Tuesday 26 May 2020

The Meaning of Friendship & Five Rules for Winning Friends

The Meaning of Friendship


A word of warning: There is much friendship these days that is political and insincere. Some people use “friendship” for vocational advantage, selecting and shedding friends with rapidity and without real feeling. They shop for friends as they would for an automobile, looking for a bargain, figuring out in advance which friend will help them advance their career. As they achieve promotions and rise into a new social status, they then discard their old pals and begin hunting for new alliances, which are more likely to pay off in terms of cold cash - present or future. 

These people do not differentiate between one person and another, but make their choices after a careful survey of the economic advantages involved. 

Other people select friends and make efforts to cement these “friendships” in an attempt to make others think them popular. 

Their reasoning is that if people see them always in the company of this person or that, on apparently friendly terms, they will be considered socially acceptable. They think of this as a success, though it really isn’t. 

They don’t really care, in a compassionate way, about the people they use for their social prestige. Indeed, they use them with the same degree of concern that one would feel in washing dishes or polishing the family car. Their only concern is that their ally be a superficially acceptable commodity, a person with enough status in the community to enhance their own social prestige. 

Obviously, no genuine value comes from these forms of “friendship.” There is nothing beautiful or ennobling about these selfish alliances, and I am writing about an entirely different type of relationship, one in which the main ingredient is not expediency, but brotherly love. This honest, giving kind of friendship is one of the most precious things in life, and it is this warm brotherly- sisterly relatedness that I hope I can help you achieve.

Five Rules for Winning Friends 

Apply these concepts and you will never lack friends: 

1. Be a friend to yourself. If you’re not, you can’t possibly be a friend to others. If you downgrade yourself, you can still admire other people, but your respect will be tainted with envy. Others will sense the impurity of your friendship and will not respond positively to it. They may be sympathetic toward your problems, but pity is not a strong foundation for friendship. 

2. Reach out to people. This is the next step. When you are with a casual acquaintance and you feel like talking, express yourself as uninhibitedly as is proper for the situation. Don’t tell yourself that you’re silly if you crack a joke, or unstable if you’re nervous and want the other person to like you. Look for the other person’s positive qualities and try to bring them out; watch for overcritical thoughts and stamp them out, for they are enemies to friendship. 

3. Imagine you’re the other person. This mental picturing will help you. If you try to image him in his total life situation, as accurately as you can reconstruct it, you can sense his needs and try to meet them as much as is within your ability and within the dimensions of your relationship. You can also understand his responses better. If he is touchy in certain areas, you can try to avoid stepping on his toes. When you feel like being generous, you can attempt to build up his own self-image. If he is a worthwhile friend, he will be grateful for your kindness and will be giving to you in return, in his own individual way. 

4. Accept the other fellow’s individuality. People are different, especially when they’re being genuine. Don’t try to alter this fact. The other fellow is not you; accept him as he is and he’ll value you too, as you are, if he’s worth his salt. It is a serious mistake to try to force another person to conform to your preconceived ideas. If you resort to such domineering tactics, you’ll likely have an enemy, not a friend. 

5. Try to meet others’ needs. Too often this world is a cutthroat place in which people think of their own needs-and then stop thinking! Go out of your way to be considerate and you’ll be a valued friend. Many people talk at people; they deliver lectures and the other fellow is just an ear. Never do this to a friend; talk with him!
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मित्रों को जीतने के लिए पाँच नियम

इन अवधारणाओं को लागू करें और आपको दोस्तों की कमी कभी नहीं होगी:

1. खुद के लिए दोस्त बनें। यदि आप नहीं हैं, तो आप संभवतः दूसरों के मित्र नहीं हो सकते। यदि आप खुद को नीचा दिखाते हैं, तो आप अभी भी अन्य लोगों की प्रशंसा कर सकते हैं, लेकिन आपका सम्मान ईर्ष्या के साथ होगा। दूसरों को आपकी दोस्ती की अशुद्धता का एहसास होगा और वह इस पर सकारात्मक प्रतिक्रिया नहीं देगा। वे आपकी समस्याओं के प्रति सहानुभूतिपूर्ण हो सकते हैं, लेकिन दया मित्रता के लिए एक मजबूत आधार नहीं है।

