introduction of jeevan pragati 838 on 3rd feb 2016

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vinay mohanty

100 Ships from 60 Nations: Vizag Braces for it’s Biggest Fleet Review in 2016// 4 to 8 feb 2016

VISAKHAPATNAM: The Eastern Naval Command (ENC) will, for the first time, host the International Fleet Review 2016. Warships from over 60 maritime nations will be invited to participate in the event. This would be the second time that the Indian Navy will be hosting the International Fleet Review after the one held in Mumbai in 2001.
Top sources in the Indian Navy at Eastern Naval Command said that the event is being hosted to build better relationship with the other nations.
President Pranab Mukherjee, Prime Minister Narendra Modi and other Indian dignitaries, along with the Naval heads of the participating nations, are expected to attend the fleet review.
People can also witness the extravaganza which would include a fly-past at the Beach Road, among other events. “The Presidential Fleet Review held at Visakhapatnam in 2006 can be considered as a trailer when compared to the International Fleet Review to be held in 2016,” a senior Naval officer said.
In the International Fleet Review 2001 held in Mumbai, more than 60 ships from over 22 nations including USA, UK, Japan and Australia participated. Naval officials are expecting the participation of more maritime nations during the latest international fleet review to be held in 2016 in the Bay of Bengal.
Though the preparations are in the preliminary stages, senior officials said that international seminars on maritime issues, sports, band concerts and other events will be held for the maritime nations participating in the event.
Meanwhile, the Navy will be commissioning a VLF (very low frequency) station proposed at Pudur village in Vikarabad mandal in Ranga Reddy district, near Hyderabad, within the next three years after the land is handed over by the Telangana government.  They will be paying `115 crore to the Telangana government for compensatory afforestation and the net present value of the land. The Navy will also take up the re-establishment of the VLF equipment at INS Kattabomman situated near Tirunalveli in Tamil Nadu, with the equipment having served the Navy for 25 years since its inception in 1991.
A VLF Station houses very low frequency transmitters and is used to send encrypted signals for communicating with submarines underwater. A submarine on the surface can transmit and receive wireless messages like a ship but submarine underwater can only receive wireless messages on Very Low Frequency (VLF). VLF transmitters require a huge array of antennae suspended high above the ground. Sources said that Pudur was chosen for the VLF station for its strategic location.
Both the VLF stations, at Tirunalveli and Pudur, would be used to keep tabs on the Arabian Sea, the Bay of Bengal and the Indian Ocean. “Nearly 3,500 people will be employed thanks to the the VLF station. We are expecting the No Objection Certificate from the Telangana government any day now and will start getting clearances from various government departments at the earliest,” said top Naval sources.
vinay mohanty

IRDAI’s stick for individual agents and carrot for big players

IRDAI’s draft on commission, remuneration and reward will make individual agents frown and all other intermediaries cheer. Reward based on an objective can be 20% of first year commission for individual agents while other intermediaries can earn up to 40%!
 
The Insurance Regulatory and Development Authority of India (IRDAI) has ushered a new year with bad news for individual agents. The IRDAI draft titled “Payment of commission or remuneration or reward to insurance agents and insurance intermediaries, regulations, 2016” caps the reward based on an objective and transparent criteria to individual insurance agents over and above the commission or remuneration being not more than 20% of first year commission or remuneration and 40% of first year commission or remuneration in case of insurance intermediaries. It means corporate agents; brokers and other insurance intermediary will end up getting much higher rewards than individual agents get. The reference is for the rewards, which are over and above the commissions!
 
IRDAI has tried to justify the huge difference stating “However higher rewards for insurance intermediary vis-à-vis insurance agent as the insurance intermediary has higher establishment costs and compliance requirements.” But, isn’t individual agent also insurance intermediary as per IRDAI intermediary handbook? It specifies, “An Insurance Intermediary means individual agents, corporate agents including banks and brokers –they intermediate between the customer and the insurance company.” Read  
 
But, IRDAI’s draft differentiates between insurance agent and insurance intermediary. “Insurance Intermediary” is as defined in Section 2(f) of the IRDA Act, 1999 and includes Corporate Agents, Insurance Brokers, Web Aggregators, Insurance Marketing Firm and Any other entity as may be recognized by the Authority.
 
