करीब 93 हजार भर्तियां करेगी रिलायंस लाइफ
दिल्ली, भाषा: दुनिया के अधिकतर देशों में निजी कंपनियां रोजाना हजारों कर्मचारियों को बेरोजगार कर रही हैं। इसके उलट भारत में निजी क्षेत्र की बीमा कंपनियां मंदी के इस मुश्किल हालात में भी धड़ाधड़ भर्तियां किए जा रही हैं। बीमा क्षेत्र में मौजूद मौके भुनाने के लिए देश के दूसरे नंबर के रईस अनिल अंबानी की कंपनी रिलायंस लाइफ इंश्योरेंस अगले चार महीनों में 2.5 हजार मैनेजर और 90 हजार सलाहकार नियुक्त करेगी। इससे पहले निजी क्षेत्र की प्रमुख बीमा कंपनी मेटलाइफ 32 हजार और मैक्स न्यूयार्क 44 हजार लोगों की भर्ती का ऐलान कर चुकी हैं। इनमें सलाहकार और मैनेजर दोनों शामिल हैं। अब तक रिलायंस समेत देश की सभी निजी बीमा कंपनियां करीब एक लाख 70 हजार लोगों को रोजगार देने की घोषणा कर चुकी हैं। रिलायंस लाइफ के सीईओ पी. नंदगोपाल ने बताया कि कंपनी ने भर्ती की प्रक्रिया शुरू कर दी है। नई नियुक्ति के बाद कंपनी के सलाहकारों की संख्या तीन लाख को पार कर जाएगी,हालांकि मैनेजमेंट से जुड़े कर्मचारियों की कुल संख्या 28 हजार होगी। चालू वित्त वर्ष 2008-09 के पहले आठ महीनों में कंपनी 40 हजार सलाहकार और 8 हजार मैनेजमेंट कर्मी भर्ती कर चुकी है। कंपनी सलाहकारों को पे-रोल पर नहीं नियुक्त करती है, बल्कि वे कमीशन पर काम करते हैं।
Sunday, December 14, 2008
Saturday, September 20, 2008
ING Term Life Plus
ING Term Life Plus
"Ensure dreams are protected, and get your premiums back" Your responsibility towards your family is something you've always held close to your heart. All your efforts are devoted to their happiness, their security. Not just for the present, but even for the future. Needless to mention, your biggest priority has always been to ensure that your loved ones are secure, even in your absence. ING Vysya Life now offers you a great way to secure your family's future. That's not all; you can also enjoy a whole range of very attractive benefits offered to you in a very convenient and economical mannerThe ING Term Life Plus is a Term Insurance Product with return of premiums. In addition to the sum assured which is payable on death, under this Plan the Company also returns a proportion of the premiums that you have paid after completion of half the policy term and another proportion on the policy maturity date. You also have the flexibility to surrender the policy .
Key Benefits
Protection Cover: Upwards of 5 lacs Sum Assured
Flexibility to choose a policy term between 10 and 30 years
Mid-term benefit on surviving to 50% of the term
On maturity Total premium less any extra premium paid and mid-term benefit, shall be payable
In the event of death of the LA during the policy term, the sum assured chosen under the policy shall be payable
Optional riders for comprehensive accidental coverage in regular payment option
Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961
Eligibility
Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Maximum maturity age: 75 years
Sum Assured
The minimum sum assured you can opt under this plan is Rs.5 Lakhs
Premium Amount
This Plan allows you to choose the amount of premiums you wish to pay
Policy Term
You have the flexibility to choose a policy term between 10 and 30 years
Premium Payment Terms
Regular premium - till policy term completion
Limited premium - 3 or 5 years
Single premium - is a one time payment
Premium Payment Options
Annual, half-yearly, quarterly or monthly
or FOR MORE DETAIL YOU CAN CONTACT ME.
"Ensure dreams are protected, and get your premiums back" Your responsibility towards your family is something you've always held close to your heart. All your efforts are devoted to their happiness, their security. Not just for the present, but even for the future. Needless to mention, your biggest priority has always been to ensure that your loved ones are secure, even in your absence. ING Vysya Life now offers you a great way to secure your family's future. That's not all; you can also enjoy a whole range of very attractive benefits offered to you in a very convenient and economical mannerThe ING Term Life Plus is a Term Insurance Product with return of premiums. In addition to the sum assured which is payable on death, under this Plan the Company also returns a proportion of the premiums that you have paid after completion of half the policy term and another proportion on the policy maturity date. You also have the flexibility to surrender the policy .
Key Benefits
Protection Cover: Upwards of 5 lacs Sum Assured
Flexibility to choose a policy term between 10 and 30 years
Mid-term benefit on surviving to 50% of the term
On maturity Total premium less any extra premium paid and mid-term benefit, shall be payable
In the event of death of the LA during the policy term, the sum assured chosen under the policy shall be payable
Optional riders for comprehensive accidental coverage in regular payment option
Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961
Eligibility
Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Maximum maturity age: 75 years
Sum Assured
The minimum sum assured you can opt under this plan is Rs.5 Lakhs
Premium Amount
This Plan allows you to choose the amount of premiums you wish to pay
Policy Term
You have the flexibility to choose a policy term between 10 and 30 years
Premium Payment Terms
Regular premium - till policy term completion
Limited premium - 3 or 5 years
Single premium - is a one time payment
Premium Payment Options
Annual, half-yearly, quarterly or monthly
or FOR MORE DETAIL YOU CAN CONTACT ME.
Saturday, July 19, 2008
5 rules on how much insurance you need
If you are an earning member of your family, and there are members of your family who are financially dependant on you, you need life insurance. But how much life insurance do you need?
There are many factors that are relevant in determining the amount of life cover you should buy.
Need for minimum protection
It is essential that a particular level of income should be maintained for the family even when its breadwinner is not around. Suppose a family's present needs are Rs 25,000 p.m. The extent of life insurance for its earning members should be such that interest income from the sum assured can meet the family's monthly expenses of Rs 25,000.
If one also wants to provide for the future fall in the purchasing power of rupee due to inflation, one must necessarily take policies for higher amounts. No widow, they say, has ever complained that her husband bought too much insurance.
Current income level
Payment of insurance premium results in an outflow of disposable income. You may, therefore, not like to buy too much insurance. One might have to limit the quantum of insurance keeping in mind the cash flow problems that will be created as a result of the obligation of regular payment of insurance premia.
Tax benefits
You should also take into account the tax benefit under Section 80C.
Accumulating for specific needs
If you expect to spend a particular sum of money for the education and / or wedding of your children, you may like to buy an insurance policy for a specific sum to meet such a lump sum commitment.
Present age
Your present age is a critical factor in deciding the quantum of insurance that you can afford. The rates of premium go up with the advancing age of the life assured. Hence, one can buy more insurance for the same premium at a younger age than at an older age.
The final decision rests upon a careful consideration and balance of all the above factors. The need for minimum protection may be quite high, but the current need for disposable income may not immediately permit buying adequate insurance.
You then have to make a compromise and buy extra insurance as and when you can afford it.
The 5 simple rules
In the event of any misfortune, well-planned life insurance can protect your loved ones from financial difficulties. However, in most cases, people find it difficult to estimate the correct value of insurance they need.
Partly this is because life insurance needs change through different stages of life. Young people with no dependants may not have much need for life insurance.
As one's family responsibility grows, life insurance needs too increase. Thus, a periodical review based on your family circumstances is required in order to ensure that the coverage is adequate.
There are several simple methods available to broadly estimate your life insurance needs. Five simple rules are:
1. Income rule
The most basic rule of thumb is provided by the income rule which holds that individual insurance cover should be at least around eight to ten times one's gross annual income. For example, a person earning a gross annual income of Rs 1 lakh should have about Rs 8 to10 lakh in life insurance cover.
2. Income plus expenses rule
This rule suggests that an individual needs insurance equal to five times your gross annual income, plus the total of basic expenses like housing or car loans, personal debt, child's education, etc.
3. Premiums as percentage of income
By this rule, payment of insurance premium depends on disposable income. In other words, one should decide the quantum of insurance after meeting the regular outgo from salary.
From the first two rules, you can make a broad estimate of the minimum insurance you should have. The premium as percentage of income rule can help you fine-tune your cash flow by committing an appropriate percentage of your income for paying life insurance premium.
4. Capital fund rule
This rule suggests that if you need Rs 1 lakh p.a. for your family needs, and assuming you do not have any other income-generating assets, you may like to create a capital fund of Rs 12.5 lakh (Rs 1.25 million) which can yield Rs 1 lakh (Rs 100,000) annual income @ 8% p.a. You may therefore buy a life insurance policy of Rs 12.5 lakh.
5. Family needs approach
This rule holds that you purchase enough life insurance to enable your family to meet various expenses in the event of key earning person's death. Under the family needs approach, one has to divide his family's needs into two main categories: immediate needs at death (cash needs), and ongoing needs (net income needs).
There are many factors that are relevant in determining the amount of life cover you should buy.
Need for minimum protection
It is essential that a particular level of income should be maintained for the family even when its breadwinner is not around. Suppose a family's present needs are Rs 25,000 p.m. The extent of life insurance for its earning members should be such that interest income from the sum assured can meet the family's monthly expenses of Rs 25,000.
If one also wants to provide for the future fall in the purchasing power of rupee due to inflation, one must necessarily take policies for higher amounts. No widow, they say, has ever complained that her husband bought too much insurance.
Current income level
Payment of insurance premium results in an outflow of disposable income. You may, therefore, not like to buy too much insurance. One might have to limit the quantum of insurance keeping in mind the cash flow problems that will be created as a result of the obligation of regular payment of insurance premia.
Tax benefits
You should also take into account the tax benefit under Section 80C.
Accumulating for specific needs
If you expect to spend a particular sum of money for the education and / or wedding of your children, you may like to buy an insurance policy for a specific sum to meet such a lump sum commitment.
Present age
Your present age is a critical factor in deciding the quantum of insurance that you can afford. The rates of premium go up with the advancing age of the life assured. Hence, one can buy more insurance for the same premium at a younger age than at an older age.
The final decision rests upon a careful consideration and balance of all the above factors. The need for minimum protection may be quite high, but the current need for disposable income may not immediately permit buying adequate insurance.
You then have to make a compromise and buy extra insurance as and when you can afford it.
The 5 simple rules
In the event of any misfortune, well-planned life insurance can protect your loved ones from financial difficulties. However, in most cases, people find it difficult to estimate the correct value of insurance they need.
Partly this is because life insurance needs change through different stages of life. Young people with no dependants may not have much need for life insurance.
As one's family responsibility grows, life insurance needs too increase. Thus, a periodical review based on your family circumstances is required in order to ensure that the coverage is adequate.
There are several simple methods available to broadly estimate your life insurance needs. Five simple rules are:
1. Income rule
The most basic rule of thumb is provided by the income rule which holds that individual insurance cover should be at least around eight to ten times one's gross annual income. For example, a person earning a gross annual income of Rs 1 lakh should have about Rs 8 to10 lakh in life insurance cover.
2. Income plus expenses rule
This rule suggests that an individual needs insurance equal to five times your gross annual income, plus the total of basic expenses like housing or car loans, personal debt, child's education, etc.
3. Premiums as percentage of income
By this rule, payment of insurance premium depends on disposable income. In other words, one should decide the quantum of insurance after meeting the regular outgo from salary.
From the first two rules, you can make a broad estimate of the minimum insurance you should have. The premium as percentage of income rule can help you fine-tune your cash flow by committing an appropriate percentage of your income for paying life insurance premium.
4. Capital fund rule
This rule suggests that if you need Rs 1 lakh p.a. for your family needs, and assuming you do not have any other income-generating assets, you may like to create a capital fund of Rs 12.5 lakh (Rs 1.25 million) which can yield Rs 1 lakh (Rs 100,000) annual income @ 8% p.a. You may therefore buy a life insurance policy of Rs 12.5 lakh.
