IRDA chief calls investment ceiling expansion imprudent

IRDA's Chief calls raising investment ceiling for LIC imprudent

LIC’s Chairman Mr. J Hari Narayan does not favour the government’s decision to let it invest up to 30% in a company. He stated that this is also under the legal agenda as per the Government of India which is of the view that LIC cannot be treated as the other private insurers as there are certain provisions, which is in accordance with the LIC Act.

As against the existing norm which states that the LIC can invest up to 10% in a company, under the Insurance Act, 1999, after the Government of India stated that the LIC act 1959 supersedes the Insurance act, 1999, the LIC of India will now be allowed to invest up to 30% in a company.

The Chief of IRDA stated that the regulator has enough autonomy and the issue in question about the LIC holds a legal angle too. The new product designs and guidelines will be discussed in a meeting of the board of the Advisory Council. It is a matter of huge concern for the country that the management expenses in the insurance industry is highest in the world.

News for LIC's investment ceiling

LIC to soon have a new 30% investment ceiling

The Government of India with its investment plans all set to come out with a notification which will allow the Life Insurance Corporation of India to make an investment of up to 30 per cent of the fund it has in listed as well as non-listed companies.

According to the Life Insurance Corporation Act, 1959, the LIC can invest up to 30% of the total funds it has, in a single entity. Whereas, as per the Insurance Act allows the LIC to invest only 10 per cent of its fund or it can hold 10 per cent of a company’s stake, whichever is lower. The LIC Act of 1959 supersedes the Insurance Act of 1999 as was cleared by the Law Ministry.

The Government of India aims to raise a sum of around Rs. 30,000 crore from disinvestment, during this fiscal. In its attempt to disinvest, in the last month, the Government divested its 10% stake in NMDC, an iron ore major and raised a sum of Rs.6,000 crore which increased the total of income generated from disinvestment to Rs.6900 crore.

As of now, the LIC has a stake of over 10% in many companies like the Corporation Bank, L&T, etc. LIC will not get more then 25% stake in a company in which case, SEBI’s prescribed Take Over code acts and makes it mandatory for the acquirer to make an open offer of another 26% stake.

The LIC will be allowed to pick larger amounts of equity from state- owned companies during disinvestment process, after the final notification is issued by the government. The investment by the LIC on equities annually presently is limited to Rs. 50,000 to Rs. 60,000 crore. IRDA however would prefer to have LIC under the 10% investment ceiling as it wants LIC to stick to the norms applicable to the private insurers.

The Ministry of Finance has given an approval to invest Rs.12,000 crore in 12 public sector banks like the State Bank of India, Central Bank of India, United Bank of India, etc. The Ministry also wishes to get a nod from the Cabinet on fund infusion in the public sector till March, 2018 and the Ministry of Finance has assessed the capital need of the public sector banks for meeting the norms under Basel III, to be complied in a phased manner. According to the norms currently in existence, any capital infusion beyond Rs.300 crore in a company requires an approval from the Cabinet.

The RBI, last year issued Basel III guidelines to strengthen the risk management system. The implementation of the capital adequacy guidelines based on it have been deferred by three months.

Jeevan Nischay Table no.- 199

It is a close ended single premium policy for those of you who have an existing policy with the LIC, a risk bearing policy accepted at a standard rate. The premium amount you pay can be chosen by you and the sum you receive on maturity will depend upon the premiums paid by you, your age and the term you have selected.

Following are the eligibility criterion for this plan:

Minimum age at entry	18 years (completed)
Maximum age at entry	50 years (nearest birthday)
Policy term	5, 7 and 10 years
Minimum Single Premium	Rs. 10,000/-
Maximum Single Premium	Rs. 10,00,000/-

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Aam Aadmi Bima Yojna

This scheme is a start up of central and state governments administered by the LIC aimed to make life easy for the rural landless household. The applicant has to aged between 18 years and 59 years and should be the head of the family or the earning member of the household.

This prestigious plan is an initiative towards making lives easy for the distressed in the rural areas.

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Janashree Bima Yojna

This plan aims at providing life insurance protection to the rural and urban poor, who belong to the group of Below Poverty Line and are marginally above the poverty line. The person has to be aged between 18 years and 59 years to opt for this plan. The state government is the nodal authority concerned with the welfare of such occupation groups or welfare funds. The minimum membership has to be of 25 individuals under this scheme.

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Group Leave Encashment Scheme

Another benefit along with retirement benefit provided by the employers to their employees is leave encashment which is a lump sum amount paid to the employees or their dependants. The amount paid depends upon the leave to the credit of the employee and his/her salary at the time of exit. The liability attached here is increasing in nature and is linked with the salary and leave position.

