the time you work so these may be solution but for my opinion we have to choose such work which will give recurring income also if you left the Job… and that is…..
INSURANCE INDUSTRIES/ INVESTMENT ADVISORYFIELD
Benefits > Rewards and Awards > Part-Time/ Full Time > Life Time Renewals > Club Benefits > Intrest Free Loans for Home/Car/Office > Office Maintenance Expense etc..
Here you can do Insurance of Health, Life, Non-Life, Which will give you good relations between people as well as You are doing Nobel work for Society.
So my recommend to take this opportunity and enjoy life style after small spent of time.
JOINING is Very Easy – CAll @ 9891423442, or write us [email protected] or Whatsapp your name @ 9891423442
LIC is introducing its new offline term life insurance LIC’s Jeevan Amar (No.855) from 5th August, 2019. It is claimed that it is going to be one of the best cheapest term life insurance plan designed by LIC. Let us see the benefits and how it is beneficial for all of us.
Note:-Along with this plan, LIC also launched an online term life insurance and read more about this at “LIC’s Tech-Term (No.854)
LIC’s Jeevan Amar (No.855) is a Non-Linked, Non-Participating Term Life Insurance Plan. After a long gap, LIC launching a term life insurance. It is mainly because of the competition in this field of product.
Under this plan, there two categories of premium 1) Non-Smoker and 2) Smoker Rates. You can choose anyone option. However, if you have chosen the Non-Smoker category, then you have to undergo the additional medical examination like Urinary Cotinine Test. Based on the findings of the Cotinine Test, the premium will be applicable for Non-Smoker proposer.
LIC’s Jeevan Amar (No.855) – Features
# It is an OFFLINE Term Life Insurance from LIC.
# Minimum Sum Assured is Rs.25 lakh and there is no limit for maximum sum assured.
# You can pay the premium as regular, single or limited.
# You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.
# You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years (up to it will turn double of the basic sum assured). From the 16th year, it will remain the same i.e double of the basic sum assured.
# Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.
# Coverage up to 80 years of age.
# You can opt for Accidental Rider also.
# Lower rates for Non-Smokers and special rates for women.
# For regular premium policies, there is no surrender value as it is a term life insurance. However, for a single premium policy and limited premium policy, the surrender value is calculated based on the formula set by LIC.
LIC’s Jeevan Amar (No.855) – Eligibility
Let me share with you the eligibility for buying LIC’s Jeevan Amar (No.855).
LIC’s Jeevan Amar (No.855) – Premium
I have limited information about this policy. However, I have received this below premium example.
LIC’s Jeevan Amar (No.855) – Death Benefit Options
Death Benefit Sum Assured
As I have mentioned in the above post, there are two death options under LIC’s Jeevan Amar (No.855). You have to choose the type of death benefit sum assured option at the time of buying only. You can’t change the option in the middle of the policy period. They are as below.
# Level Sum Assured
Your nominee will receive the Sum Assured you opted while buying the policy. It will remain the same throughout the policy period.
# Increasing Sum Assured
Under this feature, your sum assured increase as below.
Under this feature, the death benefit will be the same as that of the initial sum assured you have chosen for the first five years.
From 6th policy year to 15th year, it will increase at the rate of 10% per year till it becomes the double of the basic sum assured. The increase in the sum assured will continue under an inforce policy till the end of the policy term, till the date of the death of the policyholder or till the 15th year, whichever is earlier.
From 16th policy year, the sum assured payable at death will be constant and i.e double of the sum assured you opted initially.
As per the chosen option, your nominee will receive the death benefit during which period of the policy your death occurs.
Death benefit payment option to the nominee
Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.
You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.
You can choose this installment option either at the time of buying or during the policy period.
The installments will be payable to nominee in advance at yearly or half-yearly or quarterly or monthly as one has opted for. But make sure that these minimum installment payment rules.
For monthly payment, the minimum installment amount is Rs.5,000.
