Aadhaar Card Linking : Important Dates

Aadhaar Card Linking : Important Dates

If you are following our blog, we mentioned that linking your LIC policy with Aadhaar is now mandatory. Not only LIC, If you hold any kind of insurance policy then you must link it to your Aadhar card before 31st December 2017. Extended to 31st March 2018.

Read full details here: Linking Aadhaar with Insurance Policy

Some of our readers asked, last date of Aadhaar linking for other services.

aadhar card linking

Here is the list of important dates for linking Aadhaar with various services.

Deadline for linking Aadhaar with PAN is 31 March 2018

Whether you file IT Return or not it’s compulsory to link your PAN Number with your aadhaar card.

Also Read: How To Link PAN Card with Aadhar

Deadline for linking SIM card/Mobile Number is 31 March 2018

This is very crucial date, because everyone has mobile number and if you do not link your Mobile Number with your Aadhaar your mobile services may stop and will only resume when you submit your Aadhaar to your service provider. Can you imagine a day without mobile and internet?

Last date link Aadhaar with Bank Account is 31 March 2018

Another very important service. If you want to keep your bank account in good state then you must update your aadhar with your bank. Failure to link Aadhaar with Bank may freeze your account and you would not be able to deposit or withdraw money until you submit your Aadhaar details to your Bank. So avoid the inconvenience and update it as soon as possible if you have not yet updated it.

Post Office Deposits accounts, PPF etc Linking with Aadhar 31 March 2018

If you have Post office deposits or  PPF (Public Provident Fund), or the National Savings Certificate Scheme (NSCS) and Kisan Vikas Patra (KVP) you need to update your Aadhar with Post office too.

Also Read: Post Office Saving Scheme

Aadhaar linking with Social Security scheme 31 Mar 2018

If you avail pension from Govt or have opted for any social security scheme you need to update your aadhar before 31 Dec 2017.

Mutual fund accounts/Demat linking with Aadhar 31 Mar 2018

If you are investor in Share market or mutual fund you need to link Aadhaar with your Mutual fund and Demat accounts before 31st December 2017.

Also Read: How To Invest In Mutual Fund

In short, you need to update your Aadhaar number with all the services before 31st March 2018. Some sources are indicating that adhar linking deadline time may be extended even after 31st March but don’t wait for last minute. Get it done today.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan no.842 is a pension scheme for Senior citizen with assured return of 8% on your purchase price.

Finance Minister has launched the new Pension Plan specially for senior citizens above the age of 60 years. In this scheme you will need to invest your money once (In short this is one time premium pension plan). The scheme is exempt from the Goods and Services Tax (GST).

 

Pradhan Mantri Vaya Vandana Yojana

PMVVY Eligibility Conditions and Other Restrictions:

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term : 10 years

Minimum Pension:

  • Rs. 1,000/- per month
  • Rs. 3,000/- per quarter
  • Rs.6,000/- per half-year
  • Rs.12,000/- per year

Maximum Pension:

  • Rs. 5,000/- per month
  • Rs. 15,000/- per quarter
  • Rs. 30,000/- per half-year
  • Rs. 60,000/- per year

Loan:
You are eligible for loan against (PMVVY) for upto 75% of your premium after 3 years.

For yearly pension, the minimum investment is Rs 1.45 lakh and maximum is Rs 7.22 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 7.5 lakh

You can get pension ranging from Rs 1,000 per month (12,000 per year) and Rs 5,000 per month (60,000 per year) across all family members,which include his/her wife/husband and dependent children if any.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of Pension Min. Purchase ? Max Purchase Price
Yearly Rs. 1,44,578/- Rs. 7,22,892/-
Half-yearly Rs. 1,47,601/- Rs. 7,38,007/-
Quarterly Rs. 1,49,068/- Rs. 7,45,342/-
Monthly Rs. 1,50,000/- Rs. 7,50,000/-

Pradhan Mantri Vaya Vandana Yojana (PMVVY) FAQ:

Who can opt for this scheme?
Any Indian Citizen aged 60 years or above.

Is there any market risk? or 8% Interest fixed or variable?
The scheme will provide an assured return of 8 per cent per annum payable monthly (equivalent to 8.30 per cent per annum) for 10 years.

When will I get the pension?
You can choose monthly, quarterly, half yearly or yearly depending on your needs. The pension will be transferred to your bank account through NEFT or Adhar Based Payment System.

What’s the last date of enrolment?
You may opt for this plan starting from May 4, 2017 till May 3, 2018

How to buy?
You can buy this plan online or through your LIC Agent/Branch. To Buy Online Click Here: https://eterm.licindia.in/Jaonline/pages/fpagevarishta.jsp

What If I want to exit this scheme midway?
You can surrender this plan anytime and you will get 98% refund on your purchase price.

What if Policyholder dies before maturity?
In this case, the nominee will get the purchase price.

