LIC's BHAGYA LAKSHMI Plan 829

LIC may launch new Insurance plan (As per sources)

BHAGYA LAKSHMI ( Table No. 829 ) UIN :512N292V01

Features and Benefits:

Minimum age at entry: 18 yrs
Maximum age at entry: 55 yrs
Minimum PPT: 5 yrs
Maximum PPT: 13 yrs
Minimum policy term: 7 yrs
Maximum policy term: 15 yrs
Maximum Mat. Age : 65 Yrs
Minimum SA : Rs.20000
Maximum SA : Rs.50000
SA in multiple of Rs.1000
Mode of pre. payment: Yly, Hly, Qly, Mly and SSS.
Grace Period: 60 days.
Rebate on Mode: Yly 2%, Hly 1%

BENEFITS :

On Maturity:110% of premium paid.
On Death: Sum Assured.

new plan coming soon BHAGYA LAKSHMI PLAN NO. 829 stay for some time
vinay mohanty

only builders and banks gain when you take loan for reality

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subh nagapanchami to all my friends

vinay mohanty

sharks(privet insurance cos) 🐋🐋 are new challenges to keep us active.

The Japanese have always loved fresh fish

But the water close to Japan has not held many fish for decades.

So to feed the Japanese population, fishing boats got bigger and went farther than ever.

The further the fishermen went, the longer it took to bring the fish

If the return trip took more time, the fish were not fresh.

To solve this problem, fish companies installed freezers on their boats.

They would catch the fish and freeze them at sea.

Freezers allowed the boats to go farther and stay longer.

However, the Japanese could taste the difference between fresh and frozen fish and they did not like the taste of frozen fish

The frozen fish brought a lower price.

So, fishing companies installed fish tanks.

They would catch the fish and stuff them in the tanks, fin to fin.

After a little thrashing around, they were tired, dull, and lost their fresh-fish taste.

The fishing industry faced an impending crisis!

But today, they get fresh-tasting fish to Japan.

How did they manage...?

To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks but with a small shark🐋🐋

The fishare challenged and hence are constantly on the move.

The challenge they face keeps them alive and fresh!

Have you realized that some of us are also living in a pond but most of the time tired and dull....?

Basically in our lives, sharks 🐋🐋 are new challenges to keep us active.

vinay mohanty

Following fresh complaints of customers being forced to buy insurance policies when they apply for loans or seek other banking facilities, the government has started discussions with the Reserve Bank of India (RBI) to scrutinize the practice of banks selling insurance products.

The government said that this review cannot be limited to just public sector banks, but also need to be done for the entire sector including private banks.

The government also wants review of existing incentive structures at banks for selling insurance products because it is of the view that giving over importance to bancassurance could affect core banking functions.

The vigilance authority had pointed out that sale of insurance products usually form a part of the bank’s appraisal system. This impact the core functions of the banks, which is not conducive for the system.

Earlier, the RBI had also highlighted the need to revisit the marketing and sales strategies used by banks in pushing insurance products, especially since insurance is considered as a more complex financial product.

Categories: News | Tags: Bancassurance, RBI

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the brief of TDS in life insurance

Dear Friends,

The following is the brief of TDS on Life Insurance policies and relevant circular also attached for your kind information.

Section 194DA: 2% TDS on Life Insurance Policy Maturity Amount includes Sum Assured and Bonus . Currently, under section 10(10D) any sum received from life insurer is not taxable if the premium paid does not exceed 10% of the sum assured. Taxpayer would be liable only if he has paid premium more than 10% of the sum assured in any financial year. In that case the sum received would be added to his income under the head “Income from Other Sources” and taxed as per the slab. . Changes made in Budget 2014 -- . Since there was no TDS, many taxpayers used to avoid the tax by not disclosing it in ITR.

To overcome this issue Finance Minister in Budget has proposed to insert a new section 194DA under which TDS of 2% would be deducted by the insurer on the proceeds of life insurance policy (for both unit-linked insurance plans and traditional plans), if the premium paid by assessee exceeds 10% of the sum assured in any financial year. The deduction will be made on the entire amount including any sum allocated by the way of bonus. . However, only the policies maturing on or after October 1, 2014 will come under the purview of this amendment. Also, the TDS will not be attracted if the maturity amount is less than Rs. 1 lakh.

Policies issued on and after 1.4.2003 but up to 31.03.2012 where premium payable during the term of the policy exceeds 20% of actual Capital Sum Assured will be taxable and not exempted.

Policies issued on and after 1.4.2012 and premium payable for any of the policy year during the term of the policy exceeds 10% of actual capital Sum assured will be taxable not exempted.

194 DA is not applicable for policies issued up to 31.3.2003 though the maturity is payable on or after 1.10.2014. Key man life insurance policies are taxable.

Death Claim amounts on Life Insurance policies are exempted.

Under annuity/Pension plans were where no risk cover or death SA is available such policies are not covered under Section 194DA.

scrap the archaic insurance laws

vinay mohanty

Spurious call - Audio 1, AND 2 HINDI,

Spurious call - Audio 1

https://www.youtube.com/watch?v=AFuExXn0Bwo&list=PLe6ir5DYYP5U7KOwinLkBeNWkuqcpFVz0

Spurious call - Audio 2

https://www.youtube.com/watch?v=GFx2OpW3P3A&list=PLe6ir5DYYP5U7KOwinLkBeNWkuqcpFVz0&index=2

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INSURANCE REPOSITARIES SYSTEM

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driving an uninsured vehicle will cost heavily

If proposals in the new Road Transport

and Safety Bill are passed by the parliament, driving an uninsured vehicle Traffic-insurance-chalan

may cost you heavily. The bill will replace Motors Vehicles Act, 1988.

If a motorcycle owner is caught riding without an insurance policy, the penalty will be Rs 10,000, while owners light motor vehicles and auto rickshaws will have to shell out Rs 25,000. For any car or a truck driver caught driving without an insurance policy, the penalty is Rs 75,000. Currently, there is a fine of Rs 1,000 for all vehicles.

Insurers say that enhanced penalties will increase penetration of motor insurance. Despite third party insurance is mandatory for all vehicles plying on road, as per estimates, nearly 70% of two-wheelers and about third of cars and trucks plying on road are uninsured.

Insurers say that penalties should go beyond fines and include loss of license for repeated violation. Insurers have also suggested that third party liability should be limited to Rs 10 lakh. Currently, liability for motor vehicles is unlimited.

Insurers also want the claim allowed under two jurisdictions –one, where the accident has happened and the other where the vehicle is registered. Also, the claim has to be filed within three years of the accident taking place.

The bill has also proposed setting up of a motor accident fund to help previously injured people and compensate legal representatives of a victim.

vinay mohanty