Why You Need To Have The Single Trip Life Insurance?

Travelling is a nice thing in the way to have the new sense, especially when you are bored with your routine. It can be the way to get the fresh air too, and renew your spirit. You are free to choose the best place in your travelling. You need to have the great preparation. We will talk about the insurance. Insurance is important in the way to have the best sense in your travelling. Let us talk about the single trip life insurance. There are some matters, which you need to know. Read the explanation below and get the reason why you need to choose it.

The kinds of single trip life insurance

Before finding the agent in the way to feel the insurance, let us try to know the kinds of the single trip life insurance. The kinds of the trip insurance will help you when you have the problem in your trip. There are some kinds of the single trip insurance, which can be your choice. You will be able to have the best kinds of it and choose it as what you need. Try to compare too about some details of the insurance. Before choosing, consult too with the agent.

Travel Medical

The first kind is the travel medical. The travel medical is one of the single trip insurance, which focuses about all matters of medical. The expert says that this kind of the insurance will provide the emergency coverage when you are far from home because of the trip. You will see some services of it such as the medical emergencies, the accidents, and others. This kind of the insurance will be suitable when you are in travelling abroad, business trip abroad, long-term work and others.

Travel Evacuation

This insurance is called as the Medevac. This one will be useful to keep you safe during the trip. The expert says that this insurance can be the great planning to provide the cover of emergencies medical. It will be useful to take you to the nearest hospital. The medevac will be ideal for you who have the cruise travelling. It can be the great choice when you have the vacation in the foreign country. Just see the best agent to have it.

Travel accident

The next kind of the single trip life insurance is the travel accident. It is the most important type of it. This kind of the insurance will be useful to give you the international protection in your travelling. By the protection, you do not to be worried about your condition and health. This type of the insurance focuses in the AD&D or the accidental death and dismemberment. This kind of the trip insurance will be ideal for travelers who concerned to keep them safe, especially when they have some sicknesses.

The Services of Single Trip Life Insurance

We move to talk about the services of the insurance. Know some kinds of the insurance services will be a nice thing. The service can be the best way to know the best insurance to choose. The kinds of the services of the insurance will make you know that it is important for you. I have some kinds of the service and benefit of the single trip life insurance. Try to read it wholly and get the inspiration from them. If it has meaning for you, you can share it with others.

The hand to help

The rule of the insurance is to help you when you need something. As the first service of the single trip life insurance, they will give you a hand to help. When you get ill or hurt, you will have someone to call. The insurance will be ready to help you anything your condition. The insurance will be ready to pick you up to the nearest of the hospital and give the best first medicine when you need it.

Cancelling the trip

With the use of the single trip life insurance, you will be able to cancel the schedule of your trip. I think it sounds nice. You have schedule to have trip in Bali by the plane. You have some needs to do. With the role of the insurance, you can cancel your trip. You will not lose your ticket. The ticket for you will save and the agent will change it with the new one. With the same ticket, you will still have a chance to have the trip.

Emergency card

You need more money in the way to buy the gift in your trip. When you have the enough money, it has not been the problem for you. When you have limited money, you can use the insurance to get some money. One of the services of the single trip life insurance is to give you some money in your trip. The agent will take another deposit and send to you. You will have the simple and easy way to pay it after your trip. Just see the rule of the agent on the way to get this service.

The additional

Before getting all services of the single trip life insurance, you need to consider the best agent of the insurer. The agent will hold all roles of the insurance. We all know that there are many agents as your choices. It is important for you to be selective in choosing it. Before finding the best agent, just try to see the detail profile of it. You can see the record of the agent. See the internet when you want to have the simple way to find the best agent.

The single trip life insurance will be useful in the way to make your trip look more special. Do not forget to see the rules of the insurance. The insurance agent has some rules for you. You need to accept it in the way to have all of it's services. I hope it will be useful for you all.

Health insurers must provide transparency tools to consumers on Jan. 1

Health insurers are required to provide transparency tools via their websites starting Jan. 1, 2016, to consumers who are enrolled in their plans. The tools provide information about treatment costs, quality of care and other patients’ experience with the medical providers. These tools have not been readily available to consumers before now. The requirement is in the Affordable Care Act and is being implemented in Washington state now.

Each insurer must provide written verification to the Washington state Office of the Insurance Commissioner by Feb. 1 of each year that the company is in compliance with this state law, which was enacted by the 2014 Legislature. The OIC provides a form for health insurers to fill out and send to us, called an attestation. We are required to post the form 60 days before it's due.

