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All You Need to Know About an Insurance Repository

repository

All You Need to Know About an Insurance Repository

Earlier, the insurance policy documents were available in paper form which made the policyholders concerned about the safety of the papers. On September 16, 2013 the IRDA launched the insurance repository system. Now, insurance policies can be converted into electronic form and stored with an insurance repository. This eliminates the risk of loss or alteration of the policy documents and also offers convenience to the policyholder. Let’s know more about insurance repositories and the benefits.

What is an insurance repository?

An insurance repository is a database that maintains and holds the insurance policies in electronic form on behalf of insurers. Insurance repositories are not authorized to sell insurance policies, they are only permitted to maintain the policies in electronic form and provide a record of them. E-policies provide customers with safety and convenience. Along with offering safety and convenience to the customers, an insurance repository is also bound to maintain transparency with the policyholders under the rules set by the IRDA.

The IRDA had licensed five insurance repositories. But one of them (SHCIL Projects Limited) surrendered its license in 2015. The remaining four entities are:

  • CDSL Insurance Repository Limited
  • National Insurance-Policy Repository by NSDL Database Management Limited
  • CAMS Insurance Repository Services Limited
  • Karvy Insurance Repository Limited

What is an e-Insurance account?

Insurance repositories hold the insurance policies in e-insurance accounts. Even if the insurance policies are from different insurers, they can be held and easily accessed with one account. A policyholder can open an e-IA (e-Insurance Account) with any one of the IRDA-approved insurance repositories. The IRDA only allows one e-Insurance Account per person. There is no cost for opening an e-Insurance Account. Even the services provided by the repositories are free. The policies issued before the launch of insurance repositories can also be easily converted into the electronic form by making a request to the insurer or repository.

Benefits of insurance repository

Holding policies in the electronic form have various benefits such as:

1. Safety

The biggest benefit of storing e-policies is that there is no risk of loss or damage. Holding a policy in its electronic form ensures that the policy is in safe custody. It also allows for easy access, as the policy can be viewed or downloaded at any time by accessing the e-Insurance account.

2. Single Point of Various Services

As all the insurance policies are stored in one place, changing and updating details such as address, contact number or nomination becomes easy. It also becomes easier to track your policies.

3. Simple Payout Transfers

The insurance repository system allows for efficient and faster services. Therefore, availing the policy benefits also become easier and faster, as the proceeds are electronically deposited in the registered bank account.

4. Single KYC

Keeping your insurance policy with an insurance repository will mean that your KYC formalities are already completed. This way, you won’t have to go through the KYC process every time you buy a new policy.

Insurance policies are important financial assets hence they need to be handled properly. Storing policies with an insurance repository makes a lot of tasks easy along with ensuring safety and security. Therefore, it is advisable to open an e-insurance account for your own convenience.

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Frequently asked questions about insurance repositories

  • Which insurance repositories can I choose?

    You can choose from the following insurance repositories:

    • NSDL
    • Karvy
    • Central Insurance Repository
    • SHCIL
    • CAMS
  • How can I open an insurance repository account?
    1. Download the account opening form from your preferred insurance repository's website.
    2. Fill the form.
    3. Attach your KYC documents.
    4. Submit your forms.
  • Can I change my insurance repository account?

    Yes, The account holder will have the ability to shift from one repository to another. For example, a CAMS account holder can shift to NSDL and vice versa. 

  • When did The Insurance Repository system start?

    16th September, 2013.

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    Life Insurance

    Meaning of life Insurance (Understand the concept of life insurance)

    Meaning of life Insurance (Understand the concept of life insurance)

    So, you want to understand the meaning of life insurance? This article will talk about its concept, benefits, features, types, and more.

    • Meaning of life insurance
    • Features of life insurance
    • Benefits of life insurance
    • Types of life insurance
    • Companies that provide life insurance plans

    Meaning of life insurance

    In simple words, Life insurance is a contractual agreement between the insurance company and the insured, where the insurance company will be liable to pay a sum assured to the nominees or legal heirs of the insured in the event of policyholder’s demise. The insurance company provides this life coverage in exchange for a premium amount.

    Features of life insurance

    Now, let us talk about the features of a life insurance policy so that you can understand it better

    Insured – The individual who is provided life coverage by the insurer is called an insured. After his/her demise, the insurance company will be liable to pay the sum assured to the nominees or legal heirs of the insured person.

     

    Premium – A premium is a fee that the insured pays to the insurance company to obtain the benefit of a life cover. Maturity- Maturity is the period at which the policy term is completed and the life insurance contract concludes.

     

    Sum assured – It is a pre-determined amount that the insurance company will have to pay to the insured’s family in the unfortunate event of his death.

     

    Nominee– A nominee is an individual who is entitled to receive the sum assured. The nominee’s name and details will be mentioned in the policy contract by the insured individual. Usually, spouses, children, parents are taken as nominees in most cases.

     

    Policy term – A policy term is a specified period of time during which the insurance company provides life coverage to the insured. The policy is said to be in force during this period.

     

    Claim– In the unfortunate event of the insured’s demise, the nominees file a claim with the insurance company in order to receive the sum assured.

    Benefits of life insurance

    The purpose of life insurance is to financially protect your loved ones from the monetary loss that they may have to face in your absence. Let us look at some of the most important benefits of a life insurance policy.

    Financial security– A life insurance policy will provide your loved ones financial safety from any kind of monetary loss that they may face in the event of your demise. A good life insurance plan can help your family repay any kind of financial liabilities such as personal loans, auto loans, home loans, etc.

     

    Wealth creation – Certain life insurance policies such as ULIP policies offer the benefit of both life coverage as well as investment.
    A certain portion of your premium will be used to provide you a life cover while the rest will be invested in debt and equity markets, depending on your risk appetite. Such plans not only provide you a life cover but also invests your money systematically and grows your corpus to beat inflation.

    The sum assured along with the return from your investments will be paid to the loved ones of the policyholder in the event of his death.

     

    Tax benefit – The premium paid towards your life insurance can be claimed for income tax deduction under Section 80C of the Income Tax Act, 1961. The premium paid for your life insurance is eligible to a maximum tax deduction of up to Rs.1.5 lakh. Also, any payouts received from the insurance company are tax-free.