The draft specifies the safeguards for an individual insurance agent. There are safeguards provided under the regulations to an individual agent as required under the Act. These include: 
 
a)  No insurer to terminate, suspend or cancel the letter of appointment of an individual insurance agent on frivolous grounds and in an arbitrary manner; 
 
b) The insurer may terminate, suspend or cancel the letter of appointment of an individual insurance agent only in the manner as laid down under the Board approved policy; 
 
c)  No insurer shall transfer the policies solicited and procured by an individual insurance agent, so long he is engaged by the insurer as their insurance agent; and 
 
d) The operation of this sub-regulation shall be reviewed by the Audit Sub-Committee of the Board and its report submitted to the Board for their review.
 
The underlying approach in framing the regulations is as follows:
 
a) To have uniformity as regards the segments of business vis-à-vis the expenses of management, commissions and manner of computation of solvency margin.
 
b)    Same commission and remuneration for insurance agent and insurance intermediary 
 
c) However higher rewards for insurance intermediary vis-à-vis insurance agent as the insurance intermediary has higher establishment costs and compliance requirements.
 
d) Parity in commission remuneration to health segment being solicited under the life insurance category and general stand-alone category.
 
The objectives of the Policy shall include the utilization of insurance agents and insurance intermediaries in the manner that: a) increases insurance penetration and density in the country; b) is in the interests of the policyholders; c) is commensurate with the business strategy; d) brings cost efficiencies in the conduct of business and simplification of the administration of insurance business; e) gives an indication on the relative degree of importance placed on each of them.
 
These regulations will be effective from 1 April 2016. IRDAI is seeking comments or suggestions on the proposed regulations for consideration.  The comments or suggestions should reach them by 27 January 2016 in the specific format by e-mail tocommission@irda.gov.in and randip@irda.gov.in.
vinay mohanty

LICs New Plan Jeevan Pragati (Table no 838)

LICs New Plan Jeevan Pragati (Table no 838), This is a non-linked, with-profits Endowment Assurance plan The main feature of this Jeevan Pragathi plan is the ‘sum assured on death’ (part of death benefit) automatically increases after every five years during the term of the policy..

Key Features & Eligibility Conditions of LIC Jeevan Pragati Plan

ELIGIBILITY CONDITIONS AND RESTRICTIONS:
  • Minimum Basic Sum Assured (payable on maturity) : Rs. 1,50,000/-
  • Maximum Basic Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 10,000/- only)
  • Minimum Policy Term : 12 years
  • Maximum Policy Term  : 20 years
  • Minimum Age at entry for Life Assured : 12 years (completed)
  • Maximum Entry Age : 45 years (nearer birthday)
  • Maximum Age at Maturity for Life Assured : 65 years
  • Premium payment mode : Yearly, half-yearly, quarterly & monthly.
  • Accidental Death & Disability Benefit Rider is available on payment of additional premium.
    • Minimum Accident Benefit Sum Assured is Rs 10,000
    • Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 cr.
    • Minimum entry age for the rider is 18 years.
  • Agent’s commission for policy term
    • 12 to 14 years is 20% in first year and 7.5% in 2nd & 3rd year.
    • The first year agents’ commission would be 25% on a 15 year policy term.

