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.