Poor widow battles Insurance Company, secures kids’ future

THIS STORY IS TRUE AND ITS HAPPENING TO MOST OF THE PEOPLE,PLEASE TAKE CARE LIFE INSURANCE COMPANIES CREDITABILITY AND INSURE UR LIFE.


Denied Rs 10- lakh benefit from husband’s policy, Geeta Parmar and her kids worked as maids.
Consumer forum told Max New York Life to pay for unfair trade practice.




  When Geeta Parmar’s husband Manilal died suddenly in March 2007,
she was inconsolable. Even so, she gained strength from the fact that
her husband had secured the future of their four children by taking an
insurance policy of Rs 10 lakh. Imagine her shock when the firm, Max
New York Life Insurance Co Ltd, refused to pay the benefits claiming
Manilal had not revealed his true income.

Though poor, Manilal had worked hard for the money he paid as
premium without fail. Resolving to fulfil her husband’s wish, Geeta
approached the Consumer Disputes Redressal Forum, Ahmedabad
City, in November 2008. After a legal st ruggle that lasted for almost
three years, the forum ordered the firm to pay up for deficiency in
service and unfair trade practice.
The order states that the claim amount had to be paid with nine per
cent interest from April 30, 2008 t ill the date the payment is made.
The insurance company will have to shell Rs 3,000 for causing
harassment and mental shock to Geeta and another Rs 1,000 for legal
expenses.
Ray of hope
The news has brought back the smile on Geeta’s face. The money
means freedom from debt . More than that , it means freedom from
back-breaking work for her children — Chanda (17) , Tina (14) , Kamla
(12) and Mahesh (16) . They live in a shanty in Santosh Nagar in
Naroda. Geeta and her daughters work as housemaids in nearby
societies from morning to night . Mahesh works as a daily wager. They
collectively earn a meager income of Rs 3000 per month.
“My husband bought and sold wood for a commission. We did not earn
much, but he was set on giving our kids a bet ter future. On July 25,
2006, he enrolled for a 22-year life insurance policy with personal
accident benefit . He would work day and night to save money for the
premiums. He never missed a payment . But on March 11, 2007, my
husband slipped in the bathroom. He hit his head and simultaneously
suffered a heart at tack,” said Geeta.
She added, “Life became very tough for us after his death. The
insurance firm refused to pay the benefits on the grounds that my
husband had shown false income. To make ends meet , my young
children and I were forced to swab floors, wash utensils and lift heavy
objects.”
Fight back
Meanwhile, Manilal’s relatives abandoned the family. “ I t was an irony
to have lakhs in our name and yet struggle to buy food. I decided to
fight the firm and get what was right fully ours. Looking at my financial
condit ion, my lawyer decided against charging any fee. My neighbours
were helpful, too,” said the 35-year-old.
Her lawyer Arvind Thakur said, “Manilal paid a total premium of Rs
10,000 before he died. The insurance firm claimed it would not release
the benefit as Manilal had falsely declared an annual income of Rs 2.1
lakh. However, the firm never asked for an income proof while filing
the proposal form or issuing the policy. So, it had no stand to fight
on.”
When contacted, Max New York Life spokesperson said, “We cannot
comment on the forum’s order until we receive the order.”
Meanwhile, Geeta — who is yet to receive the money — has already
planned what to do with it . “I will first repay Rs 80,000 to my
creditors. I will give some money to my lawyer for his help. The rest I
will use to marry off my children and give them a better life.”
 

Source: Ahmedabad Mirror
DT: 12th August 2011

JEEVAN VAIBHAV- New Plan of LIC

JEEVAN VAIBHAV

WELL KNOWN INSURANCE REGULATORS

UK -              Financial Services Authority(FSA)

USA-              National Association Of Insurance Commisioners (NAIC)

JAPAN-         Financial Services Authority
INDIA-          Insurance Regulatory And Development Authority(IRDA)

MALAYSIA- Bank Negara Malaysia (BNM)

LIC’s Jeevan Akshay- VI (810)

 In view of the demand from various offices it has been decided to modify LIC’s Jeevan
Akshay – VI plan. The modifications are as under:
• The plan shall also be sold online in addition to other existing distribution channels.
• Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing six options.
• Reduction in the minimum age at entry and increase in maximum age at entry.
• Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other
distribution channels it shall be Rs. 1 lac.
• Slabs of incentive for higher purchase price have been modified.
• Service tax to be collected from the policyholder along with the purchase price.

ACCIDENTAL RIDER & PERMANENT TOTAL DISABILITY

Promo on road accidents before watching movie:http://www.youtube.com/watch?feature=player_embedded&v=XgrD7cwlFZk

Like other life insurance riders, the maximum accident cover under riders is 30 per cent of the sum assured. Since most life covers end at around age 80, the coverage from accident riders end with the base policy. Another important point to remember is that once the claim is made, lump sum amount will be paid in case of death or staggered payments made in case of permanent total disability— say 10 per cent of the rider cover annually over 10 years.

ENSURE TO TAKE THESE RIDERS  FOR UR POLICY

Policy Holders Have Reason To Cheer

In the last eight months the IRDA had informally expressed its uneasiness with the 'highest NAV guaranteed products' at several forums. The regulator's argument was that such products lead to systemic risks with the way funds were managed, and also pose a risk of a heavy sell-off in equities when stock markets fall. Thus, in order to protect policyholders' interest, IRDA has asked life insurers to stop selling highest net asset value (NAV)-guaranteed products.