     

    Maturity benefit – Certain life insurance policies also provide you savings benefits. If the policyholder survives the policy period and no claims have been made, the total premium paid will be returned to the insured as savings benefit at the end of the policy term.

     

    Loan facility – You can also avail of a loan against certain life insurance policies.

    Types of life insurance plans

    There are various types of life insurance policies. Let us discuss them in detail.

    Term insurance plans

    A Term insurance plan is a traditional and most basic plan. This plan provides a life cover to the insured for a specified policy term. In case of death of the insured during this policy term, the sum assured will be paid to the nominees of the policy.

    Some term insurance plans also come with survival benefits. In such a case, if the policyholder survives during the policy term, he will receive a certain sum as a survival benefit.

    Features of term insurance

    • Provides you a high life cover at an affordable premium
    • Provides coverage for a longer duration (up to 30-year policy term)

    Whole life insurance

    Whole life insurance provides coverage to the insured for the entirety of his life (generally up to 100 years of age).

    Features of whole life insurance plans

    • Coverage is provided up to 100 years of age.
    • Premium under a whole life plan is generally paid for a limited period.
    • Whole life insurance plans come with different variants such as endowment assurance plans, money back plans, unit-linked plans, and more.

    Unit-linked insurance plans

    Unit-linked plans are also known as market-linked plans. It is a hybrid plan that provides you the benefit of life cover as well as investment returns. A part of your premium paid is used to provide you life coverage and the remaining is invested in debt/equity markets. The legal heir/nominee shall receive the assured sum as a death benefit if the policyholder dies during the policy term. On maturity of the policy, you will be paid the fund value which is equal to the premiums invested along with the returns generated by it over the term.

    Features of ULIP

    • You can choose the type of investment fund to invest in according to your risk appetite.
    • You can withdraw your funds after the completion of 5 years of policy in certain plans.
    • You can switch from one investment fund to another.
    • Higher of the sum assured or fund value shall be paid to the nominee on the death of the policyholder. However, on maturity, the fund value will be paid.

    Endowment assurance plans

    Endowment assurance plans provide the benefit of a life cover along with guaranteed savings benefits. The policyholder will receive a lump sum amount if he/she survives until the maturity period of the policy, or the nominees shall receive the sum assured on the demise of the policyholder, whichever occurs first.

    Features of endowment assurance plans

    • The life cover provided is relatively lower than other plans.
    • Coverage can be provided ranging from 10 years to 30 years

    There are 2 types of Endowment Plans- Participating plans and Non-participating plans. The former earns a bonus will the latter plan does not.

    Money Back Plan

    Under this plan, the policyholder will receive a certain percentage of his sum assured at fixed intervals. This will provide the policyholder with stable financial resources along with the benefit of a life cover. In case of the death of the policyholder, the entire assured sum shall be paid to the nominee of the policyholder irrespective of the survival benefits paid earlier.

    Features of money back plan

    • The tenure of a money-back plan ranges from 12- 15 years or 20-25 years.
    • The Money-back benefits can also be termed as survival benefits.
    • They are participating plans where the bonus is added.

    Child insurance plan

    Child insurance plans are designed to protect and safeguard your child’s future. Under this policy, life cover is provided until the end of the policy tenure. These plans also offer coverage to your child along with flexible payouts at important milestones during your child’s lifetime such as their 18th birthday or graduation, etc.

    Not only that, if the insured parent dies during the policy term a death benefit is immediately paid to the child and the policy remains in force.

    Features of child insurance plans

    • In case of the death of the insured parent, all premiums are waived off and the policy remains in force until its maturity date.
    • The insured can be a parent or a minor child, however, the primary policyholder will be the parent.
    • The child will become the policyholder when he turns 18 years of age and the policy will turn in his name.
    • Only parents of minor children are eligible for the plan.

    Annuity plans/ pension plans

    These plans are suitable for persons reaching the age of retirement and want to build a corpus for their life ahead. Under this plan, you can create a corpus for your retirement or avail lifelong income benefits from the accumulated sum. They are ideal plans for people looking to cater to their financial needs post-retirement.

    Features of annuity/ pension plans

    These plans come in 2 variants – a) Deferred annuity plans b) Immediate annuity plans

    Under deferred annuity plans you choose a policy tenure and pay the premiums to generate your retirement corpus
    Under immediate annuity plans, annuity payouts begin as soon as you buy the plan.

    Life insurance riders

    These are additional ride-on covers that you can buy along with the above-said policies to avail of better coverage benefits as per your needs. You will have to pay a little extra premium to avail the riders.

    Features of life insurance riders

    • You can choose multiple riders on your base policy.
    • Riders have their own sum assured, lower or equal to the base life insurance policy.
    • They do not come with maturity benefit and come to for force when the specified event takes place.

    Types of rider cover available

    • Critical illness rider
    • Hospital cash rider
    • Premium waiver rider
    • Accidental death and disability rider
    • Term rider

    Name of insurance companies in India that provide life insurance

    • Life Insurance Corporation of India
    • Max Life Insurance Company Limited
    • HDFC Life Insurance Company Limited
    • ICICI Prudential Life Insurance Company Limited
    • Kotak Mahindra Life Insurance Company Limited
    • Aditya Birla Sun Life Insurance Company Limited
    • Exide Life Insurance Company Limited
    • Bajaj Allianz Life Insurance Company Limited
    • PNB MetLife India Insurance Company Limited
    • Reliance Nippon Life Insurance Company Limited
    • TATA AIA Life Insurance Company Limited
    • SBI Life Insurance Company Limited
    • Aviva Life Insurance Company Limited
    • Bharti AXA Life Insurance Company Limited
    • Future Generali India Life Insurance Company Limited
    • IDBI Federal Life Insurance Company Limited
    • Canara HSBC OBC Life Insurance Company Limited
    • Aegon Life Insurance Company Limited
    • Pramerica Life Insurance Company Limited
    • Star Union Dai-ichi Life Insurance Company Limited
    • IndiaFirst Life Insurance Company Limited
    • Edelweiss Tokio Life Insurance Company Limited

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    How to get LIC policy status by SMS (Simple Guide)

    How to get LIC policy status by SMS

    Checking your LIC insurance policy status is important. Knowing the status of your policy is essential as you can confirm whether your LIC policy is registered within the LIC database or no.

