+91 9998272519 Jayesh@licadvisor.in

PURPOSE OF INSURANCE

Every human being has fear in his mind.

  • The fear whether he will be able to meet the basic needs of the life i.e. Food, clothing and Housing (Roti, Kapda and Makkan).
  • He has fear not only for himself but also for his dependents.
  • The source of income to meet his basic needs may be through service or business.
  • If he was able to meet his basis needs then he acquires the assets i.e. vehicles, property or jewellery.
  • Then he gets additional fear of saving the assets from destruction. ( The assets may be destroyed through accident, fire or earthquake etc. and the income may be cut off due to certainty i.e. old age and death or uncertainty i e. accident, illness or disability.)
  • As you know, the old age and death is certain for every human being while the accident, illness, disability and destruction of assets may be random.
  • A certain number of accidents will take place but with whom, it is uncertain.

Therefore, to overcome these problems, the Insurance plays a very important role.

The principal source of income of an individual comes from the compensation for work performed by him. If this source of income gets cut off then:

Family will make social and economic adjustments like:

  • Wife may take employment at the cost of home making responsibilities
  • Children may have to go for work at the cost of education.
  • Family members might have to accept charity from relatives, friends etc. at the cost of their independence and self-respect.
  • Family standard of living might have to be reduced to a level below the essentials for health and happiness.

Link Your AADHAAR And PAN To Your LIC Policies

 Life insurance companies have to mandatory obtain their customers’ Aadhaar numbers and link the same with their respective policies. This follows an amendment in the Prevention of Money Laundering Act (PMLA) Rules, 2017 in June of this year.

ONLINE PROCESS
Before you start the online process, keep these documents and numbers handy:

• Policy numbers
• Make sure that your mobile number is updated in your Aadhaar card. If not, then get it updated before linking them. You will have to enter the mobile number as registered with UIDAI as the OTP generated will be sent to this number.

Step 1: Visit the LIC website, and on the homepage click on ‘Link Aadhaar and PAN to policy’.

Alternatively, click here to go directly and click on ‘Proceed’.

You can also click here to go directly to the linking page (https://kyclink.licindia.in/UIDSeedingWebApp)

Step 2: Fill and submit the form after furnishing Aadhaar, PAN, email, and mobile number.
Step 3: A message will be shown on the success of the registration for linkage.

Step 4: After verification with UIDAI, an SMS or email confirmation will be sent to you. The verification may take few days.

OFFLINE PROCESS
If for any reason you cannot do the linkage online, or especially when you are not required to hold PAN (and therefore have to furnish Form 60), here’s how you can link your policies offline:

What you need:
• Aadhaar /PAN mandate form
• Self-attested copy of Aadhaar card and PAN Card / Form 60
• Policy numbers.

To get the form, either ask your agent to get one for you or download from the LIC website – On the homepage click on ‘Download Aadhaar /PAN mandate’.

The Form ( as on LIC website) opens up as a PDF document.

After filling the form, you can submit this Aadhaar / PAN Mandate Form along with a self-attested copy of Aadhaar card and PAN Card / Form 60 at the nearest LIC Branch for linking of your Aadhaar / PAN number to your policies. While self-attesting, it’s better to mention on the photocopies the purpose of furnishing the self-attested documents, i.e., for the purpose of linking of policies, in order to minimise the misuse, if any.

LIC advisory
After messages started floating around in social media regarding the linking process of LIC policies through SMS, LIC had recently come out with an advisory stating, “LIC of India informs the public and policyholders that no such message has been sent by LIC. Also no facility to link Aadhaar number to policies is available through SMS in LIC.” To avoid any misuse of one’s personal information make sure to go through your agent or visit the LIC office directly.

Aadhaar or PAN compulsory for new registration on LIC website
To access online services on the LIC website, the insurer had already made it compulsory to furnish PAN or Aadhaar number. Policyholders looking to register for online services will have to either provide PAN or Aadhaar number in addition to other details such as policy number and date of birth.
Click here to know more about it.

Should you invest in LIC’s Jeevan Utkarsh single premium policy?

Life Insurance Corporation’s (LIC) Jeevan Utkarsh is a closed-ended single premium insurance plan. It was launched in September and is open for investments till March 31, 2018. It is a non-linked, with-profit, single premium life insurance plan which comes with an option for accidental death and disability benefit riders in its basic plan.

How it works
The amount of single premium will depend on the sum assured chosen called the basic sum assured, which will be paid on maturity of the plan. The minimum basic sum assured is Rs 75,000 and the premium will vary according to age of the policyholder.

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If the policyholder dies before the policy matures, the death benefit (10 times the single premium) along with loyalty addition, if any, will be paid to the nominee. On surviving the term, the policyholder gets the sum assured along with loyalty additions, if any, on maturity.