You can read more about the rules the OIC wrote to implement this requirement, which were recently adopted, or about the state law (RCW 48.43.007). The OIC also provided instructions and the attestation form for insurers to return to us by Feb. 1, 2016.

Preparing Better Life with Over 50 Health Insurance

Having the health insurance maybe will be a nice choice for you. Well, it is because the health insurance will prepare the better life especially in your old life. We know, there are some kinds of the health insurance as your choice. Here, we will focus in over 50 health insurance. This kind of the health insurance will help you to have the calm day in your old time. Let us see some details of it. There are some matters, which you need to know. I hope it will be useful for you all. See the details of it below.

Why you need to have insurance

People maybe want to know the reason why they need to have the insurance in their health. Well, some people think that choosing the over 50 health insurance will make they have the harder life. Here, we will talk about some facts about it. Why do you need to choose the over 50 health insurance ideas? The fact says that the number of the uninsured adults in 50 or over ages continues to rise. It shows that the adult people have some problems in their old people. With the insurance, you will have something to hand your problem.

In other hand, we know people in age 50 or over do not productive anymore. It means they cannot do the hard work as when they are young. In other word, the 50 age or over is the time for the people to enjoy their time without the job. It will be no problem when the old people are jobless. Well, because their power sinks in their age. Here, the over 50 health insurance offers the hand to help the old people. With the insurance, the health and the need of the old people will be handed and guaranteed.

The over 50 health insurance here also will be useful when people want to check their health. We all know people with the 50 age or over will have more risk to be infected by the virus or the sickness. In this case, the 50 health insurance will be the agent in the way to help them. The insurance not only will help about the cost in paying the service of the hospital but also will give the hand to throw away the sickness. By that fact, I think this insurance idea will be an important matter for you all.

The way to choose the insurance agent

The insurance will be dealt with the function of the agent. Here, agent has the important role in the way to hand your need. Here, before choosing the kinds of the over 50 health insurance, as you want, you need to be selective in choosing the agent. We know, people want to have the benefit agent in choosing the 50 health insurance. Well, by this reason, you need to pay attention with the details of it. I have some ways in order to find the best agent to help you in the insurance. See the idea below.

Talking about the agent of over 50 health insurance, the first matter that you need to pay attention is the service of it. Well, the kinds of the services will be the important matter why you need to join with them. You can see the list of the service before you join with them. In common, the agent will offer some services to you. Make some comparisons with several agents. The more complete services can be the idea for you. In other hand, you also need to know the consequences of the services.

Another matter that you need to know here is the rule of the agent. As I have said in the paragraph before, you need to know the consequences in choosing the agent of the over 50 health insurance. One of the consequences here is the rule of the agent. Sometimes, you will find the different rule in one agent and others. In common, the different rule here happens because of the packet of the services. We know, the services will work with the payment. The more complete services will need the higher payment. You need to make sure about the payment here!

The best insurance for you

After talking about some details of the insurance matter, let us see about the examples of the insurance. Knowing some kinds of the insurance here is important in the way to have the best type of over 50 health insurance as you want. Many insurances are available as your choices with its own services and rules. I have some kinds of it below. You may see the kinds of it with seeing the details of the services. By making some comparisons, I believe that you will find the best insurance, as you want.

APRIL UK Health Insurance

The first kind of the over 50 health insurance here that can be your consideration is the APRIL UK health Insurance. Well, for the people, it can be a nice option by the complete service inside it. This insurance agent has the standard hospital option. You will have the great service when you stay in the hospital. Talking about the cover option it is nice to have the treatment. For the kind of sickness, this insurance will give the mid-range option. Inside the insurance, you will have cashback when you find any problem there. Write it on your list!

Aviva Health Insurance

For you who want to have the great insurance in the way to have the better life in your old, the Aviva health can be the answer. Well, it is kind of the great type of over 50 health insurance. This insurance agent will pleasant you with the kinds of its service. In the hospital option, you will get the limited standard. The limited standard here will be a nice option to give you better service to treat your sickness. In other hand, when you find any problem there, the agent will give you cashback until 75%. Then, they also will offer some discounts for you all.

Based on the explanation above, you can see some matters inside the over 50 health insurance. The kinds of the insurance will be the great choice by its services. In this case, it is important for you to be the good ember of it. How to be the good member? The first matter is seeing the time of the payment. The payment is the basic how to feel the great services there. Call your friend when you need some helps. I hope it will be useful for you all.