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Group Savings Linked Insurance Scheme

Those of us staying in the metropolitan cities are occupied all day long and here, the inflation is inevitable. Individual insurance is thus a costly affair. Group savings linked insurance scheme is a low cost alternative to invest and secure. There is no need to provide individual medical evidence and the returns on your savings are attractive, post retirement needs.

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Group Gratuity Scheme

This is a cash accumulation scheme provided by LIC which enables you, as an employer, to meet the gratuity liability in a simple and efficient manner. Many services are attached to this plan such as- fund management under interest accumulation system, built insurance arrangement for the employees for future service, MIS related to income tax and trusts accounts and actuarial valuation, Claim settlement on exit as per company rules.

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Group Insurance Scheme in Lieu Of EDLI (UIN - 512N048V01)

All those employees who can be classified under the Employee’s Provident Fund and Miscellaneous Provision Act, 1952, have to subscribe this scheme. Herein, the insurance benefit will be equal to the average balance to the credit of the deceased employee during the last 12 months. 0.05% of each employee’s salary is payable by the Employer to the Provident fund authorities. If you are an employer you will incur a low cost and as an employee you are only safeguarding your own future, along with your family’s by investing in this scheme.

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Group term Insurance Scheme

If you want to insure a group of people for instance your employees and wish to cover them under a single umbrella, group insurance is your best bet. The cost incurred is low and there is no insistence on medical evidence. The scheme offers a cover only on death and no maturity value is attached at the end of policy term. LIC presently charges premium  on One Year Renewable Group Term assurance and varies the amount charged as per the additions made in the group and on the basis of age distribution.

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Jeevan Deep (UIN : 512N270V01)

Jeevan Deep is a savings related life insurance plan where you pay the premiums on regular basis or as a lump sum and you get Guaranteed Additions under this plan.

Following are a few details regarding the plan requirements:

Minimum entry age	18 years
Maximum entry age	60 years
Maximum Maturity Age	65 years
Policy term	5 to 15 years
Minimum Sum Assured	Rs.30,000
Sum Assured- in multiples of	Rs.1,000
Minimum Sum Assured	Rs.5,000

For whatever mode of payment you choose, the corporation will provide a grace period of two months. And in case you are not satisfied with the terms and conditions of the policy, you may return the policy to LIC within the cooling off period of 15 days and LIC in exchange will pay you back the premiums you have paid till that date after deducting the stamp duty.

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Jeevan Mangal Plan- Micro Insurance Product

Jeevan Mangal is a term assurance plan wherein, the premiums will be returned on maturity. The payment of these premiums by you can be at yearly, half yearly, quarterly, monthly or fortnightly or weekly basis over the policy term. You can opt for this plan if you are aged between 18 years and 60 years and you will have to assure a sum of minimum Rs. 10,000 and a maximum of Rs.50,000.

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Jeevan Madhur

The premium payments under this plan are the most flexible. You have the option of paying it regularly at weekly, fortnightly, monthly, quarterly, half- yearly, yearly intervals over the policy term.

Minimum installment you shall pay are:

Weekly:	Rs. 25/-
Fortnightly:	Rs. 50/-
Monthly:	Rs. 100/-
Quarterly/Half-yearly/Yearly:	Rs. 250/-

The minimum sum you can get assured for is Rs. 5,000 and a maximum of Rs. 30,000. The premiums you pay will differ with the sum assured and you shall receive the sum on death or maturity.

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Jeevan Saral

Under this endowment assurance plan, the proposer chooses the amount and mode of payment for premium payment. You get a financial protection against death throughout the policy term. The benefit against death is in direct proportion with the premiums paid and the sum assured on the entry age of the life assured which will be paid to you at the end of the term.

If you need a flexible plan and are looking for liquidity, Jeevan saral is the plan for you.

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Bima Nivesh- 2005 special plan

If you do not have a good regular income and instead have a proper periodic income, Bima Nivesh plan will be most suitable to you as this is a single premium plan available for terms of 5 and 10 years. You will receive the guaranteed surrender value after the policy has been in force for one year. You can also get a term assurance rider by paying a single premium.

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New Bima Gold Special Plan

If you take the New Bima Gold Policy , the premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover for you will be available during the term and after the term for the policy’s extended term

In case the policy is in full force and the life assured survives till the end of the specified duration, a survival benefit shall be paid by the corporation. If the life assured dies during the policy term, when the policy is still in force, a sum equivalent to the sum assured shall be paid by the company.

