LIC Children's Plan

LIC Child plan are design to give good and financially secured life to your child. LIC Children plan gives you option to choose to fit your need, such as listed in below list.
It is the Premium Waiver advantage that secures your child upcoming if something unlucky happens to you. This makes them interesting, and a worth investing your money.
LIC Child Plan Currently Available Products to Purchase
1) LIC Jeevan Anurag – LIC Jeevan Anurag is plan designed for the children educational requirements. This plan can be taken on the parent’s life. The basic sum assured is given immediately on the death of the life assured during the term of the policy.
2) LIC Jeevan Kishore – LIC Jeevan Kishore is a plan which can be availed by the parent or grand parents of the children. It is an endowment assurance plan for children of less than 12 years of age.
3) LIC Jeevan Chhaya – LIC Jeevan Chhaya is a plan where financial protection is given against death during the term of the plan. LIC Jeevan Chhaya is an Endowment Assurance plan. Besides this benefit one-fourth of Sum Assured is payable at the end of each of last four years of policy term irrespective if the life assured dies or survives the duration of the policy.
4) LIC Komal Jeevan – LIC Komal Jeevan  a Money Back Plan which can be bought by the parent or grand parent for their child from the age of 0-10years. LIC Komal Jeevan plan gives financial protection against death during the duration of the plan with periodic payments on survival at specified durations.
5) LIC Child Future Plan – LIC Child Future Plan is a  policy where the future needs like education, marriage and other requirements are taken care of. This plan provides a benefit which not only takes care of the risk cover of the child during the policy but also after 7 years of the policy being expired.
6) LIC Child Career Plan – LIC Child Future plan is to meet the educational and other needs of the child. It provides the risk cover on the life of child during the policy term as well as 7 years after the policy has expired. There are also Survival benefits given to the life assured at the end of a specific duration.
7) LIC Children's Deferred Endowment (CDA) Vesting at 21 – This is an Endowment Assurance plan designed to enable a parent , legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).
8 ) LIC Children's Deferred Endowment (CDA) Vesting at 18 – This is an Endowment Assurance plan designed to enable a parent, legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).

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LIC Jeevan Saral

Product Summary:

LIC Jeevan Saral is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment of LIC Jeevan Saral policy. LIC Jeevan Saral plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. LIC Jeevan Saral also offers the flexibility of term and a lot of liquidity.

Premiums:

Premiums of LIC Jeevan Saral are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

LIC Jeevan Saral Loyality Additions:

LIC Jeevan Saral is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  LIC Jeevan Saral gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit.  Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

Any Time Maturity:

LIC Jeevan Saral plan allows life insured to take out the maturity after 10 years at any time, partially or fully. This flexibility lets you reinvest your money or fulfill your financial requirements. LIC Jeevan Saral also rewards you with bonus even if you have stopped paying premium after 10 years and maturity is kept inactive in insurance account.

LIC Jeevan Saral Plan Features:

•             Higher risks cover at minimal premium.

•             Extended life insurance cover for one year after three years premium payment.

•             Optionally available increased risk covers by way of Term Riders.

•             The insurance policy holder can select a highest possible term but can surrender whenever they want with no surrender penalty or loss right after 5 years.

•             Any number of withdrawals by way of partially surrendering the policy.

•             Smooth earnings on his investment & lots of flexibility.

LIC Jeevan Saral Benefits:

•             As mentioned above, being monthly ECS premium payment option, which is LIC monthly recurring kind scheme.

•             The amount policyholder going to receive at the end of the term after payment of all premiums is tax Free under section 10-10d of income Tax act.

•             You can partly surrender the policy and make unlimited withdrawals through partial surrendering after 5 years.

•             The premium amount paid to LIC is exempted under section 80c of income Tax act.

Illustration of Jeevan Saral:

Age at entry: 35 years

Policy term: 25 years

Mode of premium payment: Yearly

Amount of annual premium: Rs.4704/-

Guaranteed amount at the end of policy year 25 Rs. 215200=00 plus loyalty additions between Rs. 65000=00 to Rs. 211000=00.

What the policy holder will get after 25 years will be between Rs. 280200=00 to Rs. 426200=00.

i) This example is suitable to a non-smoker male/female normal (from health, style of living and work point of view) life.

ii) The most important purpose of the example is that the customer is in the position to understand the top features of the plan and the flow of benefits in a variety of situations with some level of quantification.

iii) Loyalty bonus extras will depend upon upcoming profits and therefore is not assured.

iv) The Maturity Benefit is the total displayed by the end of the policy period.

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Life Insurance ?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during: 

• The date of maturity, or 
• Specified dates at periodic intervals, or 
• Unfortunate death, if it occurs earlier. 

 Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death.

Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: 

•  That of dying prematurely leaving a dependent family to fend for itself. 
•  That of living till old age without visible means of support.

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Why we support the petition for #NicsFight

 

On 2nd December Jill Insley wrote an article ( http://t.co/1Cx2wAzR  )  in The Observer about Nic Hughes whose critical illness claim has been turned down by Friends Life. A campaign has started to get Friends Life to overturn their decision and backed by @stephenfry on twitter the campaign is set to gain momentum.

We have decided to support the campaign and we want to explain our reasons why.

As we have previously expressed, we have had concerns for some time that the way that life insurance companies currently work may be leaving some customers exposed to the danger of a claim being turned down. When it comes to critical illness and life insurance there can be nothing worse than thinking you have done the right thing and protected your family with personal insurance cover only to find out when its too late that the insurance company has thrown out the claim due to ‘non disclosure’.

We accept that there are some occasions where due to deliberate non disclosure an insurance company will be quite within their rights to decline a claim.

However we believe there currently exists a grey area where it is much less clear that a customer has deliberately non disclosed. Misunderstandings concerning disclosure can and do arise and in the case of Nic Hughes it looks as though this might have been part of the problem.

We believe that the current underwriting practices used by most life insurance companies are adding to this problem. This is because most life companies often deliberately make the decision not to write for further medical information from the client’s GP at the application stage, even though the client might have disclosed one or more medical conditions on the application form. For medical disclosures such as heart disease and cancer, life insurance companies will nearly always prefer to write out to the client’s GP for further medical information. But there are many potentially ‘less serious’ conditions where the insurance company may decide not to bother with this stage of the process and to offer acceptance terms straight away.  In fact life insurance companies adopt this approach for the majority of applications.

The problem is that where there is no independent medical verification there can be an increased risk of misunderstanding and therefore of a claim being declined, which is potentially catastrophic for the policy holder.

Life insurance companies argue that if they were to write out for medical evidence in a greater number of cases that this would add to their costs and that it would delay customers obtaining cover. They say that customers want cover quickly and that if they can’t  get it quickly they will be put off taking out insurance. 

We disagree strongly and so do most of our clients. We think that the argument that the ‘client needs a fast turnaround’ is a smoke screen and that there may be other motivating factors.

Here @MoneysworthUK our clients tell us that the most important thing for them is to know that their cover is valid. Getting the job done right is much more important than getting a quick fix. In the main they positively welcome a GP report as part of the underwriting process, because it makes them feel safer that they haven’t accidentally left something out. That’s probably not surprising when you consider that the majority of our clients already have an existing health condition such as diabetes, heart disease, mental health etc.

In the case of Nic Hughes, had the life insurance company written out to the client’s GP for a report before making their underwriting decision then the current situation could have been avoided. If they had declined or postponed cover then Nic could have explored other avenues to see if other options were available. Instead of which the insurance company seems to have taken the easy route which has turned out to be easy for them but very difficult for Nic and for his family.  

In Nic’s case we think Friends Life should settle the claim. If you would like to sign the petition here is the link https://t.co/7KlFyuOL

Furthermore we think that Nic’s case illustrates the need for a reassessment of underwriting procedures across all life insurance companies. One possible way of dealing with this issue would be to make insurance companies fully liable for claims arising after a limited initial period – that would change the way life insurance companies approached their underwriting processes as they would not be able to rely on non disclosure at the claim stage. But it would leave customers knowing where they stand.

In the meantime until life insurance companies change their ways we think that ‘grey’ cases should be settled in favour of the applicants.

Tips for Easy Processing of Life Insurance Claims

A lot of people are investing in life insurance policies, so that it can help their loved ones financially in case of their death. Life insurance companies can easily collect their payments from you but claiming the insurance benefits can be hard if you do not have the necessary documents at hand. There are a lot of processes that the beneficiary has to go through before the claims can be received. Filing these paper documents is not easy if you do not know what to do.

There are also a lot of people who are processing their claims and insurance companies have to face all of these people's concerns. The amount of life insurance claims that will be received would also depend on the type of insurance that covers the beneficiary and the event that lead to these claims. In order for you to claim you benefits fast and easy, you will have to bear in mind these important reminders.

As the beneficiary, you should have the original documents related to the insurance policy. Make sure that you also have copies of those, in case they will be needed. Make sure that you have all the documents needed before processing the claims. This would also include your identification as the beneficiary who has the right to claim the benefits.

It is important that you get in contact with the insurance agent from whom the insurance policy was purchased. He or she will be able to give you the details and steps that you have to perform regarding claiming the benefits.

As the beneficiary, you should also be familiar with the insurance policy that you will be getting the claims. This information can be read in the policy documents and if you have questions you can also contact the insurance agent.

