Tuesday, February 9, 2016

How to Register Your LIC Policy Online

Steps for Registering your LIC Policy online

First Time Registration

  1. Go to LIC website --> "www.licindia.in" 
  2. Near the Mid Right Hand side, you will find a button with the label "LIC's e-services". (This button was previously called "Online Services", "Portal Services", etc. So the name could change).
    Click this button
  3. You will be taken to another page with two buttons - "Registered User" and "New User". Click on "New User" if this is the first time you are enrolling a policy on LIC Site. 
  4. You will be taken to a page with a few fields like Policy Number, Date of Birth, etc. Enter all the requested information, check on the confirmation box and click on proceed.
  5. Enter the requested information, 
  6. After you enroll your policy, you will get a confirmation message. Take a print out of this, verify the details, sign it and submit it at your home branch office (the office where you have taken the policy). Your LIC Agent / Advisor will be able to help you with this process.

 Additional Policy Registration


On step 3 above, click on "Registered User" and enter your user id and password.
You have a provision to change your password if you have forgotten it.

After you login, look for a button on the Left hand side with the label "Enroll New Policy". Click on this button and you will be able to enroll all your policies online.

After you enroll all your policies, you will get a confirmation message. Take a print out of this, verify the details, sign it and submit it at your home branch office (the office where you have taken the policy). Your LIC Agent / Advisor will be able to help you with this process.

Why Register your Policy Online?

 The following are some advantages of registering your policy online
  1. You can have all policy information in one place.
  2. You can pay your premiums online with minimal steps through online banking channels. (Credit Cards incur a convenience charge)
  3. You get reminders for premium payments.
  4. You can avail of a few services online, one of them being the provision to change your communication address.
  5. You can get an easy estimate of the vested bonuses and amount of loan you can avail on a policy

Thursday, November 14, 2013

List of LIC's Plans being Withdrawn in Nov 2013

As already discussed in my previous post, IRDA has issued new regulations on Non-linked insurance policies, Linked Insurance products and Health Insurance Products. As per these policies, LIC would be withdrawing all those individual policies which are not in conformity with the provisions of the new regulations, in a phased manner.

The following are a list of products that are being withdrawn in the month of November 2013.

Sl.No.
Plan No.
Plan Name
Last Date for Sale of Plan
Date of Withdrawal
1
58
Convertible Term Assurance
15 Nov 2013
16 Nov 2013
2
52
Mortgage Redemption Assurance
15 Nov 201316 Nov 2013
3
43
Two Year Temporary Assurance
15 Nov 201316 Nov 2013
4
811
LIC's Flexi Plus
15 Nov 201316 Nov 2013
5
41
Children's Deferred Endowment Asurance (Vesting Age of 21 Years)
15 Nov 201316 Nov 2013
6
50
Children's Deferred Endowment Asurance (Vesting Age of 18 Years)15 Nov 201316 Nov 2013
7
8
Limited Payment whole Life policy
15 Nov 201316 Nov 2013
8
806
LIC's Bima Account - II
23 Nov 201324 Nov 2013
9
2
The Whole Life Policy
23 Nov 201324 Nov 2013
10
88
Jeevan Mitra
23 Nov 201324 Nov 2013
11
805
LIC's Bima Account
23 Nov 201324 Nov 2013
12
167
LIC's Jeevan Pramukh
23 Nov 201324 Nov 2013
13
812
New Jeevan Nidhi
30 Nov 201301 Dec 2013
14
164
Anmol Jeevan - I
30 Nov 201301 Dec 2013

 So if you planning for any of the above, please take then ASAP

Sunday, September 22, 2013

Why should you purchase Insurance BEFORE 15 December 2013

What is happening to LIC on the 30th of September 2013?


  • On 30th of September, most of the traditional plans of LIC of India are being retired. They are being replaced by new plans. This is because IRDA has come up with new regulations for linked, non-linked and health plans.
  • Till now, LIC has been bearing the cost of Service Tax. For all policies taken after 30 Sep 2013, the Service Tax will be borne by the Customer. For some plans, the date has been extended to 31 Dec 2013.  However, a number of plans will be retired in a phased manner.
  • While the last date for a few plans remains at 31 Dec 2013 (which plans will stay till then is not clear), it is suggested to do all buying before 15 Dec 2013 to account for holidays and other processing delays.