Benefits under LIC’s Jeevan Pragati policy

  • Death Benefit under Jeevan Pragati Plan : On death of the Life Assured during the policy term, the Death Benefit  which is ‘Sum Assured on Death’ + Vested Simple Reversionary Bonuses + Final additional bonus, if any, shall be payable to the nominee. The Sum assured on death automatically increases every fiver years. Where “Sum Assured on Death” is defined as the higher of  a) 10 times of annualized premium (or) b) Absolute amount assured to be paid on death, which is as under;
    • i) During the first five policy years : 100% of the Basic Sum Assured.
    • ii) During 6th to 10th policy years : 125% of the Basic Sum Assured.
    • iii) During 11th to 15th policy years : 150% of the Basic Sum Assured.
    • iv) During 16th to 20th policy years : 200% of the Basic Sum Assured.
  • Maturity Benefit payable under LIC Jeevan Pragati Policy : On survival to the end of the policy term, the maturity benefit which is ‘Sum Assured on Maturity’ + Simple Reversionary Bonuses + Final Additional bonus (FAB) if any, shall be payable to the policy holder. Sum Assured on Maturity is equal to Basic Sum Assured.
  • Final Additional Bonus shall not be payable under paid-up policies..
  • The Bonuses shall be declared on the Basic Sum Assured.
  • The date of commencement of risk under Jeevan Pragati plan will be immediately from the date of issuance of policy.
MODE OF PREMIUM PAYMENT:  The modes of premium payment allowable are Yearly. Half Yearly. Quarterly, and Monti (ECS only or through salary deductions).
GRACE PERIOD FOR PAYMENT OF PREMIUM: 
  • A grace period of one calendar month but not less than 30 days will be allowed for Quarterly, Half Yearly  and Yearly premium paid and 15 days for monthly mode of payment.
  • If the death of the Life Assured occurs within the grace period but before the premium then due, the policy will be treated as in-force and the benefits will be paid deduction of the said unpaid premium and also the unpaid premiums falling due before next policy anniversary
  • If premium is not paid before the expiry of the days of grace, the policy lapses.
  • If the Policy has not lapsed and the claim is admitted in case of death under the where the mode of payment of premium is other than yearly, unpaid premium(s).
  • The above grace period will also apply to rider premium as the rider premium is to be along with the premium of the base plan.
REBATES:
The rebates for base plan are as under:
Mode Percentage
  • Yearly mode : 2% of tabular premium
  • Half-yearly mode : 1% of tabular premium
  • Quarterly and monthly mode : NIL
High Basic Sum Assured Rebate:
  • 1,50,000 to 2,90,000 : Nil
  • 3.00,000 to 4,90,000 : 1.50 % B.S.A
  • 5,00,000 to 9.90.000 : 2.00 % B.S.A
  • 10.00.000 and above : 2.25 %° B.S.A
BSA –  Basic Sum Assured
vinay mohanty

Salute this man srikanth

Salute this man
The blind CEO who built a 50 crore company Srikanth Bolla is standing tall living by his conviction that if the "world looks at me and says, 'Srikanth, you can do nothing,' I look back at the world and say 'I can do anything'."


 When he was born, neighbours in the village suggested that his parents smother him. 
It was better than the pain they would have to go through their lifetime, some said. 
He is a "useless" baby without eyes… being born blind is a sin, others added. 
Twenty-three years later, Srikanth Bolla (pictured left) is standing tall living by his conviction that if the "world looks at me and says, 'Srikanth, you can do nothing,' I look back at the world and say 'I can do anything'." 
Srikanth is the CEO of Hyderabad-based Bollant Industries, an organisation that employs uneducated disabled employees to manufacture eco-friendly, disposable consumer packaging solutions, which is worth Rs 50 crores. 
He considers himself the luckiest man alive, not because he is now a millionaire, but because his uneducated parents, who earned Rs 20,000 a year, did not heed any of the 'advice' they received and raised him with love and affection. "
They are the richest people I know," says Srikanth. Underdog success story What is it about stories like Srikanth's that so inspire and fill one with hope? 
Could it be the multiple zeroes after a dollar sign or the belief that you and I can achieve similar success if we set our minds and hearts to it? 
Underdog success stories touch a raw nerve. After all, everyone faces adversity, they dream, and they work hard. 
It is another matter that only a few cross the threshold of limits set by society. 
In Srikanth's case, it is his sheer tenacity that shines through the dark clouds of his misfortune. Being born blind was just one part of the story. 
He was also born poor. And you know what that means in a society like ours. In school, he was pushed to the back bench and not allowed to play. The little village school had no way of knowing what inclusion meant. 
When he wanted to take up science after his class X, he was denied the option because of his disability. All of 18, Srikanth not only fought the system but went on to become the first international blind student to be admitted to the prestigious Massachusetts Institute of Technology (MIT) in the US. 

As author Paulo Coelho says, "We warriors of light must be prepared to have patience in difficult times and to know the Universe is conspiring in our favour, even though we may not understand how." 