2. लोगों तक पहुंचना। यह अगला कदम है। जब आप एक आकस्मिक परिचित व्यक्ति के साथ हों और आपको बात करने का मन हो, तो अपने आप को निर्जन रूप से व्यक्त करें जैसा कि स्थिति के लिए उचित है। अपने आप को यह न बताएं कि यदि आप कोई मजाक करते हैं, या अस्थिर हैं, तो आप मूर्खतापूर्ण हैं यदि आप घबराए हुए हैं और चाहते हैं कि दूसरा व्यक्ति आपको पसंद करे। दूसरे व्यक्ति के सकारात्मक गुणों को देखें और उन्हें बाहर लाने की कोशिश करें; अतिवादी विचारों के लिए देखें और उन पर मुहर लगाएं, क्योंकि वे दोस्ती के दुश्मन हैं।

3. कल्पना कीजिए कि आप दूसरे व्यक्ति हैं। यह मानसिक चित्रण आपकी सहायता करेगा। यदि आप उसकी कुल जीवन स्थिति में उसकी छवि बनाने की कोशिश करते हैं, जैसा कि आप उसे फिर से बना सकते हैं, तो आप उसकी जरूरतों को समझ सकते हैं और उनसे मिलने की कोशिश कर सकते हैं, जो आपकी क्षमता के भीतर और आपके रिश्ते के आयामों में है। आप उसकी प्रतिक्रियाओं को बेहतर तरीके से समझ सकते हैं। यदि वह कुछ क्षेत्रों में स्पर्श कर रहा है, तो आप उसके पैर की उंगलियों पर कदम रखने से बचने की कोशिश कर सकते हैं। जब आप उदार महसूस करते हैं, तो आप अपनी स्वयं की छवि बनाने का प्रयास कर सकते हैं। यदि वह एक सार्थक दोस्त है, तो वह आपकी दयालुता के लिए आभारी रहेगा और बदले में आपको अपने व्यक्तिगत तरीके से देगा।

4. दूसरे साथी के व्यक्तित्व को स्वीकार करें। लोग अलग हैं, खासकर जब वे वास्तविक हैं। इस तथ्य को बदलने की कोशिश न करें। दूसरे साथी आप नहीं हैं; अगर वह अपने नमक के लायक है, तो उसे स्वीकार करें और वह भी आपको को मान देगा। यह एक गंभीर गलती है कि किसी दूसरे व्यक्ति को आपके पूर्व-निर्धारित विचारों के अनुरूप मजबूर करने की कोशिश की जाए। यदि आप इस तरह के दबंग रणनीति का सहारा लेते हैं, तो आप एक दोस्त नहीं बल्कि एक दुश्मन है।

5. दूसरों की जरूरतों को पूरा करने की कोशिश करें। बहुत बार यह दुनिया एक जगह है जहां लोग अपनी जरूरतों के बारे में सोचते हैं और फिर सोचना बंद कर देते हैं! विचार करने के लिए अपने रास्ते से बाहर जाएं और आप एक मूल्यवान मित्र होंगे। बहुत से लोग लोगों से बात करते हैं; वे व्याख्यान देते हैं और दूसरा साथी सिर्फ एक कान है। मित्र के साथ ऐसा कभी न करें; उनसे बात करो!

दोस्ती का मतलब

चेतावनी का एक शब्द: इन दिनों बहुत दोस्ती है जो राजनीतिक और ईमानदार है। कुछ लोग "दोस्ती" का उपयोग व्यावसायिक लाभ के लिए करते हैं, दोस्तों के साथ शोषण और बिना किसी वास्तविक भावना के चयन और बहाते हैं। वे दोस्तों के लिए खरीदारी करते हैं क्योंकि वे एक ऑटोमोबाइल के लिए चाहते हैं, एक सौदा की तलाश में, जो पहले से पता लगा रहा है कि कौन सा दोस्त उन्हें अपने कैरियर को आगे बढ़ाने में मदद करेगा। जब वे पदोन्नति प्राप्त करते हैं और एक नई सामाजिक स्थिति में उठते हैं, तो वे अपने पुराने पल्स को त्याग देते हैं और नए गठबंधनों के लिए शिकार करना शुरू करते हैं, जो कि ठंडे नकदी - वर्तमान या भविष्य के संदर्भ में भुगतान करने की अधिक संभावना है।