For quarterly payment, the minimum installment amount is Rs.15,000.
For half-yearly payment, the minimum installment amount is Rs.25,000.
For yearly payment, the minimum installment amount is Rs.50,000.
If the net claim amount is less than the required amount payable in installment, then LIC will pay as a lump sum one-time payment to your nominee.
LIC’s Jeevan Amar (No.855) – Review
Considering the market competition in online term life insurance plans, LIC launched this plan with the utmost care and including the many features which are already available in the market.
# It is an OFFLINE term life insurance. Hence, the premium will be higher than their newly going to be launched plan LIC’s Tech-Term (No.854). Also, it looks upfront that LIC’s Jeevan Amar (No.855) premium is much cheaper than it’s earlier offline term life insurance. Hence, it is a big benefit for those who are desperate to buy the term life insurance from trusted LIC. However, I strongly suggest you to buy it online. Because agents commission under this plan is 25% for 1st year, 7.5% in 2nd and 3rd year, 5% in subsequent years (for the policy period of 15 years or more). Hence, why not pay more than opting the same from the online?
# Coverage of the policy is up to 80 years of age. Even though Life Insurance is not required up to 80 years of your age, but LIC added this feature to compete with private players. Hence, this is an attractive move.
# This plan comes with an accidental rider. It’s an earlier version of term life insurance was without any rider. Hence, this time LIC added accidental rider benefit. This is one more positive.
# Special discounts for a female is unique and attractive to all-female who are looking for online term life insurance from LIC.
# Premium paying option is too flexible with options like Single, Limited Period and Regular Period. This gives us flexibility.
# Increasing Sum Assured option is first time added by LIC. Where for the first 5 years it will not increase. However, after 5th year to 15th year it will increase at the rate of 10% (up to this increasing sum assured double the basic sum assured). From 16th years onward, it will remain the same throughout the policy period. This is the big relief for those who have to review their life insurance coverage and avoid having multiple life insurance products. However, keep one thing in mind that the maximum benefit one avail under this plan is DOUBLE of basic sum assured you availed at the start of the policy period. Hence, consider the actual need and take a call.
BUT WHY IS LIC LAUNCHING AN OFFLINE PRODUCT WITH the SAME FEATURE, WHEN IT JUST LAUNCHING ONLINE TERM LIFE INSURANCE WITH THE SAME FEATURE?
IS IT JUST TO CATER TO THEIR AGENTS FORCE? OR THOUGHT OF TO CATER TO THOSE WHO ARE NOT WELL VERSED WITH ONLINE BUYING? I DON’T THINK SO. BECAUSE WITH THE KIND OF SMARTPHONES, ONLINE BUYING AND ONLINE PAYMENT THE PEOPLE ARE ACCUSTOMED, IT IS USELESS TO BUY COSTLY OFFLINE PLAN WITH THE SAME FEATURE OF ONLINE (except lower minimum sum assured).
I strongly suggest you go for online term life insurance LIC’s Tech-Term (No.854) rather than this offline product.
Call or whatsapp @9891423442 or visit www.agindiaonline.com
LIC one of Best Plan LIC JEEVAN LABH. If you believe only in LIC then Jeevan Labh is one of Best Plan in LIC. Bonus rates etc.. are very attractive. Very important that Limited premium option will give you more benefits.
LIC Jeevan Labh – In Short
LIC Jeevan labh is a non linked, limited premium, with profit endowment assurance plan. The limited premium feature in this plan lets you chose among 3 variants of Policy terms, and corresponding Premium paying terms. Available Policy terms are 16, 21 and 25 years, and premium paying terms are 10, 15 and 16 respectively.
Once you decide on which policy term you want to invest in for, you will be intimated with the premium you have to pay, which further depends on age of the person to be insured and sum assured opted for.
