by Ashok Kuumar | Aug 2, 2020 | Insurance, Investments
Why LIC is better ?
Trying to Answer you my view..
Nifty 500 index represents the top 500 companies based on full market capitalization and covers 87% of the total market capitalization of companies listed on NSE.
I considered data for the index between 2nd January 1995 and 30th June 2020, this consists of 6652 trading days. Between these days the index has surged by 771.8% and returned 6.04% on an average every year (CAGR).
On 18th May 2009, just as the global financial crisis was ending, the index closed up 459 points, gaining 16.2% in a single day! This has been the largest single day gain for the index.
On 23rd March 2020, on the first day of Covid related lock-down, the index closed down by 917 points, losing 12.81%. This is the biggest single day loss for the index.
Let’s test this theory for a limited number of days – say 100 days.
Nifty 500 has traded for 6651 days between Jan 1995 and 30th June 2020 and returned a compounded annual growth rate (CAGR) of 6.04%.
If we were to somehow not be invested in the market during the worst 100 days of returns, the returns of the index since 1995 would be 22.46% compounded annually.
On the other hand if we were to not be invested during the best 100 days of returns, an investor will end up with just ₹8.4 for every ₹100 invested in Nifty 500 in 1995.
If we were to be able to avoid both the best and the worst 100 days the returns would improve from CAGR 6.04% to CAGR 8%.
|
Invested on all 6,651 trading days |
Not invested on the best 100 days |
Not invested on the worst 100 days |
Not invested in the best or worst 100 days |
| Nifty500 (CAGR) |
6.04% |
-6.49% |
22.46% |
8.00% |
| Difference (from being invested on all days) |
– |
-12.52% |
16.43% |
1.96% |
LIC – LIFE INSURANCE CORPORATION OF INDIA
How ever if you investing in LIC, You will same Rate of interest along with other benefits. Might be you are not agree with this concept but this is reality of Investor investment and his/her returns.
In LIC you will get lot of other benefits
like-
Offers Risk Cover,
Death Benefits
Tax Benefits
Loan Facility
Assured Returns/Income Benefits
Life Stage Planning
Safe Investment
along with TAX FREE Returns under IT Act- 8010(10)D
CAll or Whatsapp@ 9891423442 for more
Thanks
by Ashok Kuumar | Jul 30, 2020 | Insurance
LIC Jeevan Lakshya – 933 or कन्यादान Policy
Date of Launch : 01.02.2020
LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
Key Features and Highlights of LIC Jeevan Lakshya
The Jeevan Lakshya plan’s salient features can be mentioned as follows –
- Sum assured
- Minimum – Rs. 1,00,000
- Maximum – No limit
- Multiples – The basic sum assured can be in multiples of Rs. 10,000 only
- Policy term – 13 to 25 years
- Premium payment modes – Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
- Premium payment term – The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
- Age of entry
- Minimum – 18 years (completed)
- Maximum – 50 years (nearest birthday)
- Maximum maturity age – 65 years (nearest birthday)
- Bonuses – Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
- Optional riders – The policy can have two optional riders
- LIC Accidental Death and Disability Benefit Rider
- LIC New Term Assurance Rider
Benefits of LIC Jeevan Lakshya
This policy, if availed, offers the following benefits –
- Maturity Benefit – Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured
- Death Benefit:
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:
- Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and
The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above exclude tax, extra premium and rider premium(s), if any.
- Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.
Final Additional Bonus shall not be payable under reduced paid-up policies.