When will the loyalty additions be paid?
Typically, with-profit insurance policies are eligible for bonuses. Jeevan Utkarsh has no provision for bonuses but has the element of loyalty additions. According to LIC, “The policies under this plan shall participate in the profits in the form of loyalty addition which shall be payable at the time of exit after completion of 5 policy years.” It means the policy will be eligible for loyalty additions only after 5 years either on death or on surrendering the policy.

Depending on the insurer’s profitability, and hence not guaranteed, the declared loyalty addition will be added to the sum assured and paid on maturity. It’s a one time-addition to the policy unlike bonuses which are added each year when the insurance company makes a profit.

Returns on the policy
This is a policy with tax benefits under section 80C of the Income-tax Act, 1961. It’s not market-linked nor a guaranteed return plan as the returns will hinge solely on the amount of loyalty additions declared by LIC.

As per the illustration on the LIC website, here are the returns that can be expected:

For a 25-year-old who opts for a sum assured of Rs 75,000,  ..

LIC of India has launched its new Single Premium – Jeevan Utkarsh Plan (846)

LIC Jeevan Utkarsh (Table No: 846) is Single Premium Plan with Fixed Term of 12 Years. Enter your details to calculate your single premium including appliable GST as per your age and Sum Assured.

LIC of India has launched its new Single Premium, Closed ended plan Jeevan Utkarsh, Plan No. 846. This plan will be available for sale from 06/09/2017 up too 31/03/2018.

LIC’s Jeevan Utkarsh is a Non-linkedwith profits, saving cum protection plan in which risk cover is 10 times the single premium.

 

Benefits of LIC Jeevan Utkarsh Plan 846

There are two types of benefits in LIC Jeevan Utkarsh Plan 846.

# Maturity benefits of LIC Jeevan Utkarsh Plan 846

If the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition (LA), if any, will be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

# Death Benefits of LIC Jeevan Utkarsh Plan 846

a) If death occurs within the first 5 years of policy

If death occurred before the commencement of risk, then LIC will refund the single premium without any interest on it. Also, this refund of single premium will not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.

If death occurred after the commencement of risk, Sum Assured will be payable to nominee without any additional benefits.

b) If death occurs after the 5th years of policy and before maturity

Sum assured which is equal to 10 times of your single premium and Loyalty Addition will be payable to the nominee.

Sum Assured at death will be highest of the below

-125% of the single premium; or

-Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured; or

-10 times of Single Premium

Loyalty Addition of LIC Jeevan Utkarsh Plan 846

Along with Sum Assured, this plan offers you the benefit of Loyalty Addition or LA. You will be eligible for LA after the completion of five policy years in the form of Death during the policy term or Maturity.

Settlement option of LIC Jeevan Utkarsh Plan 846

This feature I think first time introduced by LIC. You can receive the settlement amount (death or maturity) in installments over the chosen periods like 5 Yrs, 10 Yrs or 15 Yrs instead of a lump sum one-time settlement.

The policy holder has to choose this option but not the nominee. You can receive this maturity installment settlement either in monthly (Minimum Rs..5,000),  Quarterly (Minimum Rs.15,000), Half-Yearly (Rs.25,000) or yearly (Minimum Rs.50,000).

If your chosen option is below the above-said minimum limits, then you will receive it as a lump sum settlement only.

 

 

LIC’s Jeevan Umang provides cover till age of 100. should you buy?

Life Insurance Corporation of India recently launched ‘Jeevan Umang’, a plan that offers cover up to the age of 100. The policy offers annual survival benefits from the end of the premium-paying term till the age of 99, and a lumpsum payment at the time of maturity, or on the policyholder’s death.

The product, which covers life up to 100 years, is called a whole-life product. ET digs deep into whole-life products and finds out who should buy it.

How does a whole-life policy work?
A whole-life plan is a life insurance policy that remains throughout the lifetime of the insured. Some companies have launched whole-life policies that offer maturity and death benefit under such a policy. The advantages are fixed costs and low premium payments.

LIC’s product offers maturity benefit after 40 years from the date of commencement of the policy, provided the insured becomes 80.

Who can buy it?
Though different companies have different age limits of buying this policy, LIC’s Jeevan Umang can be bought by anyone between 90 days and 55 years. Though the maturity age is 100 years, companies have launched products with 80 years maturity.

If the insured lives past the maturity age, the policy will become a matured endowment. The insured will get the benefit as maturity benefit in any money back or endowment plan.

What is the return?
Return varies depnding on insurers.

LIC’s product offers survival benefits equal to 8% of basic sum assured and paid-up sum assured, respectively. The policy pays first survival benefit at the end of the premium-paying term and thereafter on completion of each subsequent year till the life assured survives, or till the policy anniversary prior to the date of maturity.