5. Family needs approach
This rule holds that you purchase enough life insurance to enable your family to meet various expenses in the event of key earning person's death. Under the family needs approach, one has to divide his family's needs into two main categories: immediate needs at death (cash needs), and ongoing needs (net income needs).
Sunday, June 29, 2008
Update: About Indian Insurance companies
Date: June 27, 2008
1.Aegon Religare Life Insurance Company Limited, a joint venture life insurance company promoted by Religare Enterprises Limited, India, Bennett Coleman & Company Limited, India and Aegon N.V., Netherlands has been registered as a Life Insurer under Section 3 of the Insurance Act, 1938 with the Authority. Besides DLF Pramerica Life Insurance Company Limited, a joint venture life insurance company promoted by DLF Limited, India and Prudential International Insurance Holdings Ltd, USA has also been registered as a Life Insurer under Section 3 of the Insurance Act, 1938 with the Authority. The Certificates of Registration (Forms IRDA/R3) have been issued by the Authority to the two companies today. With the registration of these two companies today, the total number of life insurers registered with the Authority has gone up to 21.
2.Bharti Axa General Insurance Company Limited, a joint venture general insurance company promoted by Bharti Ventures Limited, GIBA Holdings Pvt Limited, India and Societe Beaujon, a wholly owned subsidiary of AXA S.A., France has been registered as a General Insurer under Section 3 of the Insurance Act, 1938 with the Authority. The Certificate of Registration (Forms IRDA/R3) has been issued by the Authority today. With this registration, the total number of general insurers registered with the Authority has gone up to 20.
(C R Muralidharan)
Member
Source: http://www.irdaindia.org/
Sunday, June 15, 2008
Ulips set to get costlier
Ulips set to get costlier
The next time you buy a unit-linked insurance plan, you will be shelling out more money depending on the type of Ulip you buy and the company you buy from.This is because the Finance Bill that had proposed applying the service tax (12.36 per cent) on all charges that are deducted by an insurance company in a Ulip, such as the fund management charge (FMC), premium allocation charge, policy administration charge (which is deducted on a monthly basis), switching charges and various miscellaneous charges, has been passed by both the Houses of the Parliament this month. The chief financial officers of life insurance companies met last Wednesday and have decided to pass on the service tax burden to customers, confirmed officials of various life insurance companies. However, sources said a few insurers have agreed to pass on the service tax on fund management charges and policy administration charges to customers, but are yet to take a call on whether to pass on the service tax on the policy administration charges. Insurance companies will deduct the service tax amount from the premium that will be invested in the fund of your choice. As a result, lesser amount will get invested in the fund. The service tax will be applicable not only on the first year premium, but also on subsequent renewal premiums and the lump sum amount (top-ups) you add to your fund in any year.Therefore, you will lose more if you opt for a Ulip from a company that has higher charges. The charge structure varies across Ulips and insurers. The premium allocation charges across insurers range from 0 per cent to as high as 100 per cent in the first year. Fund management charges vary from 0.25 per cent to 3 per cent, while insurers deduct policy administration charge (normally Rs 50) on a monthly basis. "As a result of the service tax, Ulips with lower premium allocation charges will now become attractive. Besides, insurers will now be forced to reduce their premium allocation charges," said a senior insurance official. Life insurance companies clocked new business premium of Rs 92,988.71 crore (Rs 929.88 billion) in 2007-08, of which around 70 per cent came from Ulips. The life insurance industry will be paying over Rs 3,000 crore (Rs 30 billion) as service tax.
http://in.rediff.com/money/2008/may/28perfin.htm
The next time you buy a unit-linked insurance plan, you will be shelling out more money depending on the type of Ulip you buy and the company you buy from.This is because the Finance Bill that had proposed applying the service tax (12.36 per cent) on all charges that are deducted by an insurance company in a Ulip, such as the fund management charge (FMC), premium allocation charge, policy administration charge (which is deducted on a monthly basis), switching charges and various miscellaneous charges, has been passed by both the Houses of the Parliament this month. The chief financial officers of life insurance companies met last Wednesday and have decided to pass on the service tax burden to customers, confirmed officials of various life insurance companies. However, sources said a few insurers have agreed to pass on the service tax on fund management charges and policy administration charges to customers, but are yet to take a call on whether to pass on the service tax on the policy administration charges. Insurance companies will deduct the service tax amount from the premium that will be invested in the fund of your choice. As a result, lesser amount will get invested in the fund. The service tax will be applicable not only on the first year premium, but also on subsequent renewal premiums and the lump sum amount (top-ups) you add to your fund in any year.Therefore, you will lose more if you opt for a Ulip from a company that has higher charges. The charge structure varies across Ulips and insurers. The premium allocation charges across insurers range from 0 per cent to as high as 100 per cent in the first year. Fund management charges vary from 0.25 per cent to 3 per cent, while insurers deduct policy administration charge (normally Rs 50) on a monthly basis. "As a result of the service tax, Ulips with lower premium allocation charges will now become attractive. Besides, insurers will now be forced to reduce their premium allocation charges," said a senior insurance official. Life insurance companies clocked new business premium of Rs 92,988.71 crore (Rs 929.88 billion) in 2007-08, of which around 70 per cent came from Ulips. The life insurance industry will be paying over Rs 3,000 crore (Rs 30 billion) as service tax.
http://in.rediff.com/money/2008/may/28perfin.htm
Wednesday, June 4, 2008
ING Vysya Life adds two new plans
ING Vysya Life adds two new plans
MUMBAI: Private insurance company ING Vysya Life on Thursday announced the launch of two new insurance products, ING Term Life and ING Term Life Plus. Both the products offer flexibility to choose premium paying terms between 10 years and 30 years. The minimum age of the individual should be 18 years and the maximum age limit is 65 years for both the products. Similarly, the maximum maturity age is capped at 75 years for both the plans. In case of ING Term Life, the minimum sum assured you can opt for is Rs 10 lakh. The customers can opt for paying a single premium, or limited premium or regular premium terms. If a 35 year old male chooses a sum assured of Rs 20,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs 6,249 every year. If he opts for limited premium, it would amount to Rs 18,402 per annum for a 5 year payment term. The single premium for this customer would be Rs 81,062. For ING Term Life Plus plan, the minimum sum assured you can opt is Rs 5 lakh. The maximum sum assured, however, will depend on your eligibility. If a 35 year old male chooses a sum assured of Rs.5,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs.5,278 per annum. If he opts for limited premium, it will be Rs 11,127 per annum and single premium will be Rs 45,363. For ING Term Life Plus, the company will return 40% of the regular premium if the policy holder survives half the policy term. On maturity, the total premiums are paid, after deducting mid-term benefits. Rider options, including accidental death benefits and accidental death, disability and dismemberment benefits are also available on the two plans. Tax benefits under section 80C and section 10(10D) of the Income Tax Act 1961 (‘Act’) are available on both the policies.
MUMBAI: Private insurance company ING Vysya Life on Thursday announced the launch of two new insurance products, ING Term Life and ING Term Life Plus. Both the products offer flexibility to choose premium paying terms between 10 years and 30 years. The minimum age of the individual should be 18 years and the maximum age limit is 65 years for both the products. Similarly, the maximum maturity age is capped at 75 years for both the plans. In case of ING Term Life, the minimum sum assured you can opt for is Rs 10 lakh. The customers can opt for paying a single premium, or limited premium or regular premium terms. If a 35 year old male chooses a sum assured of Rs 20,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs 6,249 every year. If he opts for limited premium, it would amount to Rs 18,402 per annum for a 5 year payment term. The single premium for this customer would be Rs 81,062. For ING Term Life Plus plan, the minimum sum assured you can opt is Rs 5 lakh. The maximum sum assured, however, will depend on your eligibility. If a 35 year old male chooses a sum assured of Rs.5,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs.5,278 per annum. If he opts for limited premium, it will be Rs 11,127 per annum and single premium will be Rs 45,363. For ING Term Life Plus, the company will return 40% of the regular premium if the policy holder survives half the policy term. On maturity, the total premiums are paid, after deducting mid-term benefits. Rider options, including accidental death benefits and accidental death, disability and dismemberment benefits are also available on the two plans. Tax benefits under section 80C and section 10(10D) of the Income Tax Act 1961 (‘Act’) are available on both the policies.
Friday, May 23, 2008
Do I need this insurance policy?
Do I need this insurance policy?
Here are some basic questions you need to answer
*What are my liabilities?
*What funds do I have for dependents?
*What is my corpus and liquidity?
Once you answer these simple questions, evaluate your responses and check whether you come under any of these situations
I. No liabilities. Enough assets for contingencies and your dependent.
II. No liabilities, but not enough assets.
III. Have liabilities. Also, not enough assets for self and dependents.
IV. Have liabilities, but have assets as well for self and dependents.
Situation I - Congratulations There is no need for any life insurance for you.
Situation II - It's better that you buy life insurance, but do a complete analysis before you do so. Calculate the shortfall in terms of accumulated assets and buy a pure term plan accordingly.
Situation III - You certainly need life insurance. Get one ASAP.
Situation IV - Do a detailed analysis of your situation to check whether liabilities are minimal or significant. If liabilities are minimal and cannot jeopardise your family's financial health, then you might not need life insurance. However if liabilities are sizeable, you should opt for life insurance.
Now that you are aware of what needs to be done, take a call on the cover that you should purchase. Make sure that you buy a sizeable cover to take care of your liabilities and family's income needs. Finally remember to separate investments and insurance and just opt for a simple term plan.
Creating Life Child Protection Plan
Creating Life Child Protection Plan
What can this plan do for me?
This plan is perfect if you have small children. You can provide for their future by setting aside a small portion of your current income. The money you set aside will help your children pursue their dream even when you are not around to take care of them. Death cover will provide immediate relief and the maturity benefit will come to your child at the right time when they need it.
The Creating Life Child Protection Plan helps you ensure that your children’s future is secure and prosperous, so they can pursue their dreams no matter what the future brings.
Key Features
Guaranteed Maturity Benefits (Payment in case of Death and at Maturity)
Flexible Maturity Benefit Options
Built-in Waiver of Premium Benefit
Benefits
Guaranteed maturity benefits
The sum assured and the accumulated compound reversionary bonus are paid on maturity.
A final additional bonus based upon the performance of company is paid on maturity.
Death Benefits
Your child will receive the sum assured in case of your death.
The policy continues even after the sum assured on death is paid.
No premiums have to be paid after the death of the parent
whose life is insured (Built-in waiver of premium benefit).
Your child will be eligible for guaranteed maturity benefits.
Additional Benefits
Rider Benefits
Increase your coverage at a nominal extra cost by opting for any of our riders -
Term Rider, Accidental Death Rider, Accidental Death, Disability & Dismemberment Rider and Waiver of Premiums Rider.
Loan Benefit
After paying a premium for three years, you will be eligible for a loan.
Maturity Benefit
Your child can either receive a lump sum or receive the amount in 3 or 5 equal instalments after the maturity date.
Tax Benefits
Tax benefits under Section 88 and Section 10 (10D) are available on all our life insurance plans and riders.
Look-in Period
This is a 15 day period for you to go through the terms and conditions and decide upon taking or canceling the policy.
Product Features
Eligibility
Minimum entry age: 18 years
Maximum entry age: 55 years
Maximum maturity age: 65 years
Premium Payment Term
Choose premium paying terms of 10 - 25 years
Premium Payment Options
Annual, half-yearly, quarterly or monthly
Minimum Premium Payable
Annual : Rs. 8,000
Half-Yearly : Rs. 4,000
Quarterly : Rs. 2,000
Monthly : Rs. 750
http://www.inglife.co.in/creatinglife.htm
What can this plan do for me?