What are other options for pension seekers?
You can check out Jeevan Akshay VI and New Jeevan Nidhi

Limited Premium Endowment Policy 830

Limited Premium Endowment Policy 830

LIC Limited Premium Endowment Plan No. 830 launched by LIC that provides saving as well as protection to the policyholders and his family, As it provides a good savings after end of  the policy term and the protection to the family financially, If the policyholder meet to unfortunate death. It also provides bonus that are declared on early basis. As the name says the plan is limited premium plan that means the policy buyer will have to pay the premium for Limited period of time that is 8 years or 9 years mostly. For example, If a policy holder takes policy for 21 years, he will have to pay the premium maximum for 8 years to 9 years. This is the main feature of this plan that makes it unique. The maturity amount is payable to the policyholder after the completion of the policy term or to the nominee of the policy holder in case of the death of policy holder within the policy term.

Limited premium endowment plan 830

Benefits provided under LIC Limited premium endowment plan 830

Two main benefits which are provided are maturity benefit and death benefit.

Death benefit

If the policyholder meet to death within the policy term, then the nominee will get the sum assured on death and simple reversionary bonus + final bonus if any.

Maturity benefit

In case of maturity of the plan after the policy term, The policyholder will get the maturity benefit as sum assured on maturity + simple reversionary bonus and final additional bonus if any.

There is two additional benefits that are term assurance and accidental death and disability benefit that can be added to the policy as add on plan by paying extra premium along with the main premium.

Some other benefits of LIC Limited period endowment plan

Loan benefit

The policy holder can take loan upon the policy premiums after the completion of the 2 years of the policy term. There is fixed value by the company upto which the loan can be taken that is 80% in case of paid up policies and 90% in case of policies in force.

Tax benefit

The premium paid under LIC Limited premium endowment plan are tax free according to Section 80c and the maturity amount that is provided by the company is also tax free that means it is going to save your tax that is imposed on that amount.

Eligibility criteria and the details of the LIC Limited premium  endowment plan.

  • The policy term that can be choose are 12 years, 16 years or 21 years.
  • The premium paying terms will be equal to 8 years or 9 years
  • The premium can be paid monthly, quarterly, half yearly or annually mode. The monthly payment is only available with ECS system.
  • The minimum sum that can be assured is rupees 3 lakhs and there is no limit on the maximum sum that can be assured.
  • Minimum accidental death benefit provided is rupees 1 lakh and maximum accident death benefit which can be provided he is 1 crore.
  • Maximum maturity age is 69 years for 12 year policy term and 8 year premium paying term and 70 years for all other cases.

Documents required for purchasing LIC Limited premium endowment plan

  • Fully filled application form with photographs
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the reciept of the policy document.

Grace period

There is a grace period of 15 days for the payment of monthly mode of premium and 30 days for the half yearly and early mode of premium payment. If the premium would not be paid within grace period the policy will lapse.

Policy Revival

If the policy get lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not revived within 2 years then the policy will get terminated.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Surrender value

The policy attains a surrender value after the completion of 2 years of the policy as per the terms and condition of the corporation.

 

New Endowment Plan No.814

New Endowment Plan No.814

LIC New Endowment Plan Table No. 814 is a non linked policy plan. This is a basic life insurance plan. It is a savings plan which gives a healthy amount after the policy term as well as the Life assurance of the policyholder. This plan is also best for investment purpose. It is having low premium in comparison with the other plan of LIC. There is a fixed amount as premium that the policy holder will have to pay monthly, quarterly, half yearly or yearly.

LIC new endowment plan

Features of new LIC endowment plan.

  • It is a basic life insurance plan.
  • Policyholder will have to pay the premium to the entire policy term.
  • If the insured person survive till the end of the policy term the maturity benefit will be given to the policy holder as the benefit of the policy and the policy will be terminated.
  • If the insured person meet to death within the policy term the nominee will get the death benefit and the policy will be terminated.
  • There is also option for additional coverage such as accidental coverage + disability coverage on the selection of additional premium.

Benefits provided under LIC new endowment plan.

Maturity benefit

In case of policy holder service throughout the period of policy term the basic sum assured + assured bonus will be provided to the policyholder and then the policy gets terminated.

Death benefit

In case of death of the policy holder within the policy term the sum assured on death + assured bonus will be given to the nominee of the policyholder. Sum assured on death is as higher of the basic sum assured or it will be 10 times the annualized premium. This benefit would not be less than 105% of all the premium paid till the date of death.

Accidental death and disability benefit

This is the additional benefit provided to the policy holder on the payment of extra additional premiums. In case of accidental death the accident benefit sum will be paid + death benefit of the basic plan. If any permanent disability occurs in the accident with in 180 days after accident the disability benefit will be provided in such conditions.

Tax benefit

There is tax benefit as the premium paid under in this scheme is fully tax free and the maturity amount is also tax free. According to the Indian act the amount paid as insurance premium is tax free. One can file income tax return on that amount.