- Tax Benefits – Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is Tax free, as per IT section 10(10)D
Eligibility Conditions of LIC Jeevan Lakshya
The plan of LIC Jeevan Lakshya can be combined with two optional riders. The eligibility conditions for all the three can be mentioned as below –
| Policy Name/Criteria |
LIC Jeevan Lakshya |
Accidental Death & Disability Rider |
New Term Assurance Rider |
| Minimum Age of Entry |
18 years |
18 years |
18 years |
| Maximum Age of Entry |
50 years |
>5 years of PPT of Jeevan Lakshya |
50 years |
| Maximum Maturity Age |
65 years |
Same as Jeevan Lakshya |
Same as Jeevan Lakshya |
| Sum Assured |
- Minimum – Rs. 1,00,000
- Maximum – No limit
|
- Minimum – Rs. 10,000
- Maximum – Equal to the Basic SA – Rs. 100 lakh
|
- Minimum – Rs. 1,00,000
- Maximum – Rs. 25 lakhs
|
Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान
——————————————————————————————————
Premium Paying Terms
The premium payments for LIC Jeevan Lakshya can be made in yearly, half-yearly, quarterly and monthly modes and a facility for ECS is also made available for easier payment of premiums through net-banking or mobile banking.
The premium payments for Jeevan Lakshya and its optional riders can be mentioned as below –
| Policy Name |
LIC Jeevan Lakshya |
Accidental Death & Disability Rider |
New Term Assurance Rider |
| Premium Paying Term |
Policy Term – 3 years |
Same as Jeevan Lakshya (Policy Term – 3 years) |
Same as Jeevan Lakshya (Policy Term – 3 years) |
| Policy Term |
- Minimum – 13 years.
- Maximum – 25 years
|
N/A |
- Minimum – 13 years
- Maximum – 25 years
|
Exclusions
This policy by the Life Insurance Corporation of India has very simple rules and regulations and no exclusions provided the above mentioned criteria are met.
There is, however, a suicide clause applicable to Jeevan Lakshya. If the life assured commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.
Additional Information on LIC Jeevan Lakshya
Paid-up Value –
If in case premiums have been paid for at least three consecutive years and subsequent premiums haven’t been paid, the policy acquires Paid-Up Value. In this case the Maturity Sum Assured and Death Sum Assured will be a multiple of a fraction of the number of premiums paid and the number of premiums payable. The Income value will also be subject to the same fraction starting from the date of the death of the life assured.
LIC Jeevan Lakshya Surrender Value –
Guaranteed Surrender Value is availed if the policy is surrendered after at least three years’ payment of premiums. It’s a percentage of the total premiums paid till date.
Revival of Policy –
The policy can be reinstated if lapsed. Provided it has been less than 2 consecutive years since the date of the last unpaid premium.
Loan on Policy –
After a payment of 3 years of premiums, a loan can be availed on the policy.
A Sample Case Study about LIC Jeevan Lakshya
Consider Mr. Rahul has availed LIC Jeevan Lakshya for a term of 30 years. His current age is 25 and the sum assured is 20 lakhs. Let’s list out the initial details of how the policy would work in his case –
- Mr. Rahul’s age – 25 years
- Policy Term – 25 years
- Sum Assured – Rs. 20 lakhs
- Premium Payment Term – 22 years (Policy Term – 3 years)
Death Benefit – If Mr. Rahul dies after 8 years from the date of the receipt of the policy, the death benefit payable will be –
- From the 9th year of the policy period, the nominee will receive Rs. 2,00,000 (10% of the the Basic Sum Assured) on every policy anniversary till the end of the policy term (25 years)
- At the end of the policy term/maturity period, the nominee shall receive Rs. 22,00,000 (110% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)
Maturity Benefit – If Mr. Vinod survives through the entire policy period, the final amount that he receives is –
Maturity Amount = Rs. 20,00,000 (Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)
LIC Jeevan Lakshya is available to all citizens of India through registered LIC offices and agents/brokers. The requisite documentation for availing the policy can be enumerated as below
- Application form/Proposal form 300
- Passport size photograph
- Address Proof
- Age Proof
- Medical reports (if required)
For more details Call or whatsapp @ 9891423442
by Ashok Kuumar | Jul 20, 2020 | Insurance
Imagine a scenario where you cannot find a job or do not want to work but desperately need money. Or, you wish to make extra money for family while saving for the future.