ये लोग एक व्यक्ति और दूसरे के बीच अंतर नहीं करते हैं, लेकिन इसमें शामिल आर्थिक लाभों के सावधानीपूर्वक सर्वेक्षण के बाद अपनी पसंद बनाते हैं।

अन्य लोग दोस्तों का चयन करते हैं और दूसरों को लोकप्रिय समझने के प्रयास में इन "दोस्ती" को मजबूत करने के प्रयास करते हैं।

उनका तर्क यह है कि अगर लोग उन्हें हमेशा इस व्यक्ति की कंपनी में देखते हैं या वह, स्पष्ट रूप से अनुकूल शर्तों पर, उन्हें सामाजिक रूप से स्वीकार्य माना जाएगा। वे इसे सफल मानते हैं, हालांकि यह वास्तव में नहीं है।

वे वास्तव में परवाह नहीं करते हैं, एक दयालु तरीके से, उन लोगों के बारे में जो वे अपनी सामाजिक प्रतिष्ठा के लिए उपयोग करते हैं। वास्तव में, वे उन्हें उसी चिंता के साथ उपयोग करते हैं जो एक व्यंजन धोने या परिवार की कार को चमकाने में महसूस करेगा। उनकी एकमात्र चिंता यह है कि उनका सहयोगी एक सतही स्वीकार्य वस्तु हो, अपनी सामाजिक प्रतिष्ठा बढ़ाने के लिए समुदाय में पर्याप्त स्थिति वाला व्यक्ति।

जाहिर है, कोई वास्तविक मूल्य "दोस्ती" के इन रूपों से नहीं आता है। इन स्वार्थी गठबंधनों के बारे में कुछ भी सुंदर या मनोरंजक नहीं है, और मैं पूरी तरह से अलग प्रकार के संबंधों के बारे में लिख रहा हूं, जिसमें से एक मुख्य घटक समीचीनता नहीं है, लेकिन भाईचारा है। यह ईमानदार, इस तरह की दोस्ती देना जीवन की सबसे कीमती चीज़ों में से एक है, और यह इस भाईचारे से जुड़ी है- बहन से संबंधित है कि मुझे आशा है कि मैं आपको हासिल करने में मदद कर सकता हूं।




Monday 25 May 2020

Life Insurance Underwriting


MDRT IN 26 WEEKS IN COVID-19 PERIOD

Second Lesson:

Life Insurance Underwriting

Insurance underwriting is the name given to the process of assessing your life insurance application. This involves finding out key details about you and is carried out by an insurance underwriter.  
Life insurance companies use underwriters to look at the information gathered about you and then figure how much of a risk it would be to sell you life insurance. For life insurance, the underwriter looks at data like your health and medical history as well as lifestyle information like your hobbies and driving ability.
For example, if you smoke, the insurance company is taking a bigger risk by insuring your life—compared with someone who does not smoke. So that means it will cost you more to buy life insurance from them. 

Read on to learn more about:

