With a increase in the use of smartphones, many financial institutions have come up with their mobile application to provide anytime and anywhere facility to the customer. LIC of India have also build a mobile application called as LICMobile. LICMobile application is developed by LIC itself and currently available for the android platform only through Google Play.
All you need to know about Non-negative claw-back Additions
As per the guidelines issued by Insurance Regulatory and Development Authority of India (IRDAI), barring the traditional insurance-cum-investment products, insurance policies now have a cost on caps in the form of reduction in yield. This is applicable on unit-linked insurance plans (ULIPs) and variable insurance plans (VIPs). At various durations starting from 5th policy anniversary till … Read more
All you need to know about Pradhan Mantri Atal Pension Yojana (PMAPY)
There are many people in India working in unorganised sectors with no guarantee of any pension at old age. Though government had launched Swavalamban Yojana in 2011-2012, a very less people joined the scheme as it did not provide any certainty of amount payable at vesting age.
To provide financial security to such people at older age government has announced the Atal Pension Yojana (APY), which will provide a defined pension, depending on the contribution, and its period. The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY.
Difference between PMSBY and PMJJBY
Lots of People are asking about the difference between the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). In this article I have tabulated the difference between both the schemes. Both the Schemes are available to the customer through their banker with auto debit of premium from their bank … Read more
All you need to know about Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMBSY) is a Accidental Insurance scheme and renewable year to year. Under this scheme people between age of 18 to 70 years will get a accidental risk cover of Rs. 200000 by paying just a premium of Rs. 12 per year. If the life assured dies due to accident his/her … Read more
All you need to know about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
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:
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