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  • Mr. Rakesh Chaturvedi: Insurance Proposal For

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    Harish Chand
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    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

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    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

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    Mr. Rakesh Chaturvedi: Insurance Proposal For

    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

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    of 5

    Insurance Proposal for

    Mr. RAKESH CHATURVEDI


    for Annual Income of Rs. 172000/from age 51 to 75

    Presented by
    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR
    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    Presented by
    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR
    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    Overview of Insurance & Retirement Plan for

    Mr. RAKESH CHATURVEDI

    The objective of this proposal is to provide financial security to your family during your
    productive span and a happy independent retired lifestyle for yourself and your spouse
    when you decide to retire.

    Under this insurance proposal you will need to make


    premium payments of Rs.45085/- p.a. from your own
    funds till your age of 50 years. This proposal provides
    for a high riskcover of Rs.1482920/- starting at age 28
    and growing to Rs.3530760/- at age 51.

    In the year 2033 when you will be 51 years of age, you


    will start receiving annual tax free income every year till
    75 years of your age. Income starts at Rs. 188888 per
    annum and increases by approximately 0.00 % every
    year to take care of inflating costs of living. There is a
    provision of risk cover during this period too. In case of
    death during this period lump sum amount corresponding
    to the prevailing risk cover will be paid to your nominee.

    No premiums are payable from own fund after deferment


    period, that is, after age 50.
    In the event of any emergency or financial difficulties,
    there is a provision under this Magic Plan to provide loan
    against the insurance policy. The loan is available after 2
    years of completion of the policy and payment of 3 yearly
    premiums.
    Premiums are available for exemption under sec.80 CCE of
    income tax act upto Rs.100000/- per annum.

    Disclaimer
    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially

    independent life for yourself and your spouse on retirement.


    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year

    ended 31-Mar-2009. Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.
    u The effective yield in the above proposal works out to 8.93 % (calculated as per IRR method).

    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR
    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I

    Quotation Ref.No.

    : HC001

    Quotation Date

    : 21/06/2010

    Proposers Name

    : Mr. RAKESH CHATURVEDI

    Proposers Age

    : 28

    Sum Proposed

    : 1415000

    Yearly Premium

    : 45085

    Sec.80 CCE Invt. Lmt.

    : 100000

    Sec.80 CCE Tax Rebate

    (nearer birthday)

    : 33.99 %

    Benefits During Deferment Period

    Risk Cover
    Yearly
    Premium

    Tax
    Saved

    Nett
    Premium

    Loan
    Available

    2897920

    45085

    15325

    29760

    1550840

    2965840

    45085

    15325

    29760

    30

    1618760

    3033760

    45085

    15325

    29760

    13250

    2013

    31

    1686680

    3101680

    45085

    15325

    29760

    51500

    2014

    32

    1754600

    3169600

    45085

    15325

    29760

    73500

    2015

    33

    1822520

    3237520

    45085

    15325

    29760

    96250

    2016

    34

    1890440

    3305440

    45085

    15325

    29760

    121750

    2017

    35

    1958360

    3373360

    45085

    15325

    29760

    148750

    2018

    36

    2026280

    3441280

    45085

    15325

    29760

    179250

    2019

    37

    2094200

    3509200

    45085

    15325

    29760

    211750

    2020

    38

    2162120

    3577120

    45085

    15325

    29760

    248000

    2021

    39

    2230040

    3645040

    45085

    15325

    29760

    288000

    2022

    40

    2297960

    3712960

    45085

    15325

    29760

    333250

    2023

    41

    2365880

    3780880

    45085

    15325

    29760

    381750

    2024

    42

    2447100

    3862100

    45085

    15325

    29760

    435750

    2025

    43

    2528320

    3943320

    45085

    15325

    29760

    493250

    2026

    44

    2621215

    4036215

    45085

    15325

    29760

    558750

    2027

    45

    2717010

    4132010

    45085

    15325

    29760

    629000

    2028

    46

    2819880

    4234880

    45085

    15325

    29760

    708250

    2029

    47

    2996400

    4411400

    45085

    15325

    29760

    795750

    2030

    48

    3174520

    4589520

    45085

    15325

    29760

    894750

    2031

    49

    3352640

    4767640

    45085

    15325

    29760

    1005500

    2032

    50

    3530760

    4945760

    45085

    15325

    29760

    1135000

    1036955

    352475

    684480

    Year

    Age
    Normal

    Accident

    2010

    28

    1482920

    2011

    29

    2012

    * The above projection is based on assumptions enumerated on the page titled "Benefits during the Retirement Period".

