Sunday 31 May 2015

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. 

Thursday 21 May 2015

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.

Tuesday 19 May 2015

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.

Monday 18 May 2015

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.

Thursday 14 May 2015

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 (1st 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 

Wednesday 13 May 2015

LIC Jeevan Lakshya



LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. 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
Policy Term                                    : 13 to 25 years
Premium Paying Term                  : (Policy Term – 3) years
Minimum Age at entry                 :  18 years (last birthday)
Maximum Age at entry                 :  50 years (nearest birthday)
Maximum Maturity Age               :  65 years (nearest birthday)
Premium paying modes:                   Yearly, Half-yearly, Quarterly and Monthly mode.

Policy Benefits:
On Death:
1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, (till policy anniversary prior to date of maturity)
2.      2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable  on due date of maturity; and
The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit,  shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

On Survival: On survival Basic Sum Assured + Vested Bonus + FAB if any. 

For more details visit your nearest LIC branch or email at: sushilshm2010@gmail.com