INSURANCE – Idnsek.com https://idnsek.com Indian Digital News,Service, Entertainment And Knowledge. Mon, 11 Mar 2024 19:51:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://idnsek.com/wp-content/uploads/2023/09/cropped-Idnsek-logo-32x32.png INSURANCE – Idnsek.com https://idnsek.com 32 32 The Importance of Travel Insurance: A Comprehensive Guide. https://idnsek.com/2024/03/11/the-importance-of-travel-insurance-a-comprehensive-guide/?utm_source=rss&utm_medium=rss&utm_campaign=the-importance-of-travel-insurance-a-comprehensive-guide https://idnsek.com/2024/03/11/the-importance-of-travel-insurance-a-comprehensive-guide/#respond Mon, 11 Mar 2024 19:50:59 +0000 https://idnsek.com/?p=49906 44 Views

 Traveling is an exhilarating and enriching experience that allows us to explore new cultures, landscapes, and create unforgettable memories. However, amid the excitement, it’s crucial not to overlook the potential risks and uncertainties that can arise during your journey. This is where travel insurance steps in, offering a safety net that can make all the difference between a smooth trip and a chaotic ordeal. In this comprehensive guide, we will delve into the importance of travel insurance, its various components, and how to choose the right coverage for your specific needs.

Understanding Travel Insurance: A Shield Against the Unforeseen

Travel insurance is a specialized financial product designed to protect travelers from a wide range of unexpected events that could disrupt or derail their plans. While it might be tempting to dismiss the need for such coverage, the reality is that travel-related mishaps can happen to anyone, regardless of how meticulously they plan their journey.

Coverage for Medical Emergencies

One of the most significant aspects of travel insurance is the coverage it provides for medical emergencies. Falling ill or getting injured while traveling can be a daunting experience, especially in unfamiliar surroundings. Travel insurance ensures that you have access to medical care without incurring exorbitant costs. It can cover hospitalization, doctor’s fees, medication, and even medical evacuation if necessary. This aspect of coverage is especially critical when traveling to remote or medically underdeveloped regions.

Trip Cancellation and Interruption

Imagine this: you’ve been planning a dream vacation for months, and just before departure, a family emergency arises, forcing you to cancel your trip. Without travel insurance, you could face significant financial losses due to non-refundable bookings and reservations. Travel insurance provides reimbursement for pre-paid expenses in case of trip cancellations due to covered reasons such as illness, injury, or unforeseen events like natural disasters. Additionally, if your trip is unexpectedly interrupted, travel insurance can help cover the costs of returning home and resuming your journey later.

Lost or Delayed Baggage

Lost baggage can put a damper on even the most exciting travel plans. With travel insurance, you can receive compensation for essential items you need to purchase if your luggage is delayed or lost by the airline. This ensures that you can continue your trip comfortably while awaiting the return of your belongings.

Travel Delays

Flight delays and cancellations are common occurrences in travel. They can lead to missed connections, extended layovers, and unexpected expenses. Travel insurance provides coverage for these inconveniences, including compensation for meals, accommodations, and transportation during delays.

Emergency Evacuation

In extreme situations where your safety is compromised due to political unrest, natural disasters, or medical emergencies, travel insurance can cover the costs of emergency evacuation to a safer location or back to your home country. This provision offers invaluable peace of mind, knowing that assistance is available when you need it the most.

Choosing the Right Coverage: Factors to Consider

Selecting the right travel insurance coverage involves understanding your unique needs and the specifics of your trip. Here are some key factors to consider:

  1. Destination and Activities: If you’re engaging in adventurous activities like skiing, scuba diving, or hiking, make sure your policy covers these pursuits. Some policies might exclude certain high-risk activities.
  2. Health Considerations: If you have pre-existing medical conditions, ensure that your policy covers them. Medical coverage should be substantial, especially when traveling to countries with high healthcare costs.
  3. Trip Duration: The length of your trip can impact the cost of insurance. Be sure to choose a policy that covers the entire duration of your journey.
  4. Age and Group Coverage: Some policies offer better rates for families or groups. Also, be aware that age can affect the premium and coverage options.
  5. Coverage Limits: Carefully review the coverage limits for each aspect of the policy. Ensure they align with potential costs you might incur.
  6. Policy Exclusions: Familiarize yourself with the exclusions of the policy. Understanding what’s not covered is as important as knowing what is covered.

Travel insurance is not merely an optional add-on; it’s a lifeline that can protect your financial investment and personal well-being during your journeys. The unforeseen can happen to anyone, and having the right coverage can make the difference between a minor inconvenience and a major setback. Before embarking on your next adventure, take the time to research and select a comprehensive travel insurance policy that aligns with your needs. Remember, a well-chosen policy doesn’t just provide financial support—it provides peace of mind, allowing you to explore the world with confidence.

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Professional Indemnity Insurance for Protect Your Business. https://idnsek.com/2024/01/09/professional-indemnity-insurance-for-protect-your-business/?utm_source=rss&utm_medium=rss&utm_campaign=professional-indemnity-insurance-for-protect-your-business https://idnsek.com/2024/01/09/professional-indemnity-insurance-for-protect-your-business/#respond Tue, 09 Jan 2024 20:16:43 +0000 https://idnsek.com/?p=49756 37 Views

Standard professional indemnity insurance for freelancers offers limited coverage, so it is important to understand what your needs are and pick the right policy accordingly.

Freelancers usually need more than just protection for their work. If you’re running a business that involves more than just your skills, then it is vital to get the right insurance to cover you.

Introduction: What is Professional Indemnity Insurance and Why Does it Matter?

Professional Indemnity Insurance is designed to protect professionals in the event of a claim arising from their work.

Professional Indemnity Insurance is designed to provide protection for professional practitioners in the event of a claim arising from their work. It provides protection against legal liability and financial loss resulting from a client’s complaints or claims that have arisen from your services.

In the past, Professional Indemnity Insurance was primarily taken out by qualified accountants and solicitors, but with increasing regulation on professions such as dietetics, fitness coaching, and more, professionals of all types are becoming more aware of this need to minimize risk.

What is Professional Indemnity Insurance Coverage?

Professional Indemnity Insurance is a type of insurance which can cover the cost of damages or losses due to professional errors and omissions. These errors and omissions may be in the form of malpractice, negligence, fraud, misrepresentation, or incorrect legal advice.

It may also provide coverage for independent contractor services such as architects and engineers. The Professional Indemnity Insurance policy is designed to compensate individuals or companies who suffer losses due to the insured’s negligence or wrongdoing.