Fixed Deposit Home Rate - The Alternative Interest Rate To SIBOR

Interest rates are going up. This has been the concern for the past few months for many people. A rise in interest rates hurts borrowers and benefits savers. If you are a borrower, a rise in interest rates will really affect you. If you have existing loans such as car loans, housing loans and student loans, a rise in interest rates will mean you'll have to pay more every month to repay these loans. 

If you have existing loans especially housing loans, here is some good news for you. There are ways to mitigate this rise in interest rate and reduce the impact it has on you to the lowest. In this post, I'll show you what the industry calls Fixed Deposit Home Rate. This is an alternative rate to SIBOR which I believe is much better for home loans. If you're on a SIBOR or other variable home loan packages, read on to find out more about this new rate which will be beneficial for you to refinance to.

How Do We Know If Interest Rates Are Rising In Singapore?

The most widely used rate for interest rates here in Singapore is the SIBOR. It is called the Singapore Interbank Offer Rate, a rate which Singapore banks lend to each other. There is the 1 month SIBOR, 3 month SIBOR and the 12 month SIBOR. These rates are commonly used for housing loans when you loan from the bank on a variable rate package. 

Currently, the 3 month SIBOR is about 1.1%. The highest 3 month SIBOR was 7.75% in January 1998 and the lowest was 0.25% in September 2011. From the chart below, SIBOR can really swing quite widely. It is really possible for SIBOR to increase back to the 2-3% mark.  

When SIBOR increases by too much, those with housing loans will have to pay more for their instalments. For the past few months, I've been working closely with banks for my mortgage consultancy work. I've seen rates increase and also helped people refinance their home loans to better rates. There is an alternative rate to SIBOR which I think is a better choice for those with existing home loans. If you have existing home loans, listen to this carefully as it will definitely help you save more money in the long run.

Fixed Deposit Home Rate - The Alternative Interest Rate To SIBOR

In the past, there are only limited choices for home loans. People either choose the fixed rate packages or the floating rate packages pegged to SIBOR or the bank's board rate. For SIBOR, the rate is too volatile while the bank's board rate is not as transparent meaning the rate can change as and when the bank decides to change.

To safeguard ourselves against interest rates increase, we can choose the fixed rate packages but fixed rate packages are only available for 2 years to a maximum of 3 years currently. Thereafter, the rate will revert back to the variable package pegged to either SIBOR or bank's board rate again.

Now comes a new package called the fixed deposit home rate. This rate is pegged to a bank's fixed deposit rate where it is certainly less volatile than the SIBOR. Why the fixed deposit rate does not increase that much is because increasing this rate is a cost to the bank. Especially in Singapore where a lot of cash is parked in the fixed deposit accounts, banks have to think twice before increasing this rate.

From the past historical trend, the highest fixed deposit rate was around 0.875%-0.925% as compared to the highest rate of SIBOR at 7.75%. The fixed deposit rate can be either pegged to the 12 month, 18 month, 24 month or 36 month rate. Currently, only 2 banks in Singapore offer this home loan package which is pegged to the fixed deposit rate.

Refinancing to this rate would mean more stability for our monthly housing loan instalment and cost savings in the long run. To find out more about this rate or refinance your housing loans to this rate, you can email me at sgyi@homeloanwhiz.com.sg. I do not charge any fees for providing advice or refinancing your loans. This is a strictly complimentary service I offer to readers here.

Alternatively, fill in the contact form below for a free consultation and I'll get back to you shortly:

foxyform

Tips for holiday travelers

Are you traveling for the upcoming holiday? Here are some travel tips to help keep you safe and informed.

Driving

• The Washington State Department of Transportation (WSDOT) app gives real-time traffic updates and alerts. 
• WSDOT also has an infographic that shows what you should carry in your car when you travel and information about winter driving.
• We have information for consumers about auto insurance and filing claims. 
• The National Association of Insurance Commissioners has an app called WreckCheck that walks you through the steps you need to do if you are in an auto accident and allows you to create an accident report from your phone. 

Traveling by plane

• Give yourself plenty of time to get to the airport and to get through security. Read CNN's story, Thanksgiving travel: Longer lines and tighter security.
• Get airport travel tips from the TSA.
• If you are traveling internationally, the U.S. State Department has country-specific information and alerts. 

Other travel tips

• Set weather alerts for up to five locations using FEMA's mobile app.
• If you are driving to Canada, check border wait times before you choose your border crossing. 
• Get information about travel insurance. 
• Get information about your rights to see an out-of-network health provider while traveling. 

