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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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    64 views5 pages

    LIC Plan2

    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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    of 5

    Insurance Proposal for

    Mr. Manish
    for Annual Income of Rs. 237000/-

    from age 40 to 50

    Presented by
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    Delhi LIC Agent
    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com
    Presented by
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    Delhi LIC Agent
    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    Overview of Insurance & Retirement Plan for

    Mr. Manish

    The objective of this proposal is to provide financial security to your family during your
    productive span and a happy independent retired lifestyle for yourself and your spouse
    when you decide to retire.

    Under this insurance proposal you will need to make


    premium payments of Rs.71575/- p.a. from your own
    funds till your age of 39 years. This proposal provides for
    a high riskcover of Rs.1525250/- starting at age 24 and
    growing to Rs.2525900/- at age 40.

    In the year 2027 when you will be 40 years of age, you


    will start receiving annual tax free income every year till
    50 years of your age. Income starts at Rs. 263817 per
    annum and increases by approximately 0.00 % every
    year to take care of inflating costs of living. There is a
    provision of risk cover during this period too. In case of
    death during this period lump sum amount corresponding
    to the prevailing risk cover will be paid to your nominee.

    No premiums are payable from own fund after deferment


    period, that is, after age 39.

    In the event of any emergency or financial difficulties,


    there is a provision under this Magic Plan to provide loan
    against the insurance policy. The loan is available after 2
    years of completion of the policy and payment of 3 yearly
    premiums.

    Premiums are available for exemption under sec.80 CCE of


    income tax act upto Rs.100000/- per annum.

    Disclaimer
    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially
    independent life for yourself and your spouse on retirement.
    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year
    ended 31-Mar-2010. Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.
    u The effective yield in the above proposal works out to 9.76 % (calculated as per IRR method).
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I

    Quotation Ref.No. : 50000 Quotation Date : 21/01/2011

    Proposer’s Name : Mr. Manish Proposer’s Age : 24 (nearer birthday)

    Sum Proposed : 1460000 Yearly Premium : 71575

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Benefits During Deferment Period

    Risk Cover Yearly Tax Net Loan


    Year Age Premium Saved Premium Available
    Normal Accident
    2011 24 1525250 2985250 71575 24330 47245 0
    2012 25 1590500 3050500 71575 24330 47245 0
    2013 26 1655750 3115750 71575 24330 47245 53500
    2014 27 1721000 3181000 71575 24330 47245 126000
    2015 28 1786250 3246250 71575 24330 47245 173750
    2016 29 1851500 3311500 71575 24330 47245 228000
    2017 30 1916750 3376750 71575 24330 47245 290250
    2018 31 1982000 3442000 71575 24330 47245 358750
    2019 32 2047250 3507250 71575 24330 47245 435750
    2020 33 2112500 3572500 71575 24330 47245 521500
    2021 34 2177750 3637750 71575 24330 47245 617250
    2022 35 2243000 3703000 71575 24330 47245 724500
    2023 36 2308250 3768250 71575 24330 47245 846000
    2024 37 2373500 3833500 71575 24330 47245 984250
    2025 38 2453350 3913350 71575 24330 47245 1140250
    2026 39 2525900 3985900 71575 24330 47245 1328500

    1145200 389280 755920

    * The above projection is based on assumptions enumerated on the page titled "Benefits during the Retirement Period".
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I

    Quotation Ref.No. : 50000 Quotation Date : 21/01/2011

    Proposer’s Name : Mr. Manish Proposer’s Age : 24 (nearer birthday)

    Sum Proposed : 1460000 Yearly Premium : 71575

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Benefits during the Retirement Period

    Returns From LIC


    Risk Cover Yearly Tax Net Desired Amount Used for Net Loan
    Year Age Normal Accident Premium Saved Premium Income Received Prem. Pymt. Receivable Available

    2027 40 2286330 3566330 60362 20519 39843 237000 303660 39843 263817 1247000
    2028 41 2047650 3157650 50481 17160 33321 237000 294780 33321 261459 1159250
    2029 42 1811270 2761270 41771 14199 27572 237000 284960 27572 257388 1065250
    2030 43 1582600 2382600 34093 11589 22504 237000 274200 22504 251696 967250
    2031 44 1347990 2002990 27100 9212 17888 237000 272600 17888 254712 855750
    2032 45 1121400 1646400 21158 7192 13966 237000 267540 13966 253574 733500
    2033 46 912870 1317870 15941 5419 10522 237000 256320 10522 245798 607000
    2034 47 690780 980780 11181 3801 7380 237000 259210 7380 251830 466500
    2035 48 468050 653050 7034 2391 4643 237000 250110 4643 245467 320750
    2036 49 241020 331020 3348 1138 2210 237000 240350 2210 238140 170750
    2037 50 0 0 0 0 0 237000 241020 0 241020 0

    272469 2944750 179849 2764901

    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially
    independent life for yourself and your spouse on retirement.
    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year
    ended 31-Mar-2010 . Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.
    rates
    u The effective yield in the above proposal works out to 9.76 % (calculated as per IRR method).
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - I

    Quotation Ref.No. : 50000 Quotation Date : 21/01/2011

    Proposer’s Name : Mr. Manish Proposer’s DOB : 21/01/1987 Age : 24 (ANB)

    Sum Proposed : 1460000 Yearly Premium : 71575

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Agent's Copy

    Sr. DAB Interim * Bonus #Assu PREMIUM


    No. Plan/Tm/PPT Sum Sum Bonus Rate Step FAB SSS Mly. Qly. Hly. Yly.
    Rate Rate

    1 14/16/16 180000 180000 42 42 0.00 15 964 1013 2891 5694 11213


    2 14/17/17 170000 170000 42 42 0.00 20 849 892 2548 5018 9881
    3 14/18/18 160000 160000 42 42 0.00 25 749 787 2246 4423 8710
    4 14/19/19 150000 150000 42 42 0.00 30 660 694 1980 3899 7678
    5 14/20/20 145000 145000 42 42 0.00 40 601 632 1803 3552 6993
    6 14/21/21 130000 130000 48 48 0.00 50 511 537 1532 3018 5942
    7 14/22/22 120000 120000 48 48 0.00 80 448 471 1345 2650 5217
    8 14/23/23 115000 115000 48 48 0.00 150 409 430 1228 2418 4760
    9 14/24/24 105000 105000 48 48 0.00 230 357 375 1070 2106 4147
    10 14/25/25 95000 95000 48 48 0.00 330 317 332 950 1871 3686
    11 14/26/26 90000 90000 48 48 0.00 430 288 302 863 1700 3348

    1460000 1460000 6153 6465 18456 36349 71575

    1. '*' : - Assuming LIC will declare the above mentioned bonus rates for the year ended 31-Mar-2011.
    2. '#' : - Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above.

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