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New Jeevan Nidhi Pension Plan

If you are aged between 20 and 60 years, you can go for this plan. Jeevan Nidhi is a with profits plan that provides you with a death cover during the deferment period and offers annuity on survival to the vesting date. You can pay the premium as per the preference chosen at the start of the policy term. For yearly, half yearly and quarterly premium payment terms, you will get a grace period of 30 days and for monthly this period will be of 15 days. You cannot take  a loan against this policy.

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Jeevan Akshay VI ( UIN - 512N234V04 ) Pension Plan

A Pension Plan takes care of your future needs and Jeevan Akshay is one such Immediate Annuity plan wherein, you can purchase it by paying a lump sum amount. The type and mode of payment of annuities may vary as per your preference. In case you are not satisfied with the policy’s terms and conditions, you can return it to us within the cooling off period of 15 days and in return you will get back the premium amount paid by you after deduction of stamp duty charges.

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Jeevan Saathi Endowment Assurance Plan

This endowment assurance plan is as per its name, on lives of husband and wife against which LIC provides financial protection. You will receive the maturity amount even if one of the life assured does not survive the policy term. The premiums can be paid on an yearly, half yearly, quarterly or monthly basis for the policy term or till the death of one of the lives. This plan participates in the corporation’s life insurance business and the bonuses are available even if one of the life assured dies.

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The Convertible Term Assurance Policy

In case you cannot pay the whole premium at present for an Whole Life or an Endowment Assurance Policy, but can pay it in the near future, you should go for this plan. You have an option of converting the policy into a whole life or an endowment assurance plan.

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Two Year Temporary Assurance Policy

If your profession requires you to travel and be on tours for a limited duration of two years or so, this plan is specifically made for you. This plan gives you a risk cover for the limited period of two years wherein, you will be required to pay a single premium at the outset of the policy to cover the entire policy term. This is a without profits plan and is not entitled to surrender value, neither can a loan be granted against this plan. You will have to attach a proof of age with the proposal and pay a medical examination fee too.

Next time when you look for an insurance plan for a tour, contact us.

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Whole Life Policy- limited payment

This policy is the best for provision of assurance for the family since it enables the Life Assured to pay all the premiums during your productive and vigorous years of life and you need not pay any premium in the later stages of life. In case you pay premiums for at least three yearsand then discontinue, a reduced paid- up policy will come into force which will be entitled o participate in the declared profits.

You have to pay the premium for a minimum of 5 years and a maximum 55 years.

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Whole Life Policy by LIC

If you wish to protect your family from unexpected premature death, this plan is suitable for you. Whole life policy basically is taken with the aim to create an estate for your heirs. You will receive sum assured along with bonuses in form of maturity claim on completion of age 80 years or on expiry of term of 40 years. You will have to pay the premiums for a term of 35 years or till the age of 80 years.

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Jeevan Bharathi- I for women

This plan is meant for women, a with profits plan which has special features specially for women. Many benefits are covered under this plan like- Accident Benefit, Critical Illness benefit and Congenital Disability Benefit as optional rides. You can pay the premiums in advance for the next year. There is also an option of encashing the survival benefit as and when you want- on the date of maturity or after that. This plan also provides you with an option to receive proceeds in the form of an annuity. After you have paid premiums for two years, whenever the premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.

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Bima Bachat Plan by LIC

Bima Bachat provides security to the policy holder and his family, this is a money back policy wherein the insured has to pay the premium only once and the life cover is available till the maturity date. The amount you pay as the premium depends upon the duration of the policy chosen by you.

If you outlive the policy duration, a single premium payment will be made at the maturity date along with loyalty benefits. You can apply for this policy if you are aged between 15 years and 66 years and when you turn 75 years of age, the policy matures. A minimum amount of Rs. 20,000 has to be assured and it has to be in the multiples of Rs.5,000 only.

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Jeevan surabhi Plan by LIC

This plan is in special interest of those who wish to provide for their old- age and want to receive lump sum benefits at periodic intervals. Jeevan Surabhi is similar to a regular Money Back Policy with the main difference wherein, the maturity under this plan is more than the premium paying term, the survival benefits are higher and realized earlier. Also, the risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

You will receive the full sum assured as survival benefit at the end of the premium paying term. But the risk cover and additional risk continue as the policy gets to participate in the profits till the end of the policy term. The accident benefit under this plan is restricted to thepremium paying term and to an overall limit of Rs. 5 Lakhs on a single life.

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Money back policies(20 and 25 years) by LIC

There are two types under the Money Back policy- one with a term of 20 years and the other with a term of 25 years. As the name suggests, this plan is a unique insurance product wherein, you receive periodic payments as survival benefits. To put it in easy terms, you pay a lump sum amount to the corporation in one go and LIC undertakes the responsibility of paying this money back to you on a continuous basis till the policy holder is alive.