The Importance of Buying Over 60 Life Insurance

Insurance is very important to have. There are many kinds of insurance. Considering the coverage, the most important insurance that you should have is life insurance. People buy life insurance in different ages. The older they buy it, the higher the prices. Even more, it will be very expensive if you buy this insurance over 60. Some insurance companies do not offer life insurance to cover at this age. However, some companies offer it. Anyway, it is needed for you to buy over 60 life insurance. If you are interested in it, you need to follow this article.

Why Should You Buy Life Insurance at Over 60?

If you are over 60 years old, you still need to buy life insurance because of some reasons. It is because at these ages, you will be easy to get illness or even dead. So, buying life insurance will provide the financial support for your family. One of the benefits of over 60 life insurance is related to the dependent spouse. In fact, the death will cause devastating. It will also relate to the financial support that will be used for survival. That is why you need to buy life insurance.

Besides that, life insurance for over 60 will also be useful especially for you who have children. If your spouse does not have income and you have children, life insurance will be very helpful for your children for their financial support. In fact, they have various needs such as educational needs. So, if you have life insurance, you do not need to worry with your children’s future if you die. Therefore, over 60 life insurance is needed to buy.

Then, you should also need to think about a legacy. It is a common tradition that people who die will leave a legacy either for their spouse or their children. If you still have a spouse, you need to leave the legacy for your spouse. However, if your spouse has dead, the legacy will be for your children. Even though it will not be able to help them in long terms, the legacy from your life insurance will be able to help them survive and find the new income for themselves. That is why you need to buy over 60 life insurance.

Types of Life Insurance for Over 60

As it is mentioned before that people who are over 60 are allowed to buy life insurance. There are three over 60 life insurance types. So, you have to buy it depending on your needs. You can also consider buying all the types of coverage. One of the types is life cover. So, this coverage will focus on the life cover. This coverage is allowed to be bought until you are 90 years old. Besides that, you do not need to buy the premium one. Anyway, you need to buy this over 60 life insurance.

The next type of life insurance coverage is trauma insurance. It will relate to your trauma or other illness that may happen to you at your old ages. In fact, older people are easier to get diseases. However, you are only allowed to buy this life insurance until you are 65 years old. Then, this coverage will be expired after you are 70 years old. However, it is needed to buy. So, buying over 60 life insurance is a right decision for you.

The last type of life insurance for over 60 years old is funeral insurance. It is a kind of life insurance that is bought by those who are over 60 years old and cover the funeral. So, if you buy this life insurance and you die after buying this insurance, your family does not need to be confused to think about the funeral cost. This life insurance will cover the cost of your funeral. Considering the importance of life insurance, you need to buy over 60 life insurance. So, you will spend the rest of your life in peace. In addition, it will be better if you buy all those life insurance types above because it gives the complete coverage.

Is over 60 Life Insurance Expensive?

Life insurance is the most important insurance but also the most expensive insurance. Even more, it will be much more expensive if you are older. Over 60 life insurance certainly will be much more expensive compared to life insurance for those who are under 60 or even under 50. However, the price is more likely determined by the coverage. If you buy the premium life insurance, of course, it will be much more expensive. However, you will get the complete coverage. So, you have to decide it based on your needs.

The Tips to Buy Life Insurance for Over 60

If you are interested in life insurance while you are over 60, you need to know the tips to buy it. There are many things that you have to pay attention. For example, you have to decide the payment option. You can choose to pay it per month. However, this option is very rare to take. Besides that, there is also an option where you can pay it per quarter year or a half year. However, the most common option to take is per year payment. Anyway, you can buy over 60 life insurance and choose the payment option wisely.

Then, you should also pay attention to the insurance company where you buy the life insurance. In this case, you have to make sure that the company has "A" rating. It means that they have a good reputation. So, you can buy over 60 life insurance safely.

Lastly, you need to pay attention to the policy. Different companies have different policies. The policy can relate to various aspects such as requirements, payment, coverage, etc. Anyway, you have to choose the easiest policy. That is all about life insurance that you should buy after you are over 60 years old. If you are interested in over 60 life insurance, you need to pay attention to the tips above. Hopefully this will be a useful reference for you to buy life insurance at your older ages.

The Backpacker Travel Insurance for the More Pleasant Vacation

Most of the modern people like to be a backpacker. That relates into its popularity to as the modern life style. That can be connected into the jargon of back to nature at the technological time. If you want to be a backpacker, you must consider some aspects to be sure that you will be better backpacker. The complete preparation must be made for making sure about your safety during the time of your travelling time as the backpacker. One of the aspects to be noticed for example, is the backpacker travel insurance.