You keep paying the premiums for defined premium paying term, and stay invested till policy term, then you will get maturity benefit as Sum assured plus all accrued reversionary bonuses and final additional bonus ( If any). Unfortunately if you die before completion of policy term, then your policy nominee will receive the Sum assured plus all accrued reversionary bonuses.
If your policy premium is 10% or less of the policy sum assured then your premiums are eligible to be claimed under section 80C benefit and also the maturity amount you get will be tax free u/s 10(10)d.
LIC Jeevan Labh – Basic features
Minimum Entry Age – 8 years
Maximum Entry age – 59 years
Maximum Maturity age – 75 years
Minimum Sum assured – Rs 2 lakh
Maximum Sum assured – No Limit
Policy terms (Years) – 16, 21 and 25
Premium Paying Terms (Years) – 10,15 and 16
LIC Jeevan Labh – Other additional Features
This policy provides one optional rider as Accidental death and disability benefit, by payment of additional premium. If opted, the total basic sum assured on accidental death will get doubled and in case of permanent total disability (due to accident), all future premiums will be waived and sum assured equivalent amount will be distributed in 10 monthly installments.
There’s also option for term insurance rider, which one opts for at the time of policy buying. This will increase the death benefit with the sum assured opted for, under term insurance rider.
Loan facility is also available in this plan subject to few conditions.
Discounts on Premiums are available on different Premium payment modes and on high sum assured.
LIC Jeevan Labh – Returns review
Let’s analyse the illustrations provided on LIC website to figure out the tentative returns from LIC Jeevan labh. Since this is an endowment plan which invests only into debt instruments, so we can’t expect equity like returns in this product. IRDA has also stipulated to show the illustrations with 4% and 8% returns.
On maturity, insured will get sum assured plus simple reversionary bonus plus final additional bonus. Simple reversionary bonus is declared every year, and depends on the corporation’s overall performance in that particular year. The bonus rate varies with different policies and term with in the policy.
The above illustration is for 30 years old person , who opted for 25 years policy term with 16 years of Premium payment term. For sum assured Rs 2 lakh the premium comes out to be Rs 9134 (exclusive of service tax).
On Maturity the policy holder is expected to get Rs 220000 (@4%) and Rs 370000 (@8%). Premium has to be paid for 16 years and policy will be matured after 25 years. Calculating IRR as per the data , it comes out as 2.33% and 5.28% respectively. It will reduce further when Service tax is added to the Premium
The above illustrations is for 30 years old, with 10 years premium paying term and 16 years policy term. IRR comes out to be as 2.08% (@4%) and 4.91% (@8%). Returns will further reduce when Service tax added to premiums.
The actual returns of the policy may vary. Even the previous bonus rates of LIC policies are better than shown in illustrations. But still one should not expect much of difference, being a debt product.
LIC Jeevan Labh – Should you invest?
Well, first thing first, getting adequate insurance cover from endowment policy will prove very costly to you. So you have to buy Term Insurance if you want to have good coverage. Thus, the buying insurance through this product is out of question here.
Looking at the expected returns, if you are happy with 5-6% of annualized returns then yes this policy is for you. But do remember that the return will be less for aged investors as the mortality costs will be high, but also returns will improve slightly for those who claim tax benefit u/s 80C.
Whether the policy work for you or not will depend on your age, your risk profile, your cash flow, your other investments and insurance coverage, your Required Asset Allocation and goals targeted. There cannot be a simple yes or no to this. No product is good or bad, it’s the usage and fitting of that product into the financial plan which makes it useful.
On the face of it since it is a lock in product, with no re-balancing feature and no control on managing the funds, with unnecessary insurance cost ( as term plans are already bought), so I advise not to invest just because it is from LIC. I have always been advising to keep Insurance and Investments separate, as i find the structure easy to manage.
Do the maths, understand it’s usefulness in your financial profile, look at your finances holistically and then decide.
More call or whatsapp @ 9891423442 or visit www.agindiaonline.com