In case of the 20- year Money Back Policy, 20% of the sum assured becomes payable each after 5, 10, 15 years and a balance of 40%  along with the accrued bonus is paid at the end of the 20^th year. For the 25- years money back policy, 15% of the sum assured becomes payable after 5, 10, 15 and 20 years and the remaining 40% along with the accrued bonus shall be payable at the end of the 25^th year.

The bonus under this plan is calculated on the full sum assured. Another highlight of this plan is that in case of death of the life assured within the policy term, the death claim will comprise of the full sum assured after deducting the survival benefits amounts which have already been paid.

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Jeevan Pramukh Policy

Under Jeevan Pramukh, another one of LIC’s insurance policy for it’s high net worth customers, you have a choice of three premium paying terms during which you can pay the same on an yearly, half- yearly, quarterly or monthly basis. This plan provides financial protection against death throughout the term of the plan and you get the maturity amount in case of survival till the end of the policy term. You will also receive a guaranteed addition of Rs. 50 per thousand sum assured for each completed year till the end of first five years of the policy term. Added benefits can be availed as this plan takes part in the corporation’s life insurance business.

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Jeevan Shri- I policy by LIC

Jeevan Shri- I is a policy for an High Net Worth individual. You get various choices for paying the premium as per your convenience. This plan provides financial protection throughout the policy term and the maturity amount will be paid on survival at the end of this term. Also, you will receive a Guaranteed Additions at the rate of Rs. 50 per thousand of the sum assured for each completed year for first five years of policy. You get the bonuses on this plan as it takes part in the corporation’s life insurance business from the 6^th year onward.

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Jeevan Vaibhav policy by LIC

Jeevan Vaibhav is a single- premium LIC endowment assurance plan offering guaranteed benefits on maturity plus loyalty benefits if any. If the life assured dies before the maturity date of the policy term, excluding the last year of the term, the whole Sum Assured will be paid. In case the policy holder dies during the last policy year, sum assured plus loyalty benefit will be paid.

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Jeevan Amrit Endowment Plan by LIC

Young policy takers wish to receive a high cover at a lower cost. They look for paying premiums for shorter durations. Jeevan Amrit by LIC of India is an outcome of such demands by you. The premium payment term is limited to 3 or 4 or 5 years and the premium paid in the first year is higher than what you have to pay in the subsequent years. You as the proposer of the policy can choose the Sum Assured, Policy term and mode of premium payment and pay the same on an yearly or half- yearly basis.

If you are a young policy proposer, this plan will suite your needs the best.

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New Janraksha Plan by LIC

New Janraksha Plan is an endowment assurance plan which provides financial protection throughout the policy term and you will receive the maturity amount at the end of the term. You have an option of paying the premiums on an yearly, half- yearly, quarterly or monthly basis or through salary deductions. Once two years of premium payment is over, full insurance cover will be available even if premiums are not paid up to three years. This plan is a with profits plan and is also entitled to receive reversionary bonuses declared annually by LIC.

In case the life assured dies in an accident, the Sum Assured limited to 5 lakhs shall be paid either in lump sum or regular installments. This plan is a perfect policy for those who work in a field wherein they are prone to accidents.

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Jeevan Mitra Policy by LIC

Jeevan Mitra is an Endowment Assurance Plan which takes part in the corporation’s life insurance business and hence, is a with profit plan. You can pay the premiums on yearly, half- yearly, quarterly or monthly basis. This plan is also entitled to bonuses that the corporation declares.

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The Endowment Assurance Plan

The highlights of this plan is that it provides high bonus with moderate premiums to the policy holder and it guarantees high liquidity as it is a savings oriented plan. This policy mainly ensures a provision for the family of the Life Assured in event of early death. Also, if the proposer of the policy is alive, he can receive the money at a desired age.

The insured amount will be received only at the end of the term of policy after which it can be invested to receive annuity payments for the remainder of your life. Any individual can opt for this plan. You also get disability benefit, accident benefit, etc under this plan.

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Jeevan Vishwas Plan by LIC

Jeevan Vishwas is a with profits Endowment Plan meant for the benefit of handicapped dependants. The premiums under this plan can be paid on an yearly, half yearly, quarterly or monthly basis or as a single premium i.e. in lump sum.

A guaranteed addition at the rate of Rs. 60 per thousand sum assured for each completed policy year is granted, while the policy is in full force. These benefits will be paid to the dependant at the end of the policy term or at an early death, whichever is earlier.