Different Types of Professional Indemnity Policies for Freelancers

Professional indemnity, or PI, is insurance that protects a freelancer from legal liability if they make a mistake.

Policies differ in their cover and the exclusions they offer.

It is important for freelancers to understand the various policies and figure out what suits them best.

Freelancers should also understand how these policies work and what they do not cover.

Some policies provide coverage for damages caused by “negligent acts” but others only cover “intentional acts” – the type of act that makes it clear that you intended to cause harm or loss of property, such as arson or burglary (Wikipedia).

Some policies only cover “property damage” while some also include “personal injury.” The former

How to Choose the Best Professional Indemnities Policy for You & Your Business

The professional indemnity insurance policy is a type of insurance that covers the insured person against lawsuits from the public or third parties. If a lawyer makes a mistake, they can be sued for professional negligence and this is a common reason why a lawyer might need indemnity insurance.

Professional indemnity policies are available on the market as either first-party or third-party policies. The first party policies cover against damage to clients’ property, for example, an architect who has been negligent in their service to the client and as a result has caused damage to their client’s house. The third-party policies cover against damage to others’ property, for example, if an architect makes some kind of error that damages somebody else’s house that they were not responsible for.

Conclusion: Is Your Business Liable Without a Quality Policy in Place?

Is your business liable without a quality policy in place?

A quality management policy is a foundation on which your entire company relies. A quality management policy ensures that you are being mindful of the needs of your customers, that you are keeping up with international standards, and that you are able to continually improve.

The first step to creating a successful quality management plan is to establish an organizational culture around it. The second step is to create an operational quality assurance system. Thirdly, implement measures for continuous improvement or enhancement of this system. Finally, make sure you have a plan for handling any issues arising from your product or service

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What is LIC Lapsed Policy Revival Scheme 2023? https://idnsek.com/2023/09/26/what-is-lic-lapsed-policy-revival-scheme-2023/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-lic-lapsed-policy-revival-scheme-2023 https://idnsek.com/2023/09/26/what-is-lic-lapsed-policy-revival-scheme-2023/#respond Tue, 26 Sep 2023 19:54:12 +0000 https://idnsek.com/?p=1999 36 Views

The different plans have different premium charges, which the clients can pay according to the payment options given under the relevant plan. But, sometimes, due to non-payment of premium within the given timeline, a policy can get lapsed. The policyholder can revive a lapsed policy by paying the premiums with interest. LIC, acknowledging the clients’ satisfaction, has announced a Lapsed Policy Revival Scheme for 2023.

Overview of the Revival Scheme 2023

The Life Insurance Corporation of India (LIC) has announced its policy revival scheme for 2023. This scheme helps the customers who were unable to make premium payments for a maximum of five years from the last premium payment. The scheme offers the customers a chance to revive their lapsed policy in 2023 by paying the premium, including the late fee charges. The insurer authorizes more than 1500 satellite offices to execute the revival scheme without special medical tests. 

In this LIC Lapsed Policy Revival Scheme, the insurer offers the policyholders a deduction of up to 30% in the late fee charges. The rebate percentage depends on the types of policy and the range of LIC premium payment charges of every client. The scheme was launched in January 2021 and promised the policyholders a revival of specific eligible plans and concession in health requirements. However, high-risk plans like Term Assurance Plans, Health Insurance Plans, Multiple Risk Policies, etc., do not qualify for the benefit.

Terms and Conditions of the LIC Lapsed Policy Revival Scheme

Under the special revival campaign, the Life Insurance Corporation of India (LIC) launched the scheme, which facilitates the customers to revive their lapsed policies within a deadline through the approved satellite offices for performing the process. The insurer can restore most of the policies only on the declaration of good health of the policyholder. A basic Covid 19 questionnaire also has to be submitted by the life assured or the policyholder.

The concession in the late fee charges is divided into three parts for better understanding by the clients. They are:

  • For total receivable LIC premium payment up to a range of Rs 1 Lakh, a rebate of 20% is allowed in the late fee charges or a maximum concession of Rs. 2,000 is eligible.
  • For total receivable LIC premium payment within a range of Rs 1 Lakh to Rs 3 Lakh, a rebate of 25% is allowed for the late fee charges or a maximum concession of Rs. 2,500 is allowed.
  • If the total receivable LIC premium payment exceeds a range of Rs 3 Lakh, then the rebate for the late fee charges is 30%, or the maximum concession allowed is Rs. 3000.

These concessions are subjected to particular criteria and terms which shall be mentioned. Suppose the LIC premium payment remains unpaid for more than 5 years from the first due premium. In that case, the scheme will not be eligible for the relevant policyholders.


How to Check if a LIC Policy has Lapsed or Not?

To avail of the revival scheme, an individual must know their policy details and the time it lapsed. The easiest way to know about the policy details is to check the policy status, stating whether the policy is in force or expired. LIC offers various methods for checking the policy status, and the most user-friendly way is the online process. To avail of the method, one needs to register with the official portal.

  1. For New Users
    • Step 1: Visit the Customer Portal of LIC. 
    • Step 2: Click on “New User”
    • Step 3: Fill in the required credentials such as name, gender, date of birth, policy number, installment premium payment, registered mail id, and mobile no.
    • Step 4: Click “Proceed”
    • Step 5: Now, the customers can efficiently check the policy status from the online services.
  2. For Registered Users
    • Step 1: Visit LIC’s Customer Portal. 
    • Step 2: Click on “Registered User”
    • Step 3: Log in with the required details like name, date of birth, and registered mail id.
    • Step 4: After logging in, click on “Policy Status.”
    • Step 5: Due premium date, status, lapsed policy, unpaid premium quote are all accessible under this service.