·         The underwriting manual : An underwriting manual will state things like what service a carrier’s underwriters should use for ordering an attending physician statement online, when they require a prescription history report, how height and weight correlate to health classifications, and more.
·         Step 1: application quality check: It’s not uncommon for applications to be accidentally incomplete. The carrier is looking to make sure that all of the information is accurate and completely filled out. Fortunately, unless the missing information is related to medical history, most changes that need to be made to an application won’t slow down the underwriting process.
·         Step 2: paramedical exam: The medical exam is like a checkup with your doctor, except it’s free to you. You’ll have to go to a lab where a medical technician will perform the exam. The tech can also come to your home or work.
o   Basic measurements: Height, weight, blood pressure – the boring things that you get a report on at a typical physical. Your height-to-weight ratio plays a big role in how you’ll be classified and, ultimately, what you’ll pay for your life insurance policy. High blood pressure, which becomes a particular concern as you get older, is also required for setting your rates.
o   Blood test: You can get a lot of information on potentially risky health concerns with a simple blood test. Heart disease, stroke, diabetes, blood-borne illnesses, and more can all be found out with a few vials of blood.
o   Drug test: A urine test for a full drug panel will alert the carrier to the use of drugs like amphetamines, cocaine, barbiturates, and more. Generally speaking, drug use makes you riskier to insure and raises your premiums (unless it’s marijuana, which is in a legal, social, and insurance grey area at the moment).
·         Step 3: attending physician statement :  An APS is a summary of your medical history from your doctor’s point of view. It provides the status of each condition your doctor is treating and information about the condition such as how long you’ve been treating it, how long symptoms have been present, and your prognosis.
·         Step 4: Medical Information Bureau check: It’s not a bad thing if you’ve applied for life insurance with different carriers in the past, but the MIB will let carriers see what sort of information you’ve been disclosing on some applications that you may have accidentally left off others. Tested positive for drug use on a previous test but failed to disclose it on your current application? They’ll find out.
·         Step 5: prescription check: The underwriter will check all the medication prescribed to you over the past five to seven years. As with the paramedical exam and APS, the prescription check will confirm the information in your application: the prescriptions you say you’re on or if you’ve omitted any medication up to this point.
·         Step 6: motor vehicle report: If you have a tendency to speed, drink and drive, or engage in other dangerous driving habits, you’re riskier, and your rates will be higher than someone who’s not.
·         Step 7: actuarial tables: Underwriters use a number of different actuarial tables to determine what risk you pose to the insurer and how much the insurer needs to charge to offset that risk.
  • Mortality table: This table shows the mortality probability for a given population, usually based on age and gender and assuming all other things being equal. Think of it as a baseline for when, statistically speaking, you’re most likely to die.
  • Build table: This table takes your body mass index (BMI) based on your height and weight and translates it into information that’s relevant to setting your insurance classification. A poor build can automatically set your classification to Standard, meaning you’ll pay more for your life insurance policy than someone with a Preferred classification.
·         Step 8: credit system: The APS and prescription check will let an underwriter know what you’re doing to keep health problems from getting worse, which can be a boost to both your health and your wallet.
·         Step 9: your final rating: Once underwriting is complete, you’re now the proud owner of a life insurance policy. The whole process can take anywhere from three to eight weeks, and relying on outside sources – like a doctor’s office for an APS – can add time. All that’s left is to confirm the premium rate, sign the policy to put it in force, and your family is protected.
·         You’ll describe your occupation and hobbies: The life insurance company will need to know if they’re insuring someone who works in an office or someone in a riskier profession—like a skydiving instructor. When it comes to hobbies, if you’re an office worker who also skydives for the fun of it, that’s something they’ll need to know. In the end, it’s wise to tell them about any risks in your job or outside of it.  


What risk factors are underwriters checking?

As we mentioned earlier, underwriters will piece together a picture of you to work out how much of a risk you are to insure. These are some of the factors they take into account:
·         Age: The younger you are, the less risk you pose for the insurer. 
·         Family Medical History: Any family history of illness will increase your risk factor. 
·         Current Health Conditions: If you’re living with any health conditions, the insurance company will take them into account. 
·         Smoking Habits: If you’re a smoker, that’s considered a big risk and your premium will be higher. 
·         Alcohol and Drugs: How much you consume—and if you do, how often—will also be recorded. 
·         Weight and Body Mass Index: What sort of shape are you in when you apply? Being severely overweight comes with increased health risks, so your premium will be higher. 

What is a risk classification?

Risk classification is a class given to you by the underwriter once you’ve gone through the whole application process and necessary medical assessment. It’s like the grade you’re given after an exam at school. And let’s face it, you deserve some kind of grade after all the prodding and poking!
The classification you’re assigned gives the insurance company an idea of how risky you are to insure, and they’ll use it to decide your insurance premium amount. These are the main types: 
Risk Classification(1)
What It Means
How It Affects Your Premium
Preferred Plus
You’re practically a superhero: in very good health, don’t smoke, have a healthy BMI, take no medications, and have an uneventful medical history.
The premium will be close to the lowest it can get in the life insurance market. 
Preferred
You are in pretty good health with maybe a minor health issue like slightly high cholesterol or blood pressure.
Premium will be a bit higher compared to Preferred Plus.
Standard Plus
You’re generally healthy but may have a few minor issues which you take medication for.
You’ll pay more for your premium compared to someone with Preferred status
Standard
You’re in average health and take medication for one or more significant medical conditions.
You’ll pay more compared to the Standard Plus premium.