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Jeevan Adhaar Policy

If you have a handicapped dependant as per Section 80 DDA of Income Tax Act, 1961,  you need to give financial help to, this is the plan for you. The life cover will be provided throughout the purchaser’s lifetime. The handicapped will receive the plan’s benefits partly in lump sum and partly as an annuity. The most important feature of this plan is that the premiums paid are eligible for Tax relief under Section 80DDA of the Income Tax Act.

 You can pay the premiums within the selected paying terms of , 15, 20, 25, 30 or 35 years or till the earlier death. And these can be paid on yearly, half- yearly, quarterly or monthly basis or by one lump sum. A guaranteed additions at the rate of Rs. 100/ 1000 of sum assured is gives for every year. This plan gets a share in LIC’s life insurance business.

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Marriage Endowment Or Educational Annuity Plan

It is an endowment plan which provides benefits to the named child from a specified time. This plan specially looks out for educational and marriage expenses of the child. You have to pay the premiums on a regular basis, as per your preference. A with- profit plan which guarantees an income for you as it gets a share in LIC’s life insurance business and you also gain simple reversionary benefits on this plan on an annual basis.

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Komal Jeevan Child Plan

Komal Jeevan is a plan meant for children aged from 0 to 10 years and it can be purchased by the parent or grand parent of the child. It is Children’s Money Back Plan which provides financial protection against death during policy term and includes periodic payments on survival at specific durations. The risk cover starts either after two years from the policy commencement date or from the policy anniversary which follows the child’s birthday wherein, he completes 7 years of age, whichever is later. You can pay the premiums on a continual basis or by a single lump sum payment. Also, you get a guaranteed additions under this policy at the rate of Rs. 75/ 1000 sum auured for each completed year. This too is a with profits plan.

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Jeevan Ankur:

This plan is custom made for a child up to the age of 17 years, you can ensure that his educational and other needs are met without a glitch irrespective of your presence in his life. Your child need not be dependent on anyone else. Since you are the life assured, the risk cover will be available on your life and the child will be the nominee. But the term of the policy will be based on the age maturity of the nominee. If the proposer of the policy dies, basic sum assured will be paid to the nominee and a 10% income benefit of basic sum assured will be paid on each policy anniversary.

Buy this conventional child plan to safeguard your child’s future .

Child’s Deferred Endowment Assurance Plan:

The proposer of this plan can be the parent, legal guardian or a near relative of the child who is the life assured. The policy term is divided into two periods- one from the date of commencement of policy to the deferred date and the other is the period from the deferred date to the maturity date. The life cover starts with the start of the second stage. Deferment date can either be the policy anniversary date which coincides when child completes 21 years or 18 years, depending upon the plan type chosen. You can pay the premiums on an yearly, half- yearly, quarterly or monthly basis.

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Jeevan Anurag Child Plan

Jeevan Anurag is a  plan designed to cater to the educational needs of a child. This is a with profits plan meaning, it participates in the profits made by the LIC. The benefits under Jeevan Anurag are payable at pre- specified intervals and it not dependent upon the life or death of the proposer of the policy. The additional advantage is a guarantee of receiving the basic sum assured on the death of the Life Assured.

20% of the basic sum assured will be paid on start of every year during the last three years prior to maturity. On the date of maturity, you will receive 40% of the basic sum assured plus a reversionary bonus.

Endowment Plus Plan

This policy is a unit- linked insurance plan offering insurance cover cum investment. You as the proposer of the policy can choose the level of insurance cover, subject to some limits and the mode and amount of premiums you agree to pay. The premium amount can be invested in one of the investment fund options given to you wherein, this amount will be used to buy units of the chosen fund type. The premiums can e paid on yearly, half- yearly, quarterly(30 days grace period) or monthly basis(grace period of 15 days for payment).

So if you are not afraid of taking a risk of losing out on your money, this is the plan for you which in spite of being risky is lucrative as it gives higher returns as an investment option.

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Bima Account

This is a non-linked plan custom made to provide all the facilities an insurance plan is expected to provide. It is a simple enough plan which provides a guaranteed return and the proposer need not go through a medical examination. The premiums you pay will go into a dedicated policyholder’s account and the risk cover is provided after deduction of mortality charges. If you have paid all the premiums due, the amount in this account will earn an annual interest of 6% p.a. Loan facility is also available under this plan.

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New Jeevan Nidhi by Lic of India Plan - 812

LIC's latest pension plan called New Jeevan Nidhi Plan no-812 with guaranteed additions. It is a conventional with profits plan provides with death cover during deferment period and offers annuity on survival to the date of vesting.

Jeevan Nidhi in Simple Terms:-

Call : +91.9820934872 to apply for New Jeevan Nidhi Plan no-812

Also check Jeevan Saral Plan - 165