First of all, if you still don’t have an Aadhar card, get it as soon as possible. Aadhar is very important document and you will need it in every point of life. Govt. wants to curb on Money-laundering (Maintenance of Records) and have a clean economy. Hence all the financial services needs to be linked with PAN and Aadhar.
Insurance Regulatory and Development Authority of India (IRDAI) has made it compulsory to link the unique identity number Aadhaar with all insurance policies.
IRDA has issued a circular which is as mentioned below:
Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same.
The Authority clarifies that, linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions.
How to Link LIC policy with Aadhar?
- If you have your policy details handy, like Date of Birth, Policy Number and mobile number as mention on your policy then you can link it here: https://www.licindia.in/Customer-Services/Help-Us-To-Serve-You-Better
- If you have username and password for LIC customer portal, you can login to your account and update Aadhar and PAN card directly here: https://ebiz.licindia.in/D2CPM/#Login
- If you have a pension policy you can link it here: https://www.licindia.in/Bottom-Links/PensionPolicyLinking
Also Read: Check Your LIC Policy Status online
Visit your servicing branch with your Aadhaar card, they will get your LIC policy linked. If your multiple policies issued in different branches, you will need to visit all the branches where your policy belongs to. Or better transfer all your policy in one branch, so it will become easier for you in future too.
Also Read: Check LIC Policy Status by SMS
Last date to Link your Aadhaar with your insurance policy is 31st December 2017.
What’s the Benefit?
Linking Aadhar card with your Insurance is beneficial for both. company will get less fraudulent claims and policyholders will see faster claim settlement.
What happens, if I do not link my Aadhar?
Your policy will continue provided you submit your KYC documents at the time of renewal. If you have health insurance policy then your claim might not be approved until your submit your KYC documents (Check with your health insurance company). So it’s better to link your Aadhaar with your policy as soon as possible.
What Kind of Insurance Policy needs to be linked?
All Insurance policies including Life Insurance, General Insurance, Health Insurance, Motor Insurance etc needs to linked with Aadhar.
Also Read: How To Link PAN card with Aadhar card
We have about 24 life insurance and 33 general insurance (including standalone health insurers) companies in India. Irrespective of company and type of policy, you will have to link your Aadhaar before 31st December 2017.
It is now very important that you link your PAN number with your Aadhaar Card whether you file an income tax return or you do not. You will have to do it.
Under the new law presented by the Indian government, it is now necessary that every citizen living in India must link their PAN number with their Aadhar card.
The last date to link your PAN Card with your Aadhaar card is 31st December 2017 but, it would be great for you to do this work as soon as possible so that you can save your PAN card from being rejected.
Some people are still not able to fill their income tax returns because they have not linked their PAN with Aadhar but now they can file their returns without Aadhaar linked.
After reading such a thing, one thing in your mind must have been going on, how to link the PAN to the Aadhhar.
So today I’m going to explain to you the whole process of linking the PAN to the Aadhar.
- First of all, you have to go to the income tax e-filling website on your search engine.
- After reaching there, you will find a new web page with lots of options available.
- Out of all the options, you have to choose in the services options.
- After going into the services option, you will find a lot of options, from which you have to select the link Aadhar option.
- After selecting the link Aadhar option, the page that opens in front of you. You will have to fill all the columns.
- Now you have your original PAN card and Aadhar card or xerox copy.
- In order to fill the details, you must first enter your PAN card number then enter the number of your Aadhaar card and at last, you will have to enter your name which as same written on your Aadhaar card.
- For verification, a captcha code that is written on your screen you will have to re-enter.
- OTP option is also available for those who are unable to see or optical problem.
- After filling all these options, there is a link option at the bottom and you have to press it.
- For those who are having an optical problem, an OTP is sent to their mobile number, OTP has to fill in the options available there.
- After the entire process is completed, it comes out that your Aadhar and Pan linking is successful.
Also Read: ELSS Vs Other Govt Tax Saving Options
You can also Go to this link Directly and fill the form to link your aadhar and PAN card. : https://incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html?lang=eng
Note – For linking your Aadhar there are also other options are available but this option is best and easy to execute. If you are also having a problem in linking your Aadhar and PAN then you should take help of anyone or best option go to any cyber cafe. They will do the same for you by charging some amount.
Investing in gold in our country is very much popular. Whether the educated service person receives bonuses in the office or income from a farmer’s crop. Gold is chosen for investment. Gold is always considered a risk-free investment. Often in India, the household gold continues to the generation and never sold. But whenever there is a disaster on the family, it also comes to work at the same time.
Gold ETF is a modern alternative to buying gold from traditional goldsmiths here. ETF is the Exchange Traded Fund which is open-ended mutual fund scheme.
Gold ETF is a fund in which investors invest their money for gold. You can also invest in 10 gm, one gram or half gram in Gold ETF. Along with the price of gold, Gold ETF prices are also rising. You can buy it from your broker or mutual fund house.
Gold ETF units you have purchased are deposited in your demat account. Whenever you want to redeem these, you can take cash equivalent to the price of your gold ETF. In some Gold ETF schemes, you can also get the option to buy equally priced gold at maturity.
Benefits of Gold ETF
Easy to buy:
As we used to purchase gold from gold smith it becomes very hectic but Gold ETFs can also be bought online by staying at home, you do not need to go to the goldsmith to buy gold.
Easy to handle:
Gold ETF is lying in your demat account and there is no risk of missing or stolen. There is no hassle for the maintenance of gold. As if you keep real gold with you it’s is always a risk of missing and stolen.
In comparison to physical gold as there is making charge (if brought in the form of ornament) and other charges , buying and selling of electronic gold takes very little charge, while buying and selling physical gold is more chargeable.