Source

VERY IMP FOR JEEVAN UMANG

* *जीवन उमंग * प्लान -845**

🌷🌷आजीवन मनीबैक योजना को जन्मदिन के अनमोल उपहार स्वरूप प्रचारित कीजिये । अर्थात आपकेे बच्चों और नाती – पोते को उनके जन्मदिन के दिन सुबह ११ बजे जब ₹१६०००/- उनके १०० वर्ष की आयु तक खाते में क्रेडिट होने का SMS आएगा तो जो भावुक पल आँखों के सामने होगा उसे महसूस करने के लिए शायद आप नही होंगें , पर आपकी रूहानी उपस्थिति का अहसास तीन पीढ़ियों तक होगा। ये प्लान मात्र एक निवेश योजना नही है, ये तीन पुश्तों को एक सुनहरे धागे से जोड़ने का मखमली अहसास है जो अन्यत्र दुर्लभ है। ये रिश्तों की जमा पूंजी है अतः इसे तत्काल प्रारंभ करके स्नेह का इज़हार करें।
🌹🌷

❗ 15 वर्ष 16000 दीजिये और जीवन भर 16000 पाये

❗ 20 वर्ष 11000 दीजिये और जीवन भर 16000 पाये

❗ 25 वर्ष 8100 दीजिये जीवन भर 16000 पाये

❗ 30 वर्ष 6300 दीजिये जीवन भर 16000 पाये

उसके बाद भी पूर्णावधि *(100वर्ष ) या उसके पूर्व मृत्युु होने पर बीमा राशि 200000+बोनस+ अंतिम अतिरिक्त बोनस परिवार को दुःख की घड़ी में निगम द्वारा दिया जाएगा। ये धनराशि आयकर भार से मुक्त होगी तथा विद्यमानता हितलाभ की रकम भी नही कटेगी।

Contact :

Jayesh Prajapati, LIC AGENT

M.NO : 9998272519

LIC Jeevan Umang Plan (845) Details

LIC Jeevan Umang (Table No: 845) is a non-linked whole life assurance plan which provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment up to 100 year of age and on maturity lump sum amount on maturity (completion of 100 years) or death. This plan is similar to Jeevan Tarang (178) Plan which is closed for sale. Features and benefits of this plan have been explained here with example.

Key Features

  • 8% of SA per year as survival benefits
  • Suitable plan for pension
  • Whole Life Plan
  • Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

Age at Entry 90 Days (Completed)
Calculate your Age
Premium Paying Term (PPT) 15, 20, 25, & 30 Years
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT
Age at Maturity 100 Years (Nearest Birthday)
Policy Term 100 – Age at Entry
Basic Sum Assured 2,00,000 and above in multiples of 25,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Survival and Maturity Benefits

  • On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
  • on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death benefits

  • If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
  • If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk

    • In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.

Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.

  • If policy holder is 8 year old at the time of buying policy then, risk will start immediately.

LIC Jeevan Umang (845) Policy with an Example:

To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.

Purchase Year 2017
Age (Years) 25 (Completed)
Basic Sum Assured 25,00,000
Premium Paying Term 30
Policy Term 75 (100-25)
Yearly Premium 72,053

As per above policy details, the policy holder is require to pay premium for 30 years and once this premium paying term of 30 years completed, the policy holder starts receiving 2,00,000 (8% of BSA) per year up to his 99 years of age and on completion of 100 years of age or completion of policy term maturity will be paid.

Following table provides year-wise and age-wise total premium paid, death claim amount, survival benefits and maturity.