Insurance becomes one service that can help you when you need the great amount of money while you do not have any income for getting that. The backpacker travel insurance can help you when something bad happens during your backpacker travelling time, You will need the help relating to a certain amount of money for covering it. The insurance like that can make you feel surer with your status as a backpacker. That will make you feel more enjoy and more pleasant moment during the time.

Understanding the Details about Backpacker Travel Insurance

When you want to compose the idea about backpacker travel insurance, you will need to seek for the appropriate provider. It can give the insurance in line with your travel tip. There are the wide covered areas of the insurance. You can gain the sport option or even the social purpose of your travelling insurance. The different rule will be found when you choose the different type of insurance. The difference can be found relating to the specific field of your backpacker time.

The other aspect must be understood is the limitation of the age for getting its service. Most of the providers can give the service only for 40 years old or less. But it depends on the policy of the provider too. There are some other aspects will be considered too, relating to the insurance. Two of them are the aspect of the travelling type and the aspect of the length of your travelling time. The different details relating to these aspects can bring in the different results of the service decision.

The backpacker travel insurance is chosen based on the desire for getting the safety travelling. Every provider has the different rule between one and another. You must understand all of the policies that offered by the specific provider chosen. That is needed for making sure that you will get what you need when something bad happens to your travelling time. If you will desire to have the good travelling, this service can help you to anticipate the possible risk. There is always a risk to be considered from a journey.

The Benefits of taking the Backpacker Travel Insurance

There are some backpacker travel insurance benefits must be understood before you decide on taking it. You can find this insurance type as relatively cheap and simple type of insurance process to be taken. You do not need to think complex about the insurance. If the risks may be gained from the travel, it will be greater risks, but the cost must be paid monthly for getting the help in time. It is relatively cheaper than if you propose other types of insurance. That becomes the interesting added value from the insurance.

The other benefit is that it can be directed into the medication cost. When you get the injury in your travelling time and the cost of its payment medication is too high for you, you may get the help from the insurance. You do not need to feel afraid about the cost must be paid while you take the travelling time for filling your holiday time. You will be free for spending your holiday time by taking a vacation in some places.

There is the possibility of getting the risk relating to the act of losing your stuff. That can be included in the items covered by the insurance. When you are taking the backpacker time in the long place, this service will be needed so much. The risk of getting this disadvantage may be increased too. You must prepare and remember all of your stuff before you take a travelling time like that. It must be included in the documents.

The Backpacker Travel Insurance and the Way for getting it

The backpacker travel insurance is the part of the common travel insurances. It has some differences from the common one relates to the specific condition can be referred into the condition of its needs. The backpacker always has the risk relating to their adventure in the nature. That cannot be covered by the common insurance. You must be sure that you know about some details of the dangers that can be covered by the insurance. The policy relating to the travel insurance must be understood to make sure that you can propose the insurance.

There are always some risks faced by the backpacker. That event can be increased too, especially when the backpacking purpose is directed into the place where the natural disasters happen. The backpacker insurance will be more needed since there is no guarantee about your safety. The social backpacking like that is included into the insurance policy. You may gain the insurance for the different kind of backpacking too for sporting purposes. The details about that can be gained when you have chosen the specific provider for your insurance.

The way for getting the backpacker travel insurance can be different in the different country. It can be proposed by making the clear report about the possible risks. It may be found during your backpacker time. The provider will consider that. When your proposal is agreed, there are the steps must be followed too for gaining this one. The process is simple, but the unlucky thing is that the insurance type is not the type of insurance can be gained in every country. You cannot find the service in some countries. This aspect is important to be considered before you decide on becoming a backpacker.

Columbia United Providers will notify enrollees about withdrawal from Washington market

Columbia United Providers (CUP) this week informed the Office of the Insurance Commissioner that it is voluntarily withdrawing from the individual health insurance market.

The company, which is based in Vancouver, Wash., also said that it intends to sell its Medicaid business to Molina Healthcare. That proposal is subject to approval by the Insurance Commissioner.

Here are answers to some questions about CUP’s announcement:

Why did CUP voluntarily withdraw from Washington?

The company cited business reasons for the voluntary withdrawal.

How does CUP’s withdrawal affect the Washington health insurance market?

CUP offered individual plans in Clark County only. As of November 2015, CUP had fewer than 100 enrollees in the individual market. These plans were offered only through the Washington Health Benefit Exchange. The company also managed insurance coverage for about 55,000 enrollees in Medicaid plans in Clark County. The Washington Health Care Authority (HCA) oversees Medicaid in Washington.