This plan is perfect if you have small children. You can provide for their future by setting aside a small portion of your current income. The money you set aside will help your children pursue their dream even when you are not around to take care of them. Death cover will provide immediate relief and the maturity benefit will come to your child at the right time when they need it.
The Creating Life Child Protection Plan helps you ensure that your children’s future is secure and prosperous, so they can pursue their dreams no matter what the future brings.
Key Features
Guaranteed Maturity Benefits (Payment in case of Death and at Maturity)
Flexible Maturity Benefit Options
Built-in Waiver of Premium Benefit
Benefits
Guaranteed maturity benefits
The sum assured and the accumulated compound reversionary bonus are paid on maturity.
A final additional bonus based upon the performance of company is paid on maturity.
Death Benefits
Your child will receive the sum assured in case of your death.
The policy continues even after the sum assured on death is paid.
No premiums have to be paid after the death of the parent
whose life is insured (Built-in waiver of premium benefit).
Your child will be eligible for guaranteed maturity benefits.
Additional Benefits
Rider Benefits
Increase your coverage at a nominal extra cost by opting for any of our riders -
Term Rider, Accidental Death Rider, Accidental Death, Disability & Dismemberment Rider and Waiver of Premiums Rider.
Loan Benefit
After paying a premium for three years, you will be eligible for a loan.
Maturity Benefit
Your child can either receive a lump sum or receive the amount in 3 or 5 equal instalments after the maturity date.
Tax Benefits
Tax benefits under Section 88 and Section 10 (10D) are available on all our life insurance plans and riders.
Look-in Period
This is a 15 day period for you to go through the terms and conditions and decide upon taking or canceling the policy.
Product Features
Eligibility
Minimum entry age: 18 years
Maximum entry age: 55 years
Maximum maturity age: 65 years
Premium Payment Term
Choose premium paying terms of 10 - 25 years
Premium Payment Options
Annual, half-yearly, quarterly or monthly
Minimum Premium Payable
Annual : Rs. 8,000
Half-Yearly : Rs. 4,000
Quarterly : Rs. 2,000
Monthly : Rs. 750
http://www.inglife.co.in/creatinglife.htm
My Retirement, My Way
ING LAUNCHED ITS MUCH AWAITED RETIREMENT PLAN, ING Golden Life
‘My Retirement, My Way’
Presenting ING Golden Life – a retirement solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
What is this Plan all about?
Your Life after retirement is undoubtedly the golden period of your life. As it’s the time you can live life on your own terms and take charge in doing the things you always dreamt of, free from the pressures of a working life. And of course, all this without having to worry about financial considerations. In your hectic life of today your golden years may seem far away, but you really have to plan today to make those dreams a reality. It’s vital to save systematically and have a financial plan that helps you stay in control of your retired life and live the way you want to.ING Vysya Life’s ING Golden Life offers you the perfect solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
It Offers
*To choose your retirement age
*Flexible Premium options
*To Manage your investments as per your risk preference
*To exercise the pension option on the chosen retirement age
* How does this Plan work? The ING Golden Life is a Unit Linked Pension plan. You need to choose the age at which you wish your pension should start (called the Vesting Age). The Policy plan allows you the convenience of choosing the Premium and the duration you wish to pay. It allows you to manage your investments as per your risk preference. You can opt to invest the Premiums amongst the Funds offered i.e. Pension Debt, Pension Equity or Pension Liquid OR you can choose the Life Stage Investment Program which automatically adjusts your Fund allocation to secure your investments as your retirement age approaches. On reaching your chosen Vesting Age the accumulated monies in your Fund will be available to you to secure pension. Loyalty Units: The unique feature of Loyalty Units helps you to grow your Fund faster. While you pay the Premiums upto date and keep the Policy in force your Fund will get credited with Loyalty Units at the end of each Policy Year and the percentage of Loyalty Units will grow with the size of your Funds.
Eligibility Criteria
Age (as on last Birthday)
Premium Option
Regular Premium
18 years
65 years
Single Premium
18 years
70 years
Vesting AgeYou have the option to choose the Vesting Age i.e. the age when you wish your pension to commence. While the Policy is in force you may choose to pre pone or postpone the Vesting Age once by giving six months prior notice. Vesting Age (as on last birthday)
Minimum Vesting Age: 45 years
Maximum Vesting Age: 75 years
Vesting Period
Premium Amount This plan allows you to choose the amount of Premium you wish to pay and the duration, subject to certain minimum Premium limits.
You can opt for(a) Single Premium payment(b) Regular Premium payment term of a minimum 5 years to a maximum of 30years. You can choose the frequency of Premium payments as mentioned below:
Regular Premium
Mode
Premium Payment Term is less than or equal to 10 years
Premium Payment Term is more than 10 years
Yearly
Minimum Rs.20000/-
Minimum Rs.15000/-
Half Yearly
Minimum Rs.10000/-
Minimum Rs.7500/-
Quarterly
Minimum Rs.5000/-
Minimum Rs.3750/-
Monthly
Minimum Rs.1667/-
Minimum Rs.1250/-
Single Premium
Minimum – Rs.45000/- Top up Premiums: The plan allows you the option of paying additional unlimited Top Up amounts in addition to your Premiums as and when you wish, there by allowing you to increase your investments and savings at your own pace. The Minimum Top up is Rs.5000/-. However, Top ups can only be paid as long as Regular Premiums are paid to date.
Plan Features
Flexible InvestmentsThe Regular or Single Premium paid by you, less Charges are credited to an account called the ‘Fund Value’ and are used to purchase Units in one or more Unit Linked Funds as per your choice. At any point in time, the Fund Value is represented by the number of Units multiplied by the respective Unit Price of the Units held from time to time under all the Unit Linked Funds under this Policy.
Investment Options:As per your investment objective and risk appetite you may select one or more Unit Link Funds offered by the Company OR opt for the Life Stage Investment Program for investing your Premiums and Top Up Amounts.A. Unit Linked Funds: You have an option to allocate your Premiums as per your preference amongst one or more of the Unit Linked Funds mentioned below:
Unit Linked Funds
Pension Debt Fund
100% of the available Fund will be invested in debt and debt-related instruments.
Provides attractive income by investing in a diversified portfolio of debt and money market instruments of varying maturities
Pension Liquid Fund*
100% of the available Fund would be invested in Money Market and related instruments.
Provides reasonable returns while providing a high level of liquidity and low risk.
Pension Equity Fund
A minimum of 85% and up to maximum of 100% of the available Funds under this Policy will be invested in equities or equity related instruments and the balance in money market and related instruments.
Provides capital appreciation by investing in listed Indian companies*You cannot invest more than 25% in the Pension Liquid Fund
Loyalty Units Loyalty Units will be credited to your Fund at the end of each Policy Year as long as your Policy is in force and Premiums are paid up to date at the rate of
0.20% of the Fund Value in case the Fund Value is less than or equal to Rs.10 Lakhs; or, 0.30 % of the Fund Value if the Fund Value is greater than Rs.10 Lakhs.
B. Life Stage Investment ProgramThe objective of the Life Stage Investment Program is to minimize investment risk as you get closer to your Vesting Age. The exposure to Pension Equity Fund will be reduced gradually at a pre determined rate as per your chosen option. As the program is actively managed a Quarterly Rebalancing of Units will be done to offset the change in proportion of Funds due to the movement of Unit prices. The following options are available under the Life Stage Investment Program:
(a) Standard Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 60%.
(b) Aggressive Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 100%.
Switching OptionYou have the flexibility to review the performance of your Unit Linked Funds periodically and switch investments from one Unit Linked Fund to another. You can avail a total of four free switches within a period of a Policy Year free of charge. Any additional switch will be as per the applicable Charges. Switching from existing Unit Linked Fund(s) to Life Stage Investment Program and vice versa would be permitted during the Vesting Period. In such case the entire Fund value will be switched into or out of the Life Stage Investment Program.
Surrender Benefit The Policy can be surrendered provided the Policy has completed at least three full Policy Years and at least one full year Premiums being paid. The Surrender value would be Fund Value less Surrender Charges.
Benefits PayableBenefits payable on the Vesting Age: On the Vesting Age the following Benefit options are available
(a) To receive a lump sum of up to one- third of the Fund Value or such other amount as may be statutorily allowed as a tax free amount
(b) To receive a lump sum of up to one-;third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, or (c) To receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuities in the open market.
Benefit payable on death of Policy Holder before the Vesting Date: In the unfortunate event of death of the Policyholder, before the Vesting Date, Fund Value shall be payable to the Nominee. If spouse is the Nominee, the Fund Value can be used in the following manner:
(a) To receive the Fund Value as a lump sum amount.
(b) Take up to a maximum of 1/3rd of the Fund Value or any other permissible amount as tax free lump sum and utilize the balance for purchase of Annuity from the Company or from the open market as per applicable Regulations.However, where the spouse is not the Nominee or if the spouse is not alive the Benefit will be paid in lump sum to the Nominee or the proving legal heirs.
Annuity Options Presently, the Company offers the following two types of Annuity options:(a) Life Annuity with return of corpus(b) Life Annuity Annuity rates are not guaranteed. If you opt to purchase Annuity with the Company, the Annuity amount will be based on the Annuity rates prevailing at the time of Vesting
Tax Benefit: Tax Benefits under the Policy are subject to conditions under Section 80C/80CCC of the Income Tax Act 1961 (‘Act’) and section 10(10A) of the Income Tax Act, 1961 (as amended from time to time). However tax laws are subject to amendment from time to time. You may consult a qualified tax advisor for specific tax related advice to you.Other Tax Implications: If required by the Act, the Company may withhold taxes from the benefits payable under this Policy. The Company also reserves the right to recover from you levies such as Service Tax or such other taxes as may be levied by the appropriate authorities on insurance transactions.
FOR FURTHER DETAIL YOU CAN CONTACT ME.
http://www.inglife.co.in/INGGoldenLife.htm
‘My Retirement, My Way’
Presenting ING Golden Life – a retirement solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
What is this Plan all about?
Your Life after retirement is undoubtedly the golden period of your life. As it’s the time you can live life on your own terms and take charge in doing the things you always dreamt of, free from the pressures of a working life. And of course, all this without having to worry about financial considerations. In your hectic life of today your golden years may seem far away, but you really have to plan today to make those dreams a reality. It’s vital to save systematically and have a financial plan that helps you stay in control of your retired life and live the way you want to.ING Vysya Life’s ING Golden Life offers you the perfect solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
It Offers
*To choose your retirement age
*Flexible Premium options
*To Manage your investments as per your risk preference
*To exercise the pension option on the chosen retirement age
* How does this Plan work? The ING Golden Life is a Unit Linked Pension plan. You need to choose the age at which you wish your pension should start (called the Vesting Age). The Policy plan allows you the convenience of choosing the Premium and the duration you wish to pay. It allows you to manage your investments as per your risk preference. You can opt to invest the Premiums amongst the Funds offered i.e. Pension Debt, Pension Equity or Pension Liquid OR you can choose the Life Stage Investment Program which automatically adjusts your Fund allocation to secure your investments as your retirement age approaches. On reaching your chosen Vesting Age the accumulated monies in your Fund will be available to you to secure pension. Loyalty Units: The unique feature of Loyalty Units helps you to grow your Fund faster. While you pay the Premiums upto date and keep the Policy in force your Fund will get credited with Loyalty Units at the end of each Policy Year and the percentage of Loyalty Units will grow with the size of your Funds.