Types of LIC Policy Revival Schemes

Various types of policy revival schemes are offered by the Life Insurance Corporation of India (LIC). These schemes aid the clients who were unable to make their LIC premium payments within the given timeline or the grace period of 30 days. The types of schemes are:

  1. Installment Revival SchemeThe Instalment Revival Scheme is designed to acknowledge those clients who cannot make premium payments all at once and prefer paying them in installments. The conditions which are needed to be mentioned under this scheme are:
    • No policy loans should remain unpaid during the time of revival under this scheme.
    • During the installment paying period, the survival benefits should be paid fully.
    • If a Child Deferred Assurance Policy, i.e., LIC child plan, is lapsed, the policyholder could make the revival payments after the agreed deferment period.
    • Policies under Salary Saving Schemes are not eligible for revival under this scheme.
  2. Loan cum Revival SchemeA lapsed policy can be revived under this scheme by recovering the premiums due from the amount available under the loan facility of the policy, given the terms and conditions. Following are the specific conditions that need to be followed under this revival scheme:
    • The difference between the loan amount and the pending premium charges has to be paid by the policyholder if the loan is insufficient to cover the whole premium amount.
    • On revival, the balance will be paid to the clients after adjusting the premium and interests accordingly.
  3. Special Revival SchemeUnder this scheme, the intimation date can be changed accordingly. The premium amount can be paid as per the policyholder’s age at the time of reviving the lapsed policy. There are certain norms and conditions which needs to be maintained to avail the special revival scheme –
    • Under this scheme, the policy can only be revived once within the term of the plan.
    • This scheme allows reviving the policy if it lapses for a period ranging between 6 months and 3 years from the last payment date or grace period.
    • The scheme demands a request in writing written from the policyholder, which is compulsory to submit to revive the policy.
    • The original initiation date can be modified by a maximum of 2 years to revive the lapsed policy under this scheme.
    • The clients must prepare stamp fees and other charges to revive the Money Back Plans.
    • The difference between the old and the new premiums, including interests, is charged accordingly under this scheme during the revival.
  4. Survival Benefit cum Revival SchemeThe Money Back policyholders can effortlessly renew their lapsed money-back policies under this scheme. But there are certain norms and conditions in availing the Survival Benefit cum Revival Scheme, and those are the following:
    • The policy will be revived and processed subject to prescribed conditions, which are eligible for modification from time to time. The same goes for loan applications.
    • The discharge of survival benefit must be presented to utilize the survival benefit cum revival scheme.

Importance of Revival of Lapsed LIC Policy

If the premium charges have been paid for several years, then reviving the policy will be beneficial and logical in the case of a long-term endowment policy. Reviving a lapsed policy and continuing with the LIC premium payment until maturity will provide the clients with maturity benefits. This maturity benefit will eventually increase the overall investment returns.

If an individual plan to buy a new plan instead of reviving the lapsed one, then the amount paid for the new policy can be more than the premium payments and interests of the lapsed one.

Online LIC Revival Quotation and LIC Premium Payment

Online services of LIC provide their clients with a wide range of services for better performance and efficiency. If a policy lapses, then it is vital to know the amount that will be needed to renew the policy. 

The feature of “Revival Quotation” in the insurer’s official customer portal has made it effortless for the clients to know about the due charges and plan accordingly. Any registered users can use this feature from the online services provided by LIC. A new user can sign up by following the steps mentioned earlier and using the feature.

After getting the revival quotation, paying the premiums, including interests and concessions, is essential, as mentioned in the 2021 scheme. An individual can pay their awaited premium charges online by logging into their respective customer portal account. After logging in, they can select the option of “Policy Renewal/ Revival” and fill in the required credentials. An individual can also make the LIC premium payments directly by providing the policy number and selecting the “Policy Revival” option.

Over to You

LIC Policy Revival Scheme 2023 is an excellent opportunity for individuals looking to renew their policies. Concessions of a certain percentage are lucrative to an already beneficial scheme that provides various revival processes.

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How to make passive income with life insurance policy. https://idnsek.com/2023/02/10/how-to-make-passive-income-with-life-insurance-policy/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-make-passive-income-with-life-insurance-policy https://idnsek.com/2023/02/10/how-to-make-passive-income-with-life-insurance-policy/#respond Fri, 10 Feb 2023 13:07:00 +0000 https://idnsek.com/2023/02/10/how-to-make-passive-income-with-life-insurance-policy/ 39 Views

 Are you looking for a way to generate passive income and create long-term financial security? If so, this article is for you. In it, we will explore how life insurance policies can be used as an innovative tool to unlock the potential of generating passive income. We’ll discuss strategies to maximize returns with a life insurance policy, leverage tax advantages and investment opportunities, and discover new ways to create long-term financial security through passive income from life insurance plans. By the end of this article, you should have a better understanding of how your life insurance policy can help you achieve your financial goals.(toc)

Passive income is a great way to supplement your regular income and build financial security. Life insurance policies can be an effective tool for creating passive income streams, as they provide a steady stream of payments over time. In this article, we’ll discuss how to make passive income with life insurance policies and the benefits of doing so.

First, it’s important to understand what life insurance is and how it works. Life insurance provides financial protection in the event of death or disability by providing funds for beneficiaries upon the policyholder’s passing or becoming disabled due to illness or injury. The policyholder pays premiums on their life insurance policy throughout their lifetime in order to receive these benefits when needed most – either at death or disability depending on the type of coverage chosen.

When used strategically, life insurance can also be used as an investment vehicle that generates passive income over time through cash value accumulation within certain types of policies such as whole life and universal life plans. These types of plans are designed with built-in savings accounts that accumulate cash value over time based on interest earned from investments made by insurers using premium payments from customers like you! This accumulated cash value can then be accessed through loans taken out against your policy which will generate additional tax-free earnings if invested properly into other assets such as stocks, bonds etc.. 

How to make passive income with life insurance policy.

The key benefit here is that you don’t have to pay taxes on any money withdrawn from your account since all withdrawals are considered loans rather than taxable distributions! This makes investing via a permanent (whole/universal) plan very attractive because not only do you get access to potential market gains but also tax free returns which could potentially increase overall return rates significantly compared with traditional investments like stocks & bonds alone – making them ideal vehicles for generating long term wealth creation strategies! 

Additionally there are many different riders available within these types of plans including ones specifically designed for retirement planning purposes such as annuities & variable universal products which allow investors even more flexibility when it comes down designing custom portfolios tailored towards specific needs & goals while still taking advantage off all associated tax advantages offered by permanent plans themselves – making them truly unique tools worth considering if looking into building up some form off supplemental retirement savings portfolio without having too much risk exposure involved during process itself ! 

Overall ,life Insurance offers many opportunities beyond just providing peace mind knowing family members will have adequate resources should something happen unexpectedly. It has become increasingly popular among those looking create sustainable sources off extra revenue outside traditional employment settings thanks its ability generate both short term liquidity (through loan options) along longer term growth potential (via accumulation features). So why not take advantage today start building future yourself ? With right strategy place ,you could soon find yourself enjoying rewards reaping hard work put forth now !

Unlocking the Potential of Life Insurance for Generating Passive Income

Life insurance is often overlooked as a potential source of passive income. However, with the right approach and strategy, it can be an excellent way to generate additional revenue streams. By unlocking the potential of life insurance for generating passive income, you can create a secure financial future for yourself and your family.