How does it affect the Customer?

  • New Insurance Policies are set to be costly by the addition of Service Tax
  • No impact expected on policies purchased before 30 Sep 2013.

How much is the Service Tax?
  •  3.09% of the Premium paid. So your premium goes up by 3.09% per year
A sample projection below:


What if Analysis Report - Why should you purchase Insurance BEFORE 30th Sep'13

BEFORE
30th Sep'13
** AFTER
1st Oct'13
Annual premium payable
61,320
61,320
Service tax applicable in the first year @ 3.09%

1,895
Net Premium payable in first year
61,320
63,215
Annual premium payable in subsequent year
61,320
61,320
Service tax applicable in the subsequent year @ 1.545%

947
Net Premium payable in subsequent year
61,320
62,267
TOTAL Premium payable during the term
23,59,796
23,97,202
Summary of the analysis
Additional amount to be paid, if purchased AFTER 1st Oct'13
( i.e.: 2,397,202 minus 2,359,796)

37,406
If the additional amount to be paid is re-invested @ 9.00%, the amount would be

11,47,523
Conclusion
LOSS due to the Insurance postponed for purchase AFTER 1st Oct 2013

37,406
Overall considering the magic of compounding, the LOSS amount would be
(if invested @ 9.00%)


1,147,523

Wednesday, January 23, 2013

LIC's Jeevan Ankur - Save for your Child - Plan No. 807

LIC's Jeevan Ankur

Plan No. 807  - UIN-512N267V01



  • An excellent Plan to Protect your Child's golden future
  • A With Profit Plan
  • A New Attractive Plan From LIC for Your Child.
  • Excellent Plan which takes care of the multiple Financial needs that arise as your kids grow up.
  • Parent is the Life assured and your child is the beneficiary.

Benefits

  • Maturity - End of the Term: Basic Sum Assured +Loyalty Additions
  • In the event of Death of LA:
  1. Basic S .A. for Immediate Expenses.
  2. Income Benefit meets yearly Expenses. (10% of BSA every year).
  3. Maturlty Benefits as planned

Eligibility

  • Entry age : Life assured -18 years to 50 years should Have a child Between 0 to 17 Years
  • Term : Min :18 minus child’s age or 8 years whichever is higher
  • : Max : 25 minus child's age.
  • Minimum S.A : Rs 100000 multiples of Rs. 5000 and no upper limit of maximum SA.
  • Mode of premium payment : Single, Yearly, Half yearly, Quarterly and Mly (ECS and SS8 only)
  • Attractive Mode rebate and High SA, rebates are available.
  • Optional Riders :
    • Accident benefit
    • Critical illness benefit
    • PWB option under critical illness rider

Sample premium Rates:
 Following are some of the sample premium rates (exclusive of service tax) per Rs. 1,00,000/- S.A.:

Single Premium
Age
Policy term

10
15
20
25
            20
61,545
49,495
40,595
34,800
30
61,880
50,335
42,210
37,530
40
63,875
54,160
48,360
46,360







Annual Regular Premium
Age
Policy term

10
15
20
25
       20
9,065
5,645
3,970
3,110
       30
9,120
5,750
4,135
3,350
       40
9,470
6,235
4,780
4,175






A Must-have Plan for all Parents

For more details contact on 98860 98816 or lic.purna@gmail.com

Details in Kannada 

Friday, January 18, 2013

LIC’s NEW JEEVAN NIDHI - A Deferred Pension Plan - No. 812

LIC’s

NEW JEEVAN NIDHI

(A Deferred Pension Plan - Plan No. 812)