Eligibility Criteria
Age (as on last Birthday)
Premium Option
Regular Premium
18 years
65 years
Single Premium
18 years
70 years
Vesting AgeYou have the option to choose the Vesting Age i.e. the age when you wish your pension to commence. While the Policy is in force you may choose to pre pone or postpone the Vesting Age once by giving six months prior notice. Vesting Age (as on last birthday)
Minimum Vesting Age: 45 years
Maximum Vesting Age: 75 years
Vesting Period
Premium Amount This plan allows you to choose the amount of Premium you wish to pay and the duration, subject to certain minimum Premium limits.
You can opt for(a) Single Premium payment(b) Regular Premium payment term of a minimum 5 years to a maximum of 30years. You can choose the frequency of Premium payments as mentioned below:
Regular Premium
Mode
Premium Payment Term is less than or equal to 10 years
Premium Payment Term is more than 10 years
Yearly
Minimum Rs.20000/-
Minimum Rs.15000/-
Half Yearly
Minimum Rs.10000/-
Minimum Rs.7500/-
Quarterly
Minimum Rs.5000/-
Minimum Rs.3750/-
Monthly
Minimum Rs.1667/-
Minimum Rs.1250/-
Single Premium
Minimum – Rs.45000/- Top up Premiums: The plan allows you the option of paying additional unlimited Top Up amounts in addition to your Premiums as and when you wish, there by allowing you to increase your investments and savings at your own pace. The Minimum Top up is Rs.5000/-. However, Top ups can only be paid as long as Regular Premiums are paid to date.
Plan Features
Flexible InvestmentsThe Regular or Single Premium paid by you, less Charges are credited to an account called the ‘Fund Value’ and are used to purchase Units in one or more Unit Linked Funds as per your choice. At any point in time, the Fund Value is represented by the number of Units multiplied by the respective Unit Price of the Units held from time to time under all the Unit Linked Funds under this Policy.
Investment Options:As per your investment objective and risk appetite you may select one or more Unit Link Funds offered by the Company OR opt for the Life Stage Investment Program for investing your Premiums and Top Up Amounts.A. Unit Linked Funds: You have an option to allocate your Premiums as per your preference amongst one or more of the Unit Linked Funds mentioned below:
Unit Linked Funds
Pension Debt Fund
100% of the available Fund will be invested in debt and debt-related instruments.
Provides attractive income by investing in a diversified portfolio of debt and money market instruments of varying maturities
Pension Liquid Fund*
100% of the available Fund would be invested in Money Market and related instruments.
Provides reasonable returns while providing a high level of liquidity and low risk.
Pension Equity Fund
A minimum of 85% and up to maximum of 100% of the available Funds under this Policy will be invested in equities or equity related instruments and the balance in money market and related instruments.
Provides capital appreciation by investing in listed Indian companies*You cannot invest more than 25% in the Pension Liquid Fund
Loyalty Units Loyalty Units will be credited to your Fund at the end of each Policy Year as long as your Policy is in force and Premiums are paid up to date at the rate of
0.20% of the Fund Value in case the Fund Value is less than or equal to Rs.10 Lakhs; or, 0.30 % of the Fund Value if the Fund Value is greater than Rs.10 Lakhs.
B. Life Stage Investment ProgramThe objective of the Life Stage Investment Program is to minimize investment risk as you get closer to your Vesting Age. The exposure to Pension Equity Fund will be reduced gradually at a pre determined rate as per your chosen option. As the program is actively managed a Quarterly Rebalancing of Units will be done to offset the change in proportion of Funds due to the movement of Unit prices. The following options are available under the Life Stage Investment Program:
(a) Standard Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 60%.
(b) Aggressive Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 100%.
Switching OptionYou have the flexibility to review the performance of your Unit Linked Funds periodically and switch investments from one Unit Linked Fund to another. You can avail a total of four free switches within a period of a Policy Year free of charge. Any additional switch will be as per the applicable Charges. Switching from existing Unit Linked Fund(s) to Life Stage Investment Program and vice versa would be permitted during the Vesting Period. In such case the entire Fund value will be switched into or out of the Life Stage Investment Program.
Surrender Benefit The Policy can be surrendered provided the Policy has completed at least three full Policy Years and at least one full year Premiums being paid. The Surrender value would be Fund Value less Surrender Charges.
Benefits PayableBenefits payable on the Vesting Age: On the Vesting Age the following Benefit options are available
(a) To receive a lump sum of up to one- third of the Fund Value or such other amount as may be statutorily allowed as a tax free amount
(b) To receive a lump sum of up to one-;third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, or (c) To receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuities in the open market.
Benefit payable on death of Policy Holder before the Vesting Date: In the unfortunate event of death of the Policyholder, before the Vesting Date, Fund Value shall be payable to the Nominee. If spouse is the Nominee, the Fund Value can be used in the following manner:
(a) To receive the Fund Value as a lump sum amount.
(b) Take up to a maximum of 1/3rd of the Fund Value or any other permissible amount as tax free lump sum and utilize the balance for purchase of Annuity from the Company or from the open market as per applicable Regulations.However, where the spouse is not the Nominee or if the spouse is not alive the Benefit will be paid in lump sum to the Nominee or the proving legal heirs.
Annuity Options Presently, the Company offers the following two types of Annuity options:(a) Life Annuity with return of corpus(b) Life Annuity Annuity rates are not guaranteed. If you opt to purchase Annuity with the Company, the Annuity amount will be based on the Annuity rates prevailing at the time of Vesting
Tax Benefit: Tax Benefits under the Policy are subject to conditions under Section 80C/80CCC of the Income Tax Act 1961 (‘Act’) and section 10(10A) of the Income Tax Act, 1961 (as amended from time to time). However tax laws are subject to amendment from time to time. You may consult a qualified tax advisor for specific tax related advice to you.Other Tax Implications: If required by the Act, the Company may withhold taxes from the benefits payable under this Policy. The Company also reserves the right to recover from you levies such as Service Tax or such other taxes as may be levied by the appropriate authorities on insurance transactions.
FOR FURTHER DETAIL YOU CAN CONTACT ME.
http://www.inglife.co.in/INGGoldenLife.htm
Friday, April 4, 2008
महज टैक्स बचाने का तरीका नहीं है इंश्योरेंस
महज टैक्स बचाने का तरीका नहीं है इंश्योरेंसज्यादातर लोगों के लिए इंश्योरेंस इनवेस्टमेंट का एक तरीका मात्र है। लोग जीवन बीमा की एक या दो पॉलिसियां खरीदकर बाकी बातों को नजरअंदाज कर देते हैं। उनकी राय में दुर्घटना बीमा, स्वास्थ्य बीमा या घर के कीमती सामानों का बीमा कराना फिजूलखर्च है। ऐसे लोगों की यह आम दलील होती है कि अगर चुस्त-दुरुस्त हैं, तो स्वास्थ्य बीमा कराने की जरूरत ही क्या है। बीमा सलाहकारों के मुताबिक इंश्योरेंस के बारे में लोगों में ऐसी गलतफहमियां आश्चर्यजनक रूप से लगातार कायम हैं। यही वजह है कि अब भी बहुत बड़ी संख्या में लोग इंश्योरेंस के दायरे से बाहर हैं या उनका सुरक्षित बीमा नहीं हो पाया है। ज्यादातर लोगों के जहन में लंबे अर्से से इंश्योरेंस के बारे में ऐसी सोच कायम है, जिसे बदलना मुश्किल है। बीमा सेक्टर में प्राइवेट कंपनियों के प्रवेश के बावजूद लोगों की पुरानी मान्यताएं जस की तस बनी हुई हैं।
दो से ज्यादा पॉलिसियों का क्या करना
इंश्योरेंस एजेंटों के मुताबिक भले ही लोगों ने कुल मिलाकर दो लाख से ज्यादा की पॉलिसी नहीं ले रखी हो, लेकिन उनकी राय होती है कि 2 से ज्यादा पॉलिसियां लेना बेकार है। अब जरा सोचिए आज के दौरे में दो लाख की रकम कितनी अहमियत रखती है। अगर परिवार के कमाऊ सदस्य के साथ कोई अनहोनी हो जाती है, तो ऐसी स्थिति में उसके घरवालों की माली हालत क्या हो जाएगी।
इंश्योरेंस तो इनवेस्टमेंट है
हममें से ज्यादातर लोगों के लिए इंश्योरेंस या तो टैक्स बचाने का एक आसान तरीका है या फिर छोटी-छोटी जमा रकम के बदले निश्चित अर्से के बाद मैच्योरिटी के रूप में होने वाली एकमुश्त आमदनी का स्त्रोत। लेकिन असल में जीवन बीमा इन मकसदों के लिए नहीं कराए जाते हैं। इसका वास्तविक मकसद किसी अनहोनी की स्थिति में आपके घरवालों की आर्थिक मदद से जुड़ा है। मतलब साफ है कि अगर आप इंश्योरेंस को सिर्फ इनवेस्टमेंट के तौर पर देखते हैं, तो आप बड़ी भूल कर रहे हैं। ऐसे में आप वाजिब मकसद के लिए उचित प्लान को चुनने में चूक कर बैठेंगे।
हेल्दी हैं तो हेल्थ इंश्योरेंस क्यों
इंश्योरेंस से जुड़ी एक और गलतफहमी है, जो बड़ी सामान्य है। वह यह कि चुस्त-दुरुस्त लोगों को हेल्थ इंश्योरेंस कराने की कोई जरूरत नहीं होती। लेकिन सोचिए बीमारी या दुर्घटना समय बताकर थोड़े ही आती है। कब किसके साथ क्या हो जाए, कौन जानता है। और अगर ऐसा हो जाता है, तो फिर इलाज पर होने वाले मोटे खर्च से आप कैसे बच पाएंगे। कम उम्र के लोगों के लिए हेल्थ इंश्योरेंस की पॉलिसियों के लिए प्रीमियम की रकम भी काफी कम होती है। अगर आप किसी बीमारी के बाद ऐसी पॉलिसी लेते हैं, तो उसका प्रीमियम रेट बढ़ जाएगा। या फिर इलाज पर होने वाले खर्च का एक हिस्सा ही इंश्योरेंस में कवर हो पाएगा। यहां तक कि अगर कोई सीरियस बीमारी है, तो आप इंश्योरेंस से वंचित भी हो सकते हैं। ऐसे में समझदारी इसी में है कि भले ही आप स्वस्थ हों, लेकिन इंश्योरेंस से समझौता न करें।
बीमा तो फिजूलखर्च है
बीमा एजेंटों के अनुसार अक्सर लोगों का यह सवाल होता है कि जब बीमा कराने से कोई बड़ा रिटर्न नहीं मिल सकता, तो इसकी जरूरत ही क्या है। इसी के चलते साल भर के बाद लोग स्वास्थ्य बीमा, बहुमूल्य सामानों का बीमा या अन्य साधारण बीमा पॉलिसियों का रिन्युअल कराने से कतराते हैं। उन्हें लगता है कि साल भर में उन्होंने कोई क्लेम तो किया नहीं, इसलिए प्रीमियम पर चुकाए गए पैसे फालतू में खर्च हो गए। लेकिन जरा सोचिए पांच हजार रुपए का प्रीमियम देकर साल भर के लिए पांच लाख का हेल्थ इंश्योरेंस करवाना बेहतर है या फिर बगैर इंश्योरेंस के पांच लाख का खर्च सहना। हो सकता है कि बीमा न होने की स्थिति में आपको पांच लाख रुपए जुटाने के लिए भविष्य में निवेश के लिए रखी गई रकम को इस मद में खर्च करना पड़ जाता या फिर गहने जेवर तक बेचने पड़ जाते।
कंपनियां भी हैं दोषी
इंश्योरेंस कंपनियां भी लोगों को लाइफ इंश्योरेंस के आधारभूत पहलुओं के बारे में अवगत नहीं करातीं। इन कंपनियों का ज्यादा जोर यूनिट लिंक्ड जैसे अपेक्षाकृत महंगे प्लानों को बेचने पर होता है और इस वजह से जीवन बीमा के वास्तविक उद्देश्यों की अनदेखी कर दी जाती है।