One of the most effective ways to use life insurance as a source of passive income is through dividend-paying policies. These types of policies are designed to provide regular payments in exchange for premiums paid into them over time. The dividends that are earned from these policies can then be used to supplement other sources of retirement or investment income such as stocks or bonds.

Another option available when using life insurance for generating passive income is through whole life policies which offer cash value growth over time in addition to death benefits provided by traditional term plans. Whole life plans also have access to policy loans which allow you borrow against your policy’s accumulated cash value at any given point in time without incurring taxes on those funds until they are withdrawn from the account upon maturity or surrendering the plan altogether. This makes them an attractive option if you need quick access to capital but don’t want pay tax on those earnings yet since they will eventually be taxed when taken out later down the road.

Finally, there are variable universal life (VUL) plans that combine both permanent coverage with investment options allowing policyholders more control over how their money grows within their accounts while still providing death benefit protection along with flexibility regarding premium payments and withdrawals should they need it. VULs make great vehicles for long-term wealth accumulation due their ability invest directly into different asset classes like stocks , bonds , mutual funds etc..

Overall, there’s no one size fits all solution when it comes utilizing life insurance strategies towards building up your portfolio but understanding what options exist out there will help ensure that whatever decision you make best suits your individual needs now and well into retirement years ahead!

Exploring Innovative Strategies to Maximize Your Returns with a Life Insurance Policy

Life insurance policies can be a great way to maximize your returns and generate passive income. With the right strategies, you can make sure that you are getting the most out of your policy while also ensuring that it is meeting all of your financial needs. By exploring innovative strategies, such as investing in dividend-paying stocks or using a life settlement option, you can ensure that you are making the most out of your policy and maximizing its potential for long-term growth.

Dividend-paying stocks offer an attractive option for those looking to increase their returns on their life insurance policies. Dividends provide investors with regular payments from companies based on their earnings per share (EPS). Investing in dividend paying stocks allows investors to receive these payments without having to actively manage their portfolio or take risks associated with stock market fluctuations. This makes them an ideal choice for those looking for steady income from a life insurance policy investment strategy.

Another innovative strategy is utilizing a life settlement option when purchasing a new policy or renewing an existing one. A Life Settlement Option allows individuals who own certain types of permanent life insurance policies to sell them at fair market value if they no longer need it due to changes in health status or other factors outside of their control such as job loss or divorce proceedings. By selling these policies at fair market value instead of surrendering them back into the insurer’s hands, individuals may be able to realize greater returns than what they would have received had they simply surrendered it back into the insurer’s hands upon expiration date.

By exploring innovative strategies like investing in dividend paying stocks and utilizing Life Settlement Options when purchasing new coverage , individuals may be able maximize their return on investments made through life insurance policies while still protecting themselves against any unforeseen circumstances which could affect future cash flow requirements. It is important however ,to consult with experienced professionals before making any decisions regarding how best utilize these options so as not put yourself at risk financially down the line.

Leveraging Tax Advantages and Investment Opportunities with a Life Insurance Plan

Life insurance is an important part of financial planning, but it can also offer a range of tax advantages and investment opportunities that many people overlook. By leveraging these benefits, you can create a passive income stream through your life insurance policy.

One way to make the most out of your life insurance plan is by taking advantage of its tax-deferred status. This means that any money invested in the policy will not be taxed until it is withdrawn or used for other purposes such as retirement income or college tuition payments. Additionally, if you choose to invest in certain types of investments within the policy such as stocks or mutual funds, those gains may be exempt from taxation altogether depending on how long they are held within the account.

Another great benefit offered by life insurance plans is access to professional management services which allow investors to take advantage of market trends without having to actively manage their own portfolio themselves. Professional managers have extensive knowledge and experience when it comes to investing and can help maximize returns while minimizing risk exposure for clients with limited time available for managing their own investments.

Finally, some policies offer additional features like death benefits which provide beneficiaries with a lump sum payment upon death that could potentially cover funeral expenses or other debts incurred during one’s lifetime; this makes them an attractive option for those looking for ways to protect their loved ones financially after they pass away without having them incur large amounts of debt in order do so.

Recommended For You:

Overall, there are numerous advantages associated with leveraging tax savings and investment opportunities through a life insurance plan; however ,it’s important that investors carefully consider all options before making any decisions about how best utilize these resources. With careful research and consideration ,life insurance plans can become powerful tools towards achieving financial security both now and into the future.

Discovering New Ways to Create Long-Term Financial Security Through Passive Income from Life Insurance

Discovering new ways to create long-term financial security is a goal that many strive for. One of the most effective methods of achieving this is through passive income from life insurance policies. Life insurance provides a steady stream of income over time, allowing you to build up your savings and investments without having to actively manage them on an ongoing basis.(ads2)

Life insurance can be used as an investment vehicle in two primary ways: whole life or term life policies. Whole life policies are designed to provide coverage for the entire length of your lifetime, while term life policies offer coverage for a specific period such as 10 years or 20 years depending on your needs and budget. Both types of policy have their advantages and disadvantages, so it’s important to do research into which one best suits your individual situation before making any decisions about investing in either type of policy.

Whole-life policies generally require higher premiums than term-life ones but they also come with cash value accumulation features that allow you to build up savings over time while still receiving death benefits should something happen during the course of the policy’s duration – these funds can then be used towards retirement planning or other goals down the line if desired. Term-life plans are more affordable upfront but don’t accumulate cash values like whole-life plans do; however, they may still provide some form of death benefit protection if needed during their specified terms (such as providing money for funeral expenses).

No matter what type you choose though, both forms offer tax advantages when it comes time for filing taxes each year – meaning even more potential savings! Investing in either form will help ensure long-term financial security by providing passive income streams throughout your lifetime – giving you peace mind knowing that no matter what happens down the road there will always be money coming in from somewhere!

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LIC Scheme: Return of Rs 8 lakh on depositing Rs 1800 every month, know the details of the policy. https://idnsek.com/2023/02/08/lic-scheme-return-of-rs-8-lakh-on-depositing-rs-1800-every-month-know-the-details-of-the-policy/?utm_source=rss&utm_medium=rss&utm_campaign=lic-scheme-return-of-rs-8-lakh-on-depositing-rs-1800-every-month-know-the-details-of-the-policy https://idnsek.com/2023/02/08/lic-scheme-return-of-rs-8-lakh-on-depositing-rs-1800-every-month-know-the-details-of-the-policy/#respond Wed, 08 Feb 2023 07:13:00 +0000 https://idnsek.com/2023/02/08/lic-scheme-return-of-rs-8-lakh-on-depositing-rs-1800-every-month-know-the-details-of-the-policy/ 29 Views

LIC keeps bringing LIC policy for every class of people in the country. Often women are far behind in buying insurance policies.

