On May 9, 2015 Prime Minister of India is going to launch the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide insurance cover to masses with minimum premium, this insurance cover can be taken from any bank by filling out a simple form. Minimum requirement is that you should have a bank account and aged between 18 to 50 years. One can only take maximum cover of Rs. 200000 from any of the his banker if having multiple accounts in different banks, and have to give declaration about the same in the form. Other features are as follows:
Life Insurance
Life insurance is a contract between a policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Which company to choose to buy Term Insurance Plan
Term Insurance Plans are the best plans to cover risk of life. Term plans not only provide high risk cover but with less premium in return. With increase in the Insurance companies premium for term plans differ very much. Difference in the premium can be double between lowest to highest, this puts the person taking insurance in dilemma of which company is best to take Term Insurance Plans.
Nomination in Life Insurance: Beneficiary Nominee, Rules and Importance
Nomination is one of the most important aspects of a life insurance policy. While buying life insurance, people generally focus on the sum assured, premium, policy term and benefits. However, choosing and regularly updating the right nominee is equally important. A nominee is the person designated by the policyholder to receive the policy money in … Read more
Convert LIC's New Child Money Back plan into endowment plan
LIC of India’s new plan Children Money Back Plan (Table No. 832) provides money back at policy anniversary coinciding are falling after 18th, 20th and 22nd birthday. Money back is equal to the 20% of the basic sum assured in the policy. But many people don’t like the money back policy want the endowment plans so that they can get a lump sum amount after a fixed interval of time.
The New children money back plan has a unique feature to reinvest the survival benefit with LIC itself and later it can be taken with interest already decided by LIC.
LIC of India's New Plan Jeevan Lakshya (Plan No. 833)
LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount … Read more