JEEVAN AASTHA

This new plan of LIC (Jeevan Aastha) although provide gtd. returns but plz. note the NET Yield is variable for different age person due to difference in prem. paid for the same amount of cover.

Some info for this policy is given below.
Minimum Sum assured = 150000 & can be purchsed in multiples of 30000
Max. Sum assured = No limit
Prem. type = single prem. only
Type of policy = Traditional endowment policy with gtd. return
Minimum entry age = 13 years (nearest birth day)
Max. entry age = 60 years (nearest birth day)
Policy term = 5 years or 10 years
in First policy year the SA = 6 times of Single prem. paid (appx.)
From 2nd year onwards SA = 2 times of single prem. paid (appx.)
Maturity SA = 1/6th of original SA
GTD. addition per year = 100 Rs. for per 000 maturity SA for 10Y plan & 90 Rs. for 5 year plan
Loan & surrender value = after completion of 1st policy year

Sample benefit illustration for a 35year normal healthy male stamdard life.
Age of life assured = 35 years
SA = 300000
Maturity SA = 1/6 of Initial SA = 50000
Single prem. = 48975
Term of policy = 10 years
In case of death during 1st policy year claim amount = Initial SA + GTD addition = 300000 + 5000 (@ 100 Rs. per 000 maturity SA for 50,000 maturity SA)
In case of death during 2nd to 10th year claim amount = 100000 (reduced SA) + GTD. addition of 5000 Rs. per year
Maturity amount after 10 years = 50000 (maturity SA) + 50000 (gtd. addition) + 10000 (lyality addition if any, not gtd.) = 110000 Rs.

jeevan aastha

Life Insurance Corporation of India (LIC) on Monday launched Jeevan Aastha, a single premium life insurance product with guaranteed benefits on maturity and death.

LIC zonal manager (south central zone) DD Singh said the scheme would be offered with five and ten-year terms giving a guaranteed ten per cent and nine per cent per annum of maturity sum respectively. While the minimum age for entry will be 13, the maximum is 60.

The minimum basic sum assured will be Rs 1.5 lakh. In the first year, the risk coverage will be six times the maturity sum assured along with the guaranteed returns while it will be double the maturity amount after one year.

The premium paid and returns from the product will be exempted from tax.

Singh said LIC was expecting Rs 3,500 crore from the new product from Andhra Pradesh and Karnataka zones. The scheme closes on January 21.

LIC OF INDIA

No claim without Helmet and Driving Licence

Simplified Claim Settlement Process for Claims arising out of Terrorist Attack in Mumbai

LIC offers heartfelt condolences to all the people affected by Terrorist attack in Mumbai on 26th & 27th November, 2008. In these difficult times, LIC stands by you.

Simplified Claim Settlement Process:
No claim investigation will be conducted.
Double Accident Benefit/Disability Benefit is payable wherever applicable.
Any evidence in Government/Municipal record showing death due to Terrorist attack in Mumbai will be accepted as proof of death.
Police reports, Post Mortem report will also be accepted as evidence of death if original death certificate is not available
For further queries Please contact our INFO Center on 022-1251 OR 022-26134584(from 8.00 AM to 8.00 PM)

Personal Income tax Assesment year 2009-10

Taxable income slab (Rs.)                                              Rate (%)

Up to 1,50,000 NIL

Up to 1,80,000 (for women) NIL

Up to 2,25,000 (for resident individual of 65 years or above)                            NIL

                                                         1,50,001 – 3,00,000                                   10

                                                         3,00,001 – 5,00,000                                   20

                                                         5,00,001 upwards                                   30*

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.

A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.

Agricultural income is exempt from income-tax.

Life Insurance Corporation of India proposes to bring out its credit card

Life Insurance Corporation of India  has decided to form a separate wholly owned company “LIC Cards Services Limited” to manage all aspects of  its credit card venture. Life Insurance Corporation of India has been permitted by Government of India to form a wholly owned company for this purpose.

In line with the corporate vision to emerge as a trans-nationally competitive financial institution, LIC has been planning to bring out its credit card to leverage its large customer base, strong brand and wide distribution network and to provide value added service to its customers.

LIC has celebrated its 52nd anniversary in September and aims to strengthen its relationship with its vast customer base by providing various value-added services such as credit cards. Through this new Company, LIC aims to offer premium-payment facility to policyholders with their own credit card. Not only will this provide added convenience and service to LIC customers, it will bring down transaction costs for LIC.

LIC Cards Services Limited, the  wholly owned subsidiary of LIC,  would leverage LIC and Corporation Bank's strong brand and extensive branch, ATM, and sales distribution network.

For more visit http://www.indiainfoline.com/news/innernews.asp?storyId=82669&lmn=1