    As a LIC policyholder, you can check your policy status via SMS. This provides much-needed comfort to policyholders as they don’t need to visit LIC offices to do the same. Policyholders can simply know their policy status by sending a simple SMS.

    Let us now understand the type of details you can get via LIC through SMS.

    Check your LIC policy status

    Type of Enquiry to be made

    SMS Code

    Number

    Know your premium amount

    ASKLIC <your policy number> PREMIUM

    9222492224

    Revival amount inquiry

    ASKLIC <your policy number> REVIVAL

    9222492224

    Bonus amount

    ASKLIC <your policy number> BONUS

    9222492224

    Loan amount

    ASKLIC <your policy number> LOAN

    9222492224

    Nomination

    ASKLIC <your policy number> NOM

    9222492224

    Check status of your LIC policy

    ASKLIC <your policy number> STAT

    9222492224

    Existence certificate

    ASKLIC <your policy number> ECDUE

    9222492224

    Check return status

    ASKLIC <your policy number> CHQRET

    9222492224

    Annuity amount inquiry

    ASKLIC <your policy number> AMOUNT

    9222492224

    Annuity release date

    ASKLIC <your policy number> ANNPD

    9222492224

    Illustration: Let us assume Mr. Durgesh wants to find out his premium due. All he needs to do is send the following SMS from his registered phone number:

    ASKLIC <his policy number> PREMIUM to 9222492224
    Post this, LIC will send the premium details via SMS shortly. Other similar requests can be made by following the same procedure (as shown above).

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    LIC e-Services (Best Services for LIC Policyholders)

    ai bot

    LIC e-Services (Best Services for LIC Policyholders)

    LIC e-Services are online services offered to LIC policyholders via their LIC e-Services portal. LIC provides a vast array of helpful services to its customers through this portal. This article will aim to articulate the type of services offered to LIC policyholders and how to access them.

    This content piece will discuss the following:

    • Features and benefits of LIC e-Services
    • Registration and login process
    • Services offered under LIC e-Services

    Features and Benefits of LIC e-Services

    Following are the important features and benefits of the e-Service platform:

    • Ease of access: A policyholder can access the LIC e-Service platform by simply visiting the e-Services website and logging into their account. They can access the platform from desktop, mobile, and tablet devices.
    • Easy to track: A policyholder can track all his policies under one roof. All his LIC policies will be visible under the e-Services dashboard for easy access and editing.
    • Ease of location: An LIC policyholder can access the services from any location in the world. Distance and location is no barrier.
    • Grievance addressal: Complaints and grievances can be raised within the portal.
    • Free services: All the services provided by LIC within their portal are free of charge and for the convenience of its policyholders.

    Registration and login process

    LIC account login
    LIC account login
    • The registration process is quite straightforward and simple.
    • A policyholder can easily register with the LIC and avail of their e-Services. Please check out the LIC new user registration page for a comprehensive and detailed guide on new user registrations.
    • Once you have registered, you can log in to their portal and access their dashboard.

    Services offered under LIC e-Services

    The above image depicts the list of services offered under the LIC e-Service dashboard.

    • Policy status: You can check the status of your policy under the dashboard. Just click on the ‘Policy Status’ button under the ‘Basic Services’ tab. (check image above)
    • Policy bonus status: Policyholders can also check the bonus status of their respective policies through the platform. The updated bonus amount will be reflected on the site.
    • Nomination: Policyholder can also check their respective nominations and even apply for editions if required.
    • Claim status: It is important to keep an eye on your claims status once you have applied for a claim. You can find out which stage your claim is at on the portal.
    • Premium payment: Policyholders can pay their premiums online through the portal. No need to physically visit a branch. All premium payments can be made online.
    • Premium receipt: You can also download the updated premium receipt from the website.
    • Grievances and complaints: You can also raise complaints and grievances through the portal in case you feel the need.
    • Loan payment: Loan repayments can also be made through the portal.

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    LIC Senior Citizen Schemes (Top 5 Schemes)

    LIC Senior Citizen Schemes (Top 5 Schemes)

     

    Our elders are our jewels, we need to do everything possible to ensure a smooth post-retirement for our elders. The Government of India in tandem with LIC has initiated a variety of senior citizen schemes that the elderly can avail of and make their life easier.
    We will have a detailed look at some of the primary LIC senior citizen schemes below.

    • Pradhan Mantri Vaya Vandana Yojna
    • LIC Varishtha Pension Bima Yojna
    • LIC New Jeevan Shanti
    • LIC Jeevan Akshay 7
    • LIC New Jeevan Nidhi

    Pradhan Mantri Vaya Vandana Yojana (Plan No. 856 )

    The Pradhan Mantri Vaya Vandana Yojana is a pension scheme subsidized by the Government of India and managed by the LIC. Under the terms of this scheme, a senior citizen can pay a single one-time premium to the LIC and avail of a continuous monthly pension at a rate of 7.4% P.A.

    Features of Pradhan Mantri Vaya Vandana Yojana

    Only seniors over the age of 60 can avail of this scheme

    • Maximum investment of 15 lakhs per senior citizen
    • Maximum term of 10 years
    • Pension can be availed monthly, quarterly, half-yearly, and yearly (ROI will be 7.4% for monthly, 7.45% for quarterly, 7.55% for half-yearly, and 7.66% for yearly)
    • Policy can be prematurely surrendered after paying a 2% penalty on the purchase price
    • A person can also avail of a loan on this policy at 75% of policy value
    • The policy comes with a 15 day free-look period

    LIC New Jeevan Shanti (Plan No.858)

    This is another single premium annuity plan provided by the LIC. The person has to pay a single premium throughout the policy tenure to enjoy its benefits. The plan comes in 2 variants:

    • Option 1: Deferred annuity for Single life
    • Option 2: Deferred annuity for Joint life

    Let us understand both options clearly.

