Term insurance lic and others,home defense buckshot jones,build your own house skyrim guide,verify motorcycle vin 2014 - Step 2

12.06.2015
Both Anmol and Amulya Jeevan II are protection plans giving only death benefits during the policy term. Important difference is the sum assured but premium paid per lakh for Anmol Jeevan is approximately double that of Amulya.
Whenever LIC, the biggest and the oldest life insurer, comes up with new policies, there is a lot of buzz around them.
At a first glance the basic features of LIC’s latest term policies look similar to the old ones. The premium paid for term insurance greater than 25 lakhs is a lot lesser than the old plan. For insurance of 15 Lakhs – LIC is charging close 60% more on annual premium than iCare and Click2Protect. Private insurers especially HDFC life and ICICI prudential are faring far better by charging less for more insurance. According to the recent IRDA statistics, the trends indicate HDFC life and ICICI prudential are catching up with LIC in terms of claim settlement. Before surrendering the policy, please compare the premium you need to pay for new Amulya jeewan policy at your current age.
Now, can you please suggest whether it is advisable to continue with the old version or take a fresh policy of Amulya Jeevan (New)? So, if the effective premium per annum (including service tax) comes down with the new policy, then what’s the harm ? You can consider buying online term plans since they are cheaper and at your age the premiums are generally high. Very good article and an eye opener as our family always prefer LIC , may be we feel secure with this brand. Dear Vivek ,please note that still LIC is the best and its not true what you said,”eye opener”!
Kindly compare individual death claim ratio LIC paid average only 9 Lacs per claim and private insurance company paid 22 lacs per claim. From where you learnt all claim data regarding private insurance companies??how you can claim private life insurer are honoring claims more than LIC??
Unless and until we have data to compare Claim Settlement Ratio with regards to Term Insurance alone for LIC and private players, there is no way to tell who is better. It is a well known fact that 99% of what LIC sells is traditional investment policies in which case the Sum Assured is very low and easy to pay out. Considering how LIC agents are officials are desperate to mis-sell crap policies to innocent investors who don’t know any better, I am not at all convinced that LIC cares about our interests.
Hello, I want to take Anamoil Jivan -II, for 5 years as term plan and also for Tax benefit , I do not want to invest for long term and high amount. A term plan is for the financial security of loved ones in case of any mishappening to the earning member. Can you please confirm the settlement ration for Aviva, since you have not even mentioned Aviva in your comparison table I am bit worried if I have chosen the right insurance provide.
You can get the information on Claim settlement of life insurance companies from IRDA annual report.Visit their website. Aviva might have higher rejection of death claims but you need to understand that the reason for this can be various.
However, in case of travelling frequently abroad, for some companies you may have to inform when your trip is for a longer period say 2-3 months. Is liye mein prefer karonga ki lic ka minimum 25 to 30 lakh ka ins sabhi youth professional ka ho jo 30 to 40 age ke hein depend apni future liabolity ko dekh te hue.
Now, can you please suggest whether it is advisable to continue with the old one or take a fresh policy of Amulya Jeevan (New) or any other one? As your age is higher you will have to go for medical test and any issues there can impact your policy issuance. 2)For the reasons based on which insurance companies have introduced online plans, why don’t LIC introduce online plan. 3) If LIC is considering its agents system as hurdle, even other insurance companies must have faced the same while introducing online products in the era of agent based offline products.
There is no benefit in changing your insurance company unless you are not satisfied with it or there is significant difference between the premiums.
Is it correct to really compare the claim settlement ratios in our country where most of them are basically money back type, especially in the case of LIC?