जरूरत के हिसाब से चुनें प्लान
हमें से बहुतों को यह पता नहीं है कि हमारी खास जरूरतों के हिसाब से कौन-कौन से प्लान उपलब्ध हैं। उदाहरण के लिए बहुत से लोग यह नहीं जानते कि जीवन बीमा और स्वास्थ्य बीमा के अलावा हम अपने व्यापारिक प्रतिष्ठानों या लैपटॉप और टीवी सेट को भी इंश्योर्ड करा सकते हैं। समझदारी इसी में है कि हम इंश्योरेंस की जरूरतों को समझें और अपने हिसाब से सही पॉलिसी का चयन करें।
दो से ज्यादा पॉलिसियों का क्या करना
इंश्योरेंस एजेंटों के मुताबिक भले ही लोगों ने कुल मिलाकर दो लाख से ज्यादा की पॉलिसी नहीं ले रखी हो, लेकिन उनकी राय होती है कि 2 से ज्यादा पॉलिसियां लेना बेकार है। अब जरा सोचिए आज के दौरे में दो लाख की रकम कितनी अहमियत रखती है। अगर परिवार के कमाऊ सदस्य के साथ कोई अनहोनी हो जाती है, तो ऐसी स्थिति में उसके घरवालों की माली हालत क्या हो जाएगी।
इंश्योरेंस तो इनवेस्टमेंट है
हममें से ज्यादातर लोगों के लिए इंश्योरेंस या तो टैक्स बचाने का एक आसान तरीका है या फिर छोटी-छोटी जमा रकम के बदले निश्चित अर्से के बाद मैच्योरिटी के रूप में होने वाली एकमुश्त आमदनी का स्त्रोत। लेकिन असल में जीवन बीमा इन मकसदों के लिए नहीं कराए जाते हैं। इसका वास्तविक मकसद किसी अनहोनी की स्थिति में आपके घरवालों की आर्थिक मदद से जुड़ा है। मतलब साफ है कि अगर आप इंश्योरेंस को सिर्फ इनवेस्टमेंट के तौर पर देखते हैं, तो आप बड़ी भूल कर रहे हैं। ऐसे में आप वाजिब मकसद के लिए उचित प्लान को चुनने में चूक कर बैठेंगे।
हेल्दी हैं तो हेल्थ इंश्योरेंस क्यों
इंश्योरेंस से जुड़ी एक और गलतफहमी है, जो बड़ी सामान्य है। वह यह कि चुस्त-दुरुस्त लोगों को हेल्थ इंश्योरेंस कराने की कोई जरूरत नहीं होती। लेकिन सोचिए बीमारी या दुर्घटना समय बताकर थोड़े ही आती है। कब किसके साथ क्या हो जाए, कौन जानता है। और अगर ऐसा हो जाता है, तो फिर इलाज पर होने वाले मोटे खर्च से आप कैसे बच पाएंगे। कम उम्र के लोगों के लिए हेल्थ इंश्योरेंस की पॉलिसियों के लिए प्रीमियम की रकम भी काफी कम होती है। अगर आप किसी बीमारी के बाद ऐसी पॉलिसी लेते हैं, तो उसका प्रीमियम रेट बढ़ जाएगा। या फिर इलाज पर होने वाले खर्च का एक हिस्सा ही इंश्योरेंस में कवर हो पाएगा। यहां तक कि अगर कोई सीरियस बीमारी है, तो आप इंश्योरेंस से वंचित भी हो सकते हैं। ऐसे में समझदारी इसी में है कि भले ही आप स्वस्थ हों, लेकिन इंश्योरेंस से समझौता न करें।
बीमा तो फिजूलखर्च है
बीमा एजेंटों के अनुसार अक्सर लोगों का यह सवाल होता है कि जब बीमा कराने से कोई बड़ा रिटर्न नहीं मिल सकता, तो इसकी जरूरत ही क्या है। इसी के चलते साल भर के बाद लोग स्वास्थ्य बीमा, बहुमूल्य सामानों का बीमा या अन्य साधारण बीमा पॉलिसियों का रिन्युअल कराने से कतराते हैं। उन्हें लगता है कि साल भर में उन्होंने कोई क्लेम तो किया नहीं, इसलिए प्रीमियम पर चुकाए गए पैसे फालतू में खर्च हो गए। लेकिन जरा सोचिए पांच हजार रुपए का प्रीमियम देकर साल भर के लिए पांच लाख का हेल्थ इंश्योरेंस करवाना बेहतर है या फिर बगैर इंश्योरेंस के पांच लाख का खर्च सहना। हो सकता है कि बीमा न होने की स्थिति में आपको पांच लाख रुपए जुटाने के लिए भविष्य में निवेश के लिए रखी गई रकम को इस मद में खर्च करना पड़ जाता या फिर गहने जेवर तक बेचने पड़ जाते।
कंपनियां भी हैं दोषी
इंश्योरेंस कंपनियां भी लोगों को लाइफ इंश्योरेंस के आधारभूत पहलुओं के बारे में अवगत नहीं करातीं। इन कंपनियों का ज्यादा जोर यूनिट लिंक्ड जैसे अपेक्षाकृत महंगे प्लानों को बेचने पर होता है और इस वजह से जीवन बीमा के वास्तविक उद्देश्यों की अनदेखी कर दी जाती है।
जरूरत के हिसाब से चुनें प्लान
हमें से बहुतों को यह पता नहीं है कि हमारी खास जरूरतों के हिसाब से कौन-कौन से प्लान उपलब्ध हैं। उदाहरण के लिए बहुत से लोग यह नहीं जानते कि जीवन बीमा और स्वास्थ्य बीमा के अलावा हम अपने व्यापारिक प्रतिष्ठानों या लैपटॉप और टीवी सेट को भी इंश्योर्ड करा सकते हैं। समझदारी इसी में है कि हम इंश्योरेंस की जरूरतों को समझें और अपने हिसाब से सही पॉलिसी का चयन करें।
Sunday, March 16, 2008
3 ways to calculate your insurance needs
Calculating how much life insurance you need is one of the most important financial decisions you will ever make. It should never be an isolated decision depending only on how much of a premium you can afford.
Having said that, there are many ways in which you can determine how much insurance you need.
Here we give you a few.
Income Replacement Value
This is one of the basic methods of insurance calculation and is based on your current annual income.
Insurance needs = annual income * number of years left for retirement.
Let's say your annual income is Rs 5,00,000. And you are 45 years old with 15 more years for retirement.
In this case your insurance cover equals Rs 5,00,000 * 15 = Rs 75,00,000.
Another way in which income replacement works is to multiply the annual income by 10 (also known as Income Replacement Multiplier).
Another variant states that the Income Replacement Multiplier changes with age. So between the ages of 20-30 years, the income multiplier is 5-10, and from 30 to 40, the income multiplier is 15-20. It drops to 10-15 between the age of 40 and 50 and further to 5-10 between 50 and 60. Some calculations also take into account any outstanding loan amount that you may have on your housing loan, personal loan etc. Human Life Value (HLV) This method of calculating life insurance is based on contribution that one makes and would have made to her/his family in case of sudden demise. So HLV is defined as the present value of all future income that you could expect to earn for your family's benefit. It also includes other value you expect to contribute, less personal expenses, life insurance premiums and taxes through your planned retirement date. Let's see this example for better understanding. Ram is 40 years old and plans to retire at 60. His current salary is Rs 3 lakhs and is expected to remain same every year. His personal expenses, life insurance premiums that he pays and taxes are around Rs 1.25 lakhs. His contribution to his family is rest of his salary of around Rs 1.75 lakhs. Here, Ram's Annual Life Value (his economic contribution to his family post his expenses) is Rs 1.75 lakhs. Suppose Ram dies at 41, then the economic value (namely Rs 1.75 lakhs) he would have added every year (from age 41-60) to his family is no longer there. So to protect this economic value, Ram can use life insurance as a safety valve so in case of his death, this economic value can come to the family. Gross Total Income: Rs 3 lakhs Less Self - Maintenance Charges: Rs 1 lakh Tax Payable: Rs 10,000 Life Insurance Premium: Rs 15,000 Surplus Income Generated for Family: Rs1.75 lakhs If this surplus income is capitalised at a discount rate (expected return rate) of 8 per cent per annum for 20 years, then the HLV will be = Rs 175,000*10.6 = Rs 18.55 lakhs.
In short, Human Life concept arrives at an estimate of insurance cover required as on date to protect the income earners' economic value to their families including their future earning potential and capacity.
This multiplier 10.6 above can be calculated using the Present Value Function in an Excel spreadsheet.
Go to excel spreadsheet; click on Insert tab; click on the 'Function' option; select function PV (that is the present value of your investment; it gives the total value of a series of future payments that is worth today).
A box opens up where in you can fill in the above values for rate (8%, that is the return one can expect over the next 20 years), period (20, assuming you will make payments for the next 20 years) and pmt (payment made every year and which cannot change during the next 20 years) and Type (a logical value which should be 1 at the beginning of the period; it becomes 0 at the end of the period, that is, at the end of 20 years).
Rate = 8 %
Period: 20 Years (Age 41-60)
Pmt: Rs 1 will give you this multiplier. If you put Rs 1.75 lakhs here it will give you the value of Rs 18.55 lakhs
Needs Analysis In this method, you can assess your needs -- and the needs of your loved ones -- and make a calculated assessment. The most critical factors are the number of dependents you have and their needs. Other major factors to consider are: Once you determine the above factors, you run the following calculations: 1. Lump sum needs on Life to be Insured's death a. Home loan payoff b. Car loan payoff c. Child's education d. Child's marriage e. Emergency fund post death 2. Monthly income needs a. Monthly expenses b. Income of Living spouse in case she earns, or rent or interest c. Shortfall = (a-b) Shortfall is a-b. Suppose, expenses are Rs 50,000 and spouse's income is Rs 30,000 post tax, then shortfall is Rs 20,000 (50,000-30,000). d. Monthly income needs till child turns 21 or is self-sufficient: e. Number of years to go: For the child to reach 21 and post that for the spouse till her age of 80 or 90 years f. Annual income needs: Of spouse, children or dependents g. Total income needs: Of spouse, children or dependents 3. Sum up the current invested assets and current life insurance cover. Now see how much this total differs by what you have calculated above. This will be the shortfall (considering that you die today) that you will need to get covered. But do note that invested assets exclude residence, car and other personal assets. Picking the right one The one that I prefer and is mostly followed by reputable financial planners for decades is the Needs Analysis Method. Once you determine the amount of life insurance need, just buy the lowest cost insurance plan that's available to you. You should buy insurance after a thorough calculation of capital (lump sum needs on death such as paying off a loan, daughter's marriage or education) as well as the income needs of your family after you are gone. Ask yourself: If something were to happen to you, what kind of corpus would your family need to maintain their current lifestyle, to fund your child's education as you had envisaged, retirement income for your wife etc. Most middle-class individuals have insurance policies in the range of Rs 1,00,000 to Rs 10 lakhs. Some of the wealthier ones have more than this. The question they need to answer is: How long would Rs 10 lakhs suffice? Finally, remember that your insurance needs go down over a period of time. Hence if you find yourself with a sudden windfall or have accumulated enough wealth, then you can evaluate the need to altogether terminate your insurance policy.LoansKind of lifestyle you want to provide to your family Provision for non-working spouse who would no longer get an income Child's education Child's marriageProviding for financially dependent parentsSpecial needsDreams and aspirations such as contributing to charitable causes
Saturday, March 1, 2008
Traditionally, individuals have often considered life insurance a priority while structuring a financial portfolio. While having life insurance is very essential, it is also important that insurance be bought for the right reasons.
