Gold bonds to be launched on Nov 5, at 2.75% interest

The Government has announced that Sovereign Gold Bonds will be issued from November 26. The Sovereign Gold Bonds will offer an interest rate of 2.75 per cent and will remain open for public subscription from 5 Nov to 20 Nov 2015. 

Details about Sovereign Gold Bonds:-

• Applications for the bond will be accepted from November 5, 2015 to November 20, 2015.
• The bonds will be issued on November 26, 2015.
• The bonds will be sold through banks and designated post offices as may be notified.

RBI guidelines for Gold Monetisation Scheme

The Reserve Bank of India (RBI) on Thursday issued directions for banks on implementation of the Gold Monetisation Scheme approved by the government.

  

• In gold monetisation scheme, customers can deposit their gold and earn interest on it. 

• Banks can accept a minimum of 30 grams of the precious metal of 995 fineness in the form of a bar, coin or jewellery under the scheme. There is no upper limit on the amount of gold deposit.  

• All scheduled commercial banks have been allowed to offer this scheme. The designated banks are free to fix the interest rates on these deposits.

Tax Benefits of Life and Health Insurance Policies in India

Insurance policies whether it is Life Insurance or Health Insurance, not only safeguard your life and health but also give you tax benefits for the premium paid and maturity amount received. The first step of a financial planning start with getting yourself adequately insured.

Life Insurance Policy is a traditional plan which includes term plans, ULIPS (unit linked insurance plans), money back and whole life cover plan. All the above plans are combination of investment as well as insurance except term plan which gives you pure insurance. 

NTPC Tax Free Bonds 2015- return upto 7.62% per annum

National Thermal Power Corporation (NTPC), the largest power generation company of the India is issuing its tax-free bonds which would fetch returns up to 7.62% per annum. There are three types of bonds on offer—10-year maturity with coupon of 7.36%, 15-year maturity with 7.53% interest and 20-year maturity with 7.62% interest. The issue will start on 23^rd September and would remain open for 7 days till 30^th September. Tax-free bonds offer a long-term investment option along with regular tax-free annual income.

Features of NTPC Tax Free Bonds

1. Issue starts from September 23rd and would end on 30th, 2015 but can be pre-closed on full subscription.
2. NTPC Tax-Free Bonds are rated AAA by CRISIL, ICRA and CARE.
3. Annual Coupon Rates for Retail Investors are 7.36% for 10 Years, 7.53% for 15 Years and 7.62% for 20 Years.

Details about Term Life Insurance Policy

Term life insurance is life insurance that provides protection at a fixed rate of payments for a specific period of time, the relevant term and pays benefit only if you die during that period of time. If the life insured dies during the term, the death benefit will be paid to the beneficiary. 

One of the biggest advantages of term insurance is its lower premium as compared to endowment insurance because term insurance does not acquire any cash value and at the end of term, policy will not have any value. In term insurance you are paying for death benefit, if you die during the term then benefit will be paid to the beneficiary.

Term insurance is a good option for young people with high level of protection of life with low premium. In this way they can ensure family’s financial independence in the event of your unfortunate demise or critical illness. One thing must remember while taking term insurance that term insurance should be taken as early as possible and have long period of time or term.  So that you have to pay lower premium. If you take short period of time or term and after end of that term, you choose to take term insurance again then you have to pay more premium as compared to previous for similar amount of coverage. 

Read LIC Term Insurance plan Anmol Jeevan II

LIC Term Plan - Anmol Jeevan II

LIC’s Anmol Jeevan - II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

Eligibility Conditions:-

Minimum Sum Assured          :   Rs. 6,00,000

Maximum Sum Assured         :   Rs. 24,00,000

(The Sum Assured shall be in multiples of Rs. 1, 00,000/-)

Minimum age at entry             :  18 years (completed)

Maximum age at entry            :  55 years (nearest birthday)

Maximum cover ceasing age             :  65 years (nearest birthday)

Minimum policy term              :  5 years

Maximum policy term            :  25 years

LIC Jeevan Akshay VI – Pension Plan

Jeevan Akshay VI plan is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

The following options are available under the plan

Type of Annuity:

1.       Annuity payable for life at a uniform rate.

2.       Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

LIC NEW MONEY BACK PLAN-20 YEARS

LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured                     :   Rs. 100,000

Maximum Basic Sum Assured                    :   No Limit

(The Basic Sum Assured shall be in multiples of Rs. 5000/-)

Minimum Age at entry for Life Assured       :  13 years (completed)

Maximum Age at entry for Life Assured      :  50 years (nearest birthday)

Maximum Maturity Age for Life Assured     :  70 years (nearest birthday)

Term                                                           :  20 years

Premium paying term            (PPT)              :  15 years

Premium paying modes:                   Yearly, Half-yearly, Quarterly and Monthly mode.

Reliance Child Education Plan

Reliance Life Insurance Company launched a new child insurance plan - Reliance Education Plan. This Plan is a non-linked, non-participating, specialist child insurance plan that provides assured payouts for financing a child's education and securing their future. This plan helps parents save for child's career milestones and provide them with the security of future income.