Today, Srikanth has four production plants, one each in Hubli (Karnataka) and Nizamabad (Telangana), and two in Hyderabad (Telangana). Another plant, which will be one hundred percent solar operated, is coming up in Sri City, an integrated business city in Andhra Pradesh, 55 kms from Chennai. 
Angel investor Ravi Mantha, who met Srikanth about two years ago, was so impressed with his business acumen and vision for his company that he not only decided to mentor him but also invested in Srikanth's company. "It was a small, tin-roof shack in an industrial area near Hyderabad. There were eight employees and three machines under the shed. I expected him to talk about how he wanted to make a social impact, but was surprised by the business clarity and technical knowhow in someone so young," Ravi says. 
They are raising $2-million (around Rs 13 crores) in funding and have already raised Rs 9 crores. According to Ravi, his personal goal is to "take the company to IPO." 
A vision to build a sustainable company with a workforce comprising 70 percent people with disability is no mean task. "Srikanth's vision is inbuilt in the company. 
It is not just a lip service to CSR," adds Ravi. Isolation a big curse "The isolation of differently-abled people starts at birth," Srikanth said in his first public speech on the INKTalks stage in Mumbai last month. 
According to him, "Compassion is a way of showing someone to live; to give someone an opportunity to thrive and make them rich. Richness does not come from money, it comes from happiness." When Srikanth was growing up, his father, a farmer, would take him to the fields but the little boy couldn't be of any help. 
His father then decided that he might as well study. 
"In my parent's entrepreneurship model, I was a failure. In entrepreneurship, we have a lean business model where we evaluate an enterprise and say how quickly it fails." 
Since the nearest school in his village was five kilometres away, he had to make his way there mostly on foot. He did this for two years. "
No one acknowledged my presence. I was put in the last bench. I could not participate in the PT class. 

That was the time in my life I thought I was the poorest child in the world. It was not because of lack of money but because of loneliness." When his father realised that the child was not learning anything, he admitted Srikanth to a special needs school in Hyderabad. 
The boy thrived in the compassion he was shown there. He not only learnt to play chess and cricket but excelled in them. He topped his class, even embracing an opportunity to work with late President Dr APJ Abdul Kalam in the Lead India project. But none of this mattered much because Srikanth was denied admission to the science stream in class XI. He cleared the Andhra Pradesh class X state board exams with over 90 percent marks, but the board said he could only take Arts subjects after that. "Was it because I was born blind? No. I was made blind by the perceptions of the people." 
Having been denied the opportunity, Srikanth decided to fight for it. "I sued the govt and fought for six months. In the end, I got a government order that said I could take the science subjects but at my 'own risk'.
​ ​

​ "​

Thus not 'risking' anything to chance, Srikanth did whatever he could to prove them wrong. He got all the textbooks converted to audio books, worked day and night to complete the course and managed to secure 98 percent in the XII board exams. 
Fortune favours the brave Sometimes, life mimics a steeplechase. Especially when it comes to those it has big plans for. 
It did not give Srikanth enough time to bask in his victory when it threw another spanner in the works. 
He applied for IIT, BITSPilani, and other top engineering colleges, but did not get a hall ticket. Instead, "I got a letter saying 'you are blind, hence you are not allowed to apply for competitive exams.' If IIT did not want me, I did not want IIT either. How long can you fight?" He chose his battles carefully and did his homework searching the Internet to find the best engineering programme for someone like himself. He applied to schools in the US and got into the top four -- MIT, Stanford, Berkeley, and Carnegie Mellon. 
He went to MIT (with a scholarship) as the first international blind student in the school's history. It wasn't easy adjusting to life there, but by and by he started to do well. 
Towards the end of his bachelor's course when the 'what next' question came up, it brought him back to where he had started. 
"Many questions bothered me. Why should a disabled child be pushed to the back row in the class? Why should the 10 percent of the disabled population of India be left out of the Indian economy? Why can't they make a living like everyone else with dignity?" 
He decided to give up the 'golden' opportunity in corporate America and came back to India in search of answers to his questions. 
He set up a support service platform to rehabilitate, nurture and integrate differently-abled people in society. "We helped about 3000 students in acquiring an education and vocational rehabilitation. But then I thought what about their employment? So I built this company and now employ 150 differently-abled people." 

Good always rebounds Entrepreneur bravehearts like the warriors of Paulo Coelho always find one unflinching support, an anchor to keep them afloat. 
In Srikanth's case, it is his co-founder Swarnalatha. "She was his special needs teacher in school. She has been his mentor and guide through all these years. 
She trains all the employees with disabilities at Bollant thereby creating a strong community where they feel valued," says Ravi, adding, "Srikanth is a true source of my inspiration. 
He is not only my young friend and protégé but is also my mentor who teaches me daily that anything is possible if you set your mind to it." 
The boy who was born blind is today showing many the path to real happiness. 
He says his three most important life lessons are: "Show compassion and make people rich. Include people in your life and remove loneliness, and lastly, do something good; it will come back to you." ​


Ramu moahnty 

JEEVAN SIKHAR 837 lanch on 11/1/16,available for sale upto 31/03/2016.