The underwriting process is important. It gives you a premium that is the most accurate for you and your situation. 
The good news is, you do have some control. If you plan ahead and keep yourself as healthy as possible, you will be able to get on the Preferred side of the risk classification—and that means lower premiums.


Sunday 24 May 2020

Principle of Insurance:

Principle of Insurance:

Insurance is defined as a contract, which is called a policy, in which an individual or organisation receives financial protection and reimbursement of damages from the insurer or the insurance company. At a very basic level, it is some form of protection from any possible financial losses.
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.
 There are seven basic principles that create an insurance contract between the insured and the insurer:

These 7 principles combine to form an insurance contract. In this blog we are going to briefly explain each item and try to show you how understanding each item can shed light into your personal injury case and insurance questions. These are principles open to interpretation. So if you think your case has breached one of these principles or your insurance claim has wrongfully been denied. Jason McMinn and Justin McMinn for help understanding your rights.

The Principle of Utmost Good Faith

  • Both parties involved in an insurance contract—the insured (policy holder) and the insurer (the company)—should act in good faith towards each other.
  • The insurer and the insured must provide clear and concise information regarding the terms and conditions of the contract
This is a very basic and primary principle of insurance contracts because the nature of the service is for the insurance company to provide a certain level of security and solidarity to the insured person’s life. However, the insurance company must also watch out for anyone looking for a way to scam them into free money. So each party is expected to act in good faith towards each other.
If the insurance company provides you with falsified or misrepresented information, then they are liable in situations where this misrepresentation or falsification has caused you loss. If you have misrepresented information regarding subject matter or your own personal history, then the insurance company’s liability becomes void (revoked).

The Principle of Insurable Interest

Insurable interest just means that the subject matter of the contract must provide some financial gain by existing for the insured (or policyholder) and would lead to a financial loss if damaged, destroyed, stolen, or lost.
  • The insured must have an insurable interest in the subject matter of the insurance contract.
  • The owner of the subject is said to have an insurable interest until s/he is no longer the owner.
In auto insurance, this will most times be a no brainer, but it does lead to issues when the person driving a vehicle doesn’t own it. For instance, if you are hit by a person who isn’t on the insurance policy of the vehicle, do you file a claim with the owner’s insurance company or the driver’s insurance company? This is a simple but crucial element for an insurance contract to exist.

The Principle of Indemnity

  • Indemnity is a guarantee to restore the insured to the position he or she was in before the uncertain incident that caused a loss for the insured. The insurer (provider) compensates the insured (policyholder).
  • The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.
Essentially, this is the part of the contract that matters the most for the insurance policyholder because this is the part of the contract that says she or he has the right to be compensated or, in other words, indemnified for his or her loss.
Compensation is not paid when the incident that caused the loss doesn’t happen during the time allotted in the contract or from the specific agreed upon causes of loss (as you will see in The Principle of Proximate Cause). Insurance contracts are created solely as a means to provide protection from unexpected events, not as a means to make a profit from a loss. Therefore, the insured is protected from losses by the principle of indemnity, but through stipulations that keep him or her from being able to scam and make a profit.

The Principle of Contribution

  • Contribution establishes a corollary among all the insurance contracts involved in an incident or with the same subject.
  • Contribution allows for the insured to claim indemnity to the extent of actual loss from all the insurance contracts involved in his or her claim.
This is the principle of contribution. Each policy you have on the same subject matter pays their proportion of the loss incurred by the policyholder. It’s an extension of the principle of indemnity that allows proportional responsibility for all insurance coverage on the same subject matter.