Details and eligibility criteria for LIC new endowment plan

  • The minimum age for the entry of this endowment plan is 8 years and the maximum age for the entry is 55 years.
  • Maximum maturity age is 75 years.
  • The minimum policy term that can be fixed is 12 years and the maximum policy term that can be fixed is 35 years.
  • The premium can be paid annually, half yearly, quarterly or monthly. For annual and half year policy there is some discount provided by LIC
  • The minimum sum that can be assured is Rupees 1 lakh and there is no upper limit of sum assured.

Premium Calculation Ready Reckoner:

LIC new endowment plan premium calculator

Documents required for LIC new endowment plan

  • Application form with full details filled in it.
  • Accurate medical history of the person.
  • Address proof and KYC document
  • In some cases there is need of medical examination based on sum assured and the age of the person.

Questions and answers related to LIC new endowment plan

1.     What will happen when the policy premium is not paid within time?

Ans.  There is a provision of 30 days as the grace period for the late payment. If the premium has not been paid within the 30 days, the policy will lapse but it can be revised under the period of 2 years from the date of lapse of policy.

2.     What can be done if the buyer do not pleased with the coverage and the terms and condition of the LIC single premium endowment plan after buying the policy?

Ans. LIC provides free look period for LIC single premium endowment plan for cancelling the policy with in 15 days after the receipt of the policy document in this period one can completely read the policy terms and condition and understand it after that within 15 days you can go for cancellation or keep it with yourself if you are pleased with the coverage and terms and condition.

New Bima Bachat Plan 816 – One Time Premium

New Bima Bachat Plan 816 – One Time Premium

LIC New Bima Bachat Plan no. 816 is a non linked participating plan. It is a non linked means, it is not linked to market ups and downs whereas participating means it is going to provide profit as per the experience of the corporation. It is a single premium plan which provides scheduled payment along with return of single premium paid plus additional benefits at the end of the term of the policy. For Old Bima Bachat Table No. 175 Click Here

New Bima Bachat 816

Features and details of LIC new Bima Bachat plan

  • LIC New Bima Bachat is a single premium plan that means the policyholder have to pay the premium only once.
  • It is a money back plan which also provides bonus at the end of the term of the policy.
  • Policy term can be choose as 9 years, 12 years or 15 years.
  • It provides survival benefit at the end of every 3 years of the policy term.
  • If the policyholder survives throughout the policy term the whole premium that is assured along with bonus is paid to the policyholder as maturity benefit and the policy gets terminated
  • If the policyholder dies within the policy term the sum assured at the time of policy purchasing plus bonus will be given to the nominee of the policy holder as death benefit.

Benefits provided under LIC New Bima Bachat plan

Maturity benefit

If the policyholder survives throughout the policy term then the corporation provides the whole sum of premium that is paid plus loyalty addition to the policy holder at maturity benefit.

Death benefit

If the policyholder meet to death within the policy term, then the death benefit is provided to the nominee of the policyholder.

Detail of death benefit provided
If the policyholder dies within the 5 year of the policy term then only sum assured would be paid.

If the policy holder dies after the 5 years of the policy term then the sum assured + loyalty addition is paid as death benefit.

Loyality benefit

LIC New Bima Bachat policy provides loyalty addition that is declared after the completion of 5 year of the policy.

survival benefit

LIC new Bima Bachat plan provides survival benefit that is 15% of sum assured at the end of every 3 years of the policy term to the policyholder as survival benefit. It is one of the main part of this policy plan.

Year : Term 3rd Yr 6th Yr 9th Yr 12th Yr 15th Yr
9 15% 15% Maturity NA NA
12 15% 15% 15% Maturity NA
15 15% 15% 15% 15% Maturity

Eligibility Conditions and Restrictions

Tax benefit

As per Income Tax Act the premium paid under this plan is tax free as per section 80 C and the claim which is received is also tax free under section 10 D.

 

Eligibility criteria and premium details of LIC New Bima Bachat plan

  • The minimum age for the entry of this plan is 15 years and the maximum age for entry is 66 years.
  • The maximum age at the time of maturity of the policy holder can be 75 years.
  • The policy term can be chosen as 9 years, 12 years or 15 years.
  • The premium paying term is only single because it is a single premium pain plan.
  • The minimum sum assured for the policy term of 9 year is 35000 and for 12 years is 50000 and for 15 years is 70000 and there is no upper limit for the sum assured.

 

Documents required for LIC new Bima Bachat plan

  • Fully filled application form with photographs
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Terms related to LIC new Bima Bachat plan

Surrender value

The corporation provides a surrender value that is within the first year of LIC New Bima Bachat plan is 70% of premium paid and from the second year onwards  is the 90% of the premium paid excluding taxes.

Exclusion

If the policyholder commits suicide within 12 month of policy period then the 90% of premium paid is returned to the nominee of the policy holder.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after receiving of the policy document.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Loan.

The policyholder can take loan up to the premium amount, if the policy attain a surrender value after the completion of certain years of policy paying term. As per the terms and condition of the corporation.