NLIC.org

Tracy Said:

Surrender value of the Jeevan Mitra double cover policy after 5 yrs of premium payment?

We Answered:

Open your policy to the table of contents.There should be a heading "Surrender Value." This page will explain how to calculate what you will receive. You will either see a full amount figure- $1000, $950,etc. or you will see something that looks like $24.75. To figure this last one out, take off the three zeroes from your policy face value- $100,000 to 100 or $150,000 to 150. Multiply that (100, 150, whatever yours is) by the 24.75.You then have to take that result and subtract it from what you have in cash value. What is left over is what you will receive. The agent who is replacing the cash value policy with term should have done this for you and he/she should have let you know if you will receive your premiums back. My guess would be no. If all of this sounds confusing, it is. Please take your policy to the agent who will be replacing it and get them to figure this out. The Insurance companies want to keep you in the dark. Let's shed some light on this and let them squirm.

Rita Said:

Child Investment in India?

We Answered:

Sir,

You have got some very specific set of questions, which in my view require a detailed solution. The answers to these can not be objective in nature. I am an IRDA recognised agent of LIC of India. And I am very keen to work on this planning with you. Be rest assured, I will surely have some valuable suggestions to offer.

If interested, we can discuss in detail on bhushansheth@gmail.com

Regards

Theresa Said:

Hey look lic's new Plan LUXMISAGAR?

We Answered:

for all insurance related information you can get on the following websites:
http://www.reliancelife.reliancefresh.in...
http://www.insurance.reliancefresh.info...
on these website you can found various plans of insurance and their merits and demerits

Lucy Said:

LIC Market Plus Claiming of Sec 80C?

We Answered:

Defination is self explainatery though terms used needs to be described.

As per the Income Tax law, the Insured amount should be atleast 5 times of annual premium(in other words, premium paid should not be more then 20% of the sum insured) , then only it is fully exempted in 80C. If the premium paid is more then 20% of sum assured, then tax deduction will be to the maximum extent of 20% of the actual capital sum assured.

That is why we can not deposit unlimited topup amount in Insurance ULIP, as all policies are designed in a way to respect this condition or we will have to buy additional insurance for additional topup.

LIC Market Plus is not a insurance policy but it is a Pension plan(deferred annuity plan), though you can also opt for insurance with it by paying mortality charges. It is not mandatory to have insurance also in a deferred annuity plan(see defination "any insurance policy other than a contract for a deferred annuity shall be eligible....... "), so condition of Insurance policy is not applicable in Pension plan & unlimited topup is allowed.

LIC agent rarely tells anyone about the tax implication of pension plans & the annuity story of this policy & missell it like hotcake.