Wednesday, May 26, 2010

SALIENT FEATURES OF PLI SCHEMES

ELIGIBILITY : Employees of all Government Departments/Government undertaking/Autonomous Bodies.

Age : 19 to 55 Years.

Tax Benefits:Income Tax Rebate under Sec.8c-c.

No Service Tax on Premium amount.

No Hidden Cost like Administrative charges

Loan : After 3 Years in Endowment Plans.

Interest on loan @10


Tuesday, May 4, 2010

Joint Life Assurance ( Yugal Surakaha)

The new Plan will be called "Yugal Suraksha"
a.The policy under this plan will be limited to a term of not less than five years and not exceeding 20 years.
b.The minimum sum for which a policy under this plan can be issued is Rs. Twenty thousand and maximum limit shall be Rs. five lakh, taking together the sum assured of any PLI policy issued earlier.
Eligibility :
a. The persons who are eligible to take insurance cover under Rules 2, 2A, 2B and 2C of POIF Rules shall be eligible to take a policy under this plan along with their spouse. If any insurant has more than one spouse living, such cover will be available only in respect of his/her eldest spouse.
b. Policy shall be issued only on the lives who are considered healthy, literate and have their independent source of income.
Age Limits :
The age at entry of both the spouses should not be less than 21 years and not more than 45 years (on the next birthday). Similarly, the age at maturity of older spouse should not be more than 60 years on the next birthday.

Anticipated Endowment Assurance

It has been decided to introduce a new scheme called "Anticipated Endowment Assurance Scheme" with effect from 01.02.1984 from the date of commencement of PLI centenary celebration. The salient features and the benefits offered under this scheme, in brief, here under: -
(i) A policy under the scheme will be available in tow plan one of 15 years and the other of 20 years.
(ii) The minimum sum for which a policy is issued will be Rs. 20,000/-.
(iii) The upper age limit for the 15 years and 20 years plans are 45 years and 40 years respectively.
(i) Under both the plans the sum assured will be paid in four installments as shown
below: -
15 year Term Plan
a. 20% of the sum assured on the life assured surviving to the end of 6 years
b. 20% of the sum assured on the life assured surviving to the end of 9 years
c. 20% of the sum assured on the life assured surviving to the end of 12 years.
d. 40% of the sum assured together with accrued bonus on life assured surviving to the end of 15 years
20 Year Term Plan
a. 20% of the sum assured on the life assured surviving to the end of 8 years
b. 20% of the sum assured on the life assured surviving to the end of 12 years
c. 20% of the sum assured on the life assured surviving to the end of 16 years.
d. 40% of the sum assured together with accrued bonus on life assured surviving to the end of 20 years
Salient Features of AEA-Sumangal
Anticipated Endowment Assurance AEA-Sumangal, No Loan & No Surrender is Applicable.

Wednesday, April 21, 2010

Benefits of Postal Life Insurance

1.100% security by Government of India
2.Income Tax Rebate under Sec. 88.
3.Low Premium. High Bonus.
4.Options for Loan, Assignment, Surrender, Conversion and Paid Up Value.
5.Repayment of Loan is optional. However interest is payable every 6 months.
6.Easy transfer to any place in India free of cost.
7.Pass book facility for payment of premia & other payments like loan, interest through any Departmental Post Office.
8.Pay recovery facility for Institutions and Organizations having more than 20 policies.
9.Facility for payment of premia monthly, half yearly and annually on any working day of the month for which it is due.
10.Rebate @ 1% for payment of 6 months premia in advance.
11.Rebate @ 2% for payment of 12 months premia in advance.
12.Nomination facility.
13. Facility for revival of policies lapsed due to non-payment of premium.
14. Payment of policy money through any Post Office, anywhere in India. Centralized accounting for quick and easy settlement of claims through fully computerized office management.

15.This is a Welfare Scheme that is why only for govt.Employee.
16.Low Premium High Bonus ( Comparison to other Insurance Policy
)

Friday, April 16, 2010

ENDOWMENT ASSURANCE ( SANTOSH)

ANNUAL BONUS@Rs.65 per Rs.1000 of Sum ASSURED

FEATURES OF THIS PLAN
1. LOW PREMIUM-HIGH BONUS
2. INCOME TAX REBATE UNDER SECTION 80-C
3. INSURANCE AGE BETWEEN 19 TO 55 YEARS.
4. PREMIUM PAYMENT FACILITY BY CASH OR CHEQUE AT ANY POST OFFICE
5. FACILITY OF LOAN AFTER COMPLETION OF THREE YEARS
6. SURRENDER VALUE ADMISSIBLE AFTER 3 YEARS
7. FACILITY OF CONVERSION AND ASSIGNMENT
8. RISK COVERED FROM THE DATE OF COMMENCEMENT (WITH PROFIT PLAN)
9. FACILITY OF NOMINATION
10.PROVISION FOR REVIVAL OF VOID OR INACTIVE POLICIES
11. MAXIMUM LIMIT OF AGGREGATE SUM ASSURED IS TWENTY LAC (20 LAC)
12. AT PRESENT BONUS IS RS-65/- PER 1000/- BUT IT MAY BE CHANGE IN FUTURE ACCORDING POSTAL DEPT.POLICEY.

Thursday, April 15, 2010

What is Postal Life Insurance?

POSTAL LIFE INSURANCE
Insuring lives Ensuring Prosperity
Insure with Postal Life Insurance
Estd.in 1884
India Post is the backbone of communication in India since 1884 and this is a government department who is working since 1884. Now they are into the insurance sector too in the name of Postal Life insurance. there are many schemes for all the govt employees and rural areas people and they are offering the insurance from 1 lac to 20 Lac.
they are giving a very good returns in the form of return like if you do the insurance of 1 lac for 5 years , they will give you a guarnteed bonus of Rs.6500 per year for a term of 5 years.