This article deals with four wrong reasons for which life insurance products are being bought today:
1. Treating life insurance as a savings avenue
Over the years, life insurance has been bought primarily for two reasons- tax saving and investments. Unfortunately, providing for life cover usually takes a back seat. While the 'tax saving reason' does hold good for individuals, conventional endowment type life insurance policies don't quite make for an attractive 'investment' avenue.
With a lower interest rate regime in place, the heady days of attractive and assured returns on life insurance policies are behind us. Going forward, the returns on insurance policies will depend on how well the insurance company manages its finances.
Our view is that life insurance should 'strictly' be bought for what it was always intended to do - indemnify the nominees in case of an eventuality. It is precisely for this reason that we believe that all individuals should have a term plan in their insurance portfolio, irrespective of their profile.
To take care of the investments and the 'tax-saving' element, individuals can consider investing in tax-saving mutual funds and NSC/PPF. Unit linked insurance plans (ULIPs), which can invest up to 100% of the premium in market linked instruments, is also an option, which individuals can opt for.
2. Trusting your life insurance agent/advisor completely
Before insuring yourself, ensure that you have done your homework well. Nowadays, it is 'normal' for sales pitches to be aggressive. Insurance agents many a times, sell life insurance products without adequately understanding or paying heed to the individual's profile and his actual needs.
For instance, how can one explain the absence of term plans in most individuals' life insurance portfolios in spite of the same being the cheapest form of insurance? Or for that matter, why have individuals with a low risk appetite invested in high risk ULIPs?
Remember, life insurance isn't so complicated that you should feel the need to leave the entire life insurance solution on your agent. Get involved. Probe. Enquire. Ask questions. And here's some food for thought: the IRDA stipulates that individuals wanting to become life insurance agents only need to have passed their 12th standard examinations for them to get accredited as agents.
If your financial portfolio is being structured 'entirely' by such individuals, you can well imagine where your finances are headed.
3. Considering life insurance as a one time activity
Individuals perceive life insurance as a one-time activity. Evaluating life insurance needs is an activity that must be conducted on an ongoing basis.
For example, while an individual may have bought say, a term plan while he was young and had just begun his career, his insurance cover certainly needs to increase after marriage or after a change in lifestyle. Another example- the need for child insurance plans will be felt only after marriage.
4. Buying the wrong product
This is one of those 'mistakes', which individuals seldom realise. A classic example is that of individuals buying the accidental death cover as a rider alongwith their regular policy like say, a term policy.
While buying this cover, individuals need to ask themselves one question: Am I going to need any 'extra insurance cover' due to 'death by accident'?
Another example is that of individuals buying high-risk ULIP policies while what they really need is a term plan or regular endowment type plans. Many individuals have 'bought' ULIPs without really understanding the product's risk-return proposition or how ULIP expenses pan out.
Individuals need to understand that ULIPs are unlike conventional life insurance products. ULIPs need to be understood well before they can form a part of any financial portfolio.
28 हजार लोगों का होगा माइक्रो बीमा
28 हजार लोगों का होगा माइक्रो बीमा
देहरादून, जागरण संवाददाता : उत्तराखंड में प्रशासन के सहयोग से भारतीय जीवन बीमा निगम (एलआईसी) मार्च तक गरीब परिवारों के 28500 लोगों का माइक्रो बीमा करेगा। इसके लक्ष्य को पाने के लिए शासन के सूक्ष्म वित्त विभाग और एनजीओ प्रतिनिधियों के साथ शनिवार को एलआईसी के हरिद्वार रोड स्थित मंडल कार्यालय में बैठक का आयोजन किया गया। बैठक में एलआईसी के वरिष्ठ मंडल प्रबंधक केके झा ने बताया कि भारत सरकार की पहल पर एलआईसी की ओर से गरीब परिवारों (गरीबी रेखा से थोड़े ऊपर वाले) को आर्थिक सुरक्षा कवच देने के लिए विशेष माइक्रो बीमा योजना जीवन मधुर बनाई गई है। 18 से 60 वर्ष उम्र वाले के लिए करीब 100 रुपये मासिक किस्त वाली यह ऐसी योजना है, जिसमें उम्र बढ़ने पर किस्त की रकम में बढ़ोतरी नहीं होती। पांच व 15 वर्ष अवधि वाली इस योजना में अधिकतम बीमा धन 30 हजार रुपये हैं, जो बोनस सहित वापस होगा। बैठक में उत्तराखंड के सूक्ष्म वित्त विभाग के प्रबंधक सुभाषचंद्र लकचोरिया और एलआईसी के प्रबंधक (विपणन) ए.के. झा ने एनजीओ प्रतिनिधियों को इस बीमा योजना के लाभ को गरीबों तक पहुंचाने से संबंधित जानकारी दी। बैठक का संचालन एलआईसी के उप प्रबंधक टी.एस. रावत ने किया और अंत में मैत्री की सचिव गीता डोबरियाल ने धन्यवाद ज्ञापन किया। बैठक में उर्वशी, अजय शक्ति, बागवान, गढ़वाल ग्रामोदय, कुंवरी मानव संस्थान, हाकसी, गढ़ जागृति संस्थान आदि स्वयंसेवी संगठनों के प्रतिनिधि मौजूद थे।
देहरादून, जागरण संवाददाता : उत्तराखंड में प्रशासन के सहयोग से भारतीय जीवन बीमा निगम (एलआईसी) मार्च तक गरीब परिवारों के 28500 लोगों का माइक्रो बीमा करेगा। इसके लक्ष्य को पाने के लिए शासन के सूक्ष्म वित्त विभाग और एनजीओ प्रतिनिधियों के साथ शनिवार को एलआईसी के हरिद्वार रोड स्थित मंडल कार्यालय में बैठक का आयोजन किया गया। बैठक में एलआईसी के वरिष्ठ मंडल प्रबंधक केके झा ने बताया कि भारत सरकार की पहल पर एलआईसी की ओर से गरीब परिवारों (गरीबी रेखा से थोड़े ऊपर वाले) को आर्थिक सुरक्षा कवच देने के लिए विशेष माइक्रो बीमा योजना जीवन मधुर बनाई गई है। 18 से 60 वर्ष उम्र वाले के लिए करीब 100 रुपये मासिक किस्त वाली यह ऐसी योजना है, जिसमें उम्र बढ़ने पर किस्त की रकम में बढ़ोतरी नहीं होती। पांच व 15 वर्ष अवधि वाली इस योजना में अधिकतम बीमा धन 30 हजार रुपये हैं, जो बोनस सहित वापस होगा। बैठक में उत्तराखंड के सूक्ष्म वित्त विभाग के प्रबंधक सुभाषचंद्र लकचोरिया और एलआईसी के प्रबंधक (विपणन) ए.के. झा ने एनजीओ प्रतिनिधियों को इस बीमा योजना के लाभ को गरीबों तक पहुंचाने से संबंधित जानकारी दी। बैठक का संचालन एलआईसी के उप प्रबंधक टी.एस. रावत ने किया और अंत में मैत्री की सचिव गीता डोबरियाल ने धन्यवाद ज्ञापन किया। बैठक में उर्वशी, अजय शक्ति, बागवान, गढ़वाल ग्रामोदय, कुंवरी मानव संस्थान, हाकसी, गढ़ जागृति संस्थान आदि स्वयंसेवी संगठनों के प्रतिनिधि मौजूद थे।
9 great ways to reduce tax burden
9 great ways to reduce tax burden
One of the most common questions by all is: what should I buy to milk the tax breaks that I am legally allowed? So here is a guide to the deductions you can use apart from the popular section 80C Rs 1-lakh deduction.
Look beyond section 80C cut your tax burden further. Remember, you will have to spend under a specific head to claim these sweet little tax breaks. Charity, education loans and medical bills; all qualify for a tax break.
1. 80C
Qualifying products: NSC, notified bank deposits and post office time deposits, EPF and PPF, ELSS, life insurance plans, deferred pension plans
Mandatory requirements: Payment has to be made before 31 March 2008
Who can avail the deduction: Individuals and HUF (both resident and non-resident)
How much: Cannot exceed Rs 1 lakh.
2. 80CCC
Qualifying products: Pension plans of life insurers
Mandatory requirements: Payment has to be made before 31 March 2008
Who can avail the deduction: Individuals
How much: Within the overall limit of Section 80C (up to Rs 1 lakh)
3. 80D
Qualifying products: Medical insurance policies taken for self, spouse, dependant parents or children, or any member of HUF
Mandatory requirements: Premium should be paid through a cheque out of income chargeable to tax
Who can avail the deduction: Individuals, HUF
How much: Up to Rs 15,000; senior citizens can claim up to Rs 20,000
4. 80DD
Qualifying products: Expenses on the medical treatment of a dependent who is a person with a disability
Mandatory requirements: Certification by a medical authority
Who can avail the deduction: Resident individual or HUF
How much: Up to Rs 50,000, or up to Rs 75,000 if the dependant is a person with severe disability
5. 80DDB
Qualifying products: Expenses on the medical treatment of a specified disease (cancer, AIDS, neurological diseases, chronic renal failure and more)
Mandatory requirements: Certificate in Form No. 10-I to be submitted along with the income tax return form. Deduction is available if the amount is actually paid for treatment
Who can avail the deduction: Resident individuals or HUF
How much: Rs 40,000 (if the person treated upon is less than 65 years of age), or Rs 60,000 (if the age of the person treated is 65 years or more)
6. 80E
Qualifying products: Payment of interest on loan taken for higher studies
Mandatory requirements: Deduction is available in the year in which repayment starts and only for eight immediately succeeding assessment years
Who can avail the deduction: Individuals
How much: Deduction available on the total interest portion of education loan, the principal repayment gets no tax advantage
7. 80G
Qualifying products: Donations to certain funds and charitable institutions
Mandatory requirements: Not applicable
Who can avail the deduction: Resident individuals or HUF
How much: 50 or 100 per cent deduction on the entire donated amount, or 50 or 100 per cent deduction subject to 10 per cent of gross total income
8. 80GG
Qualifying products: Rent paid for residential purpose
Mandatory requirements: Should not be getting house rent allowance. Actual rent paid is in excess of 10% of the total income
Who can avail the deduction: Self-employed or salaried
How much: Excess of actual rent paid over 10 per cent of GTI, or 25 per cent of GTI, or Rs 2,000 per month, whichever is the lowest
9. 80U
Qualifying products: Expenses incurred on self, if disabled
Mandatory requirements: Certification by a medical authority to be furnished along with the income tax return form
Who can avail the deduction: Resident individuals
How much: Rs 50,000 for a person with disability, Rs 75,000 for a person with severe disability (disability of over 80 per cent)
One of the most common questions by all is: what should I buy to milk the tax breaks that I am legally allowed? So here is a guide to the deductions you can use apart from the popular section 80C Rs 1-lakh deduction.
Look beyond section 80C cut your tax burden further. Remember, you will have to spend under a specific head to claim these sweet little tax breaks. Charity, education loans and medical bills; all qualify for a tax break.
1. 80C
Qualifying products: NSC, notified bank deposits and post office time deposits, EPF and PPF, ELSS, life insurance plans, deferred pension plans
Mandatory requirements: Payment has to be made before 31 March 2008
Who can avail the deduction: Individuals and HUF (both resident and non-resident)
How much: Cannot exceed Rs 1 lakh.