HCA is aware of CUP’s withdrawal from the Washington market and its proposal to sell its Medicaid business to Molina Healthcare.

How does this affect those who enrolled in Exchange plans?

The Health Benefit Exchange is aware of CUP’s withdrawal and proposed sale. The Exchange is reaching out to any enrollees who selected CUP for 2016 to assist them in choosing another plan. CUP 2015 enrollees will be covered through the end of the year and can select alternate coverage for 2016. Any CUP enrollee who wants to change coverage for the remainder of 2015 may request a special enrollment.

How will current enrollees be notified CUP’s decision?

The company is responsible for notifying, by Nov. 19, 2015, all individuals who have purchased individual coverage through CUP, to be effective on or after Jan. 1, 2016, that their coverage is terminated. The company’s plans will no longer be listed on the Washington Healthplanfinder.

Even with CUP’s voluntary withdrawal, Washington remains a competitive market with a wide selection of choices. There are five companies that sell individual plans in Clark County. Overall in Washington, there are 14 insurers and more than 200 plans available for consumers for coverage in 2016.

Will existing claims be paid?

Washington state insurance law requires that all claims be paid and that company make plans for payment. At this time there is no concern about the company paying existing claims for enrollees in its Washington plans.

OIC has saved auto insurance consumers nearly $26 million since 2010

The Office of the Insurance Commissioner's rate decisions have saved auto insurance consumers nearly $26 million in premiums since 2010.

Personal auto insurers are required to file their proposed rates and rating plans with our office whenever there's a rate change. Our actuaries review the proposed rates, rating plans, and supporting documentation to be sure that the rates are not excessive, inadequate or discriminatory.

From 2010 through 2014, the rates we approved for the top 20 personal auto insurers in Washington saved consumers nearly $26 million in premiums.

• 2014: $6.2 million 
• 2013: $8.9 million 
• 2012: $5.6 million 
• 2011: $2.7 million 
• 2010: $2.7 million 

Read more about auto insurance in Washington state.

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189 Comparison with SBI

Pension Plans - Jeevan Akshay VI Table No 189

Introduction:                                                                                    

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

·  Type of Annuity:

o Annuity payable for life at a uniform rate.

o Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

o Annuity for life with return of purchase price on death of the annuitant.

o Annuity payable for life increasing at a simple rate of 3% p.a.

o Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

·  Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity...

Salient features:

o Premium is to be paid in a lump sum.

o Minimum purchase price :

§ Rs.100, 000/- for all distribution channels except online.

§ Rs.150, 000/- for on line sale.

o No medical examination is required under the plan.

o No maximum limits for purchase price, annuity etc.

o Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).

o Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12080	9830	7260	10220	10560	9370	7130
80	17880	10440	7480	15890	14600	12340	7290

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the? Terms and Conditions? Of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 of Insurance Act 1938:

o No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

o No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies:

1.    Under option (i) annuity ceases.

2.    Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases.

3.    Under option (iii) annuity ceases and the purchase price is paid to the nominee.

4.    Under option (iv) annuity ceases.

5.    Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

6.    Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

7.    Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

TAX Benefit:

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years till now) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1, 50,000 available for deductions under section 80C.

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Jeevan Akshay VI Table No 189 Return Rate

Jeevan Akshay Proposal Form number 440:

Do You Need Life Insurance with Critical Illness Cover?

Life insurance is well known as the most important insurance to buy. Compared to other types of insurance, life insurance is mostly bought by most people. Life insurance offers many benefits including death benefit. It covers many situations. There is an interesting coverage that is critical illness cover. There are million workers cannot continue to work because of critical illness. So, there are many people who are interested in life insurance with critical illness cover.

The Meaning of Critical Illness Cover

We may have been familiar with life insurance, but we may not be familiar with critical illness cover. It is a term used in life insurance that is well known as critical illness insurance. It is a coverage offered in life insurance to pay out if you unexpectedly get critical illness or serious medical conditions that are listed in the life insurance policy. You have to know that not all serious medical conditions are listed in the policy of life insurance with critical illness cover.

The Covered Critical Illnesses

There are many conditions that are covered by critical illness life insurance. One of them is heart attack. Heart attack is the most deadly disease in the world. It cannot be healed so that you have to consider it. This insurance also covers stock. Stroke is the condition where you cannot do anything. It is one of the most common and dangerous conditions. Then, it may be caused by some other diseases. It belongs to critical illness and it is included in life insurance with critical illness cover.