These are common situations that millions of Indians face. But there is nothing to really worry about. Thanks to Life Insurance Corporation of India or LIC, you can simply work as the LIC agent and make money.
And making money is not the only attraction to become LIC agent: you also get attractive salary, commission and perks like lifetime pension and membership to exclusive clubs.
You can avail loans at very low interest rates to buy that dream home. And you also enjoy the prestige that comes with working for a respectable organization of the Indian government.
Yes. Working as a LIC agent makes all this possible. Want to become one? Continue reading.
Who Is LIC Agent?
A LIC agent is a very prestigious position. As LIC agent, you become a member of the selected community that works in India’s huge Banking Financial Services and Insurance (BFSI) industry.
LIC agent is a woman or man that promotes life insurance and other insurance policies floated by the Life Insurance Corporation of India (LIC).
Currently, LIC offers various types of life insurance plans. Means, you will promote these financial products from LIC within and outside your social circle.
LIC agents are not employees: it is a form of self-employment or business made possible by India’s largest public sector insurer.
If this interests you, go ahead and find how to become LIC agent from this article.
How to Become LIC Agent
Becoming LIC agent is both, tough and easy. It depends upon your personal skills and aptitude. I will now describe various steps on how to become LIC agent.
Further, anyone above the age of 18 years and has successfully completed High School Certificate (10th), its equivalent or higher can become LIC agent.
Step-1: LIC Portal
The most important and first step to become LIC agent is to register the corporation through LIC portal or fill this form.
You have to provide basic details including your name, village, town, city or locality where you reside, contact number and email ID and educational qualifications.
While the LIC portal does not say this, I recommend you also include a concise summary- two or three sentences- about reasons why you wish to become LIC agent. This can prove very helpful to the LIC officer processing your registration.
However, the simplest procedure is to visit your nearest LIC office or meet the local LIC Development Manager.
Step-2: Personal Discussion
Our Team will discuss you regarding your work experience and start further process for Allot Agency and License.
Step-3: Free Training
Once you successfully complete this interview, the officer will ask you to enroll for a free training course. Usually, this will be conducted at a LIC office in your city. If you are residing in a town or village, it is necessary to travel to the nearest venue where this training course is held.
The training course has 25-hours duration. It is spread over three to four days. During the course, you will learn everything about the life insurance business and what it involves.
Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान
——————————————————————————————————
You will also learn about the Insurance Regulatory and Development Authority of India (IRDAI) and its rules governing life insurance.
IRDAI, as the name says, is an organization of the Indian government that regulates the insurance business in this country. Hence, knowing about this body is extremely important for working as a LIC agent.
Step-4: Register for Exam
Upon successfully completing your interview and training, the next step is registering for the LIC Agent Test (PRT). There are two ways of registering for LIC Agent PRT.
- Online: Register yourself at IRDAI portal.
- Offline: Register yourself with the nearest LIC branch office.
You can seek the assistance of a LIC Development Officer to register for the Pre Recruitment Test. You will need certain documents to register.
- Four passport-size color photographs.
- Photocopy of your SSC or its equivalent or highest education degree mark sheet.
- Photocopy of Permanent Account Number (PAN) Card.
- Cancelled Cheque.
If you do not have a bank account, I recommend you open one before applying for LIC Agent Pre Recruitment Test (PRT). Get a cheque book from the bank.
- Following a judgment by the Supreme Court of India, you do not need an Aadhar Card to open a bank account.
- Your PAN card will be enough. However, you will need to provide a valid address proof like ration card, driving license or any documents from the state or Central government.
- Having a PAN card is compulsory. So before applying for the Pre Recruitment Test for LIC Agent, get one from the Income Tax Department.
Fees for LIC Agent Exam
According to the IRDAI portal, fees for online registration are higher than for offline registration. The fee structure is as follows.
- Online Registration & Exam
- Registration Fee: Rs.150.