Jeevan Shikhar


 LIC is going to launch a new endowment plan Jeevan Shikhar (Plan No. 837) from 11/01/2016. Jeevan Shikhar is a non linked, with profit, saving cum protection, single premium, Close ended Plan.  In Jeevan Shikhar risk is 10 times of the tabular premium. Unique identification number (UIN) of Jeevan Shikhar plan is 512N305V01.
Eligibility conditions of Jeevan Shikhar (Plan No. 837)

Death Benefit in  Jeevan Shikhar (Plan No. 837)

On Death during the first 5 Policy years

Before the date of commencement of the Risk: Refund of single premium without interest. Single premium mentioned here will not include any extra amount if charged under the policy due to underwriting decision and taxes.
After date of commencement of Risk: “Sum Assured on Death” equal to 10 times of tabular single premium will be payable.

On Death after completion of 5 policy years but before the date of Maturity

“Sum Assured on Death” equal to 10 times of tabular single premium along with Loyalty addition, if any, will be payable.
Tabular single premium calculated for chosen Maturity Sum Assured (MSA), Mentioned above does not include any extra amount chargeable under the policy due to underwriting decision or taxes and is before applying any rebate

Maturity Benefit in  Jeevan Shikhar (Plan No. 837)

On life assured surviving till the end of the policy term, the Maturity Sum Assured (MSA) along with Loyalty addition (LA), if any, will be payable.

Loyalty Addition

The policy under this plan will be eligible for share in surplus (profits) in the form of Loyalty  Addition, depending upon the experience of the LIC. The Loyalty Addition, if any, will be payable on death or surrender, provided the policy run for at least five policy year or on policy holder surviving to the maturity.High Sum Assured Rebate in Jeevan Shikhar-2
 Other conditions and policy features of Jeevan Shikhar
  1. Policy can be surrendered at any time during the policy term: First year- 70% of Single Premium,Thereafter-90% of Single premium
  2. Loan facility is available under this plan, after 3 months of the issuance of the policy.
  3. Policy can be taken from back date upto same financial year
  4. Nomination and assignment in this policy is available.
  5. This plan is available for sale upto 31/03/2016.
New Plan Highlights 🌹 
JEEVAN SHIKHAR (837) 
🌻Non linked closed ended Single Premium Plan 
🌻Benefits on Death during first five year:  
👉On Non commencement of Risk refund of premium w/o interest. 
👉On commencement of Risk 10 times of tabular Single Premium. 
🌻After five year of policy but before maturity 10 times of Tabular Single Premium plus Loyalty Addition, if any 
🌻Maturity........ 
Maturity Sum Assured along with Loyalty Addition if any. 
🌻Conditions 
👉Age at entry 8 yrs (comp) 45 yrs (NBD) 
👉Minimum MSA: Rs 1lac 
👉Maximum :No limit 
👉 Policy Term 15 years 
👉MSA multiple of Rs.20,000 
🌻Loan availability: 
👉after 3 months  55% to 85% of SV in different policy years below age at entry 35 
👉 after 3 months  35% to 85% SV in different policy years above age at entry 35 
🌹🌹🌹🌹🌹🌹🌹🌹🌹
vinay mohanty

LIC'S NEW PLAN JEEVAN LABH - 836

LIC'S NEW PLAN JEEVAN LABH
(T. NO.836)
✅ To be introduced on 4-1-2016.
✅ This is a ltd. Prem. Paying non linked with profit endowment plan.
✅ On Death - S.A + BONUS + FAB
SA NOT LESS THAN 105% OF TOT PREM PAID AS ON DATE OF DEATH.
✅ Maturity Benefit-
SA ON MATURITY + BONUS + FAB
✅ TR & DAB IS OPTIONAL
✅ Min Age @ entry- 8 years completed
✅ Max maturiry Age-
75 nbd
✅ Term & ppt -
16 (10), 21 (15), 25 (16)
✅ Min SA 2 LAC. Then in multiplication of 10,000.
✅ MAXI. NO LIMIT.
✅ Commencement of risk- immediate.
✅ Modes allowed.
ALL With Ecs& SSS.
✅ COMMISSION TO AGENTS.
PPT 10 YEAR - 20%
PPT 15 OR MORE- 25%
WITH 40% BONUS COMMI.
✅ Loan - yes.
✅ Back dating allowed.
✅ PROPOSAL FORMS 302/342/362  AS APPLICABLE.
WISHING YOU GOOD LUCK.
vinay mohanty