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Lic products and policies
Lic products and policies
Lic products and policies
Lic products and policies
Lic products and policies
Lic products and policies
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Lic products and policies

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*LIC …

*LIC
*Vehical Insurance
*Postal Savings
*General insurance
*Fixed Deposits
*PAN Card agent
*LIC Agent, Insurance Agent

money_insurance@yahoo.com
http://investinn.tripod.com/
http://investinn.blogspot.com

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  • 1. Invest InnProducts and PoliciesAs individuals it is inherent to differ. Each individuals insurance needs andrequirements are different from that of the others. LICs Insurance Plans arepolicies that talk to you individually and give you the most suitable options that canfit your requirement. Bima Account 1 Bima Account 2 Endowment Plus Jeevan Anurag Komal Jeevan CDA Endowment Vesting At 21 Marriage Endowment Or CDA Endowment Vesting At 18 Educational Annuity Plan Jeevan Kishore Jeevan Chhaya Child Career Plan Child Future Plan Child Fortune Plus Jeevan Aadhar Jeevan Vishwas The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan AmritInvest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 2. Invest Inn Jeevan Shree-I Jeevan Pramukh The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat Jeevan Bharati - I The Whole Life Policy The Whole Life Policy- Limited Payment The Whole Life Policy- Single Premium Jeevan Anand Jeevan Tarang Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan-I Jeevan Saathi Plus Jeevan SaathiInvest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 3. Invest InnLife InsuranceLife insurance is a contract that pledges payment of an amount to the person assured (orhis nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during: • The date of maturity, or • Specified dates at periodic intervals, or • Unfortunate death, if it occurs earlier.Among other things, the contract also provides for the payment of premium periodicallyto the Corporation by the policyholder. Life insurance is universally acknowledged to bean institution, which eliminates risk, substituting certainty for uncertainty and comes tothe timely aid of the family in the unfortunate event of death of the breadwinner. By andlarge, life insurance is civilisations partial solution to the problems caused by death. Lifeinsurance, in short, is concerned with two hazards that stand across the life-path of everyperson: • That of dying prematurely leaving a dependent family to fend for itself. • That of living till old age without visible means of support.Life Insurance Vs. Other SavingsContract Of InsuranceA contract of insurance is a contract of utmost good faith technically known as uberrimafides. The doctrine of disclosing all material facts is embodied in this important principle,which applies to all forms of insurance. At the time of taking a policy, policyholder should ensure that all questions in theproposal form are correctly answered. Any misrepresentation, non-disclosure or fraud inany document leading to the acceptance of the risk would render the insurance contractnull and void.ProtectionSavings through life insurance guarantee full protection against risk of death of the saver.Also, in case of demise, life insurance assures payment of the entire amount assured (withbonuses wherever applicable) whereas in other savings schemes, only the amount saved(with interest) is payable.Invest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 4. Invest InnAid To ThriftLife insurance encourages thrift. It allows long-term savings since payments can bemade effortlessly because of the easy instalment facility built into the scheme. (Premiumpayment for insurance is either monthly, quarterly, half yearly or yearly).For example: The Salary Saving Scheme popularly known as SSS, provides a convenientmethod of paying premium each month by deduction from ones salary.In this case the employer directly pays the deducted premium to LIC. The Salary SavingScheme is ideal for any institution or establishment subject to specified terms andconditions.LiquidityIn case of insurance, it is easy to acquire loans on the sole security of any policy that hasacquired loan value. Besides, a life insurance policy is also generally accepted assecurity, even for a commercial loan.Tax ReliefLife Insurance is the best way to enjoy tax deductions on income tax and wealth tax. Thisis available for amounts paid by way of premium for life insurance subject to income taxrates in force.Assessees can also avail of provisions in the law for tax relief. In such cases the assuredin effect pays a lower premium for insurance than otherwise.Money When You Need ItA policy that has a suitable insurance plan or a combination of different plans can beeffectively used to meet certain monetary needs that may arise from time-to-time. Childrens education, start-in-life or marriage provision or even periodical needs for cashover a stretch of time can be less stressful with the help of these policies.Alternatively, policy money can be made available at the time of ones retirement fromservice and used for any specific purpose, such as, purchase of a house or for otherinvestments. Also, loans are granted to policyholders for house building or for purchaseof flats (subject to certain conditions).Who Can Buy A Policy?Any person who has attained majority and is eligible to enter into a valid contract caninsure himself/herself and those in whom he/she has insurable interest.Invest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 