The Principle of Subrogation

This principle can be a little confusing, but the example should help make it clear. Subrogation is substituting one creditor (the insurance company) for another (another insurance company representing the person responsible for the loss).
  • After the insured (policyholder) has been compensated for the incurred loss on a piece of property that was insured, the rights of ownership of this property go to the insurer.
So lets say you are in a car wreck caused by a third party and your file a claim with your insurance company to pay for the damages on your car and your medical expenses. Your insurance company will assume ownership of your car and medical expenses in order to step in and file a claim or lawsuit with the person who is actually responsible for the accident (i.e. the person who should have paid for your losses).
The insurance company can only benefit from subrogation by winning back the money it paid to it’s policyholder and the costs of acquiring this money. Anything paid extra from the third party, is given to the policyholder. So lets say your insurance company filed a lawsuit with the negligent third party after the insurance company had already compensated you for the full amount of your damages. If their lawsuit ends up winning more money from the negligent third party than they paid you, they’ll use that to cover court costs and the remaining balance will go to you.

The Principle of Proximate Cause

  • The loss of insured property can be caused by more than one incident even in succession to each other.
  • Property may be insured against some but not all causes of loss.
  • When a property is not insured against all causes, the nearest cause is to be found out.
  • If the proximate cause is one in which the property is insured against, then the insurer must pay compensation. If it is not a cause the property is insured against, then the insurer doesn’t have to pay.
When buying your insurance policies, you will most likely go through a process where you select which instances you and your property will be covered for and which ones they will not. This is where you are selecting which proximate causes are covered. If you end up in an incident, then the proximate cause will have to be investigated so that the insurance company validates that you are covered for the incident.

This can lead to disputes when you have suffered an incident you thought was covered but your insurance provider says it’s not. Insurance companies want to make sure they are protecting themselves but sometimes they can use this to get out of being liable for a situation. This might be a dispute where you’ll need a lawyer to help argue for you.

The Principle of Loss Minimization

This is our final principle that creates an insurance contract and the most simple one probably.
  • In an uncertain event, it is the insured’s responsibility to take all precautions to minimize the loss on the insured property.
Insurance contracts shouldn’t be about getting free stuff every time something bad happens. Therefore, a little responsibility is bestowed upon the insured to take all measures possible to minimize the loss on the property. This principle can be debatable, so call a lawyer if you think you are being unfairly judged under this principle. 



For moe details, Pooja Manoj Gupta, www.giia26.com 
Email: pmgiia26.com Mobile 9868944340

Monday 18 May 2020

Insurance in india

Insurance in india

Dear friends,

good morning

Read the message, understand the value of insurance, enlighten yourself and tell others as well.

1. We buy gold for our children's education and marriage, but we do not buy a Children Education / Marriage Plan.

2. We should get FEELING of PROTECTION as soon as we see an insurance agent instead.

3. Only 20 crore Indians have insurance policies in 130 crore population or that too is not enough!

4. We buy a SCREEN GUARD to protect the 10k price of our MOBILE, but we do not cover our lives, which cost more than 10 crores.

5. We get our daughter married to an unknown person. But we think a lot when a known person advises us about taking an insurance policy.

6. We fight on the Bhagavad Gita and the Quran, but we do not realize DEATH that this is the truth!

7. We keep our slippers very carefully in the stand for Rs 5 / - but think 50 / - ₹ to get insurance for one day.

Do you not consider life to be worth the price of your sport?

8. We rely on the sorcerer Baba but we do not trust the insurance agent who guides with logic.

9. We are impressed by seeing other person's pension * * facility but we do not like to save some amount every month in PENSION policy which gives us PENSION for LIFE TIME.

10. According to the World Census, more than 10k people do not wake up on their alarm every day after sleeping on the previous night.

Please remember that only "FIRE Engine" comes with ALARM, but not DEATH Engine ...

11. We buy inverters for lighting in our house during power off.

But you are the light for your family. An insurance policy is the inverter for your family when you are not.

12. When we die, it is only our last income but another day for the family. They continue to live the next day as well .. protect them with insuring their lives.

13. You know the balance in your mobile card, you know the balance in your debit card .... Do you know ... What is the balance in your life card?

"Recharge your life card with life insurance!