Year No Year Age Deposit Amount Sum Assured Bonus (Approx) Risk Cover (Approx) Return
1 2017 25 72053 2500000 0 2500000 0
2 2018 26 144106 2500000 122500 2622500 0
3 2019 27 216159 2500000 245000 2745000 0
4 2020 28 288212 2500000 367500 2867500 0
5 2021 29 360265 2500000 490000 2990000 0
6 2022 30 432318 2500000 612500 3112500 0
7 2023 31 504371 2500000 735000 3235000 0
8 2024 32 576424 2500000 857500 3357500 0
9 2025 33 648477 2500000 980000 3480000 0
10 2026 34 720530 2500000 1102500 3602500 0
11 2027 35 792583 2500000 1225000 3725000 0
12 2028 36 864636 2500000 1347500 3847500 0
13 2029 37 936689 2500000 1470000 3970000 0
14 2030 38 1008742 2500000 1592500 4092500 0
15 2031 39 1080795 2500000 1790000 4290000 0
16 2032 40 1152848 2500000 1925000 4425000 0
17 2033 41 1224901 2500000 2072500 4572500 0
18 2034 42 1296954 2500000 2220000 4720000 0
19 2035 43 1369007 2500000 2430000 4930000 0
20 2036 44 1441060 2500000 2577500 5077500 0
21 2037 45 1513113 2500000 2825000 5325000 0
22 2038 46 1585166 2500000 3122500 5622500 0
23 2039 47 1657219 2500000 3445000 5945000 0
24 2040 48 1729272 2500000 3692500 6192500 0
25 2041 49 1801325 2500000 4065000 6565000 0
26 2042 50 1873378 2500000 4437500 6937500 0
27 2043 51 1945431 2500000 4860000 7360000 0
28 2044 52 2017484 2500000 5282500 7782500 0
29 2045 53 2089537 2500000 5705000 8205000 0
30 2046 54 2161590 2500000 6302500 8802500 0
31 2047 55 0 2500000 Bonus 8802500 +  Bonus * 200000
32 2048 56 0 2500000 Bonus 8802500 +  Bonus * 200000
33 2049 57 0 2500000 Bonus 8802500 +  Bonus * 200000
34 2050 58 0 2500000 Bonus 8802500 +  Bonus * 200000
35 2051 59 0 2500000 Bonus 8802500 +  Bonus * 200000
36 2052 60 0 2500000 Bonus 8802500 +  Bonus * 200000
37 2053 61 0 2500000 Bonus 8802500 +  Bonus * 200000
38 2054 62 0 2500000 Bonus 8802500 +  Bonus * 200000
39 2055 63 0 2500000 Bonus 8802500 +  Bonus * 200000
40 2056 64 0 2500000 Bonus 8802500 +  Bonus * 200000
41 2057 65 0 2500000 Bonus 8802500 +  Bonus * 200000
42 2058 66 0 2500000 Bonus 8802500 +  Bonus * 200000
43 2059 67 0 2500000 Bonus 8802500 +  Bonus * 200000
44 2060 68 0 2500000 Bonus 8802500 +  Bonus * 200000
45 2061 69 0 2500000 Bonus 8802500 +  Bonus * 200000
46 2062 70 0 2500000 Bonus 8802500 +  Bonus * 200000
47 2063 71 0 2500000 Bonus 8802500 +  Bonus * 200000
48 2064 72 0 2500000 Bonus 8802500 +  Bonus * 200000
49 2065 73 0 2500000 Bonus 8802500 +  Bonus * 200000
50 2066 74 0 2500000 Bonus 8802500 +  Bonus * 200000
51 2067 75 0 2500000 Bonus 8802500 +  Bonus * 200000
52 2068 76 0 2500000 Bonus 8802500 +  Bonus * 200000
53 2069 77 0 2500000 Bonus 8802500 +  Bonus * 200000
54 2070 78 0 2500000 Bonus 8802500 +  Bonus * 200000
55 2071 79 0 2500000 Bonus 8802500 +  Bonus * 200000
56 2072 80 0 2500000 Bonus 8802500 +  Bonus * 200000
57 2073 81 0 2500000 Bonus 8802500 +  Bonus * 200000
58 2074 82 0 2500000 Bonus 8802500 +  Bonus * 200000
59 2075 83 0 2500000 Bonus 8802500 +  Bonus * 200000
60 2076 84 0 2500000 Bonus 8802500 +  Bonus * 200000
61 2077 85 0 2500000 Bonus 8802500 +  Bonus * 200000
62 2078 86 0 2500000 Bonus 8802500 +  Bonus * 200000
63 2079 87 0 2500000 Bonus 8802500 +  Bonus * 200000
64 2080 88 0 2500000 Bonus 8802500 +  Bonus * 200000
65 2081 89 0 2500000 Bonus 8802500 +  Bonus * 200000
66 2082 90 0 2500000 Bonus 8802500 +  Bonus * 200000
67 2083 91 0 2500000 Bonus 8802500 +  Bonus * 200000
68 2084 92 0 2500000 Bonus 8802500 +  Bonus * 200000
69 2085 93 0 2500000 Bonus 8802500 +  Bonus * 200000
70 2086 94 0 2500000 Bonus 8802500 +  Bonus * 200000
71 2087 95 0 2500000 Bonus 8802500 +  Bonus * 200000
72 2088 96 0 2500000 Bonus 8802500 +  Bonus * 200000
73 2089 97 0 2500000 Bonus 8802500 +  Bonus * 200000
74 2090 98 0 2500000 Bonus 8802500 +  Bonus * 200000
75 2091 99 0 2500000 Bonus 8802500 +  Bonus * 200000
76 2092 100 0 8982500 +  Bonus *

*The Bonus after premium payment term accumulated differently, that is why it indicted as 8802500 +  Bonus.

Above benefit illustration is prepared for the purpose of plan explanation only and the values in this illustration are based on assumptions which may change completely. It is assumed that, this plan is similar to closed LIC Jeevan Tarang (178) plan, so bonus (Rs. 49 per thousand of BSA) of Jeevan Tarang is taken for generating illustration.

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