    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR
    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I


    Quotation Ref.No.

    : HC001

    Quotation Date

    : 21/06/2010

    Proposers Name

    : Mr. RAKESH CHATURVEDI

    Proposers Age

    : 28

    Sum Proposed

    : 1415000

    Yearly Premium

    : 45085

    Sec.80 CCE Invt. Lmt.

    : 100000

    Sec.80 CCE Tax Rebate

    (nearer birthday)

    : 33.99 %

    Benefits during the Retirement Period


    Returns From LIC
    Risk Cover
    Year

    Age

    Normal

    Accident

    Yearly
    Premium

    Tax
    Saved

    Nett
    Premium

    Desired
    Income

    Amount
    Received

    Used for
    Prem. Pymt.

    Nett
    Receivable

    Loan
    Available

    2033

    51

    3481760

    4811760

    41437

    14085

    27352

    172000

    216240

    27352

    188888

    1112000

    2034

    52

    3425000

    4675000

    38151

    12968

    25183

    172000

    213760

    25183

    188577

    1090750

    2035

    53

    3397400

    4572400

    35197

    11964

    23233

    172000

    210000

    23233

    186767

    1070000

    2036

    54

    3360280

    4465280

    32549

    11064

    21485

    172000

    207760

    21485

    186275

    1051000

    2037

    55

    3316160

    4356160

    30181

    10259

    19922

    172000

    203840

    19922

    183918

    1036250

    2038

    56

    3250200

    4225200

    27899

    9483

    18416

    172000

    214760

    18416

    196344

    1015250

    2039

    57

    3180600

    4095600

    25865

    8792

    17073

    172000

    208320

    17073

    191247

    998250

    2040

    58

    3149580

    4009580

    24062

    8179

    15883

    172000

    200200

    15883

    184317

    986000

    2041

    59

    3060380

    3865380

    22309

    7583

    14726

    172000

    210540

    14726

    195814

    969250

    2042

    60

    2988000

    3738000

    20604

    7003

    13601

    172000

    220880

    13601

    207279

    945750

    2043

    61

    2927400

    3627400

    19046

    6473

    12573

    172000

    199200

    12573

    186627

    929250

    2044

    62

    2847000

    3497000

    17524

    5956

    11568

    172000

    209100

    11568

    197532

    907250

    2045

    63

    2746800

    3346800

    16036

    5450

    10586

    172000

    219000

    10586

    208414

    880500

    2046

    64

    2626800

    3176800

    14580

    4955

    9625

    172000

    228900

    9625

    219275

    847750

    2047

    65

    2512000

    3012000

    13153

    4470

    8683

    172000

    238800

    8683

    230117

    810000

    2048

    66

    2372400

    2822400

    11752

    3994

    7758

    172000

    251200

    7758

    243442

    765250

    2049

    67

    2208000

    2608000

    10376

    3526

    6850

    172000

    263600

    6850

    256750

    715000

    2050

    68

    1948800

    2298800

    9021

    3065

    5956

    172000

    276000

    5956

    270044

    658750

    2051

    69

    1684800

    1984800

    7686

    2611

    5075

    172000

    278400

    5075

    273325

    595250

    2052

    70

    1416000

    1416000

    6370

    2164

    4206

    172000

    280800

    4206

    276594

    524250

    2053

    71

    1142400

    1142400

    4869

    1654

    3215

    172000

    283200

    3215

    279985

    444250

    2054

    72

    864000

    864000

    3632

    1234

    2398

    172000

    285600

    2398

    283202

    354000

    2055

    73

    580800

    580800

    2410

    819

    1591

    172000

    288000

    1591

    286409

    251750

    2056

    74

    292800

    292800

    1200

    408

    792

    172000

    290400

    792

    289608

    136250

    2057

    75

    172000

    292800

    292800

    5991300

    287750

    5703550

    435909

    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially

    independent life for yourself and your spouse on retirement.


    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year

    ended 31-Mar-2009 . Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.
    rates
    u The effective yield in the above proposal works out to 8.93 % (calculated as per IRR method).