For more details, Pooja Manoj Gupta, www.giia26.com
Email: pmgiia26.com Mobile 9868944340



Saturday 9 May 2020

Life Insurance’s New Endowment Plan (Plan No. 914) (UIN:512N277V02)

Life Insurance’s New Endowment Plan (Plan No. 914) (UIN: 512N277V02)

LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and a good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

 

एलआईसी न्यू एंडोमेंट योजना

एलआईसी की न्यू एंडोमेंट योजना एक नॉन लिंक्ड जीवन बीमा योजना है जो आपको गारंटीड रिटर्न के साथ बोनस भी प्रदान करती है। इस योजना को 12 से 35 वर्ष की अवधि के लिए लिया जा सकता है। जिनकी उम्र 8 से 55 वर्ष तक है, वो इस योजना में निवेश कर सकते हैं तथा 75 वर्ष तक इसे जारी रख सकते हैं।

Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term :  12 to 35 years
Minimum Entry Age :  8 Year Completed 
Maximum Entry Age :  55 Year (Nearest Birthday)
Maximum Maturity Age :  75 Year

Minimum Sum Assured : 1,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income, age and health)
Maximum Accidental Death and Disability Benefit Rider up to age 70.

Life Insurance Covers:

Accidental Benefits  & Disability Benefits:-

Equal to Sum Assured (if DAB opted). Max. 50 Lac. Additional amount is payable on death. In the even of death by accident Risk is upto 70 years of age. In the event of total permanent disability, the benefit is payable in 10 years on the monthly basis. Age at entry - 18 years (LBD). Charges Rs. 1p.a.In case of Police Duty Rs. 1.50% p.a.

Death benefit:

Sum Assured + Vested Bonus + FAB if any.,OR
10 times of Annualized Premium, OR 
105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.
In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: 

Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

Grace Period: 

If premium payment is Yly, Hly & Qly. It is 1 month, but not less than 30 days. If the payment is monthly than maximum grace is 15 days.

Revival:

If premium are not paid within the grace period then the policy will lapse. A lapsed policy may be revived during the lift time of the Life Assured, but within a period of 2 consecutive years, from the date of first unpaid premium and before the date of maturity.   

Life Insurance Loan :

Loan Facility is available under this plan, after payment of premiums for at least 2 full years.

Nomination/Assignment/Surrender Value: 

Allowed

Cooling Off

15 days from the date of receipt of the Life Insurance Policy Bond. 

Income Tax Benefit :

Premium paid under this plan is eligible for Tax Saving under section 80c.
• Maturity under this plan is free under sec 10(10D).

Life Insurance Proposal Form : 300/340/360 shall be used under this plan.

Additional Features and Benefits of LIC New Endowment Plan 

Bonus:

There are 2 types of Bonuses are available in this plan:
1) Simple Reversionary Bonus - is declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus, if any. No bonus is paid on death after the premium paying term.
2) Final Addition Bonus may also be payable provided the policy has run for certain minimum period.
Let us understand with an example:
Ramesh has purchased a LIC New Endowment Plan for 25 years and for Sum Assured of Rs 10 lacs. Now, if the Simple Reversionary Bonus for a particular year is Rs 30, then the Bonus that accrues for Ramesh is:
Bonus= 30/1,000 X Sum Assured = 30/1,000 X 10,00,000= 30,000 for that year.
If the Bonus is assumed to be the same every year for the entire policy tenure of 25 years, then his Simple Reversionary Bonus = 30,000 X 25 = 7,50,000
The Final Addition Bonus does not get multiplied by the number of years. Thus, if Final Addition Bonus is Rs.200 per thousand Sum Assured, then Final Additional Bonus would be calculated as Rs 200/1,000 * Rs.10,00,000 = Rs.2,00,000
Total Bonus = Simple Reversionary Bonus + Final Addition Bonus
Total Bonus = Rs.7,50,000 + Rs.2,00,000 = Rs 9,50,000

What happens if?

You stop paying the premium – If the premiums are not paid within Grace Period, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, the policy acquires a Paid up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
Reduced Sum Assured = Basic Sum Assured *(Number of Premiums Paid / Total Number of Premiums Payable)
The policy can however be revived within 2 consecutive years from the date of first unpaid premium.
You want to surrender the policy –The policy can be surrendered only after it accrues Cash Value after at least 3 years’ premiums have been paid.This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as per the table mentioned.

You want a loan against your policy – Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions.


For more details, Pooja Manoj Gupta www.giia26.com
Email pmgiia26.com Mobile 9868944340

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