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    Harish Chand
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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

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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

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    34 vizualizări3 pagini

    Rad 0 BECA

    Încărcat de

    Harish Chand
    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

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    din 3

    Harish Chand

    Delhi LIC Agent


    577, GH-9, PASCHIM VIHAR NEW DELHI- 110087 INDIA, 9811896425, 9212201725 www.delhiLICagent.com

    Multi - Plan Chart


    Date : 09/07/2011

    Wonder-Plan Quotation
    Quotation No Name Date of Birth : Quota123 : Deepak Mohindru : 09/07/1955 : 9.00% Age : 56 Chart Date Chart required upto I. T. Slab Loan Re-Investment Rate Maturity/S.B. proceeds Re-invt. Rate Sec.80 CCE Inv. Limit : 100000 Sec.80 CCE Tax Rebate : 09/07/2011 : 09/07/2022 : 33.99% : 0.00% : 0.00% : 33.99%

    Loan Interest Rate

    Sr. No

    Year

    Plan/Tm/ Prem. Tm

    Plan Name

    Sum

    M d

    Interim Bonus Rate

    Assu Bonus Rate

    Assu Step Rate A/c

    Basic Premium

    Installment Premium

    Annual Premium

    Mat Date

    2011

    14/11/11

    Endowment With Profits


    Total :

    700000 700000

    38

    38

    0.00

    74376 74376

    75076 75076

    75076

    09/07/22

    75076 p.a.

    Rider Details
    Sr. No 1 Plan/Tm/ Prem. Tm 14/11/11 Rider Name Rider Sum 700000 Total : 700000 Rider Term 11 Prem. Term 11 Installment Premium 700 700 Annual Premium 700 700 Total Premium Pd. 7700 7700

    Year 2011

    Double Accident Benefit

    1. '*' : - Assuming LIC will declare the above mentioned bonus rates for the year ended 31-Mar-2011 2. '#' : - Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above. 3. ** If premiums paid during the year for any policy exceeds 20% of Sum Assured then Maturity proceeds will be taxable and
    eligible amount for section 80 CCE rebate will be restricted to 20% of Sum Assured.

    The above statement is based on certain assumptions which are liable to change according to Government/Corporation's policies.

    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR NEW DELHI- 110087 INDIA, 9811896425, 9212201725 www.delhiLICagent.com

    Multi - Plan Chart

    Insurance Facts
    Quotation No Name Date of Birth : Quota123 : Deepak Mohindru : 09/07/1955
    Risk Cover Year
    2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

    Chart Date Chart required upto Age : 56 I. T. Slab


    Tax Saved
    25518 25518 25518 25518 25518 25518 25518 25518 25518 25518 25518 0 280698

    : : :

    09/07/2011 09/07/2022 33.99%


    New Loan Available
    0 0 78250 56000 51500 58750 67250 81000 92750 106500 187500 0

    Age
    56 57 58 59 60 61 62 63 64 65 66 67

    Normal
    726600 753200 779800 806400 833000 859600 886200 912800 939400 966000 992600 0

    Accident
    1426600 1453200 1479800 1506400 1533000 1559600 1586200 1612800 1639400 1666000 1692600 0 Total :

    Annual Premium
    75076 75076 75076 75076 75076 75076 75076 75076 75076 75076 75076 0 825836

    Net Premium
    49558 49558 49558 49558 49558 49558 49558 49558 49558 49558 49558 0 545138

    Returns From L.I.C.


    0 0 0 0 0 0 0 0 0 0 0 992600 992600

    Total Loan Available


    0 0 78250 134250 185750 244500 311750 392750 485500 592000 779500 0

    The above statement is based on certain assumptions which are liable to change according to Government/Corporation's policies.

    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR NEW DELHI- 110087 INDIA, 9811896425, 9212201725 www.delhiLICagent.com

    Multi - Plan Chart

    Summary of Proposed Insurance


    Quotation No Name Date of Birth : Quota123 : Deepak Mohindru : 09/07/1955 Age : 56 Chart Date Chart required upto I. T. Slab : 09/07/2011 : 09/07/2022 : 33.99%

    Maximum Risk Cover enjoyed (Normal) Maximum Risk Cover enjoyed (Accidental) Total Premium paid Less : Tax saved on premium

    Rs. Rs. Rs. Rs.

    992600 1692600 825836 280698

    Net Premium paid


    Proceeds from LIC by way of Maturity / Sur. Bens.
    Tax Payable Net after tax Payable

    Rs.
    Rs. Rs. Rs. Rs. Rs.

    545138
    992600 0 992600 992600 0

    Compounded Value of LIC proceeds @ 0.00 % by 2022 Additional Gain through Loan re-cycling @ 0.00 %

    Net in hand as on 2022

    Rs.

    992600

    Yield on Investments 9.72 %


    Assumptions
    --> Premium payments will save tax. --> Returns will not be Re-invested in Section 80 CCE schemes. --> Gains on Returns Re-investments will not be taxed. --> Gains on Loans Re-investments will not be taxed.

    The above statement is based on certain assumptions which are liable to change according to Government/Corporation's policies.

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