Highest NAV-guaranteed products are those that promise to pay the highest value the fund achieves during a certain period, say, five or seven years. However, to maintain that NAV consistently, insurers have to take risks by investing in stocks aggressively, which could lead to undue risks, as per the IRDA. It is noteworthy that, these products had become the largest selling Unit-Linked Life Insurance Policies (ULIPs), after the new guidelines on ULIPs came in September 2010.

Some of the other actions undertaken by IRDA to uphold policyholders' interests' are:

• Single premium policies to be issued only under special categories
  
• A minimum death benefit of at least 10 times of the annualised premiums in case of traditional products
  
• New guidelines for traditional insurance products
  
• Approval of new insurance products to be restricted to those following the framework suggested for new product design
  

Impact of such an initiative on policyholders...
On account of the above steps undertaken by the IRDA, policyholders are set to benefit in a number of ways. With the 'highest NAV guaranteed products' being squashed by the IRDA, there would be less mis-selling under the guise of highest NAV guarantee. Increasing the minimum life cover will help policyholders as in case of any unforeseen eventuality the policyholder's family receives a sizeable death benefit.

JEEVAN BHARATI INSURANCE POLICY

Features of Jeevan Bharti plan
This is an exclusive Money back policy for women only with female critical Illness (FCI) and congenital disability benefit (CDB). This plan encourages women to save for safety. it provides free insurance cover for three years if first two years premium has been paid. It has an option to en cash the survival benefit as and when needed. Flexibility to pay premium in advance and avail premium rebate of 4% per annum option to receive maturity proceed in the form of an annuity.

BENEFIT
Survival benefit: 20% of the S.A. at the and of 5/10/15 years for 20 years term (balance payable on maturity plus guaranteed addition plus bonus if any) Maturity benefit: for policy term of years: 60% of the S.A. + G.A and bonus after 1st yrs. As declared, will be paid.
Death benefit: on death within the 1st policy years S.A.+G.A will be paid on death after 5 policy years S.A.+ G.A.+ Bonus, if any irrespective of all earlier survival benefit paid is payable.

Contact
sai tej
9030101805.
Source :www.licindia.in

LIC MAJOR HOLDINGS

LIC JEEVAN VRIDDHI COMPARES WITH FD

LIC LIFE FUND &ASSETS

LIC NEW POLICY-JEEVAN VAIBHAV

LIC’S JEEVAN VAIBHAV :It is a close ended plan which would be open for sale from 21st May, 2012 .
LIC’s Jeevan Vaibhav is a single premium non-linked endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty addition, is also payable on death during the last policy year or on maturity.

Maturity Benefit:
On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.

Death Benefit:
On death during the policy term, excluding last policy year: Sum Assured shall be payable.
On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.
Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 65 years (nearest birthday)
c) Mode of Premium Payment : Single premium
d) Minimum Sum Assured : Rs.2,00,000/-
e) Maximum Sum Assured : No Limit
The sum assured shall be in multiple of Rs.10, 000/-
f) Policy Term : 10 years

LIC pays Rs 1137.99 crores to Union Government as Dividend for 2010-11

Shri D.K.Mehrotra, Current-in-charge Chairman ofthe Life Insurance Corporation of India handed over a cheque for Rs1137,99,41,904/- to Shri Pranab Mukherjee, Union Finance Minister in New Delhi
on 13th March 2012.
                               The amount is the Dividend paid by LIC to the Union Government for the year
   2010-11. LIC had declared a Valuation surplus of Rs 22752.71 crores for the financial year ending 2011. This surplus was arrived at, after the annual Actuarial Valuation was done and all liabilities were accounted. The balance amount of Rs21614.72 crores would be ploughed back to the policyholders as bonus.
For the FY 2010-11, LIC has received a Total Premium Income of Rs 203358 crores as against Rs 185986 crores in the previous showing a growth rate of 9.34percent.

Source : www.licindia.in

Funny comics of Insurance

LIC to launch online term plan in near feature

Life Insurance Corporation (LIC) will sell its policy through the Internet for the first time with the launch of a pure term plan in near feature.

“The online term plan is ready. We had some issues that we have sorted out. It should be launched by the end of next month,” said acting chairman of LIC, Mr D. K. Mehrotra.

The premium rates of the online term plan are expected to be lower than what the company charges for the offline term plans.

Top 10 Insurance Companies in India

1) Life Insurance Corporation of India

2) Bajaj Allianz General Insurance Company Limited

3) ICICI Prudential Life Insurance Company

4) ICICI Lombard General Insurance 

5) Birla Sun Life Insurance Company Limited 

6) TATA AIG General Insurance

7)  New India Assurance Company

8)  IFFCO Tokio General Insurance

9) The Oriental Insurance Company Ltd.

10)  HDFC Standard Life Insurance Company Limited

Official Site for Public Sector Life Insurance Company-INDIA

 

www.licindia.in

Data Protection for Ireland customers

IRELAND CUSTOMERS THERE IS A NEWS TO REPORT ANY FRAUDS AND REJECT CLAIMS: The Data Protection Commissioner (DPC) is responsible for upholding the rights of individuals as set out in the Acts, and enforcing the obligations upon data controllers. The Commissioner is appointed by Government and is independent in the exercise of his or her functions. Individuals who feel their rights are being infringed can complain to the Commissioner, who will investigate the matter, and take whatever steps may be necessary to resolve it. web site :http://www.dataprotection.ie/

Free Domins

Jeevan Vriddhi

Benefits of JEEVAN VRIDDHI (Plan No. 808)
i) Death Benefit: On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.

ii) Maturity Benefit: At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.

iii) Loyalty Addition: Provided the policy is in full force at the time of maturity, then depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.

Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.