Scribd Logo
Upload

Welcome to Scribd!

  • Single Plan For Pension

    Uploaded by

    Harish Chand
    7 views2 pages
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

    Original Title

    Single Plan for Pension

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views2 pages

    Single Plan For Pension

    Uploaded by

    Harish Chand
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    HARISH CHAND

    Delhi LIC Agent

    577, GH-9, PASCHIM VIHAR


    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    Saral Moneyback Plan Money withdrawal option

    Name
    Mr. :Rajesh Kumar Age : 38 years
    Term :
    25 Years Mode : Yearly
    Premium Budget p. m. : 10800 Installment Premium : 127008
    Accident Rider : 2700000 Accident Rider Premium : 2700

    Term Rider : 0 Term Rider Premium : 0


    Total Installment Premium : 129707 Total Annual Premium : 129707
    Section 80 CCE Invst. Limit : 100000 Section 80 CCE Tax Savings : 33.99%

    Date : 11/07/2010

    Annual Premium Riskcover


    Cash Amount Amount
    Year Age Pre Tax Post Tax Normal Accidental Liquidity Required Provided
    Accidental
    2010 38 129708 95718 2700000 5400000 0 0 0

    2011 39 129708 95718 2829600 5529600 0 0 0

    2012 40 129708 95718 2959200 5659200 0 0 0

    2013 41 129708 95718 3088800 5788800 215482 0 0

    2014 42 129708 95718 3218400 5918400 344185 0 0

    2015 43 129708 95718 3348000 6048000 495396 0 0

    2016 44 129708 95718 3477600 6177600 615600 0 0

    2017 45 129708 95718 3607200 6307200 739368 0 0

    2018 46 129708 95718 3736800 6436800 868536 0 0

    2019 47 129708 95718 4352400 7052400 1004724 0 0

    2020 48 112894 78904 3948000 6298000 1633284 210000 211722

    2021 49 97882 64612 3581925 5619425 1601290 210000 212938

    2022 50 84670 55891 3262388 5024888 1564148 210000 211112

    2023 51 72660 47963 2962988 4475488 1537606 210000 218100

    2024 52 62452 41225 2706600 4006600 1508024 210000 211872

    2025 53 53444 35278 2464188 3576688 1483716 210000 213998

    2026 54 45038 29730 2215313 3152813 1428228 210000 224665

    2027 55 37832 24973 1989225 2776725 1350376 210000 216060

    2028 56 31226 20612 1760850 2410850 1269891 210000 221727

    2029 57 25221 16648 1528800 2053800 1172730 210000 225525

    2030 58 19816 13081 1293188 1705688 1058505 210000 226823

    2031 59 15012 9909 1055625 1368125 926905 210000 224704

    2032 60 10809 7135 820350 1045350 780588 210000 218565

    2033 61 6606 4361 541613 679113 624087 210000 242701

    2034 62 3002 1982 266375 328875 422384 210000 230391

    2035 63 0 0 0 0 212490 210000 212490

    Total 1975644 1409483 3523393

    The above statement is based on certain assumptions which are


    liable to change according to Government/Corporation's policies.
    Date : 11/07/2010
    Saral Moneyblack Plan Continued ... Pg. 2

    Annual Premium Riskcover


    Cash Amount Amount
    Year Age Pre Tax Post Tax Normal Accidental Liquidity Required Provided
    Accidental
    Disclaimer & Notes :
    q The figures shown in this presentation are based on the assumption that the Projected Investment Rate of Return that
    LIC will be able to earn throughout the term of the Jeevan Saral policy, on the investible portion of the premium, will be
    10% p.a. The investible portion of the premium is calculated as per LIC’s benefit Illustration for this plan.
    q The benefits illustrated are not gauranteed and the actual results may vary depending upon LIC’s performance with
    respect to this plan.
    q The premium indicated above is annualised premium based on the assumption of Yearly mode of payment.

    q The effective yield (IRR) on your investments works out to 5.91 % (pre-tax) and 9.29 % (post tax)

    The above statement is based on certain assumptions which are


    liable to change according to Government/Corporation's policies.

    You might also like