    Option 1: Deferred annuity for Single life

    • In this plan, the policyholder will not be paid a maturity amount on survival.
    • The nominee will be paid the lump sum amount in the event of the policyholder’s demise
    • The Annuitant will continue to receive his annuity as long as he lives

    Option 2: Deferred annuity for Joint life

    • Here too there will be no maturity amount payable upon the survival of the annuitant
    • The nominee will be paid the death benefit upon the demise of the last joint annuitant
    • Both joint annuitants shall continue to receive their annuity as long as they live

    Features of LIC New Jeevan Shanti

    • Nominee will receive the purchase price along with the additional death benefit payable on the annuitant’s demise
    • Minimum purchase price of this plan is Rs.1.5 Lakhs. There is no upper limit.
    • Minimum age requirement for participation is 30 years.
    • Annuity can be paid to the annuitants via monthly, quarterly, half-yearly, or yearly annuity.
    • Annuitant can avail a loan on this plan.
    • Free-look period of 15 days.

    LIC Jeevan Akshay 7 (Plan No. 857)

    LIC’s Jeevan Akshay 7 is another single premium immediate annuity plan. This plan provides 10 different annuity options that an annuitant can choose from. This provides more flexibility than some of the above plans. Let us understand all of the annuity options below:

    • Option A: Annuity is paid to the annuitant immediately for life.
    • Option B: Annuity is paid for a period of 5 years guaranteed, and life thereafter.
    • Option C: Annuity is paid for a period of 10 years guaranteed, and life thereafter.
    • Option D: Annuity is paid for a period of 15 years guaranteed, and life thereafter.
    • Option E: Annuity is paid for a period of 20 years guaranteed, and life thereafter.
    • Option F: Annuity is paid immediately and the purchase price is returned to the nominee at the annuitant’s death.
    • Option G: Immediate annuity payment (increasing at 3% simple interest)
    • Option H: Immediate annuity with half the annuity payable paid to the spouse in case of annuitant’s death.
    • Option I: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death.
    • Option J: Immediate annuity with the entire annuity payable paid to the spouse in case of annuitant’s death. The purchase price will be returned to the nominee on the demise of the last annuitant.

    LIC New Jeevan Nidhi

    The New Jeevan Nidhi Plan is LIC’s deferred annuity plan. Unlike the above plans, this plan is not a compulsory single premium plan and the annuitant has the option of making regular premium payments. The advantage of this is that the annuitant can participate in this plan with a relatively low amount, he does not need to make a large upfront payment in the way of a single premium.

    Features of LIC New Jeevan Nidhi

    Premium can be paid once or through the policy tenure

    • Individuals above the age of 20 are eligible for participation in this scheme
    • Availability of premium discounts (2% discount if paid annually. 1% discount if paid half-yearly)
    • Death benefit will be paid to the nominee in case the annuitant passes away
    • Guaranteed additions for the first 5 years
    • Bonus’s from the 6th year onwards
    • Annuitant can avail an additional Accidental Death and Disability Benefit Rider

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    LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

    LIC Kanyadan Policy (Benefits, Premium, Eligibility & more)

    LIC Kanyadan policy is specially designed with keeping your daughter in mind. The policy provides a lump sum amount during your daughter’s wedding along with additional insurance coverage if something happens to the daughter’s guardian (policyholder).
    Let us discuss this policy in detail and answer any queries that you may have. This article will cover the following points:

    • Eligibility
    • How does LIC Kanyadan Policy work?
    • Benefits
    • Documents required

    Eligibility for LIC Kanyadan Policy

    • This policy can only be bought by the daughter’s guardian
    • The daughter needs to be at least 1 year old at the time of policy purchase
    • The age of the guardian needs to be between 18-50
    • Policy tenure is between 13-25 years
    • Minimum sum assured is 1 lac and maximum sum assured is unlimited (based on premium paid)

    How does LIC Kanyadan Policy work?

    This policy can be availed by the guardian of a daughter. The guardian will have to pay a premium to LIC, and in exchange for the premium, LIC will provide a lump sum amount at maturity. You can use this amount during your daughter’s wedding. Further, if the daughter’s guardian passes away during the policy term, LIC will provide an additional amount to the daughter along with the maturity amount at policy maturity. You can understand this policy much better with an example.

    LIC Kanyadan Policy Examples

    Example 1

    Let us say that Mr. Rishi has taken a Kanyadan Policy for his 5-year-old daughter. He selected a policy term of 15 years. Mr. Rishi will now be eligible to receive the maturity amount when his daughter is 20 years old. He can use this amount towards his daughter’s marriage or even other affairs like further education, etc.

    Example 2

    Let us say that Mr.Rajesh has taken a Kanyadan Policy for his 2-year-old daughter. He selected a policy term of 25 years. Let us assume that Mr. Rajesh met with an unfortunate accident and passed away when his daughter was 10 years old. His daughter would immediately get a Rs 10 Lakh death benefit. Along with this the daughter would also Rs.50000 every year till the policy matures, plus the daughter will also be eligible for the entire maturity amount on policy maturity. Further, all future premiums will be waived off.


    Benefits of LIC Kanyadan Policy

    • Provides a lump sum amount on maturity that you can use towards your daughter’s marriage.
    • Last 3 years premium will be waived off. (For example, if you have taken a 15-year policy, you will only need to pay a premium for 12 years)
    • If the guardian passes away, all future policy premiums will be waived off.
    • If the guardian passes away, the daughter will be eligible to immediately get Rs.5 Lakhs in case of normal death and Rs.10 Lakhs in case of accidental death. Further, the daughter will also get an additional Rs.50000/year till policy maturity.
    • Further, the daughter will get the entire maturity benefit as well along with the death benefits.
    • NRI’s can avail of this policy
    • Policyholder can also avail of a disability rider
    • The policyholder can also avail a loan against the policy (after paying premium continuously for 3 years or more)
    • Taxes are exempt under this policy
    • Policyholder is provided with a 15 day free look period

    Documents Required

    Following documents are required while enrolling in this policy:

    • Daughter’s birth certificate
    • Identification and address proof
    • Income Certificate
    • Passport size photos

    Further documents can be requested by the LIC officer.