  • A conventional with-profit pension plan.
  • On maturity the amount of sum assured+guranted addition+bonus will be converted into immediate annuity.
  • Guranteed addition @ Rs. 50/- per Rs.1,000/- sum assured during the first five year.
  • From sixth year onward simple reversionary bonus upto date of vesting
  • Death risk covered during deferment period.
  • Annuity will be paid at the rate applicable at the time of vesting.
  • On date of vesting option to take immediate annuity or invest the amount in deferred annuity plan of LlC.
  • Accident Benefit available
  • Age at entry from 20 years to 60 years
  • Deferment period 5 years to 35 years
  • Minimum age at vesting 55 years maximum 65 years.
  • Minimum Sum Assured Rs.1,00,000/- in Regular Premium and Rs. 1 ,50,000/- in Single Premium
  • No limit of Maximum Sum Assured
  • All Modes allowed
  • High Sum Assured and Mode rebate available.
  • Policy can be dated back
 Sample Premium Rates:
Following are some of the sample premium rates (exclusive of service tax) per Rs.1,00,000/- Sum Assured:
 
Single Premiums
Age at entry
Policy term
 
10
20
30
25
-
-
43,580
35
-
61,200
45,615
45
85,255
63,280
-

Annual Premiums
Age at entry
Policy term
 
10
20
30
25
-
-
3,275
35
-
5,360
3,480
45
11,525
5,715
-
 
 
Policy Highlights in Kannada




 For more details, contact me on lic.purna@gmail.com or 98860 98816

Thursday, January 17, 2013

LIC's Flexi Plus - A Unit Linked Plan - No 811

LIC's Flexi - Plus

(A Unit linked plan - Plan No. 811)



Quick View of Benefits
  • Two Funds to choose from - Debt Fund & Mixed Fund
  • On Maturity Policyholders Fund Value will be paid.
  • On Death three benefits
  1. Immediate lump sum payment equivalent to sum assured
  2. All future premium credited to Policy holder's Fund
  3. On maturity date the Policy holder's Fund Value payment
  • Four free switches of Fund in a year
  • Partial Withdrawal is allowed
  • All modes allowed
  • Sum Assured: (10* annualized premium) or (105% of the total premiums paid including any premiums which have fallen due but not paid), whichever is higher.
  • Premium range:
Mode Minimum (Rs.) Maximum (Rs.)
Yearly
15,000
100,000
Half-Yearly  
10,000
50,000
Quarterly
5,000
25,000
Monthly (ECS)
2,000
8,000
         




    
  •  Entry Age between 18 years to 50 years
  • Maximum maturity age 60 years
  • Policy Term between 10 years to 20 years
  • Charges likes Premium Allocation Charge, Mortality Charge, etc. applicable by cancelling units.
Quick View of Plan Benefits in Kannada


 
 For More Details: Please contact me on lic.purna@gmail.com or 98860 98816

Wednesday, March 16, 2011

LIC's Samridhi Plus: Guaranteed Returns New Plan from LIC


LIC's Samridhi Plus: Unit-Linked Insurance Plan
UIN: 512L265V01 Table No. 804

Guaranteed Returns New Plan from LIC

Your Search for Guaranteed Highest Returns with Life Cover Stops Here with LIC's Samridhi Plus

Your Prosperity – Our Guarantee

Guaranteed Highest NAV of First 100 Months

Plan Highlights:

  1. Life Cover at Cheaper Rate
  2. Accident Benefit
  3. Liquidity
  4. Investment Bhi... Bima Bhi
  5. Unlimited Single Premium
  6. Minimum Allocation Charges
  7. Secure Investment

Safe and Secure Investment Fund
One time payment or short-term investment

Eligibility Conditions:

  • Anyone from 8 years to 65 years can invest
  • Minimum single premium of Rs. 30,000/-
  • Single Premium Available, no upper limit
  • Encashment Provision after 5 years
  • Partial withdrawal, Surrender, discounting*
  • Risk cover
  • Tax Benefit Available
  • Single Premium, Yearly, Half-yearly, Quarterly, Monthly (ECS) modes available.

Contact me at 98860 98816 Immediately

Or Infocentre at 1251 for BSNL Landline Users or 080-26659230 for mobile users
For further details, please check the following link:http://www.licindia.in/samridhi_features.html

* Past performance may not be indicative of future Performance

Hurry!... Available for Limited Period only