- Online Training Fee: Rs.150.
- Study Material/ Book: Rs.200.
- Pre Recruitment Test (Online) fee: Rs.500.
- Total: Rs.1,000.
When you register online with IRDAI, you will get a Unique Reference Number and password. Keep the URN safely. You can change the password to remember it better.
- Offline/Online Registration & Exam
- Registration Fee: Rs.150.
- Study Material/ Book: Rs.200.
- Pre Recruitment Test (Offline) Fee: Rs.500.
- Total: Rs.850.
Dates of LIC Exam
There are no fixed dates on which IRDAI conducts Pre Recruitment Tests for aspiring LIC agents. However, once you register for the Pre Recruitment Test, LIC will inform you about the exam dates and venues.
Remember, it is better to check the IRDAI regularly if you are registered online. The LIC portal carries important news about exam dates.
If you have registered offline through an LIC Development Officer or at the LIC branch office, stay in touch with them to know about upcoming Pre Recruitment Tests.
LIC Exam Hall Ticket
Offline applicants for the LIC agent Pre Recruitment Test can collect their exam hall tickets from the nearest LIC office. The ticket has to be attested by a senior LIC officer.
For online applicants, the hall ticket for LIC agent Pre Recruitment Test will be available for download on the IRDAI portal.
Studying for LIC Agent Exam
Actually, studying for the LIC agent entrance exam – also called the LIC agent Pre Recruitment Test is very simple.
Simply visit the Insurance Institute of India (III) website and download the study material. Plus, you have the book from IRDAI/ LIC.
Also, read lots of newspapers and magazines to sharpen general knowledge.
LIC Agent Exam Syllabus
The LIC syllabus consists of English and Hindi languages as well as some basic mathematics and general knowledge.
It also covers various rules, regulations and laws governing life insurance business in India. These laws are made by IRDAI.
You have to complete at least 100 hours of studies before appearing for the LIC agent exam or the Pre Recruitment Test.
LIC Agent Exam
Now we come to the examination itself. As I explained earlier, this exam is called Pre Recruitment Test. Others call it LIC agent’s exam.
- This exam is of 60 minutes duration.
- You will be given 50 questions.
- These questions are objective type- meaning you have to select the right one from the given choice.
- Each question is worth one mark. Meaning, the entire test is for 50 marks.
You need to score at least 18 marks in the LIC agent’s examination to qualify for working. The more marks you score, the better.
Become LIC Agent
Upon successfully completing the Pre Recruitment Test, you are ready to become LIC agent. LIC will issue an appointment letter designating you as their authorized agent. You will also get a license from IRDAI to perform your duties as LIC agent.
Remember, you cannot become LIC agent with just an appointment letter from the corporation. You also need the insurance agency license from IRDAI before getting into this business.
LIC Agent Salary & Commission
Now that you know how to become LIC agent, let us take a look at how much money you can make.
- You get 35 percent of premiums paid during the first year by life insurance policyholders.
- If you work harder and get more people to buy LIC life insurance, you can get up to 40 percent bonus on first year commission. There are other terms and conditions too.
- Retirement benefits or gratuity up to Rs.200,000 will be given if you complete business guarantee of at least 15 years. This means LIC will receive premiums from people who you sold LIC life insurance for the next 15 years after you retire.
- Hereditary Benefits are available for families if the LIC agent dies for any reason. To qualify for this, LIC agents should have sold life insurance policies worth Rs.100,000 in premium before death. Hereditary Benefits are given to nominee or legal heirs of the LIC agent.
- If you have generated premium worth Rs.200,000 and stop working for LIC or lose agency for any reason, the corporation will continue to pay its commission.
- Your income rises automatically because of selling more LIC life insurance policies when you work as a LIC agent. There are no upper limits to your income.
- During the next two years (year-2 and year-3) of selling a policy, you will get a commission at the rate of 7.5 percent of total annual premium that a LIC life insurance policy holder pays.