2. 80CCC
Qualifying products: Pension plans of life insurers
Mandatory requirements: Payment has to be made before 31 March 2008
Who can avail the deduction: Individuals
How much: Within the overall limit of Section 80C (up to Rs 1 lakh)
3. 80D
Qualifying products: Medical insurance policies taken for self, spouse, dependant parents or children, or any member of HUF
Mandatory requirements: Premium should be paid through a cheque out of income chargeable to tax
Who can avail the deduction: Individuals, HUF
How much: Up to Rs 15,000; senior citizens can claim up to Rs 20,000
4. 80DD
Qualifying products: Expenses on the medical treatment of a dependent who is a person with a disability
Mandatory requirements: Certification by a medical authority
Who can avail the deduction: Resident individual or HUF
How much: Up to Rs 50,000, or up to Rs 75,000 if the dependant is a person with severe disability
5. 80DDB
Qualifying products: Expenses on the medical treatment of a specified disease (cancer, AIDS, neurological diseases, chronic renal failure and more)
Mandatory requirements: Certificate in Form No. 10-I to be submitted along with the income tax return form. Deduction is available if the amount is actually paid for treatment
Who can avail the deduction: Resident individuals or HUF
How much: Rs 40,000 (if the person treated upon is less than 65 years of age), or Rs 60,000 (if the age of the person treated is 65 years or more)
6. 80E
Qualifying products: Payment of interest on loan taken for higher studies
Mandatory requirements: Deduction is available in the year in which repayment starts and only for eight immediately succeeding assessment years
Who can avail the deduction: Individuals
How much: Deduction available on the total interest portion of education loan, the principal repayment gets no tax advantage
7. 80G
Qualifying products: Donations to certain funds and charitable institutions
Mandatory requirements: Not applicable
Who can avail the deduction: Resident individuals or HUF
How much: 50 or 100 per cent deduction on the entire donated amount, or 50 or 100 per cent deduction subject to 10 per cent of gross total income
8. 80GG
Qualifying products: Rent paid for residential purpose
Mandatory requirements: Should not be getting house rent allowance. Actual rent paid is in excess of 10% of the total income
Who can avail the deduction: Self-employed or salaried
How much: Excess of actual rent paid over 10 per cent of GTI, or 25 per cent of GTI, or Rs 2,000 per month, whichever is the lowest
9. 80U
Qualifying products: Expenses incurred on self, if disabled
Mandatory requirements: Certification by a medical authority to be furnished along with the income tax return form
Who can avail the deduction: Resident individuals
How much: Rs 50,000 for a person with disability, Rs 75,000 for a person with severe disability (disability of over 80 per cent)
Friday, February 1, 2008
ING GUARANTEED GROWTH,
ING launching its new policy - ING GUARANTEED GROWTH,
This policy is for limited period and may be closed any time during february 2008 when company get its target completed.
some facts abt it:
* single premium policy-minimum premium 48000.00
* allocation charges on it 4%
* lockin period for 10 year or 15 year,
* risk cover 1.25 time minimum or five time maximum of annual premium,
* surrender charges ,after 3rd year- surrender charges 5% of fund value, after 5th year-3% of fund value,
This policy is for limited period and may be closed any time during february 2008 when company get its target completed.
some facts abt it:
* single premium policy-minimum premium 48000.00
* allocation charges on it 4%
* lockin period for 10 year or 15 year,
* risk cover 1.25 time minimum or five time maximum of annual premium,
* surrender charges ,after 3rd year- surrender charges 5% of fund value, after 5th year-3% of fund value,
What is ULIPs,
यूलिप में निवेश करें, मगर बारीकियां समझ कर
शेयर मार्केट और दूसरे पूंजी बाजारों में तेजी को देखते हुई निवेशकों में यूनिट लिंक्ड इंश्योरेंस प्लान यानी यूलिप को लेकर काफी उत्साह देखने को मिल रहा है। जब आप यूलिप पॉलिसी लेते हैं, तो इसमें निवेश किए गए आपके पैसे का एक हिस्सा पूंजी बाजार में निवेश किया जाता है और दूसरे हिस्से से लाइफ कवरेज होता है। एक्सपर्ट की राय में यूलिप से बेहतर रिटर्न हासिल होते हैं, लेकिन इनका स्ट्रक्चर थोड़ा कॉम्प्लेक्स होता है। ऐसे में निवेश करने से पहले इसके हर पहलू के बारे में जान लेना बेहद जरूरी है।
यूलिप क्या है?
यूलिप यानी यूनिट लिंक्ड इंश्योरेंस प्लान। इसमें किए गए निवेश का एक हिस्सा आपकी चुनी हुई योजना में लगाया जाता है और दूसरा हिस्सा आपका इंश्योरेंस कवर करता है। अमूमन आप इंश्योरेंस का जो भी प्रीमियम अदा करते हैं, उसका पांच-छह गुना तक की रकम का जीवन बीमा कवर किया जाता है। ज्यादातर यूलिप योजनाएं तीन साल की लॉक-इन अवधि की होती हैं।
इंश्योरेंस कवर के अलावा जो निवेश किया जाने वाला हिस्सा होता है, उसमें कई इनवेस्टमेंट ऑप्शन होते हैं। किसी में पूरा पैसा इक्विटी यानी शेयर बाजार में निवेश किया जाता है। सुरक्षित निवेश योजना के तहत इक्विटी और ऋण बाजार में निवेश का अनुपात 70 और 30 होता है, जबकि बैलेंस्ड प्लान में इनमें 50-50 का निवेश अनुपात होता है। हालांकि पॉलिसी लेने वालों को एक प्लान से दूसरे प्लान में जाने का विकल्प रहता है, लेकिन ये सीमित होते हैं।
यूलिप से जुड़े ऊपरी व्यय
अमूमन पहले साल आप जितना प्रीमियम देते हैं, उसका एक हिस्सा काटकर ही निवेश किया जाता है। मान लीजिए पहले साल आपने 50,000 रुपये का प्रीमियम भरा, तो आपकी जो राशि निवेश के लिए जमा होगी, उसका हिसाब कुछ इस तरह बनेगा।
प्रीमियम राशि- 50,000 रुपये
एंट्री लोड -5 फीसदी- 2,500 रुपये
फंड मैनेजमेंट शुल्क- 7.5 फीसदी - 3750 रुपये
एडमिनिस्ट्रेशन चार्जेज-240 रुपये
मॉर्टलिटी चार्ज- 140 रुपये
कुल लागत- 6,630 रुपये
वास्तविक निवेश राशि -50,000 -6,630 रुपये
43,370 रुपये
( इस उदाहरण में 50,000 रुपये प्रीमियम है और बीमा 2.5 लाख रुपये का है)
यूलिप की बारीकियां
चूंकि यूलिप का एक हिस्सा शेयर मार्केट या दूसरे पूंजी बाजारों में निवेश किया जाता है, इसलिए जैसे ही आपके पैसे से खरीदे गए शेयरों और यूनिटों के दाम गिरने लगते हैं, आपका रिजर्व कम होने लगता है। अब अगर इसमें इतना पैसा नहीं बचा है कि आपकी प्रीमियम राशि कवर हो सकती है, तो प्रीमियम का भुगतान नहीं होता। आपसे प्रीमियम भरने को कहा जाता है। अगर आप ऐसा नहीं कर पाते, तो आपका बीमा कवर खत्म हो सकता है। दूसरे इसमें परंपरागत इंश्योरेंस पॉलिसी से मिलने वाले छह से आठ फीसदी तक के रिटर्न की भी गारंटी नहीं होती।
एजेंट जो नहीं बताते
ज्यादातर एजेंट साल दर साल लगने वाले चार्जेज के बारे में नहीं बताते। यूलिप से आप तीन साल बाद पैसे निकाल सकते हैं। प्रीमियम का भुगतान भी आपके फंड में जमा रकम से होता रहेगा। लेकिन अगर आपके फंड में इतना पैसा नहीं है कि मॉर्टलिटी चार्ज जमा किया जा सके, तो आपका इंश्योरेंस खत्म हो सकता है। अमूमन एजेंट ग्राहकों को इसकी जानकारी नहीं देते।
मुआवजा
अगर बीमा पॉलिसी लेने वाले व्यक्ति की मौत हो जाती है, तो यूलिप पॉलिसी धारक को इंश्योर्ड रकम यानी सम इंश्योर्ड या यूनिटों के बढ़ने या घटने के बाद फंड में जमा कुल रकम में से जो भी ज्यादा होगा मिलेगा। यूलिप की बहुत कम ऐसी पॉलिसियां हैं, जिनमें सम इंश्योर्ड और फंड रकम दोनों का भुगतान किया जाता है। एक्सर्पट्स का कहना है कि ऐसे हालात में पारंपरिक लाइफ इंश्योरेंस, टर्म इंश्योरेंस पॉलिसियां या फिर सीधे म्यूचुअल फंड में निवेश ज्यादा अच्छे विकल्प हैं।
बाजार में यूलिप प्रॉडक्ट
मार्केट में लगभग पचास तरह के यूलिप प्रॉडक्ट हैं। आप इनमें से अपनी सुविधानुसार चुनाव कर सकते हैं। हालांकि अलग-अलग यूलिप प्रॉडक्ट आपकी अलग-अलग जरूरतों को पूरा करने का दावा करते हैं लेकिन ये कमोबेश एक ही तरह के होते हैं। चाहे वे चिल्ड्रन प्लान हों या फिर बोनस वाले प्लान सभी एक जैसे होते हैं। हां, निवेशक को जो पैसा मिलता है उसके भुगतान का ढांचा अलग-अलग होता है। ऐसे प्लान में आप लॉक-इन पीरियड के बाद पैसे निकाल सकते हैं।
यूलिप पॉलिसी खरीदने से जुड़ी सावधानियां
पॉलिसी एनएवी पर न जाएं। पॉलिसी से जुड़े फंड का ट्रैक रिकॉर्ड देखें। आपका एजेंट चाहे जितना जोर डाले, पॉलिसी के बारे में पूरी जानकारी लिए या फिर ऑफर डॉक्यूमेंट की बारीकियां समझे बिना निवेश न करें। अगर आपको ऑफर नहीं जंचता, तो बेहतर है कि आप यूलिप के बदले एसआईपी के जरिये म्यूचुअल फंड में निवेश करें।
यूलिप एक नजर में
निवेश राशि - निवेश की कोई सीमा नहीं
पॉलिसी से जुड़े खर्च - कोई ऊपरी सीमा नहीं। यह खर्च इंश्योरेंस कंपनी तय करती है।
टैक्स में छूट: आयकर की धारा 80 सी का कर छूट लाभ सभी यूलिप पॉलिसी को मिलता है।
source: http://navbharattimes.indiatimes.com/articleshow/2738009.cms
शेयर मार्केट और दूसरे पूंजी बाजारों में तेजी को देखते हुई निवेशकों में यूनिट लिंक्ड इंश्योरेंस प्लान यानी यूलिप को लेकर काफी उत्साह देखने को मिल रहा है। जब आप यूलिप पॉलिसी लेते हैं, तो इसमें निवेश किए गए आपके पैसे का एक हिस्सा पूंजी बाजार में निवेश किया जाता है और दूसरे हिस्से से लाइफ कवरेज होता है। एक्सपर्ट की राय में यूलिप से बेहतर रिटर्न हासिल होते हैं, लेकिन इनका स्ट्रक्चर थोड़ा कॉम्प्लेक्स होता है। ऐसे में निवेश करने से पहले इसके हर पहलू के बारे में जान लेना बेहद जरूरी है।
यूलिप क्या है?