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In such a situation, LIC has launched a special insurance policy keeping women in mind. The name of this policy is LIC Aadhaar Shila Policy. All those women whose age is between 8 to 55 years are eligible to get the benefit of this scheme.
In this policy, women get benefits in many ways. In this policy, any woman can buy insurance for a minimum of Rs 75 thousand and a maximum of Rs 3 lakh.

Know what is this scheme?

Under this scheme of LIC, you can invest on quarterly, half yearly and yearly basis. Under this scheme, you can invest for a minimum of 10 years and a maximum of 20 years.

How to get benefit?

Let’s say you start the plan at the age of 30. And saving Rs 58 every day, you will deposit Rs 21,918 in LIC Aadhaar Shila Yojana in a year. You will invest Rs 4,29,392 over 20 years while getting a return of Rs 7,94,000 on maturity.

Who can take advantage of this?

LIC’s Aadharshila plan provides both security and savings. Only those women can take advantage of this, whose Aadhaar card is made. This plan of LIC provides financial help to the policyholder and the family after his death.(ads2)

Details of Aadharshila scheme- Minimum sum assured-

Rs 75,000
Maximum sum assured- Rs 3,00,000
Policy term- 10 to 20 years
Premium depositing period- 10 to 20 years
Maximum age of maturity- 70 years. 
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LIC Online Premium Payment. https://idnsek.com/2023/02/04/lic-online-premium-payment/?utm_source=rss&utm_medium=rss&utm_campaign=lic-online-premium-payment https://idnsek.com/2023/02/04/lic-online-premium-payment/#comments Sat, 04 Feb 2023 10:43:00 +0000 https://idnsek.com/2023/02/04/lic-online-premium-payment/ 38 Views

 Life Insurance Corporation of India (LIC) is one of the leading life insurance companies having a large customer base of 250 million.  Having a life insurance policy helps you to achieve long tenure goals and you can take care of your family members  in case of your absence. To provide the policyholders with the best insurance experience, the company constantly updates its services.

One such service is LIC’s online premium payment facility. Now, with the option of online LIC premium payment, you don’t have to pay your LIC premiums by directly visiting the branch when you can easily pay it online. With below-mentioned steps, LIC of India pay premium online in a couple of minutes.

LIC Online Premium Payment.
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What is LIC Online Premium Payment Facility?

LIC Online Premium Payment facility allows the customers to pay the premiums of their policy online in a couple of minutes. With a huge customer base, the company ensured that its policyholders do not need to wait in queues at the premium payment counter; and hence introduced this facility.

LIC policyholders have a multitude of options to make their LIC online premium payment. All they need to do is go online and make premium payments from the comforts of their home.

LIC Premium Payment Online: For registered/Non-registered users

LIC online premium payment is fairly easy and convenient as it can be done using a debit or credit card. The company allows both the registered and non-registered user to avail the facility of LIC premium payment online.LIC offers an option called LIC Pay Direct, which helps you to pay your LIC premium without completing the LIC online registration process.

To start the LIC online payment process, you need to first log in to the portal.

Let’s quickly understand how you can easily make online LIC payments both with registration and without registration.

LIC Online Premium Payment Process for Registered Users

Step 1: Visit the official website of LIC. Click on the ‘Customer Portal’ button, and then select the ‘Registered User’ button.

Now, you’ll be directed to the LIC login page.

Alternatively, you can click on the ‘Pay LIC Premium Online ’ option, which will open a new page and you will see the following two payment options:

  • Pay Direct (Without Login)
  • Through Customer Portal

Click on the ‘Through Customer Portal’ option to proceed.

Step 2: Enter your user ID/Email/Mobile, Password, and Date of Birth and hit the Sign-in button.

Upon clicking the ‘Sign in’ button, you’ll be redirected to the customer portal. On this page, you will find the ‘Self/Policies’ option.

Step 3: Now, click on the ‘Self/Policies’ option to view the details of your policy.

On this page, you will be able to see your LIC policy renewal/due date. ‘Pay Premium’ option will be on the screen if your policy renewal is due.

Step 4: Click the Pay Premium option to proceed and provide the required information.

Choose the payment option. Make the LIC online payment through credit and debit card or can also opt for net banking.

That’s it! Now, simply make the LIC premium payment.

Step 5: Don’t forget to check your registered email to see the online premium payment receipt. Print and download your LIC online premium payment receipt.

Isn’t it utterly easy and convenient? We’re sure you’re nodding your head in a yes!

Now, let’s move on and discuss how to make LIC payment online without having even registered to the LIC website as a new user.

LIC Online Payment Process for Unregistered User

Step 1: Visit the official website of LIC. Now, click the ‘Pay Premium Online’ button under the ‘Online Services’ tab.

Upon hitting the ‘Pay Premium Online’ button, you will be taken to a new page. Here you will see two options:

  • Pay Direct (Without login)
  • Through Customer Portal

Step 2: Now in this step, you need to hit the ‘Pay Direct’ button (without login).

Now, you are taken directly to the LIC online premium payments page. Here, you will need to select the Renewal Premium/ Revival option from the Pay Direct list.

Step 3: On the next page, click on the Proceed button to move forward and fill up the Customer Validation form with your vital policy details – Policy Number, Installment Premium, Date of Birth, Email Id, and Mobile number. Upon filling up the form, simply verify the ‘Captcha’ code, accept the agreement, and click on the ‘Submit’ button.

Step 4: Verify your policy details. Upon successful verification, hit the ‘Proceed’ button.

Step 5: In this step, select LIC online payment option. Choose how you want to make the LIC online payment through credit and debit card or net banking. Now simply make your LIC online premium payment.

Step 6: Remember to check your registered email to get the LIC premium payment receipts. Print and download the LIC online payment receipt for your records.

LIC Premium Payment Online Facilities

To pay your LIC premium online, you can opt for any of the below-mentioned payment methods:

  • Net Banking
  • Debit/Credit Cards
  • UPI

Renewal premiium amounts can be paid for active plans, excluding plans under salary saving schemes and plans registered for paying premiums through NACH.

