Atal Pension Yojana (APY)

Atal Pension Yojana (APY)

Atal Pension Yojana is a scheme which is launched by our honorable Prime Minister Mr. Narendra Modi. According to this Yojana a person can get pension after the age of 60 by depositing some amount monthly, quarterly or yearly this scheme is mainly beneficial for the person who is working in unorganised sector. This scheme also promote the habit of saving and investing money. The subscribers of this scheme can get Rs. 1000 to 5000 every month depending on the plan they have taken. The minimum age in which one can join this Atal Pension Yojana is 18 and the maximum age is 40. As per the survey conducted on May 2015 there are only 11% of the Indian who have any kind of pension scheme so the main objective of the government is to increase this number. Also it will be helpful to the buyer after the age in which they can’t do a lot of work for his family that money will help them to meet their day to day needs.

 

Atal Pension Yojana

Benefits of Atal Pension Yojana

  • After attaining age of 60 the policy buyer will get a certain amount (Pension) as maturity benefit at a fixed interval to support their family and personal expenses.
  • Pension Between Rs.1000-Rs.5000
  • It also provides auto debit facility therefore the buyer will not have to go to the bank regularly and pay the premium.
  • The government of India will also going to contribute 50% of the total user’s contribution towards the scheme.
  • There would be no tax on the amount which is paid to the Atal Pension Yojana. As it is tax free according to Income Tax Act 80C.
  • In case the buyer die the death benefit will be provided to the nominee of the buyer.
  • The minimum age for subscribing Atal Pension Yojana is 18 so the youth can also give their contribution in this Yojana and the maximum entry age is 40.
  • The premium can be paid monthly, quarterly, half yearly or yearly.

Atal Pension Yojana chart

Documents required for Atal Pension Yojana

  • Offline/Online filled application form.
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history. If required.
  • Medical examination report if required.

Essential conditions required for buying policy under Atal Pension Yojna.

  • The subscriber of Atal Pension Yojana should have a bank account
  • The subscriber should have a phone number
  • You should be an Indian citizen
  • The minimum age should be 18 and the maximum should be 40

To enroll in Atal Pension Yojana

  • The subscriber should fill the online/offline Atal Pension Yojana form
  • Fill all the field of the form
  • Mobile number is compulsory , therefore you have to fill that column.
  • If the subscriber have aadhar card then provide the no in the form
  • Provide your nominee details (it is compulsory)
  • Select the pension amount you need in future . It should be between 1000 to 5000 and it should be a multiple of 1000.
LIC Policy status online

LIC Policy status online

If you want to check your LIC policy status, there are many easy ways to check the status online or even offline.

All you need your Policy number to check the status. You can get your policy number from your Bond paper/premium receipt.

Option 1: By SMS

Check LIC Policy status by sms

If you want to check Individual policy details through SMS then Type:

ASKLIC < POLICY NO > [PREMIUM/REVIVAL/BONUS/LOAN/NOM] and Send it To 56677

For Further details on SMS service refer : Policy Status on sms

Also Read: Check Current Value of your ULIP Policy

Option 2: LIC Policy Status on phone

You can call LIC customer care no. 1251 form MTNL/BSNL to check LIC policy status on phone.

Also Read: LIC Helpline Number of your city

Option 3: Check LIC policy Status online

LIC Policy status online

To check your policy details online, you need to register on LIC website first.

Step 1: Register:

Register yourself on LIC website Using this link http://www.licindia.in/NewUserRegistration.htm

LIC policy status

Step 2: Enroll your policy:

Next step is to enroll your policy by entering your Policy number, Policy holder’s name and Premium amount.  You can add any number of policy in your account as long as you are the proposer or life assured.  After completion of the above step, you need to take a printout, sign it and submit it to your nearest branch. You should have at least one policy in that branch.

Step 3: Policy status online

After branch validates your policy, you can check your LIC policy status online anytime. Apart from policy status, you can also check next premium due, loan, surrender value, revival etc.

Option 4: Visit your Branch/Agent

Your agent is your first point of contact for all your needs. Since agents earn commission on your policy it is their duty to provide policy service. In case, your agent is not reachable, you can approach your servicing branch with your policy papers.

Also Read: Branch Address of your city

LIC Jeevan Vaibhav

LIC Jeevan Vaibhav

LIC Jeevan Vaibhav (Plan No.809) is a non-linked one time premium endowment assurance policy. Jeevan Vaibhav is a guaranteed return plan. Being a non-linked plan share market risk is Nil.

Policy Availability:
LIC Jeevan Vaibhav is a close ended plan. It will be available for sale from 21st May, 2012 for a maximum period of 120 days.

Benefits:

Death Benefit:

  • During Policy term, excluding last policy year: Sum Assured shall be payable to nominee.
  • During the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable to nominee.

Maturity Benefit:
On maturity date, the sum assured along with loyalty addition, if any, will be payable to the policy holder.