There are some certain stages and types of cancer that is covered in this kind of life insurance. Not all cancers will be covered. Some conditions like multiple sclerosis will be covered by this insurance. It offers to cover permanent disabilities. Permanent disabilities may be caused by illness or injury, such as accident, stroke, etc. You have to know that the life insurance will only pay once, not more, and then it ends. Some policies still offer payments even though with smaller number or if there is a critical situation such as your children get the specified conditions mentioned above.

Uncovered Critical Illnesses

As it has been mentioned before that not all serious medical conditions are covered by this insurance. You have to pay attention to the critical illness life insurance policy carefully. What critical illnesses are not covered by this kind of life insurance? The conditions that are not listed in the policy are not covered. For examples are some cancers. There are many kinds of cancer. Some of them are listed, but some other cancers are not listed. You have to read the policy of life insurance with critical illness cover wisely.

Is life insurance with critical Illness cover needed?

This insurance cover is needed by some people. Not all people need it. Some people may need or not because of some reasons. If you buy this insurance, you may get benefits from about $ 110 per week or more. It depends on your own circumstances such as you have children or not. Certain saving level may be considered. Your partner works may be a consideration.

Who needs life insurance with critical illness cover?

People who need this life insurance should know the life insurance with critical illness cover benefits. They can decide whether you really need it or not. If you do not have enough saved or even more have no any saving for your unexpected situations such as seriously illness, disabling conditions, etc. So, you need this life insurance coverage. If you have an employee benefit to cover longer time for sickness or death for example, it is not a problem. If you do not have it, you need life insurance with critical illness cover.

Who Does Not Need This Life Insurance Cover?

Not all people need this insurance coverage. For you who have enough savings to pay your unexpected situations or illnesses such as mortgage, medical cost, loans, bills, etc. do not need this insurance cover. If you have a partner that can cover the living costs or any other shared commitment like mortgage, you do not need this insurance coverage. You may have been covered in some product benefits. You do not need life insurance with critical illness cover.

How Much Does Critical Illness Life Insurance Cost?

If you are interested in this life insurance cover, you need to know how much it costs. The cost of this insurance cover will be different depending of some factors. One of the factors is age. The older people need to pay higher than the younger ones. Smoking affects the cost. It means if you are a smoker or at least you have ever smoked before. You are considered to have a higher risk of some critical diseases. You need to pay the critical illness life insurance cover higher than those who are not smokers or never smoked before.

Health affects the cost of this insurance cover. Health does not only include your health. It includes some situations. The first is includes your own current health. It also includes your weight, whether it is ideal, too thin, or overweight. The cost includes the medical history of your family.

Your job affects the cost, whether your job carries a high risk or not. If your job has high risk, you need to pay more than the safer jobs. The last is related to the amount of the insurance cover you take. It means how much you want the coverage will be. That is all the factors that affect the cost of life insurance with critical illness cover. So, you can buy it wisely.

Term Insurance Or Whole Life Insurance? Which Is A Better Choice?

My Encounters with Insurance

For the longest period of time, whole life insurance and insurance savings plan (endowment plans) were the only thing I know which existed in the market. 9 years ago when I was at the age of 18, I had my first encounter with insurance. I was still a student back then and was approached by a financial consultant on the streets while I was going out. I'm sure many of you have been approached before too. I agreed to hear more about insurance and sat at a MacDonalds with this consultant for the next 1 hour plus listening to what insurance is all about. I was introduced a savings plan and was told the interest will certainly be more than a bank's interest. Besides that, this plan also has death, total permanent disability (TPD) and critical illness coverage. It kinda makes sense that I can put in money, get higher returns for my money and still get the coverage. It sounds so attractive that I signed up on the spot. To this day, I still have the policy which I've been paying for the past 9 years.

The policy which I had, although has a coverage for death, total permanent disability and critical illness, was only $10,000. It is certainly not enough should I have dependants or if I need to provide for my parents in the future. My next few encounters with financial consultants was on the topic of whole life insurance. This time round, I took my time to decide whether to take up an insurance policy as the premiums weren't cheap. Many times, I was recommended policies with $100,000-$200,000 coverage at premiums of $200 per month or $2400 a year. I only just started working back then and didn't have a high starting salary. Paying $2400 a year is still quite a big sum of money to me.

Fast forward to today, I didn't purchase the whole life insurance for only $100,000-$200,000 coverage for $2400 per year. Later on, I found out another insurance called term insurance which I could get One Million coverage for only about $1500 a year. The same $200,000 coverage would only cost $300 a year back then instead of the $2400 which I was recommended. Why is there such a big difference in the premiums?