LIC Premium Payment through Franchisees/Authorized Collection Centers

There are still many LIC customers who aren’t comfortable with the idea of LIC online premium payment services and they prefer to make their premium payments via offline payment modes. We’re sure they’ll be glad to know that LIC also provides several options to pay the premium via different private & government-owned service providers and companies. 4 service providers work in collaboration with LIC to ensure offline premium payment services for policyholders. They are:

  • AP Online – Andhra Pradesh Government’s official portal. This collection channel accepts LIC premium payments for Andhra Pradesh only.
  • MP Online – Madhya Government’s official portal. This collection channel accepts premium payments for Madhya Pradesh only.
  • Suvidha Infoserve – It is an s-commerce (social commerce) entity that provides various bill payment services.
  • Easy Bill Limited – It provides the customers with a reliable and convenient bill payment source, where you can make premium payments through the traditional and trustworthy neighborhood stores.

However, there are certain points to be taken care of while paying your LIC premium payments through these channels:

  • The payment will only be accepted in cash i.e., up to Rs. 50,000.
  • You can make the premium payment only for the active policies. Also, these collection centers don’t accept payments for the LIC policies that fall under ULIPs and SSS (Salary Savings Scheme) category.
  • This premium payment service is free at the franchisees or authorized collection centers and hence, the customer doesn’t need to pay any commission/service tax/extra fees to the agents.
  • One cannot pay the premium for the next financial year at these collection centers. For instance, you cannot pay the premium for March’2018 during March’2017.
  • Once you have made the payment, you’ll get a signed receipt from the collection center. It’s important to note that there is no separate payment receipt issued by LIC for such payments.
  • The late fee of paying premiums is calculated at the current rate i.e., 9.5 percent, and the minimum late fee is Rs. 5
  • You can look out for these Franchisees/Authorized Collection Centres on the official website of LIC.

Agents Collection Payment

LIC has also authorized select personnel, retired employees of LIC, and Senior Business Associates (SBA-Development Officers) as payment collection agents. Below enlisted are a few of the important details you need to keep in mind while making LIC premium payments via these authorized agents:

  • The collection agents can collect the premium payments for UPLIs, too; however, premium payment of health insurance policies is still not covered in it. The premium payment collected through this payment mode is updated in real-time.
  • You can make the payment in cash or cheque mode. However, it’s important to know beforehand that outstation cheques won’t be accepted by these collection agents.
  • You will receive a signed receipt from the collection agent after making the payment. SBAs have been issued, few more rights given to them as compared to two other personnel. Besides receipt, you can also get policy status reports, forms, revival/loan/surrender quotations, certificates meant for income tax usage and your ULIPs statements from the SBAs.
  • This payment mode doesn’t accept premium payments for policies falling under the SSS category.
  • You can make the advance premium payment only 30 days before the due date of your active policy. For some term plans, the advance premium payment can be accepted 15 days in advance (before the due date). The term plans under this category are:

  1. 164-Anmol Jeevan-1
  2. 153- Anmol Jeevan
  3. 177- Amulya Jeevan
  4. 190 Amulya Jeevan. 
  • A late fee will be charged to the policyholders.
  • Advance premium payments are not accepted for the next financial year.
  • You don’t need to pay any service fees to avail of this payment facility.

LIC Online Payment Options i.e. Credit/Debit Cards

Other than net banking, you can also use your credit/debit card to make the LIC online premium payment. The LIC online payment through credit and debit cards is processed via IDBI Gateway. The credit/debit card payment can be commenced in three easy steps:

After clicking on the circle against the option of ‘IDBI Gateway’, you’ll be redirected to the next page where you will find the different card types accompanied by convenience fee & services tax. Select the card type you want to make payment with and you’ll get the total payable amount along with the applicable service tax on it. Once you’ve selected the card type, click on the option ‘Submit’.

After submitting the card type, you’ll be redirected to another page where you will have to enter your debit/credit card details to process the transaction. The details include your card number, its date of expiry, CVV number (3-digit number on the back of the card), your name on the card, your registered email address, and your phone number. You also need to enter the captcha code shown in the box.

After entering all the required details, click on the option ‘Pay’. A LIC online premium payment receipt will be generated and will be sent to your registered email address with LIC.

Over to You

We’re sure now you’ll agree that it is easier than ever to make LIC online payments through credit and debit cards or net banking.  Now, go ahead and put this learning into practice and save yourself from the hassles of standing in long queues by paying for your LIC insurance policy online.

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LIC PREMIUM PAYMENT ONLINE – FAQ

  • Q1. Do I need to pay extra fees for LIC premium payment online?

    Ans. No, you can make LIC Policy payment online for free of cost. The process is not only free of cost but also saves a lot of your precious time.
  • Q2. When Should the LIC premium be paid?

    Ans. The LIC premium should be done in time. Usually, the LIC sends a premium notice to the customers a month before the due month of the premium. The months for which the LIC premiums are due are mentioned on the first page of the LIC policy bond.
  • Q3. How to make the LIC premium payment?

    Ans. LIC offers various modes of payment to make it a hassle-free experience. You can pay the premium through: 

    • Cheque
    • Demand draft at the branch
    • Money order sent by post
    • Through Internet banking
    • Through Debit/Credit Cards
    • Standing instructions from your respective bank to remit the premiums
    • Via ATMs of Corporation Bank and UTI Bank
    • Premium can be paid via Electronic Clearing Service (ECS)
  • Q4. How to check the LIC policy status?

    Ans. By checking your LIC policy status at regular intervals, you can ensure whether it is active or lapsed. You can also check when the policy will expire. You can either check the LIC policy status online or visit the branch of the insurer from where it was issued.
  • Q5. How to revive the lapsed LIC policy?

    Ans. There are times when you might forget to make the timely LIC premium payment. In case the policy has lapsed because of non-payment of the premiums under the due date, the terms and conditions of the policy will be rendered void until the policy is revived. The lapsed LIC policy can be revived by the payment of the accumulated premiums along with interest.
  • Q6. Is it possible to avail of loans under the LIC policy?

    Ans. Now you can avail of loans against LIC policies. Most of these plans come with an endowment feature and thus, stand as collateral. You can repay the loan with the specific interest or allow the loan amount to be deducted while settling a claim. Loans on the LIC policy will be permitted after deduction of the past outstanding.
  • Q7. Is there any grace period for LIC premium payment?

    Ans. These days, insurance companies have come with an added benefit called ‘Grace Period’, in which a relaxation period is offered in case you miss the policy renewal date. To avoid lapsing the policy permanently, you need to pay the required premium within this period. Except for some plans, LIC offers 15 days as a grace period for the policies in which the premium has to be paid monthly. It offers a 1-month grace period for the policies with quarterly, half-yearly, or yearly premium payment mode.
  • Q8. What is the LIC claim process?