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    Health Insurance by LIC (Top Plans, Features and Benefits)

    Health Insurance by LIC (Top Plans, Features and Benefits)

    Life Insurance Corporation of India (LIC) is predominantly known as India’s largest Life Insurance company. That being said, it is a little-known fact that LIC also provides 3 Health Insurance Plans. They are:

     

    • LIC Health Protection Plus (Withdrawn)
    • LIC JEEVAN AROGYA
    • LIC Cancer Cover Policy

    Let us understand each of these plans so that you can choose the most relevant plan for your needs.

    Health Insurance by LIC

    LIC Jeevan Arogya

    The LIC Jeevan Arogya plan is LIC’s primary health insurance plan for Indians. The plan is a non unit-linked health insurance policy that covers the policyholder and his family against hospitalization expenses.

    Eligibility

    • The maximum entry age for self/spouse is 65 years
    • The maximum entry age for parents/in-laws is 75 years
    • The maximum entry age for children is 17 years

    LIC Jeevan Arogya Benefits

    The policy will provide the following benefits:

    • Hospital cash benefit
    • Major surgical benefit
    • Day care procedures
    • Other surgical benefit
    • Ambulance
    • Premium waiver

    Let us understand each of the benefits of the LIC Jeevan Arogya Plan in detail.

    Hospital Cash Benefit: The hospital cash benefit (HCB) is the most important aspect of the Jeevan Arogya policy. Understanding HCB is critical if you want to understand your policy. The HCB is the amount of hospitalization cash that you will get every day in case of hospitalization in your family. There are 4 HCB amounts that you can choose from:

    • Rs.1,000/Day
    • Rs.2,000/Day
    • Rs.3,000/Day
    • Rs.4,000/Day

    They higher the HCB you choose, the higher the benefit and the higher the premium you have to pay.

    Major Surgical Benefit: If there is a requirement for a major surgical intervention during the policy tenure, the policyholder will be entitled to receiving 100 times his HCB amount as a benefit. So if a policyholder has selected the HCB of Rs.1,000 a day, he will be entitled to Rs.1 Lakh as a surgical benefit. Similarly, if the holder has an HCB of Rs.4000 a day, he will be entitled to Rs.4 lacs as a surgical benefit.
    It is also important to note that the major surgeries are classified into 4 categories and the benefits are according to each category.

    Type of Surgery and HCB to be paid

    • Category 1 – 100% of HCB
    • Category 2 – 60% of HCB
    • Category 3 – 40% of HCB
    • Category 4 – 20% of HCB

    So for instance, a policyholder having an HCB of 1000/day gets admitted to the hospital for a Category 2 surgery, he will be eligible to get a benefit of 60% of 1 lac, i.e Rs. 60,000.
    In another example, let’s say a policyholder having an HCB of 1000/day gets admitted to the hospital for a Category 1 surgery, he will be eligible to get a benefit of 100% of 1 lac, i.e Rs 1 lac.

    Day Care Procedures: This policy also provides coverage for Day Care procedures. A Day Care procedure is any treatment that does not require prolonged hospitalization. Examples of Day Care treatment would be dialysis, chemotherapy, tonsillectomy, etc. This is where the treatment does not need hospitalization for over 24 hours.

    LIC Jeevan Arogya policy provides coverage of 5 times the HCB amount. So, if your HCB amount is Rs.1,000, your eligible Day Care amount would be Rs.5,000.

    Other Surgical Benefits: If the policyholder or his family gets admitted for surgery that is excluded from the Major Surgical Categories, he/she will be eligible for twice the HCB/day.

    Ambulance Charge: Ambulance charge up to a maximum amount of Rs.1,000 is eligible to the policyholder.

    NCB Benefit: For every claim-free year the HCB will be increased by 5%.

    Premium Waver: If the policyholder gets admitted for a Category 1/Category 2 surgery, he/she is eligible for the next year’s premium to be waived off. This could provide much-needed financial relief to the holder.

    Quick Cash Benefit: The policyholder can choose to claim 50% of his MCB amount while in the hospital itself, in the event of a Category 1 or 2 surgery.

    LIC Jeevan Arogya Premium

    Check out the premium chart for LIC Jeevan Aroyga below.

    LIC jeevan aroyga premium chart
    LIC Jeevan Aroyga premium chart

    LIC Jeevan Arogya Riders

    LIC also provides 2 Riders that the policyholder can avail. A Rider is an additional clause that the holder can incorporated in his policy for an extra fee. Let us understand the 2 available Riders under LIC Jeevan Arogya.

    Term assurance rider: If the policyholder decides to avail of the optional Term Assurance Rider, he will be eligible towards a maturity or death benefit equal to his Major Surgical Benefit (MSB). So, if his MSB is Rs.2 lacs, he will be getting Rs.2 lacs on policy maturity or death.

    Accident Benefit Rider: This is where the holder can avail of accidental coverage by paying an additional premium. Coverage will be similar to the Term Assurance Rider.

    Policy Exclusions

    Following disorders are excluded under this policy:

    • Pre-existing disorders (unless agreed by LIC)
    • Epidemics
    • Experimental treatments
    • Cosmetic treatments
    • Circumcision
    • Congenital anomalies
    • Dental treatment
    • Self-afflicted injuries
    • Damage caused due to War, revolutions and invasions, acts of god like earthquakes, volcanic eruptions and avalanches
    • Damage caused due to illegal activities and adventure sports
    • Nuclear damage

    LIC Cancer Cover Policy

    This is LIC’s cancer coverage policy. People looking to cover themselves and their families against the growing risk of cancer can avail of this policy. The policy has 2 variants:

    • Option 1
    • Option 2

    Option 1 (Level Sum Insured)

    The sum insured will remain the same throughout the duration of the policy. If you choose to buy a policy of 5 lakhs, the cover will remain 5 lakhs throughout the policy term.

    Option 2 (Increasing Sum Insured)

    Under Option 2, the policyholder will be eligible to receive a No claim bonus of 10% (on sum insured) for every year (up till 5 years).