*Disclaimer: Before I continue, this post is not a recommendation for any insurance policies as I'm not here to do that. I will only list down the facts of what term insurance or life insurance is and let you see for yourself which is a better choice. Let's start!

Term Insurance Or Whole Life Insurance?

During NTUC Income's 40th anniversary dinner, Senior Minister Goh Chok Tong supported the use of term insurances and even asked insurers to put more emphasis on it. Let's see the rationale behind term insurance and whole life insurance and find out which is a better choice?

Whole Life insurance premiums are definitely much more expensive than that of a term insurance for a similar coverage. A person at the age of 20 can get a $200,000 death and TPD coverage for just $300 a year with a term insurance as compared to $2000+ a year for a whole life insurance. For whole life insurance, you get something back when you terminate your policy but for a term insurance, you would get nothing back at all. This is the argument put forth which discourages term insurance.

However, let's understand why we would get something back for a whole life insurance and not for a term insurance? For a whole life insurance, every dollar you pay as premium for the whole life plan, a portion will go into paying the mortality charge that provides you the cover you need. The rest of it is invested into the insurance company’s life fund. The mortality charge portion is never returned back to you. The only reason why you get money back from a whole life plan is because you gave the insurance companies extra money to invest. When you buy a term plan, you are effectively paying only for the mortality charge; you are just buying pure protection.

Have you heard of the phrase buy term and invest the rest? This is saying we should buy term insurance and invest the rest of our money on our own. Instead of putting our money into the insurance company's life fund, we can invest our own money and manage our own fund. This is of course subjected to individual preference. Some may not know how to invest their money and would still be better off putting their money in the insurance life fund.

But, there is a problem with whole life plans. If let's say we want to get 1 Million insurance coverage, it becomes too expensive if we were to get a whole life insurance. A check on DIYInsurance's comparison portal shows that a $100,000 coverage for whole life insurance would cost between $1600-$1900 a year. How much would a One Million coverage cost for life insurance? It could easily be above $10K a year.

DIYInsurance has also launched a term insurance table to compare the premiums across insurance companies in Singapore. The following is a table adapted from DIYInsurance's website for your reference. This Term Insurance table is also updated monthly by them.

We consider the following example of a Male, Non-Smoker:

• Policy coverage till 65 years old (Eg. when children are independent)
• S$1million Death and Total Permanent Disability (TPD) Coverage

Annual premiums of insurers in Singapore (S$):

Age	Aviva	AXA Life	Etiqa	Great Eastern	HSBC Insurance	Manulife	NTUC Income	Prudential	Zurich Life	Apply for Cheapest
30	1087	1088	1990	1560	1339	1202	1810	1658	1304	Apply
40	1835	1871	3440	2690	2640	2016	2681	2567	2001	Apply
50	3379	3379	5330	4260	4494	3701	4702	4268	3549	Apply

For a Female, Non-Smoker,

Annual premiums of insurers in Singapore (S$):

Age	Aviva	AXA Life	Etiqa	Great Eastern	HSBC Insurance	Manulife	NTUC Income	Prudential	Zurich Life	Apply for Cheapest
30	868	791	1390	1070	1008	948	1350	1249	967	Apply
40	1390	1357	2370	1750	1980	1410	2107	1881	1506	Apply
50	2450	2078	3450	2600	3144	2276	3850	3049	2661	Apply

*With information from www.diyinsurance.com.sg and comparefirst. Figures are compiled on 5th November 2015.

** Prices reflected in the table reflect ongoing existing promotions and discounts which are in the knowledge of.

Term insurance or whole life insurance? You can make your decision base on the information provided above. There are many ways to compare insurance premiums now in this IT savvy world we live in. All of us can make better informed choices!

DIYInsurance by Providend Ltd

To compare and purchase insurance, DIYInsurance (Do It Your Way Insurance) is Singapore's First Life Insurance Comparison Web Portal by Providend Ltd. DIYInsurance aggregates products from various insurance companies and provides 30% commission rebates in addition to ongoing promotions.

Backed by key people with almost 2 decades of experience, all staff from DIYInsurance are salaried based and do not participate in sales-based compensation or incentives of any kind. Not being remunerated on a commission-basis means there is no hard-selling and over-selling. This is insurance based on no one's agenda except your own. Click here to request a Term Life Insurance quote through DIYInsurance.

*This post is written in collaboration with DIYInsurance. The opinions and expressions in this article are solely based on my own thoughts and experiences.