- From Year-4 of policy, you will get five percent of the annual commission paid to LIC by the person whose life you have insured.
- LIC provides complimentary life insurance cover for its agents. Meaning, their families will receive insurance payout due to the premature death of an LIC agent.
Perks for LIC Agents
Once you become LIC agent, there are several perks available for rewarding hard work.
- Entry to Branch Manager’s Club: for newly appointed LIC agents who perform exceptionally well.
- Divisional Manager’s Club: When you perform very well as Branch Manager’s Club member. Your club status increases with your performance.
You also get entry to:
- Zonal Manager’s Club
- Chairman’s Club
- Corporate Club
More Benefits for LIC Agents
Additionally, you get several financial benefits for saving money.
- Interest free vehicle loan.
- Low interest home loan.
- Office maintenance allowance.
- Furniture allowance.
- Advance for festival celebrations,
- Reimbursement of mobile and landline telephone bills.
LIC City Career Agent
In metropolitan cities, LIC appoints life insurance agents under a special category. They are called City Career Agents or CCAs.
Other than the benefits I list above, CCAs also get a monthly stipend of Rs.7,000 from LIC. This is due to the high cost of living in metro cities of India.
Salient Features of LIC Agency
Do you know that becoming an LIC agent has many more benefits other than making money?
- Lifelong income: LIC pays you the commissions on premiums for policies you sold long after you retire.
- Some LIC agents earn between Rs.1.2 million to Rs.1.5 million per month, which is higher than the best paid job in India.
- You can also sell LIC policies by opening an online agency.
- ID card issued by LIC for agents is considered as valid, government issued proof of identity.
- LIC provides all support for its agents.
But there are some flipsides of becoming a LIC agent too.
Flipsides as LIC Agent
From September 1956, Life Insurance Corporation of India (LIC) enjoyed a complete monopoly over life insurance sector of India.
However, the Indian government took away this monopoly in the year 2000, leaving the life insurance market open for domestic and foreign players as well as joint ventures between India and international insurers.
Consequently, LIC agents can face several problems.
- Stiff competition from private insurers, especially those holding JV with foreign companies.
- Better investment options available to ‘middle-class’ Indians who were once the main customers for LIC life insurance.
- Loss of faith in insurance products due to high premiums and relatively low returns.
- Fear of claims being rejected by insurers for any reason. Nobody reads the fine print and stories of rejection spread fast.
- The inability of LIC to provide customized products vis-à-vis private and JVs in the life insurance sector.
- Better medical facilities leading to higher life expectancy.
- Private sector and JV insurers upping age limit for people taking life insurance. Some insurers go as far as 99 years – something that LIC cannot simply beat.
- Private and JV insurers bundling life, health and other plans to offer a single, all-purpose insurance policy where LIC continues to lag.
- Stiff competition from websites of insurance companies that allow direct, online buying, effectively eliminating need for agents.
- Reluctance among Indians to deal with agents due to fears of getting cheated.
- Mutual Fund companies offering free life insurance or highly subsidized life cover for their Systematic Investment Plan (SIP) subscribers.
- Inexpensive life insurance schemes like Ayushman Bharat of the Indian government and Postal Life Insurance (PLI) by India Post that are available at very low premiums.
In Conclusion
By the year 2020, the life insurance industry of India will cross the US$330 billion mark, according to market sources. This means, there is ample scope for making money and leading happy life as LIC agent. Now that you know how to become LIC agent, give it a try. It can open doors to wealth.
by Ashok Kuumar | Jul 3, 2020 | General Insurance, Insurance
Check Premium online CLICK HERE
ICICI Lombard iHealth Insurance Review
ICICI Lombard offers policy named iHealth complete health insurance plan. There are several individuals these days who are opting for ICICI Lombard iHealth Insurance these days compared to other health insurance plans owing to its unique features. What are the features of ICICI Lombard Complete Health Insurance Plan? What are optional add on cover available in ICICI Lombard iHealth Insurance? What is the waiting period for pre-existing disease coverage in ICICI Lombard iHealth Insurance? Should you opt for ICICI Lombard iHealth Insurance Plan or not?