Also Read: What is Mutual Fund?
Guarantee of Accuracy:
I bet you that you can’t check the accuracy of gold as for your kind information gold comes in market with various carat such as 18 to 24 carat. The purchase of physical gold becomes difficult to guarantee the purity, whereas electronic gold is not physical, there is no appetite for adulteration.
If you cannot afford to purchase gold in bulk, through Gold ETF you can buy gold in a fixed amount every month through ETF, hence it is called SIP. Thus you can buy one or half gram of gold per month. This is a great way to invest in gold for those who earn monthly income.
Also Read: What is SIP?
Purchase in small quantities:
Gold ETF can also be bought in units of one gram or half gram. But gathering physical gold in small quantities can be inconvenient. Reality is that you cannot buy real gold in such small quantity.
So if you are planning to invest in gold, then adopt the modern way of investing in Gold ETF and be sure to keep it in a demat account.
Good News: Now You can apply for Loan against LIC Policy online. Earlier we used to apply for loan offline by contacting the agent for understanding eligibility and details and paying a visit to your branch.
Now LIC has simplified the online process by making these methods easy and online, under which you can fill your loan application online. Not only loan, you can also pay Loan Repayment/ Loan Interest Payment online.
Before giving more information about this, let me tell you about loan features given on LIC policy.
Features of Loan Received under LIC Policy
- The amount of loan you can get is up to 90% of the surrender value.
- All types of LIC policies are not liable for the loan as (Term Life Insurance), it is very important for you to check your loan eligibility.
- You need to pay interest every half year.
- Loan would be given for minimum 6 months period.
- You can repay the loan principal with interest or just if you want to pay interest. If you want to pay only the interest on the loan, then the principal amount of the loan is reduced by the amount of your claim.
- To take the loan on LIC policy, you have to complete at least 3 years of the premium paying term. which means you can only get loan on 3 years + old policies.
- You will have to keep LIC’s policy as a security. LIC keeps all your original documents under their custody.
- If you fail to deposit the interest within 30 days from the last day of payment, then LIC forcibly closes your policy and recovers the loan amount.
- You can also take a second loan on your same LIC policy, whether your past interest is fully deposited or not. However, the amount given to you will be equal to ninety percent of the surrender value by adding two amounts.
- You can take the loan from other banks also on LIC policy but it will not be beneficial for you and other banks can charge you more interest.
Loan Against LIC Policy Online application process
As I told you earlier, LIC has now made the online process for all its loans and its payment.
The way to apply for the loan and pay online applications is like this.
- You have to go to the LIC’s home page and press the online loan button which is present in the online services tab or you can click here to go directly at : https://www.licindia.in/home/policyloanoptions
- As soon as you click on the online loan, you are redirected to another page. Two types of options are available on that new page, for an instalment payment and for applying for a new loan.
- There you have to register yourself, in which you are given your login ID. If you already registered just login.
- At the end, you will be able to register yourself after filling up all the types of options given to you to register yourself.
Benefits of taking a loan against LIC policy.
- The first thing is that you get a loan immediately in the time of your emergency on LIC policy.
- Now as I said that the process has become online, applying it has become very easy.
- Interest rates under this are less compared to other personal loans.
- Lots of flexibility has been given to repay the loan, which is not given in the other personal loan.
- Here you only have to give your policy document as proof, if you are taking personal loans from any other place, then you have to go through many eligibility processes.
The disadvantage of taking the loan against LIC policy.
- The amount of money you get as a loan is very limited as your surrender value will be. If you want more money than you cannot get that much loan amount on the LIC policy.
- You do not get any tax benefits.
- In the event of your tragic death, the values of your insurance are greatly reduced. Because the loan is still outstanding and the amount that your nominee receives benefits is reduced.
As far as LIC’s traditional plans do not have much advantage as the increment of money is not as much. But yes, it can be beneficial in the emergency for anyone who needs a loan urgently and it can also be helpful for those who need a personal loan.
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
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
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
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
ULIP Policy NAV: If you ever asked yourself, How to check current cash value of your ULIP policy? then then keep reading. Most of us don’t know how to calculate the maturity value or current cash value. You just guess the value, right? or may be calling your LIC agent every month to check the value.
In this Digital India, you can get all the information of your policy anytime from your smartphone itself. Now, no need to call your agent or visit the branch.
To know the current cash value of your ULIP policy, you need to know the number of units you have. I hope you already know how many units you have in your policy.
LIC sends a separate letter to your postal address with the unit allotment details after bond papers are issued. If you are unable to find the allotted units, you can register on LIC Website. Once you have your account registered, you can enroll all your policy in your account to have a glance of all your policy at one place. To Enroll, you must have all your policy details handy. ie. Policy Number.
Once you know the units, visit to LIC NAV page at www.licindia.in and locate the policy NAV.
Let’s assume you have 50,000 units of Market Plus 1 Growth fund.
- Now we need to check Todays NAV.
- At the time of writing Market Plus 1’s NAV was Rs.23/unit (As of 8th August 2017)
- Hence Current Cash value: 50000 x 23= 1150000
Your current Cash value will be Rs.1150000/-
As you know NAV may go up or may go down as per market condition. It’s good to keep checking the cash value of your investment once in six month.
Other ways to check your policy NAV
Your Branch: Your Branch will be able to tell you the exact value of your policy. Please contact your nearest LIC Branch.
Your Agent: Your agent has all the information of your policy, consider contacting them.
Customer Care: Call LIC Customer care and ask your policy NAV and current value.
If you are looking for Traditional Policy status, you can check it here.