    Claims under the Regular Life Insurance Plans Death Claims:
    The person who is legally entitled to get the policy money must give the death intimation of the insured to the servicing branch. The requirements for the claim are mentioned below:

    • Claim Form ‘A’ in Form No. 3738: If the life insurance policy has been in effect for around 3 years or more than 3 years from the date of risks, claim form no. 3738A must be used.
    • Certified Extract from Death Register: The original copy of the policy documents with the Deed(s) of Assignment (s), if any. The beneficiary might require presenting additional requirements under a plan depending on the status of the policy.
  • Q9. How to change the nominee in the LIC insurance policy in 2022?

    Ans. The nominee in the LIC policy can be changed at any point in time while the policy is active. Besides, the change of nomination is possible from the LIC Branch that serves the policy. The change in the nomination of the LIC policy should be given in writing by the life assured.
    For the LIC policies that have the sum assured below Rs 75,000, the initial cancellation or change of nominee is done without any charges. From the second time onwards, fees will be charged. The following are some of the important documents that will be required while change in the nominee:

    • Relationship evidence of the policyholder and the nominated individual
    • Policy document
    • For 3750
  • Q10. How to get the LIC premium receipt online? 

    Ans. To download the LIC online premium payment, follow the steps below:

    • Visit the website of LIC of India. Next, under the ‘Online Services’ click on ‘LIC e-Services’.
    • In case the policyholder is a registered user then click on ‘registered User’.
    • Enter the login credentials
    • Select the suitable options of either an agent or the customer. Next, you will be redirected to the welcome page of ‘LIC e-Services’.
    • Two options namely ‘Individual Policy Paid Statement’ and the ‘Consolidate Premium Paid Statement’ will appear on the screen. To download the individual policy premium statement, select ‘Individual Policy Paid Statement’. To download, the statement of premium payment for every single policy bought from LIC select ‘Consolidated Premium paid Statement’.
    • Once the suitable option is selected, choose the fiscal year for the preferred statement and then choose the policy number.
    • The LIC premium payment receipt can be downloaded online likewise be printed and kept for record.
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LIC Super Policy For Women! This plan of LIC is the best for women, get 8 lakhs every day at just Rs 58. https://idnsek.com/2023/01/13/lic-super-policy-for-women-this-plan-of-lic-is-the-best-for-women-get-8-lakhs-every-day-at-just-rs-58/?utm_source=rss&utm_medium=rss&utm_campaign=lic-super-policy-for-women-this-plan-of-lic-is-the-best-for-women-get-8-lakhs-every-day-at-just-rs-58 https://idnsek.com/2023/01/13/lic-super-policy-for-women-this-plan-of-lic-is-the-best-for-women-get-8-lakhs-every-day-at-just-rs-58/#respond Fri, 13 Jan 2023 11:17:00 +0000 https://idnsek.com/2023/01/13/lic-super-policy-for-women-this-plan-of-lic-is-the-best-for-women-get-8-lakhs-every-day-at-just-rs-58/ 22 Views

 

LIC Super Policy For Women
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LIC Aadhaar Shila Policy: If you are planning to invest in LIC’s schemes, then you can easily get good returns by investing small savings everyday in LIC’s Aadhaar Shila scheme. For this you have to invest only Rs.58 daily. Which you will get as a huge amount on maturity. Under this policy of LIC ( LIC India ), women from 8 years to 55 years can invest in it.

Please tell that LIC is a name of trust in a way. Even today, crores of people of the country prefer to invest money in LIC and Post Office. And LIC also never disappoints its customers. Under LIC’s Aadhaar Shila plan (LIC Aadhaar Shila), the customer will also be able to save money and will also give good returns. Also, on Maturity, the customer will immediately return their money. Under this scheme, even after the death of the policyholder, all the money is given to the nominee.

The specialty of Aadhaar Policy

  • LIC Aadhaar Shila Yojana is specially designed for women.
  • The minimum policy term is 10 years and the maximum is for 20 years.
  • The maximum age of this plan maturity is 70 years.
  • If the policy holder (LIC India) dies after 5 years of taking the policy, then in this situation the family will get the facility of Loyalty Addition on Maturity.
  • A lump sum amount will also be received at the end of the policy term.
  • Under the scheme, you will be able to invest Minimum 75000 rupees and Maximum 3 lakh rupees.
  • There is an option to make premium payment of this plan on monthly, quarterly, half yearly or yearly basis.(ads2)

This is how you will get big amount

Suppose, at the age of 30, you deposited Rs 58 every day for 20 consecutive years in this scheme, then a total of Rs 21918 will be deposited in your first year. On which you also have to pay tax at the rate of 4.5 percent. Then in the second year you will have to pay Rs 21446. In this way, you will deposit this premium on a monthly, quarterly, half-yearly or yearly basis. You will deposit Rs 429392 for 20 years on paying every year’s premium. After this, at the time of maturity, you will get a total of Rs 794000.

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5 Things to Keep in Mind Before Renewing Health Insurance. https://idnsek.com/2022/12/27/5-things-to-keep-in-mind-before-renewing-health-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=5-things-to-keep-in-mind-before-renewing-health-insurance https://idnsek.com/2022/12/27/5-things-to-keep-in-mind-before-renewing-health-insurance/#respond Tue, 27 Dec 2022 16:30:00 +0000 https://idnsek.com/2022/12/27/5-things-to-keep-in-mind-before-renewing-health-insurance/ 29 Views

Health risks and needs vary depending on age, financial circumstances, gender, and work-life balance, among others.Health is the biggest asset we own. However, there’s always risk involved with matters related to health. Increasing hospitalisation and medical costs mean that families have to sometimes dip into their life’s savings to meet those expenses. Hence, it is important to have adequate health insurance to cover such costs.

5 Things to Keep in Mind Before Renewing Health Insurance.

However, health insurance needs to be renewed every year. Here are the things you need to keep in mind before renewing your health insurance policy.

Stick to the renewal date

In health insurance, on-time renewal is critically important because every policy has some exclusions for one-three years. In some cases, for any pre-existing illnesses, there are exclusions for four years. Simply put, certain conditions are not covered for the number of years they are excluded from the cover.

“In order for these exclusions to go away, the policy needs to be continuously active. If there is a delay in renewal, this continuity may be lost and the exclusions will again be applied for a new policy,” says Chenthil Iyer, founder, and chief strategist, Horus Financial Consultants.

Analyse health risks and needs

Health risks and needs vary depending on age, financial circumstances, gender, and work-life balance, among others. One needs to carefully assess and analyse the risks involved before opting for health insurance.