Why do we need health insurance plan?
You can skip this section if you are already clear that health insurance plan is must.
When there is illness to you or to your family members, high hospitalization expenses or medical bills can empty to your pocket and screwup your financial life. Here comes health insurance plan. Health Insurance plan would protect you for high paid hospital expenses.
Overview about ICICI Lombard iHealth Insurance Plan
Many experts believe that ICICI Lombard Complete Health Insurance is one of the best family floater health insurance policies in India. It is a comprehensive plan designed to care of the health expenses you and your family at the time of emergency and planned hospitalization and treatments. It offers health insurance for senior citizens, takes care of maternity expenses, covers new born baby and much more.
Features of ICICI Lombard iHealth Insurance Plan
1) The company offers a wide range of sum insured starting from Rs. 3 lakh to 50 lakh as per one’s needs.
2) Pre-existing diseases will be covered immediately after 2 years of continuous coverage under the policy.
3) The policy provides lifelong renewal.
4) No medical tests are required for insurance cover under the age of 46 years and sum assured up to Rs 10 lakh.
5) The tax deduction u/s 80C is available for the premium paid under a health insurance policy as per provisions of the Income Tax Act 1961.
6) The policy can be cancelled by giving a written notice within 15 days of receiving a policy.
7) The plan covers all the hospitalization expenses like room rent, doctor visit, anesthesia, blood, oxygen, etc. incurred during hospitalization of minimum 24 consecutive hours.
8) All the medical expenses incurred while undergoing surgeries or treatments mentioned in the subscriber list which require hospitalization of less than 24 hours.
9) All medical expenses incurred immediately 30 days before and 60 days after hospitalization will be covered.
10) The benefit of cashless hospitalization can be availed at any of the company’s network of hospitals. The list is provided at the official website of the company.
11) Expenses for yoga, Ayurveda, Unani and homeopathy treatment will only be covered only when they are incurred in a government recognized institute or hospital.
12) An additional sum insured of 10% of the annual sum insured is provided on each renewal for every claim-free year up to a maximum of 50%.
13) Reimbursement up to Rs. 1500 per hospitalization is provided for reasonable expenses incurred on availing an ambulance in an emergency condition.
14) The company provides for a free health check-up at designated center, one free check-up for every insured every year.
15) The company also runs a wellness program which intends to promote and reward you for your healthy behavior. All the activities that earn wellness points are tracked by the company.
What is the eligibility to take ICICI Lombard iHealth Insurance Policy?
Here is the eligibility to apply for this health insurance plan.
1) The minimum entry age to enter the policy is 6 years. Children between 3 months to 6 years can be covered under floater plan only.
2) There is no restriction on maximum entry age.
3) If you are above 18 years of age, you can buy a complete health insurance policy for yourself, your family members, children and parents.
4) If you wish to cover your child to be covered under the family floater, your child needs to be 3 months of age.
5) If you wish to have an individual policy for your child, he/she needs to be more than 6 years of age.
6) A policy bought to cover children aged between 3 months to 5 years should necessarily cover at least one adult too.
What are optional add on cover available in ICICI Lombard iHealth Insurance?
There are few optional add-ons available with the policy like a free health check-up, online chat with doctors, dietician and nutrition e-consultation, specialist e-consultation, consultation on physiotherapy, vaccination care, speech and audiology.
What is the waiting period for pre-existing disease coverage in ICICI Lombard iHealth Insurance?
Pre-existing conditions or diseases will be covered immediately after 2 years of continuous coverage under the policy, if the policy is issued for the first time with ICICI Lombard. If the insured has been covered under a similar policy before opting this policy, the waiting period may reduce subject to portability regulations.
