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  • Mr. Raju: Kum. Baby

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    Harish Chand
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    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    12 views4 pages

    Mr. Raju: Kum. Baby

    Uploaded by

    Harish Chand
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Presented by Harish Chand

    LIFE INSURANCE CORPORATION OF INDIA IRDA Authorised Insurance Advisor PH. 09811896425, 09212201725 help@delhilicagent.com www.delhiLICagent.com

    Insurance Proposal for

    Mr. Raju
    for Securing the College Education of

    Kum. Baby
    in a Premium Budget of Rs.25000/-

    Presented by Harish Chand


    LIFE INSURANCE CORPORATION OF INDIA IRDA Authorised Insurance Advisor PH. 09811896425, 09212201725 help@delhilicagent.com www.delhiLICagent.com

    Insurance Proposal for

    Mr. Raju
    for securing the future of your child

    Kum. Baby

    The planning for your childs secured future starts now when she is 1 years of age. For 17 years you will need to pay an amount of Rs. 25288/- per annum as premium towards the proposed insurance

    In the year 2028, Kum. Baby will be 18 years of age. She is expected to join college at this age. Hence there is a provision made for Rs. 167252/- to be received in this year to meet the extraordinary costs of admission, coaching classes, attire, etc.

    To ensure quality education and a comfortable lifestyle during her college period, this plan will provide cash every year as per the table shown alongside

    Year 2028 2029 2030 2031

    Age 18 19 20 21

    Estimated Amount 167252 76918 80743 84470

    Kum. Baby will complete her graduation in the year 2032 when she is 22 years of age. She may want to pursue post graduation abroad or may want to start business. Both these objectives will demand sizeable amount of money. This Magic Plan will make her dream come true with a lumpsum amount of Rs. 512040/-

    u Magic Plan Secure Child is a combination of LIC Plans specially researched to meet the objective of securing your childs future. u The returns shown in this illustration have been calculated on the basis of the interim bonus rates last declared by LIC for the year ended 31-Mar-2010 . Actual results may deviate depending on future bonuses declared by LIC, u In the unfortunate event of your early death, the premiums on the policies will cease immediately. The returns, however will be received in

    the years as indicated in this MagicPlan.


    u The effective yield in the above proposal works out to 9.70 % (calculated as per IRR method)

    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    IRDA Authorised Insurance Advisor PH. 09811896425, 09212201725 help@delhilicagent.com www.delhiLICagent.com

    MagicPlan - Secure Child


    Quotation Ref.No. Proposers Name Childs Name Sum Proposed Sec. 80 CCE Invt Lmt. : : : : : Childsecur Mr. Raju Kum. Baby 510000 100000 Date Proposer's Age Child's Age Yearly Premium Sec. 80 CCE Tax Rebate : : : : : 12/02/2011 29 1 (nearer birthday) (last birthday)

    25288 33.99 %

    Year wise details of benefits of this plan


    PREMIUM Your Age 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Child's Age 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Accidental Risk Cover 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 510000 405000 355000 305000 255000 0 Expected Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 179970 87800 89900 92000 512040 961710 Annual Premium 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 25288 19267 16486 13873 11408 0 490930 Tax Saving 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 8596 6549 5604 4716 3878 0 166879 Nett Premium 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 12718 10882 9157 7530 0 324051 Funded From Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12718 10882 9157 7530 0 40287 Paid From Own Funds 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 16692 0 0 0 0 0 283764 Net Amount In Hand 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 167252 76918 80743 84470 512040 921423

    Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

    u Magic Plan Secure Child is a combination of LIC Plans specially researched to meet the objective of securing your childs future. u The returns shown in this illustration have been calculated on the basis of the interim bonus rates last declared by LIC for the year ended 31-Mar-2010 . Actual results may deviate depending on future bonuses declared by LIC, u In the unfortunate event of your early death, the premiums on the policies will cease immediately. The returns, however will be received in the

    years as indicated in this MagicPlan.


    u The effective yield in the above proposal works out to 9.70 % (calculated as per IRR method)

    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    IRDA Authorised Insurance Advisor PH. 09811896425, 09212201725 help@delhilicagent.com www.delhiLICagent.com

    MagicPlan - Secure Child


    Quotation Ref.No. Proposers Name Sum Proposed Sec. 80 CCE Invt Lmt. : : : : Childsecur Mr. Raju 510000 100000 Date Proposers DOB : Yearly Premium : : 12/02/2011 12/02/1982 25288 33.99 % Age : 29 (ANB)

    Sec. 80 CCE Tax Rebate :

    Agent's Copy
    Sr. No. DAB Sum 105000 50000 50000 50000 255000 Interim Bonus Rate 42 42 42 42 48 * Bonus Rate #Assu Step FAB Rate 0.00 0.00 0.00 0.00 20 15 20 25 PREMIUM SSS 509 235 220 207 959 2130 Mly. 535 246 231 218 1010 2240 Qly. 1526 704 661 622 2878 6391 Hly. 3006 1386 1301 1226 5666 12585 Yly. 5916 2731 2563 2415 11153 24778

    Plan/Tm/PPT

    Sum

    1 2 3 4 5

    90/17/17 90/18/18 90/19/19 90/20/20 90/21/21

    105000 50000 50000 50000 255000 510000

    42 42 42 42 48

    0.00 100

    1. 2.

    '*' : - Assuming LIC will declare the above mentioned bonus rates for the year ended 31-Mar-2,011 '#' : - Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above.

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