• Guaranteed achievement of your child’s future dream: Receive guaranteed benefits at maturity of the policy, even in your absence 

• Choose your benefit Payout Option
1. Self Starter: A single lump sum for your child’s ambition
2. Post Graduation Degree: 2 annual payouts for your child’s post-graduation
3. Professional Degree: 4 annual payouts for your child’s professional degree
4. Career Starter: 5 annual payouts to fund your child’s higher education and provide a career launch pad

LIC JEEVAN RAKSHAK

LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured per life*        :   Rs. 75,000

Maximum Basic Sum Assured per life*       :   Rs. 200,000

(The Basic Sum Assured shall be in multiples of Rs. 5000/-)

Minimum Age at entry                                  :  8 years (completed)

Maximum Age at entry                                 :  55 years (nearest birthday)

Minimum Policy Term                                   :  10 years

Maximum Policy Term                                  :  20 years

Maximum Age at Maturity                            :  70 years (nearest birthday)

Premium paying modes:             Yearly, Half-yearly, Quarterly and Monthly mode.

Investment in Mutual Fund

A mutual fund is a professionally managed trust that pools the savings of many investors and invest in stocks, bonds, short-term money market instruments and commodities such as precious metals. Investors have a common financial goal to invest in mutual fund and their money is invested in different assets according to the mutual fund objective. Mutual fund provides advantage of professional management to the retail investors.

A mutual fund company collects money from investors and invests it in various securities like Stocks, Bonds and other market instruments. Mutual fund is managed by professionals who understand the market very well and try to accomplish growth by making strategic investments. Investors get units of the mutual fund according to the amount they have invested. The Asset Management Company is responsible for managing the investments for the various schemes operated by the mutual fund. 

What is PPF account and Benefits of PPF Account

What is PPF account?

PPF account means Public Provident Fund Account on which regular interest is paid. Any individual in India can open PPF account and earn tax free return. 

Where and how open PPF account?

PPF account can be opened in any Post office, State Bank of India; some authorized branches of other banks. Banks allows online deposits in your PPF account but Post office don’t provide such facility.

Procedure to Open PPF account: - You have to submit PPF account Opening form along with two passport size photo, PAN number and Address proof.

Atal Pension Yojna (APY)-New Pension Scheme

Government of India launched three more Jan Suraksha Schemes called Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojna (APY). Atal pension Yojna(APY) is pension scheme for citizens of India focussed on the unorganized sector workers. Under the Atal pension Yojna (APY) scheme, a guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions made by the subscribers. 

Who can subscribe/enroll for APY?

Any Citizen of India can join APY scheme. The following are the eligibility criteria;

• The age of the subscriber should be between 18 – 40 years.
• He / She should have a savings bank account/ open a savings bank account.
• The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

LIC JEEVAN TARUN – New Child Plan

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option	Survival Benefit	Maturity Benefit
Option 1	No survival benefit	100% of Sum Assured
Option 2	5% of Sum Assured every year for 5 years	75% of Sum Assured
Option 3	10% of Sum Assured every year for 5 years	50% of Sum Assured
Option 4	15% of Sum Assured every year for 5 years	25% of Sum Assured

Eligibility Conditions and Other Restriction:  

Minimum Sum Assured                             : Rs. 75,000

Maximum Sum Assured                           : No Limit

(The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)

Minimum Age at entry                               : [90] days  (last birthday)

Maximum Age at entry                              : [12] years (last birthday)

Minimum/ Maximum Maturity Age             : [25] years (last birthday)      

Policy Term                                               : [25 – Age at entry] years

Premium Paying Term (PPT)                      : [20 – Age at entry] years

Premium paying modes                               :Yearly, Half-yearly, Quarterly and Monthly mode.

However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
 

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

LIC NEW MONEY BACK PLAN-25 YEARS

LIC's New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured                       :   Rs. 100,000

Maximum Basic Sum Assured                      :   No Limit

(The Basic Sum Assured shall be in multiples of Rs. 5000/-)

Minimum Age at entry for Life Assured         :  13 years (completed)

Maximum Age at entry for Life Assured        :  45 years (nearest birthday)

Maximum Maturity Age for Life Assured      :  70 years (nearest birthday)

Term                                                            :  25 years

Premium paying term                                    :  20 years

Premium paying modes                                 : Yearly, Half-yearly, Quarterly and Monthly mode.

However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

LIC JEEVAN SANGAM

LIC’s Jeevan Sangam is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium. The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.

The plan will be open for sale for a maximum period of 90 days from the date of launch (1^st June 2015).

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

Minimum Entry Age                                         : 6 years (completed)

Maximum Entry Age                                         : 50 years (nearest birthday)

Minimum/Maximum Basic Sum Assured       : 10 times of tabular single premium                                                                                  

Minimum Maturity Sum Assured                    : Rs. 75,000/-

Maximum Maturity Sum Assured                   : No Limit

Policy Term                                                      :   12 years

Premium payment mode                                   : Single premium only

Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.

For those aged 8 years or more, risk will commence immediately.

Policy Benefits:

On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:
 Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

Maturity Benefit:

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


For more details visit your nearest LIC branch or email at: sushilshm2010@gmail.com  
Call: 0- 80581 89360