5. Invest InnPolicies can also be taken, subject to certain conditions, on the life of ones spouse orchildren. While underwriting proposals, certain factors such as the policyholder’s state ofhealth, the proponents income and other relevant factors are considered by theCorporation.Insurance For WomenPrior to nationalisation (1956), many private insurance companies would offer insuranceto female lives with some extra premium or on restrictive conditions. However, afternationalisation of life insurance, the terms under which life insurance is granted to femalelives have been reviewed from time-to-time.At present, women who work and earn an income are treated at par with men. In othercases, a restrictive clause is imposed, only if the age of the female is up to 30 years and ifshe does not have an income attracting Income Tax.Medical And Non-Medical SchemesLife insurance is normally offered after a medical examination of the life to be assured.However, to facilitate greater spread of insurance and also to avoid inconvenience, LIChas been extending insurance cover without any medical examination, subject to certainconditions.With Profit And Without Profit PlansAn insurance policy can be with or without profit. In the former, bonuses disclosed, ifany, after periodical valuations are allotted to the policy and are payable along with thecontracted amount.In without profit plan the contracted amount is paid without any addition. The premiumrate charged for a with profit policy is therefore higher than for a without profit policy.Keyman InsuranceKeyman insurance is taken by a business firm on the life of key employee(s) to protectthe firm against financial losses, which may occur due to the premature demise of theKeyman.Invest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 6. Invest InnWhich organizations are authorised to collect LIC premiums through their net-banking/phone-banking facility? • Authorised Banks:- o HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank, and Citibank • Authorised Service Providers (available only in select cities) :- o BillJunction.com, Timesofmoney.com, and BillDesk.com.Who can register with the authorised banks? • You as our policyholder having a bank account with any of the above-mentioned authorized banks in any of its branches in India. • You should have opted for the net-banking facility with the respective bank. Details of the same can be obtained from the respective bank through its web-site. Downloadable forms are also available for new customers. • You should be able to access the net-banking account with the login & password provided by the bank. • For more details about net-banking, you may log on to the respective bank’s website.Who can register with the authorised service providers? • You as our policyholder having a bank account in any bank in the select cities where the above-mentioned service providers have their operations. • On being approached, the service provider obtains a written mandate from you, authorising him to realise the billed amount directly from your bank account. You may have to give the bank account details and other requisite details as required by the service provider.In which cities do the authorised service providers operate from? • BillJunction.com has its operations in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmadabad & Pune. • TimesofMoney.com has its operations in Mumbai, Delhi, & Bangalore. • BillDesk.com has its operations in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmadabad, Pune, Baroda & Surat. They also have tie-ups with their partner banks viz. Bank of Baroda, IDBI Bank, ABN-AMRO Bank.How to add the policy details at the authorised bank/service provider’s web-site? • Using the login & password provided by the bank/service provider, you can log on to your account page at the bank/service provider’s websiteInvest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com
  • 7. Invest Inn • You have to add LIC as biller with the policy details and other requisite information. In general, you would have to enter the policy number, the installment premium, email-id and any other information. This is a one-time process for each policy. • Some of the service providers/banks’ web-sites have a demo page showing the process of adding the billers.How does LIC acknowledge the registered policy details? • The bank/service provider sends these details to LIC for validation & confirmation of the registration data at pre-determined intervals. • LIC validates the registration data and informs the bank/service provider about the registration status. Since LIC’s database is de-centralized, generally it takes a week’s time for confirmation of registration data. • A consolidated database of registered policies is maintained by LIC. This database is updated at regular intervals on the basis of changes received from the original servicing branches. • LIC also sends auto-mailers to the registered policyholders informing the registration status.When can I pay the insurance premiums? • On confirmation of the registration, LIC will regularly send the bills/invoices mentioning the due dates, premium amount, late fees, validity date, etc to the service provider/bank. • As and when premium becomes payable under the registered policy, LIC sends the bills to the bank/service provider, and the information will be displayed by the bank/service provider in your net-banking account page.Invest Inn Pune Blog: http://investinn.blogspot.comEmail: money_insurance@yahoo.com Web: http://investinn.tripod.com

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