    Apart from difference in sum insured, the rest of the policy terms are the same. Let us discuss about the rest of the policy terms below:

    Eligibility

    • Maximum entry age – 65 years
    • Minimum policy term – 10 years
    • Maximum policy term – 30 years
    • Minimum sum insured – Rs 10 Lakhs
    • Maximum sum insured – Rs 50 Lakhs

    LIC Cancer Cover Benefits

    Benefits of the policy include the following:

    • Coverage of early stage cancers
    • Coverage of major stage cancers

    Coverage of early and major stage cancers

    Following early and major stage cancers are covered under this policy:

    • Carcinoma-in-situ (CIS)
    • Thyroid Cancer
    • Bladder Cancer
    • Prostate Cancer
    • Chronic Lymphocytic Leukemia
    • Cervical Intraepithelial Neoplasia

    Waiting Period

    The assured will have to wait for 180 days from the date of policy issuance for the policy benefits to get initiated. No benefits will be payable to the policyholder if there is hospitalization within 180 days of policy issuance.

    LIC Cancer Cover Premium

    Exclusions

    Following disorders are excluded under this policy:

    • Pre-existing conditions
    • Any sickness occurring within 180 days of policy issuance
    • Tumors caused due to HIV/AIDS
    • Benign or low malignant tumors
    • Dysplasia
    • Intra-epithelial neoplasia
    • CIN-1, CIN -2 and CIN-3
    • Non-melanoma skin carcinoma
    • Chronic lymphocytic leukemia (less than RAI stage 3)
    • Gastro-Intestinal Stromal Tumors (classified as T1N0M0 or below and with having a mitotic count of less than or equal to 5/50 HPFs)
    • T1N0M0 categorized Thyroid Cancers
    • Conditions caused due to nuclear contamination

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    Life Insurance Corporation

    Pay LIC Premium Online (Complete and simple guide)

    Pay LIC Premium Online (Complete and simple guide)

    Are you tired of paying your LIC premium offline? Tiered of the long-ques, hassles, and traffic? Did you know you can also pay your LIC premium online? Be it through credit cards, debit cards, PayTM, net banking, and even LIC’s online portal.

    We will be walking you through each of these payment options in detail so you can choose the most convenient way to pay your LIC premium online. This article will discuss the following:

    • How to pay LIC premium online
    • How to get a receipt of LIC premium online

    How to Pay LIC Premium Online

    At the outset, let us talk about some of the modes of LIC online premium payment. Payments can be made in the following modes:

    • LIC portal (using credit/debit cards)
    • LIC App

    Make LIC Premium Payment through LIC portal (using credit/debit cards)

    Pay Direct (without login)

    Step 1: Go on the LIC website

    pay direct without login
    pay direct without login

    You can go on the LIC premium payment page by clicking here or by visiting https://licindia.in/Home/Pay-Premium-Online

    Step 2: Click on ’Pay Direct (Without Login)’

    Click on pay direct without login
    Click on pay direct without login

    Step 3: Select ‘Renewal Premium/Revival from the drop-down box’

    pay direct without login page
    pay direct without login page

    Step 4: Click on ‘Proceed’

    premium payment page
    premium payment page

    Step 5: Enter your details

    Customer validation page
    Customer validation page

    You will need to enter your policy number, date of birth, phone number, email ID, and premium payable. Once you enter these details you would need to check the ‘I agree’ box and press ‘submit’

    Step 6: Select your policy

    Select the policy you wish to pay the premium for and click on ‘Pay Premium online’.

    Step 7: Make Payment

    This is where you will need to fill in your payment details. Enter your credit card/debit card details and initiate the payment. Put in the bank OTP and conclude the payment.

    Pay Through Customer Portal (login required)

    Step 1: Go on the LIC website

    LIC premium payment portal
    LIC premium payment portal

    You can go on the LIC premium payment page.

    Step 2: Click on “Through Customer Portal”

    pay direct through customer portal
    pay direct through customer portal

    Step 3: Enter your login credentials

    pay through LIC account
    pay through LIC account

    You will need to enter your user ID/Email/Mobile Number along with your password and your date of birth. Press “Sign In”.

    Step 4: Click on “Online Payments”

    click on online payments
    click on online payments

    Step 5: Select your policy

    Select your LIC policy
    Select your LIC policy

    Select your policy and verify your policy details. Once you’ve done this, click on “Check & Pay”

    Step 6: Make Payment

    Enter your payment details and make your payment through the payment gateway.

    Pay Premium through LIC App

    Step 1: Download the LIC PayDirect App

    download the lic paydirect app
    download the lic paydirect app

    Go to your Phone’s Google Pay Store and download the LIC PayDirect App.

    Step 2: Open the App and click on “Proceed”

    LIC PayDirect App
    Click on proceed in the LIC PayDirect App

    Step 3: Select “Renewal Premium” from drop-down menu and click on “Proceed”

    Select Renewal Premium from drop down menu
    Select Renewal Premium from drop down menu

    Step 4: Enter your policy details

    Enter your policy details like your name, policy number, email ID, phone number.

    Step 5: Select your policy

    This is where you need to select the policy you wish to pay the premium of. Once you’ve selected the policy, move ahead.

    Step 6: Make Payment

    You will need to enter your payment details within the payment gateway and click on submit. Ensure that all details are correct before progressing. You will get an OTP from your bank to verify the transaction. Verify the transaction and complete the payment.

    How to download LIC premium receipt online

    Step 1: Login to your LIC customer portal

    LIC account login
    LIC account login

    Enter your login credentials like user ID/Email/Phone number, password, and date of birth and click on ‘sign in’.

    Step 2: Click on ‘individual policy details’

    individual policy details
    Click on individual policy details

    Step 3: Click on ‘All Policies’

    LIC all policies
    Click on all policies

    Step 4: Click on ‘Online Payment Receipts’

    online payment receipts
    Click on online payment receipts

    Step 5: Select period

    Select period for generating receipts
    Select period for generating receipts

    Step 6: Download LIC policy receipt

    download LIC receipt
    download LIC receipt

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    Life Insurance

    Star Union Dai-ichi Life Insurance (SUD Life)

    Star Union Dai-ichi life insurance (SUD Life)

    Star Union Dai-ichi life insurance (SUD Life) is a 3-way joint venture between Japanese insurance giant Dai-ichi, Union Bank of India, and Bank of India.