    Harish Chand
    Delhi LIC Agent
    577, GH-9, PASCHIM VIHAR
    NEW DELHI- 110087
    INDIA, 9811896425, 9212201725
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I


    Quotation Ref.No.

    : HC001

    Quotation Date

    : 21/06/2010

    Proposers Name

    : Mr. RAKESH CHATURVEDI

    Proposers DOB

    : 28/02/1982

    Sum Proposed

    : 1415000

    Yearly Premium

    : 45085

    Sec.80 CCE Invt. Lmt.

    : 100000

    Sec.80 CCE Tax Rebate

    Age

    : 28 (ANB)

    : 33.99 %

    Agent's Copy
    PREMIUM
    Sr.
    No.

    Plan/Tm/PPT

    Sum

    DAB
    Sum

    Interim
    Bonus
    Rate

    * Bonus
    Rate

    #Assu
    Step
    Rate

    FAB

    SSS

    Mly.

    Qly.

    Hly.

    Yly.

    14/23/23

    85000

    85000

    48

    48

    0.00

    440

    313

    329

    940

    1852

    3648

    14/24/24

    80000

    80000

    48

    48

    0.00

    520

    282

    296

    847

    1669

    3286

    14/25/25

    75000

    75000

    48

    48

    0.00

    600

    254

    266

    761

    1500

    2954

    14/26/26

    70000

    70000

    48

    48

    0.00

    720

    227

    239

    682

    1345

    2648

    14/27/27

    65000

    65000

    48

    48

    0.00

    840

    203

    214

    610

    1202

    2368

    14/28/28

    65000

    65000

    48

    48

    0.00

    960

    196

    206

    588

    1159

    2282

    14/29/29

    60000

    60000

    48

    48

    0.00

    1080

    175

    183

    524

    1033

    2034

    14/30/30

    55000

    55000

    48

    48

    0.00

    1200

    155

    163

    465

    916

    1803

    14/31/31

    55000

    55000

    48

    48

    0.00

    1340

    151

    158

    452

    890

    1753

    10

    14/32/32

    55000

    55000

    48

    48

    0.00

    1480

    146

    154

    439

    865

    1705

    11

    14/33/33

    50000

    50000

    48

    48

    0.00

    1400

    134

    140

    401

    791

    1558

    12

    14/34/34

    50000

    50000

    48

    48

    0.00

    1550

    131

    137

    392

    772

    1522

    13

    14/35/35

    50000

    50000

    48

    48

    0.00

    1700

    128

    134

    383

    755

    1488

    14

    14/36/36

    50000

    50000

    48

    48

    0.00

    1850

    125

    131

    375

    739

    1456

    15

    14/37/37

    50000

    50000

    48

    48

    0.00

    2000

    122

    128

    367

    724

    1427

    16

    14/38/38

    50000

    50000

    48

    48

    0.00

    2200

    120

    126

    361

    711

    1401

    17

    14/39/39

    50000

    50000

    48

    48

    0.00

    2400

    118

    124

    354

    698

    1376

    18

    14/40/40

    50000

    50000

    48

    48

    0.00

    2600

    116

    122

    349

    687

    1355

    19

    14/41/41

    50000

    50000

    48

    48

    0.00

    2600

    115

    120

    344

    678

    1335

    20

    14/42/42

    50000

    50000

    48

    48

    0.00

    2600

    113

    118

    339

    668

    1316

    21

    14/43/43

    50000

    50000

    48

    48

    0.00

    2600

    112

    117

    335

    660

    1301

    22

    14/44/44

    50000

    50000

    48

    48

    0.00

    2600

    110

    116

    331

    653

    1287

    23

    14/45/45

    50000

    50000

    48

    48

    0.00

    2600

    109

    114

    327

    646

    1272

    24

    14/46/46

    50000

    50000

    48

    48

    0.00

    2600

    108

    113

    324

    639

    1260

    25

    14/47/47

    50000

    50000

    48

    48

    0.00

    2600

    107

    112

    322

    634

    1250

    1415000

    1415000

    3870

    4060

    11612

    22886

    45085

    1. '*' : - Assuming LIC will declare the above mentioned bonus rates for the year ended 31-Mar-2010.
    2. '#' : - Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above.

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