LIC Jeevan Vaibhav

Eligibility Conditions and Restrictions for LIC Jeevan Vaibhav

  • Minimum Entry Age: 8 years (completed)
  • Maximum Entry Age: 65 years (nearest birthday)
  • Mode of Premium Payment: Single premium
  • Policy Term: 10 years
  • Minimum Sum Assured: Rs.2 lakh
  • Maximum Sum Assured: No Max Limit
  • The sum assured would be in multiple of Rs.10,000/-
  • Back-dating: Yes
  • Loan: Available

Rebate:
Large SA rebate tabular premium per thousand sum assured is as under:
Upto Rs.3,90,000/- : Nil
Rs.4,00,000/- to Rs.5,90,000/- : 2.00
Rs.6,00,000/- and above :  3.00

Loan on policy:
Loan will be given after completion of one policy year. Loan amount would be maximum of 70% of surrender value at the rate of 10.25% p.a. compounding half yearly.

Guaranteed Surrender Value (GSV):
GSV is available after completion of one policy year. GSV will be 90% of the single premium paid excluding extra premium, if any.

Special Surrender Value (SSV):
SSV will be payable, if its more favorable to policy holder. SSV is the discounted value to the sum assured. SSV will depend on the policy term and the duration elapsed since commencement of the policy.

Proposal form:
Form No. 300 or 340

How To Apply For Jeevan Vaibhav?


Update: LIC Jeevan Vaibhav Plan No. 809 Has Been Discontinued.


 

Life Insurance is Must

‘If I die someday suddenly, what would my family do? How would they earn money? I don’t have anything left to secure my family….!’ this is the condition of most of the people who are unaware about the various types of life insurance plans available which can secure your future. Many of us often don’t understand the importance of life when you no more have enough time left with you to secure your life.

When you start understanding these policies you would know their importance. It is an acknowledgement of your life that it is worth. You never go beyond lives, because usually no one thinks about there death. When you have a family that depends upon you, you will require life insurance to save their future. Life insurance policies are the one which show you your future and make you realize that you need to secure your family if at all you aren’t there. Once you know that you need a life insurance cover and are aware about the product to be chosen, then it isn’t difficult anymore.

Often there is a confusion doing rounds which policy to choose? How much to invest? This is because you don’t bother to invest your few minutes to know about the policy. The policy gives you excellent features with concessions as well as new festival plans every time. The best part is that life insurance is for everyone including couples who are nearing to retirement can go for the plan, or a person who has lost maximum amount of his income when he lost his spouse, or business people, employers. In fact every individual is subject to life insurance in some or the other way.

Life insurance policy plays a very important role in providing additional security of financial assets in your family. The myth that usually revolves around life insurance is only of one kind, but there are various forms of insurance plans available. There are other expenses that can be incurred from life insurance that include medical bills, gaining lost incomes, and many other expenses. But most of all you are been provided satisfaction that your family would be financially secure even if you aren’t there with them.

The worry most people have is stability which basically many of us lack. One purpose of buying life insurance product is to be relieved of your worries for your family. Be sure which product to be purchased. Life insurance is the best gift you can provide your family with. Why should your family suffer from hardships when you can secure them by just extracting a small amount of your income monthly or yearly basis? You can set an example by giving your loved ones a safe future.

There is no alternative to Life Insurance!

LIC Jeevan Saral Review

21st centaury has been an era of developments. People have been very innovative to bring out various new subjects or different plans in the market. Every individual requires a safe future, so even the life insurance Corporation has been innovative while considering the policy of Jeevan Saral plan. If you are aware of your destination, the best plan which could help you is Jeevan Saral. This plan is made keeping in mind the needs of a common man like if you are looking for regular savings, or saving for capital, this policy would be your ultimate answer. This policy is an investment option which would keep you safe from not only death but also the risks of being empty, because the market faces many ups and downs so to keep yourself safe this policy works.

The LIC Jeevan Saral Table no.165 is one such policy which as per my opinion won’t be neglected as per time. As this policy is one way or another a tool for various small investors. There are various benefits provided such as liquidity which is the basic requirement of a person. The best part lies in the policy when during death the nominee is been provided with 250 times of the monthly premium paid by him adding the premium amount decided. And if the policy matures the insured is provided with the maturity amount and bonus if any.

Jeevan Saral is also known as ATM plan for its flexibility, as it allows you to withdraw partial amount after 10th year of being policy in force. You can utilize this feature whenever you need money after 10 year whether for holiday or your child’s education. The policy is not at all expensive and very much affordable. One added feature is that if you are paying the premiums regularly for 3 years you are been provided and extended cover of 1 year as a bonus. We usually like taking decisions for ourselves, same is the case with this policy, you aren’t forced to pay the premiums, and you can surrender at any time as per your wishes without paying any sought of penalty.

Normally you search about a policy the premiums are decided but in the Jeevan Saral, you are the one who decides about the premiums and then go towards the maturity period. The minimum premium can be as low as Rs 250. This policy provided you a very high risk cover at minimum cost. As per the details the policy is useful who have a low budget but require all the features as well as the risk covers with low premiums as well as a flexibility of decisions. You are one way or the other been provided a number of benefits sat a very low cost. So avail when you have the chance.

In short, LIC Jeevan Saral is the best plan in terms of risk cover, flexibility and good return.