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Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Drepturi de autor:
Attribution Non-Commercial (BY-NC)
Formate disponibile
Descărcați ca PDF, TXT sau citiți online pe Scribd
Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Drepturi de autor:
Attribution Non-Commercial (BY-NC)
Formate disponibile
Descărcați ca PDF, TXT sau citiți online pe Scribd
Year Age Normal Accidental Premium from L.I.C. 2011 38 500000 1000000 28869 0 2012 39 500000 1000000 28869 0 2013 40 500000 1000000 28869 0 2014 41 500000 1000000 28869 0 2015 42 500000 1000000 28869 75000 After a thumping success of the 2016 43 500000 1000000 28869 0 Bima Gold Plan, L.I.C. now 2017 44 500000 1000000 28869 0 introduces its enhanced version 2018 45 500000 1000000 28869 0 in a new Avtaar - 2019 46 500000 1000000 28869 75000 2020 47 500000 1000000 28869 0 New Bima Gold 2021 48 500000 1000000 28869 0 A money back plan with flexible 2022 49 500000 1000000 28869 0 premium payment options and 2023 50 500000 1000000 28869 75000 extended life cover. 2024 51 500000 1000000 28869 0 2025 52 500000 1000000 28869 0 Your benefits at-a-glance* 2026 53 500000 1000000 28869 0 2027 54 250000 250000 0 358904 Premiums: Your premiums (excluding rider premiums if any) 2028 55 250000 250000 0 0 are paid back to you during the 2029 56 250000 250000 0 0 policy term in installments. 2030 57 250000 250000 0 0 Loyalty Addition: In addition to the 2031 58 250000 250000 0 0 return of premiums you will also 2032 59 250000 250000 0 0 receive loyalty addition (depending 2033 60 250000 250000 0 0 upon the experience of L.I.C.) at the end of the policy term. 2034 61 250000 250000 0 0
Risk Cover: Despite the return of
461904 583904 premiums in installments there is a full insurance cover to the tune of v Loyalty Addition: The maturity amount shown in the year 2027 includes a the sum assured in the policy. loyalty addition of Rs. 130000. Please note that this is an estimation only and the actual loyalty amount will be depend upon the experience of L.I.C. Extended Cover: You also enjoy a free risk cover of 50% of the sum v Tax Saving: You will save a tax of Rs. 8681 per annum @30.6% under Sec. 80 assured for half the extra term CCE by payment of annual premium. beyond your policy term. v Yield: The yield on this policy works out to 4.75% without considering the tax Auto-Cover: Keep the policy inforce savings and 12.28 % after consideration of tax savings. even if the premiums are not paid for upto 2 years.
Choice of Terms: New Bima Gold
offers 3 term options to suit your requirements. You can choose from 12, 16 and 20 year terms.
Loan Available: You can avail of
loan in this policy after the policy acquires paid-up value.
Riders: Accident Rider is available
at a very nominal rate of Re.1 per 1000 sum assured.