Consider also the length of time that you have to claim the benefit. There might be an unlimited time some insurance companies transfer the benefit to the state. This means that the process of claiming the benefit will be complicated. So better claim the benefit as soon as you have the documents needed such as a death certificate.

There are also different ways on how the money can reach you. You can either get it at lump sum or by installment. You can receive the claim after seven (7) days when the beneficiary has finished processing all the requirements.

Do not worry if you do not see any taxes taken from the amount you received. There would only be a tax of 55% in the excess of $1 million claim received.

Filing your claim can be hard and stressful at times, so make sure that you have copies of all documents needed. Make sure that you also know your insurance agent and the insurance company of the policy you purchased.

Check www.lifeinsurancequotes-online.org for available insurance that may fit your needs. It is also better if the beneficiaries have access to this information so that they can easily process the claims in cases such as death or accidents. Click here to get more information about life insurance claims.

Article Source: http://EzineArticles.com/?expert=Julius_Daviz_Galvez

Essential Details To Remember When Applying For Any Insurance Policy

If you care for your loved ones, then you should secure their future. This means anticipating contingencies and being prepared for them. One of the best ways you can do this is by securing the right coverage, especially in case of accidents. That's why it is highly encouraged to apply for the proper life, accident, and health insurance policies. This is especially true if you are the sole breadwinner of the family. You have to make sure that your kids will still have a bright future, no matter what happens. So how do you know what kind of insurance policy is right for you?

There are still lots of people who are skeptical about getting a proper coverage. There are many who are still without a decent policy, whether it is on their lives, health, or even on the vehicles they own. However, in these modern times, we have to realize that risks are growing each day as well. The more sophisticated society gets, the more risks we have to face. Hence, we have to make sure that the coverage we get will be able to answer to such risks. So the very first tip you apply for a policy is to assess the nature of the risks it covers.

For example, if the nature of your work is inherently hazardous, then you should take out an appropriate life insurance policy. Added to this, you should also have your health and accident coverage. If your job requires you to travel often, then secure travel insurance as well, unless your accident insurance gives more or less similar coverage. Next, check out the premiums that you have to pay. You have to expect that these policies will cost you. However, there are so many insurance companies out there that you can choose from.

Spend enough time assessing the various products of these companies and compare them. Go for the one that can give you the most comprehensive coverage at the price you can afford. Just be careful to properly understand the terms and conditions before signing anything. That brings us to our third tip which is to consult with an expert. Since we are not experts on this field, it's normal for us to entertain doubts. In order to clear up those doubts and secure the most suitable coverage, it's best to seek professional assistance. Consult with an experienced and reliable agent regarding your needs. That way, you will pay for the kind of coverage you want and deserve.

You can learn more about PPI and other forms of insurance by looking up online resources and reviews.

Article Source: http://EzineArticles.com/?expert=Merle_Bastilla

The Nature Of Risk And Life Insurance

Everyone knows that we get insurance to cover potential risks. Insurance premiums will of course be directly proportional to the level of risk that their attached policies are covering. This article explores the curious relationship between risk and insurance prices.

Different insurance products may have different interpretations of how risky certain things are. You would expect an eighty year old to pay lower car insurance premiums than a twenty one year old but, the same twenty one year old will come up on top every time when it comes to life insurance. It can therefore be said that different insurance products will have their own interpretations of risk

I'm going to take a risk of sounding patronising: do we really know what risk is? When you take a second or two to think, this question is actually far more expansive than it seems. Risk is actually derived from the Italian word 'rischio' meaning a source of peril.

Taking a look at my Oxford English Dictionary I get no fewer than six distinct meanings. When accounting for the life insurance industry jargon we get a seventh meaning referring to 'the risk' which in this context means whoever is being insured rather than an event that might cause loss or damage.

As a life insurance specialist two key element of what risk is have emerged to me, there must be an element of uncertainty, and there must be a potential for loss.

This is, however, seemingly too simplistic for the insurance industry to use. When calculating life insurance policy costs we also need to encompass a third ingredient which is a measurement that allows risk to be distinguished from uncertainty.

The probabilities of certain events happening, such as death or injury need to be calculated. This process involves using complex financial models based on past statistical data. While pricing factors such as age and sex are beyond your control there are some steps that can be taken to save some money. Smokers will always get a lousy deal when it comes to life insurance, so quitting can save you a packet. Insurance firms will class you as a smoker if you have consumed a cigarette in the last twelve months. If you're classed as overweight you'll also take a hit to the pocket. So cutting down on those excess pounds is a great idea.

Hopefully I have demonstrated how insurance and risk are intertwined and in order to understand the price of life insurance we must first define just what risk is.

Bryan Collins is a life cover specialist, specializing in Endowment Mortgage Insurance and Endowment Insurance

Article Source: http://EzineArticles.com/?expert=Bryan_I_Collins