When renewing a policy, any change in health conditions must be reported to the insurer to avoid trouble later when you need to make a claim.

Relook at the policy sub-limits

In the post-pandemic era, it is recommended that you relook at your policy to check the sub-limits applicable.

If your policy has a sub-limit of Rs 5,000 or Rs 10,000 as per your sum insured for room rent per day, you can claim only that much towards room rent. Moreover, usually, the cost of other treatments and procedures in the hospital depends on the room rent paid.

“We have seen how high the room rents went up during the pandemic in certain private hospitals. Therefore, even if you have to pay a higher premium, it’s better to renew into a policy without such capping or sub-limits,” adds Iyer.If you have lower sub-limits for room rent and other treatments, consider increasing them even if it means paying higher premiums.

Analyse if you need to bump up your sum insured

As far as the amount of insurance is concerned, it’s better for a family of four members to have a cover of at least Rs 10 lakh. If your existing policy is below this value, you must consider increasing it to avoid a major erosion in your savings due to some unwanted circumstances. You could also consider top-up health insurance to increase the overall sum insured for your family.

Policy porting

Lastly, you must look at the quality of service you are getting from a company. “If you are dissatisfied, you may take advantage of health insurance portability to move your policy to another company of your choice at the time of renewal. For this, you may have to intimate the new company a couple of weeks before the renewal date,” says Iyer.

If you’re not satisfied with your existing policy benefits, you could switch to another insurer, without hampering the policy continuation benefits. One needs to inform the insurer about the same a month in advance.

All said and done, having adequate health insurance is the first step towards planning one’s finances.

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LIC Issue New Super Plan: Get Rs 28 lakh on investment of Rs 200, See details Here. https://idnsek.com/2022/12/26/lic-issue-new-super-plan-get-rs-28-lakh-on-investment-of-rs-200-see-details-here/?utm_source=rss&utm_medium=rss&utm_campaign=lic-issue-new-super-plan-get-rs-28-lakh-on-investment-of-rs-200-see-details-here https://idnsek.com/2022/12/26/lic-issue-new-super-plan-get-rs-28-lakh-on-investment-of-rs-200-see-details-here/#respond Mon, 26 Dec 2022 18:21:00 +0000 https://idnsek.com/2022/12/26/lic-issue-new-super-plan-get-rs-28-lakh-on-investment-of-rs-200-see-details-here/ 25 Views

LIC
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LIC Jeevan Pragati Plan: The specialty of LIC is that it is the name of a special policy that follows the rules of Insurance Regulatory and Development Authority of India i.e. IRDA – LIC Jeevan Pragati Plan. In this, the government helps you in many ways.

Government schemes are the best option for safe investment. If you are also planning to invest in the new year, then LIC is a better option for you. Today we are telling you about a wonderful scheme of LIC in which you will get bumper profits. There are many specialties in this scheme, let us know in detail.

What is LIC’s superhit plan?

The specialty of LIC is that it is the name of a special policy that follows the rules of Insurance Regulatory and Development Authority of India i.e. IRDA – LIC Jeevan Pragati Plan. In this, the government helps you in many ways. In this you also get risk cover. Not only this, you will also get death benefit in this, which increases every 5 years. This amount depends on how long your policy has been active. This policy can be started from the age of 12 years. Under this scheme you have to invest for 20 years. In this, investors will have to invest Rs 200 per day every day. Whereas in this scheme, the maximum age of investment in this is 45 years.(ads2)

Know the specialty of the policy

– On the death of the policyholder for 5 years, 100 percent of the Basic Sum Assured will be paid.
– 125% will be paid on the death of the policyholder between 6 years and 10 years of the policy, 150% between 11 and 15 years and 200% between 16 and 20 years.
– Accident benefit and disability rider benefit will also be available.
– The investor will get Rs 28 lakh if ​​the Jeevan Pragati plan is a maturity benefit.

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New LIC Pension Plan: Modi government will give Rs 18,500 a month to married people! just have to do this work. https://idnsek.com/2022/12/23/new-lic-pension-plan-modi-government-will-give-rs-18500-a-month-to-married-people-just-have-to-do-this-work-2/?utm_source=rss&utm_medium=rss&utm_campaign=new-lic-pension-plan-modi-government-will-give-rs-18500-a-month-to-married-people-just-have-to-do-this-work-2 https://idnsek.com/2022/12/23/new-lic-pension-plan-modi-government-will-give-rs-18500-a-month-to-married-people-just-have-to-do-this-work-2/#respond Fri, 23 Dec 2022 15:36:00 +0000 https://idnsek.com/2022/12/23/new-lic-pension-plan-modi-government-will-give-rs-18500-a-month-to-married-people-just-have-to-do-this-work-2/ 18 Views

LIC Pension Scheme

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LIC Pension Scheme: Pradhan Mantri Vaya Vandana Yojana is being run by the Modi government. Under which monthly pension is guaranteed. This scheme was started by the central government on 26 May 2020. Couples can invest till 31 March 2023 to take advantage of this scheme. If both husband and wife want, then after the age of 60, they can take advantage of it. Know about the complete plan.

What is Vaya Vandana Yojana?

Pradhan Mantri Vaya Vandana Yojana is a social security scheme. Under which the beneficiary will get monthly pension. It has been brought by the Government of India, while this scheme is being operated by Life Insurance Corporation of India (LIC).

Five tips for renewing your motor insurance policy.

If both husband and wife have crossed the age of 60 years, then they can invest a maximum of Rs 15 lakh. Earlier the investment limit was Rs 7.5 lakh, which was doubled later. Compared to other schemes, senior citizens get more interest in this scheme. People of 60 years or above can choose this pension plan.

This is how you will get monthly pension of Rs 18500

If both husband and wife want to take advantage of this scheme, then both will have to invest an amount of 15 lakh rupees in the Pradhan Mantri Vaya Vandana Yojana, that is, a total of 30 lakh rupees. 7.40 percent annual interest will also be available on this scheme.
Accordingly, the annual interest on the investment will be Rs 222000. If it is divided in 12 months, then an amount of Rs 18500 is formed, which you will get as monthly pension. There is also a plan in this scheme that only one person can invest in this scheme. If you invest Rs 15 lakh, then the annual interest will be Rs 111000 and his monthly pension will be Rs 9250.(ads2)

Full amount back in 10 years

This plan is for 10 years. Monthly pension will continue to be received on your deposited money. If you remain in the scheme for 10 years then after 10 years your invested money will be returned to you. You can surrender this scheme at any time.

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