The claim settlement of insurance is on death of policyholder so the ratio gives a fair picture.
I have heard that LIC covers almost everything(360degree coverage) except suicide where as other players in same fields have some exclusions included in the term plan.
The conditions in term insurance are generally the same across the companies including LIC.
LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured.
Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount. You can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years. The below illustration is for a healthy Male of 35 years (non-tobacco user) opting for a Annual Premium = Rs.
Term Rider- The minimum and maximum age at entry will be 18 and 50 years respectively and the minimum Sum Assured will be Rs.1 lakh upto a maximum of Rs 25 lakhs. LIC New Jeevan Anand, a guaranteed return endowment plan from LIC comes with bonus facility. Where, Sum Assured on Death = Higher of 125% of Basic Sum Assured or 10 times of annualised premium.
This death benefit shall not be less than 105% of all the premiums paid as on date of death. If the policyholder adds this rider to his policy, then an amount equal to the Basic Sum Assured (subject to the maximum of Rs.50 lakh) will be paid. The overall limit will be considered taking all existing LIC policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with LIC. Final Addition Bonus may also be payable provided the policy has run for certain minimum period. The policy can be surrendered for cash provided at least three full years’ premiums have been paid.
The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid excluding extra premiums and premiums for riders, if opted for. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the insurer. If at least 3 full years’ premiums have been paid, then this policy shall continue as a paid-up policy.
The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums payable i.e. This Paid-up Sum Assured along with vested simple reversionary bonuses (if any), is payable on maturity or death. Maturity Benefit – When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not. You want to surrender the policy – Surrender Value is paid if premiums for 3 years have been paid up for Regular Premium Policies and 1 year for Single Premium Policies.
That’s why most of our money goes into this instrument in the month of January, February and March.
It means an Aam Aadmi who insures less than 25 lakhs has to bear more burden than the high networth individual. But even with premium reduction on their annual term plans, LIC new term plans still have a long way to go, if they have to compete with its alternatives HDFC Click2Protect and ICICI Prudential iCare. The quality difference between LIC and these private insurers seems to be only in our mindset.
Is it better for me to surrender that policy and take a new one since the premium will be lower?
Buying a new policy means you have to pay Service Tax at the rate of 3.09% on premium every year, which makes it a costly affair. Most of the older companies such as ICICI, HDFC, Kotak have these plans which you can consider.
But honoring claims of term insurance with 50L to 1 crore sum assured (which are quite common) is quite a different ball game. Go for Single Premium endowment Plan or Tax saving FD or ELSS to get the benefit of Tax Exemption.


It can also be due to high frauds in certain areas, as has been stated by the company.So you need to check in detail.
The only reason for that was I asked the HDFC agent that I travel overseas frequently and might even become a NRI in the future.
The reason is that there are certain countries where term insurance is not issued to NRIs and there are other rules which apply. You can compare it with other players on basis of parameters as only claim settlement may not be appropriate and then take a decision. You can look at this option when your insurance need increases in future and you have to buy additional term insurance. If you wish to discontinue for savings of premium its wiser that you apply for the fresh policy first and then take any action on old policy. I think the difference in the premium is due to the online vs offline nature of the insurance plans.
However, there may be few additional disclosures or processes in some cases which companies may impose on the basis of their experience.
If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions.
On maturity, the policyholder will get Basic Sum Assured plus vested Simple Reversionary Bonus plus Final Addition Bonus.
Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus, if any. This is a child benefit Endowment Plan where the parent is the Life Insured and the child is the nominee. The Sum Assured + the Loyalty Additions would be paid as Maturity Benefit irrespective of whether the Life Insured is alive or not. However if at least 3 years’ premium shave been paid then the policy acquires a Paid Up Value and the risk cover continues at the reduced Sum Assured. For the same reason, insurance companies and agents’ earnings rises manifold during these months.
Because of this, we always recommend term plans, as their only purpose is to cover life risk.
Ideally you should divide your term plans in 2-3 companies, based on their premium, company’s claim settlement ratio and no.
But first you should evaluate your insurance need so that you know how much life insurance coverage you have to buy.
The benefit is paid only on death of life insured and that’s the reason the premiums are too low. In my view if you have disclosed all the information to the company, your family should not face a problem in getting claim. You can companies which are doing good as mentioned in the article or work on certain parameters to select.
A higher ratio means the company has been able to settle most of the cases along with taking care in frauds while a low ratio means there can be issues involved. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.
This plan has been especially designed so that the benefits are payable for the child’s future even if the parent does not survive till the end of the policy tenure.
There is a further payment of 10% of the Sum Assured every year from the date of death of the Life Insured till the end of the policy tenure as Income Benefit. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.
His answer was that every time you go abroad you have to intimate the company, failing to do so might result in denial of claim, whereas the LIC agent straight away answered that it doesn’t matter. Koi nahi chahega ki uska claim rejectin ke 5 percent case me ajaye or wo ese grd per reject ho jo condition apke bus mrin nahi thi. As per present table Birla term plan, which I suppose is offline plan has premium 1.5 times than LIC. These are the least expensive policies & there is no comparison with investment based insurance plans.



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