What is ICICI Lombard iHealth Insurance Reset Benefit?
The company will reset up to 100% of the base sum insured once in a policy year in case the sum insured, including the accrued additional sum insured is insufficient as a result of previous claims in that policy year. It is subject to certain conditions-
1) The reset amount can only be used for all future claims within the same policy year, not related to the illness or disease for which the claim has been paid in that policy year for the same person.
2) Reset will trigger for the first claim.
3) For individual policies, reset the sum assured will be available on an individual basis and for floater policies; it will be available on floater basis.
4) Any unutilized reset sum assured will not be carried forward in the subsequent policy year.
How to earn wellness points in this health insurance plan?
This insurance has come up with a unique wellness point program under their health insurance plan.
1) Collect relevant reports, or receipts and bills for specified category of activities under which you want to earn your wellness points.
2) Send the requisite documents along with duly filled submission form to the registered office.
3) There is an entire list of wellness activities and the points associated with them available at the website.
4) An acknowledgment will be sent to you to keep you updated regarding the status of your point accumulation request.
5) To track the earned points, one can call on toll free no. 1800 2666 or send an email to [email protected] or one can even the website www.icicilombard.com and hit claims and wellness management.
6) The total wellness points earned by you will be sent to you through registered email id once in every 3 months.
7) Each wellness point is equivalent to 25 paise.
8) One can redeem the earned wellness points against reimbursement of medical expenses like consultation charges, medicine and drug etc. and any other expenses that are not covered any medical insurance.
Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान
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What are the exclusions under the policy?
Like any other health insurance plan, even this plan comes with list of exclusions.
1) Any pre-existing disease will not be paid for first 24 months of continuous coverage.
2) Any illness detected within 30 days of inception of policy except for those incurred as a result of injury.
3) Any medical expense incurred by you for treatment of the following illnesses within 24 months of continuous coverage-
Cataract subject to certain conditions
Arthritis, gout and spinal disorder
Varicose veins or varicose ulcers
Joint replacements unless due to accident
Stones in the urinary and billiary system
Deviated nasal septum
All types of internal congenital anomalies or illness or defects
Myomectomy, hysterectomy unless because of a malignancy
All types of hernia, hydrocele
Surgery on tonsils, adenoids, and sinuses
Gastric and duodenal erosions and ulcers
Benign Prostatic Hypertrophy
Sinusitis and related disorders
Dialysis required for chronic renal failure
Fissures, fistula in anus, hemorrhoids, piles
All types of skin and internal tumors, cysts, nodules, polyps of any kind including breast lumps unless malignant.
Apart from these exclusions, there are certain permanent exclusions
Expenses attributed to self-inflicted injury like suicide or attempt to suicide
Expenses arising out of drug use or abuse
Cost of spectacles or contact lenses and dental treatment
Medical expenses incurred for treatment of AIDS
Treatment arising from or traceable to pregnancy
How does cashless claim work under ICICI Lombard iHealth Insurance?
The claims of ICICI Lombard iHealth Insurance are serviced by its own claim processing portal named ICICI Lombard Health Care. This portal is an initiative to provide the best of services to the customers. In order to avail cashless services, just use your health card at ICICI Lombard Health Care network hospitals or you call on 24 hour toll free no. 1800 2666.
For treatment in non-cashless hospitals, the claim form should be duly filled after discharge from the hospital along with listed documents and sent to their registered office.
Should you opt for ICICI Lombard iHealth Insurance Plan or not?
ICICI Lombard Complete Health Insurance is a comprehensive insurance plan that provides complete health cover for you and your family. While there are good features in this health insurance plan, premiums are on little higher side based on the basic features and any additional add-ons to be availed. One can compare the features with any other plans based on age and features which you intend to take and decide whether this plan is coming to you at lesser cost or not.
by Ashok Kuumar | Jun 28, 2020 | Featured, Insurance, Life Insurance, Top Global News
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.