    SUD Life was founded in 2009 and currently operates over 15000 branches in India. The majority of its insurance business is handled within the bank branches of Union Bank and Bank of India, respectively. As of 2021, The company has a total of over 64 million customers.

    This article will be discussing the following aspects of SUD Life insurance:-

    • SUD Life shareholding pattern
    • SUD Life management team
    • SUD Life insurance products
    • SUD Life claims settlement ratio
    • SUD Life customer care number
    • SUD Life Forms
    • SUD Life insurance careers
    • SUD Life surrender form

    SUD Life shareholding pattern

    The company has an authorized capital of 250 Cr, with the following shareholding pattern:-

    • Dai-ichi Life Holding: 45.94%
    • Union Bank of India: 25.10%
    • Bank of India: 28.96%

    SUD Life management team

    Mr. GIRISH KULKARN is the company’s Managing Director and CEO, followed by Mr. KIMIHISA
    HARADA (Deputy CEO & CFO), Mr. Abhay Tewari (JOINT PRESIDENT & CHIEF ACTUARY), Daiju Saski (Chief Risk Office). The complete list can be found here.

    SUD Life insurance products

    The company offers an abundance of insurance products to its clientele. Their products are broadly classified into the following:-

    • Protection plans
    • Retirement plans
    • Wealth Plans
    • Savings Plans
    • Child Plans

    Let us decompress these plans further and get into the details of each SUD Life insurance plan.


    SUD Life Protection plans

    SUD Life protection Plans or term plan comprises of 2 products, they are:-

    1. SUD Life Saral Jeevan Bima plan
    2. SUD Life Abhay plan.

    SUD Life Saral Jeevan Bima 


    SUD Life Saral Jeevan Bima plan is the company’s standard term insurance plan. It provides life insurance coverage to individuals in case of an unfortunate demise of the policyholder. The policy provides a lump sum amount in the event of the policyholder’s death.

    • Maximum Coverage: Rs 25 Lakhs
    • Minimum and maximum entry age:18-65 years
    • Maximum maturity age: 75 years
    • Payment terms: Single, regular, 5 years and 10 years
    • Policy brochure

    SUD Life Abhay 

    This plan provides more flexibility compared to the Saral Jeevan Bima plan, as it offers lump sum payment, monthly payment, or a combination of the two In the event of the policyholder’s unfortunate demise. It also provides substantially greater coverage compared to their Saral Jeevan Bima plan

    • Maximum Coverage: 100 crores
    • Minimum and maximum entry age:18-65
    • Maximum maturity age: 80 years
    • Payment terms: Annual premium, single premium, or Limited premium
    • Policy term: Max 40 years
    • Policy brochure

    SUD Life Retirement Plans

    According to the Population Census held in 2011, there are over 10 crore senior citizens in India. This number is expected to rise to over 17 crores by 2026. As the number of elderly increase in the country, so do their post-retirement financial requirements. SUD Life provides 3 retirement plans for the elderly. They are:-

    • SUD Life Assured Income Plan
    • SUD Life Guaranteed Pension Plan
    • SUD Life Immediate Annuity Plus Plan

    SUD Life Assured Income Plan 

    The company’s Life Assured Income Plan provides a unique blend of benefits to the policyholder. The plan provides financial security to the insured by way of annual payouts plus it provides a life cover to the policyholder in case of an unforeseen death. The plan also guarantees that the company will return all of the premium paid to the policyholder on maturity.

    • Maximum annual payout: 50 lakhs
    • Minimum and maximum entry age:18-55
    • Maximum maturity age: 75 years
    • Payment terms: Annual premium, single premium, or Limited premium
    • Policy term: Max 35 years
    • Policy brochure


    SUD Life Guaranteed Pension Plan 

    The SUD Life Guaranteed Pension Plan provides many of the benefits of SUD Life Assured Income Plan, along with additional benefits like No medical checkup and flexible payment options.

    • Minimum and maximum entry age:35-65
    • Maximum maturity age: 70 years
    • Payment terms: Annual premium, single premium, or Limited premium
    • Policy brochure

    SUD Life Wealth Plans (Unit Linked Life Insurance Plans)

    The company also provides a host of ULIP-type plans that are linked with the financial market. These plans provide the potential for greater returns through exposure to the stock market, along with general death benefits, incase of unfortunate demise of the policyholder. Plans include:-

    • SUD Life Wealth Builder Plan
    • SUD Life Wealth Creator Plan


    SUD Life Wealth Builder Plan

    The Wealth Builder Plan provides Unit-linked maturity benefits along with death benefits in case of untimely death. The premium payment structure is very simple. The insured only needs to pay a single one-time premium to enroll in this policy.

    • Minimum and maximum entry age:8-60
    • Maximum maturity age: 70 years
    • Payment terms: single premium
    • Policy Term: 5-30 years
    • Minimum Premium: 1 Lakh

    SUD Life Wealth Creator Plan 

    The SUD Life Wealth Creator Plan provides benefits similar to the Wealth Builder Plan, along with the opportunity to invest in 2 specialized investment strategies.

    • Minimum and maximum entry age:8-55
    • Payment terms: Flexible
    • Max premium: Rs 100 Crores


    SUD Life Savings Plans

    Star Union Dai-ichi provides 6 savings plans to augment your income sustain your lifestyle. They are:-

    • SUD Life Guaranteed Money Back Plan
    • SUD Life Praptee Plan
    • SUD Life Aayushmaan Plan
    • SUD Life Sanchay Plan
    • SUD Life Samriddhi Plan
    • SUD Life Akshay Plan
    • SUD Life Aadarsh Plan


    SUD Life Guaranteed Money Back Plan

    This plan advertises “guaranteed happiness every 5 years”. This means the company will provide 200% of your paid premium back to you every 5 years as a survival benefit. This policy pays the policyholder 200% of his or her premium back every 5 years and also provides a death benefit to the holder. This policy provides a balance between savings and security.