यूलिप यानी यूनिट लिंक्ड इंश्योरेंस प्लान। इसमें किए गए निवेश का एक हिस्सा आपकी चुनी हुई योजना में लगाया जाता है और दूसरा हिस्सा आपका इंश्योरेंस कवर करता है। अमूमन आप इंश्योरेंस का जो भी प्रीमियम अदा करते हैं, उसका पांच-छह गुना तक की रकम का जीवन बीमा कवर किया जाता है। ज्यादातर यूलिप योजनाएं तीन साल की लॉक-इन अवधि की होती हैं।
इंश्योरेंस कवर के अलावा जो निवेश किया जाने वाला हिस्सा होता है, उसमें कई इनवेस्टमेंट ऑप्शन होते हैं। किसी में पूरा पैसा इक्विटी यानी शेयर बाजार में निवेश किया जाता है। सुरक्षित निवेश योजना के तहत इक्विटी और ऋण बाजार में निवेश का अनुपात 70 और 30 होता है, जबकि बैलेंस्ड प्लान में इनमें 50-50 का निवेश अनुपात होता है। हालांकि पॉलिसी लेने वालों को एक प्लान से दूसरे प्लान में जाने का विकल्प रहता है, लेकिन ये सीमित होते हैं।
यूलिप से जुड़े ऊपरी व्यय
अमूमन पहले साल आप जितना प्रीमियम देते हैं, उसका एक हिस्सा काटकर ही निवेश किया जाता है। मान लीजिए पहले साल आपने 50,000 रुपये का प्रीमियम भरा, तो आपकी जो राशि निवेश के लिए जमा होगी, उसका हिसाब कुछ इस तरह बनेगा।
प्रीमियम राशि- 50,000 रुपये
एंट्री लोड -5 फीसदी- 2,500 रुपये
फंड मैनेजमेंट शुल्क- 7.5 फीसदी - 3750 रुपये
एडमिनिस्ट्रेशन चार्जेज-240 रुपये
मॉर्टलिटी चार्ज- 140 रुपये
कुल लागत- 6,630 रुपये
वास्तविक निवेश राशि -50,000 -6,630 रुपये
43,370 रुपये
( इस उदाहरण में 50,000 रुपये प्रीमियम है और बीमा 2.5 लाख रुपये का है)
यूलिप की बारीकियां
चूंकि यूलिप का एक हिस्सा शेयर मार्केट या दूसरे पूंजी बाजारों में निवेश किया जाता है, इसलिए जैसे ही आपके पैसे से खरीदे गए शेयरों और यूनिटों के दाम गिरने लगते हैं, आपका रिजर्व कम होने लगता है। अब अगर इसमें इतना पैसा नहीं बचा है कि आपकी प्रीमियम राशि कवर हो सकती है, तो प्रीमियम का भुगतान नहीं होता। आपसे प्रीमियम भरने को कहा जाता है। अगर आप ऐसा नहीं कर पाते, तो आपका बीमा कवर खत्म हो सकता है। दूसरे इसमें परंपरागत इंश्योरेंस पॉलिसी से मिलने वाले छह से आठ फीसदी तक के रिटर्न की भी गारंटी नहीं होती।
एजेंट जो नहीं बताते
ज्यादातर एजेंट साल दर साल लगने वाले चार्जेज के बारे में नहीं बताते। यूलिप से आप तीन साल बाद पैसे निकाल सकते हैं। प्रीमियम का भुगतान भी आपके फंड में जमा रकम से होता रहेगा। लेकिन अगर आपके फंड में इतना पैसा नहीं है कि मॉर्टलिटी चार्ज जमा किया जा सके, तो आपका इंश्योरेंस खत्म हो सकता है। अमूमन एजेंट ग्राहकों को इसकी जानकारी नहीं देते।
मुआवजा
अगर बीमा पॉलिसी लेने वाले व्यक्ति की मौत हो जाती है, तो यूलिप पॉलिसी धारक को इंश्योर्ड रकम यानी सम इंश्योर्ड या यूनिटों के बढ़ने या घटने के बाद फंड में जमा कुल रकम में से जो भी ज्यादा होगा मिलेगा। यूलिप की बहुत कम ऐसी पॉलिसियां हैं, जिनमें सम इंश्योर्ड और फंड रकम दोनों का भुगतान किया जाता है। एक्सर्पट्स का कहना है कि ऐसे हालात में पारंपरिक लाइफ इंश्योरेंस, टर्म इंश्योरेंस पॉलिसियां या फिर सीधे म्यूचुअल फंड में निवेश ज्यादा अच्छे विकल्प हैं।
बाजार में यूलिप प्रॉडक्ट
मार्केट में लगभग पचास तरह के यूलिप प्रॉडक्ट हैं। आप इनमें से अपनी सुविधानुसार चुनाव कर सकते हैं। हालांकि अलग-अलग यूलिप प्रॉडक्ट आपकी अलग-अलग जरूरतों को पूरा करने का दावा करते हैं लेकिन ये कमोबेश एक ही तरह के होते हैं। चाहे वे चिल्ड्रन प्लान हों या फिर बोनस वाले प्लान सभी एक जैसे होते हैं। हां, निवेशक को जो पैसा मिलता है उसके भुगतान का ढांचा अलग-अलग होता है। ऐसे प्लान में आप लॉक-इन पीरियड के बाद पैसे निकाल सकते हैं।
यूलिप पॉलिसी खरीदने से जुड़ी सावधानियां
पॉलिसी एनएवी पर न जाएं। पॉलिसी से जुड़े फंड का ट्रैक रिकॉर्ड देखें। आपका एजेंट चाहे जितना जोर डाले, पॉलिसी के बारे में पूरी जानकारी लिए या फिर ऑफर डॉक्यूमेंट की बारीकियां समझे बिना निवेश न करें। अगर आपको ऑफर नहीं जंचता, तो बेहतर है कि आप यूलिप के बदले एसआईपी के जरिये म्यूचुअल फंड में निवेश करें।
यूलिप एक नजर में
निवेश राशि - निवेश की कोई सीमा नहीं
पॉलिसी से जुड़े खर्च - कोई ऊपरी सीमा नहीं। यह खर्च इंश्योरेंस कंपनी तय करती है।
टैक्स में छूट: आयकर की धारा 80 सी का कर छूट लाभ सभी यूलिप पॉलिसी को मिलता है।
source: http://navbharattimes.indiatimes.com/articleshow/2738009.cms
Circular of IRDA wef 01-02-2008
To
All Life Insurers
Sub: Benefit illustrations for Unit Linked Products
Please refer to our earlier letter dated No.2/IRDA/ACTL/DC/
2007-08 dated 17th December, 2007, requesting comments on the
captioned draft circular. We are thankful to those who were kind
enough in sending their responses.
The purpose of this circular is to provide the prospect /
policyholder all relevant information regarding amounts deducted
towards various charges for each policy year so that the prospect
/ policyholder can take an informed decision. The present step
will no doubt pave the way towards standardizing the disclosures
which would result in greater transparency and enhanced
policyholders’ confidence. You all will agree that this is crucial
at this hour as unit linked products are assuming significant share
in the total portfolio. In this context, the following are to be
ensured:
a) Life insurance companies are required to confirm to the
format (Table-A) enclosed which lists out all charges to
be paid and also the amount available for investment in
each policy year.
b) Information specific to the particular policy holder only
shall have to be used.
c) Insurers must also give figures separately in a table about
guaranteed benefits and non-guaranteed benefits for
each policy year (Table-B) keeping in view the interest
rates as specified by the Life Insurance Council’s circular.
At present the interest rates used for benefits illustration
are 6% p.a. and 10% p.a. respectively. This table (Table-
B) is already in practice.
d) The policy holder must sign both Table-A and Table-B
along with the sales person on the day when he she
signs the proposal form. These tables shall become part
of policy document and a copy must be sent to the policy
holder along with the policy document.
e) The circular is applicable to all unit linked products (both
new and existing) and shall come into force with effect
from February 1, 2008.
All Life Insurers
Sub: Benefit illustrations for Unit Linked Products
Please refer to our earlier letter dated No.2/IRDA/ACTL/DC/
2007-08 dated 17th December, 2007, requesting comments on the
captioned draft circular. We are thankful to those who were kind
enough in sending their responses.
The purpose of this circular is to provide the prospect /
policyholder all relevant information regarding amounts deducted
towards various charges for each policy year so that the prospect
/ policyholder can take an informed decision. The present step
will no doubt pave the way towards standardizing the disclosures
which would result in greater transparency and enhanced
policyholders’ confidence. You all will agree that this is crucial
at this hour as unit linked products are assuming significant share
in the total portfolio. In this context, the following are to be
ensured:
a) Life insurance companies are required to confirm to the
format (Table-A) enclosed which lists out all charges to
be paid and also the amount available for investment in
each policy year.
b) Information specific to the particular policy holder only
shall have to be used.
c) Insurers must also give figures separately in a table about
guaranteed benefits and non-guaranteed benefits for
each policy year (Table-B) keeping in view the interest
rates as specified by the Life Insurance Council’s circular.
At present the interest rates used for benefits illustration
are 6% p.a. and 10% p.a. respectively. This table (Table-
B) is already in practice.
d) The policy holder must sign both Table-A and Table-B
along with the sales person on the day when he she
signs the proposal form. These tables shall become part
of policy document and a copy must be sent to the policy
holder along with the policy document.
e) The circular is applicable to all unit linked products (both
new and existing) and shall come into force with effect
from February 1, 2008.
Friday, January 11, 2008
Be aware
As the season for tax saving is on, Beware of taking ULIPs plan. Get the complete detail of allocation charges from Advisor for every plans.
Sunday, January 6, 2008
Which insurance product should you buy?
The life insurance industry has come a long way since 2000, when private companies were allowed in. Today, there are over 500 products (over 3,000 with customisation options), and 16 companies to choose from. So how do you pick the one that suits you best?
Typically, your needs would be any or all of protection, wealth accumulation, wealth maintenance and retirement. A few basic products meet these needs.
*Pure Term Insurance. In this, an amount is paid out in the event of the death of the insured within a specific term, say 20 years. This is the most basic and cheapest life insurance.
*Endowment Insurance. In this, an amount is paid out in the event of the death of the insured within a specific term, say 20 years. If the insured survives the policy term, an amount is also paid to him.
*Whole Life Insurance. This is similar to endowment, except that the term is whole life.
*Riders. These are options that can be taken along with the product you buy and provide protection against additional contingencies such as disability or dreaded diseases for a nominal extra charge.
So, how can these products help you plan for your needs?
Protection needs include protection against death, disability, and dreaded diseases. Products that are suitable for this need are term or whole life insurance with riders like critical illness, waiver of premium (WOP) or accidental death benefit (ADB). Wealth accumulation needs include saving for children's education, marriage and/or getting them settled. It also includes saving for one's retirement. Suitable products in this category are endowment, money back and whole-life plans.
Wealth maintenance need arises when you have accumulated some money and want to protect and grow it in a tax-favoured manner. Short-pay endowments, pensions, single premium policies or dump-ins cater to such a need.
Retirement need arises when an individual reaches a stage in life when he does not anticipate future inflows, but has to provide for a regular inflow out of the funds he has accumulated, without any worry. You could consider single pay/short pay pensions or immediate annuities for this. A flexible unit-linked endowment, structured with regular partial withdrawals could also be suitable.
Once you understand your need and the suitable products on offer, you have to decide whether to buy a unit-linked or a traditional policy. Traditional plans would generally have guarantees over the long term and, hence, are unique among financial products. Instead of working with projections or illustrations, you would have assured cash flows in your financial plan.
So, once you have decided on the need, the product and the mechanism, ensure the following before you sign on the dotted line: 1. Understand clearly how the suggested product fits your need. 2. Understand which part of the amount is guaranteed and which is not. This is required to be illustrated as per the regulator. 3. Do not accept illustrations based on historical returns of a fund; they do not guarantee future returns. The regulator has prescribed that the illustrations be shown at 6 per cent and 10 per cent annual rate of return and though, in reality, the return could be much more than this, it is best to use these figures as guides for your financial plan.
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