    • Minimum and maximum entry age:13-50
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Max sum insured: Rs 10 Crores
    • Maturity age: 70
    • Max Policy Term: 20 years

    SUD Life Praptee Plan

    The company’s Praptee Plan assures increasing payouts every 3 years, guaranteed maturity benefits, and also provides a death benefit for the policyholder.

    • Minimum and maximum entry age:8-50
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Max sum insured: Rs 100 Crores
    • Maturity age: 68


    SUD Life Aayushmaan Plan

    This plan provides a cumulative lump sum amount at the end of the policy term with additional bonuses.

    • Minimum and maximum entry age:18-50
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Max sum insured: Rs 100 Crores
    • Maturity age: 70


    SUD Life Sanchay Plan

    SUD Life Sanchay Plan is a low-ticket (minimum sum insured INR 90000) life cover plan. This plan provides ease of enrollment as the company does not require you to undergo a medical test before buying the policy. The holder will receive a maturity benefit of 150% of the premium paid during policy maturity.

    • Minimum and maximum entry age:18-45
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Max sum insured: Rs 9 Lakhs
    • Maturity age: 55


    SUD Life Samriddhi Plan

    Their Samriddhi Plan provides life cover along with accidental coverage to the policyholder. This plan also provides guaranteed additions and bonuses. The holder will receive all the benefits on maturity or death.

    • Minimum and maximum entry age:8-55
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Max sum insured: Rs 1 crores
    • Maturity age: 70


    SUD Life Akshay Plan

    his plan provides an extended life cover (up to 95 years) along with guaranteed cashback and maturity benefits.

    • Minimum and maximum entry age: 25-50
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Maturity age: 95

    SUD Life Aadarsh Plan

    The Aadarsh Plan is a short-term savings plan offered by SUD Life. The plan provides maturity benefits, life coverage, and accidental coverage. An additional advantage of this plan is that in case of accidental death, the sum assured is doubled.

    • Minimum and maximum entry age:8-55
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Maturity age: 65
    • Max sum insured: Rs 5 Lakhs

    SUD Life Child Plans

    The company currently provides a single-child plan. It is a non-Unit-linked endowment plan.

    SUD Life Aashirwaad Plan

    This plan ensures that there is no compromise in your children’s lifestyle, education, and wellbeing even in the event of the policyholder’s death. The plan provides guaranteed benefits at maturity, flexible payout options, and guaranteed additions.

    • Minimum and maximum entry age:18-50
    • Payment terms: annual, quarterly, bi-annually, and monthly
    • Maturity age: 70
    • Max sum insured: Rs100 Crores

    SUD Life claims settlement ratio

    The company has proven itself to steadily increase its claim settlement ratio in the last 5 years

    Year

    Claim settlement ratio

    2015-2016

    80.73 %

    2016-2017

    84.05 %

    2017-2018

    92.26 %

    2018-2019

    96.74 %

    2019-2020

    96.96 %


    SUD Life customer care

    Toll-free number

    1800 266 8833

    Regular number

    +91 22 7196 6200

    Email ID

    Email- customercare@sudlife.in

    SUD Life Forms 

    You can download the requisite SUD Life claim forms based on the type of claim you want to make.

    SUD Life insurance careers

    The company generally opens up a large number of job positions throughout the year. You can view the complete list of job listings here.


    SUD Life surrender form 

    In case you wish to surrender your policy and make a partial withdrawal, you can download the surrender form, fill it and send it across to the designated officer at the company.

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    sbi life insurance

    Is SBI Life insurance a private or government company?

    Here's your answer:

    SBI Life Insurance is a professionally run publicly listed company in India whose major shareholder is SBI LTD (55.50%).


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    Is SBI Life Insurance a private or government company?

    There is some confusion in the minds of the general public when it comes to the ownership of SBI Life Insurance Company. This article will aim to resolve all those queries.

    SBI Life Insurance is a joint venture between Indian banking giant SBI and foreign company BNP Paribas Cardif.

    SBI Life Is a Publicly traded company that is listed on the BSE and NSE stock exchanges.

    SBI Life shareholding pattern

    The identity of the company can be made out of its shareholding pattern. Below is SBI Life’s shareholding pattern:

    • 55.50% shares owned by SBI – No of shares 555,000,000
    • 5.20% shares owned by BNP Paribas Cardif – No of shares 52,007,092
    • 32.92% shares owned by institutions – No of shares 329,214,588
    • 6.37% shares owned by the general public – No of shares 63,836,997

    As you can see the majority ownership is with the State Bank of India (SBI), hence the decision-making authority when it comes to the direction of the company will be SBI. That being said, SBI Life is being run like a professionally managed company and not like a Public Sector Unit (PSU).

    This means that majority of the employment opportunities within SBI Life will be private in nature and not through Government exams and reservations.

    Difference between a PSU and a privately run company

    As mentioned above, even though the majority ownership of SBI Life is government owned, the company is run like a private professionally run company. Let us learn about the 5 most important differences between a PSU and a Privately run company.

    Employee hiring

    A PSU will generally hire through general government exams and specific government exams. Hiring is based on quotas and reservations. PSU’s hire through exams like SBI Probationary Officer (PO) Exam, SBI Clerk Exam, SBI SO Exam, etc. Other PSU’s like BHEL, DRDO, ONGC have their own set of exams.

    A privately-owned company will hire based on their own internally formulated yardsticks.

    Goals

    The end goal of a public sector company is to uplift the people of the nation. This can be done by employing a quota system, reservations, etc. The end goal of a privately run company is to make profits for its shareholders

    Ownership

    The ownership of a government company lies with the state or central government. Ownership of a private company lies with a private entity.

    Restricted sectors

    Private ownership in certain sectors is restricted by the government. For instance, only state-owned corporations can partake in the following sectors:
    Atomic energy
    Space

    Examples of privately owned vs Government owned companies

    • Example of a government undertakings can be SBI, IOC, BHEL, etc.
    • Privately-owned companies include ITC, Reliance Industries, Wipro, Infosys, L&T, L&T Finance, etc.

    AUTHOR BIO

    This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.


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