Notice For Modification of LIC Jeevan Akshay - VI (Plan No.189)

Today LIC has issued a Notification regarding Modification of LIC's Jeevan Akhay - VI (Plan no.189) (UIN:512N234V05). Read Complete Notification here as-

LIFE INSURANCE CORPORATION OF INDIA
CENTRAL OFFICE

Dept: Product Development                 "Yogakshema"
                                        Jeevan Bima Marg.
                                        Mumbai - 4000021
                                       24th November, 2017

Ref: CO/PD/100

To
All HODs of Central Office
All Zonal Offices,
All Divisional Offices
All Branch Offices (Through D.O's)
MDC, ZTCs, STC, NIA and
Audit & Inspection Depts. of Zonal Offices


Re: Modification of LIC's Jeevan Akshay -VI (Plan No. 189)(UIN:512N234V05)

This is to inform that the current annuity rates applicable to individual annuities under LIC's Jeevan Akshay -VI (UIN:512N234V05) will not be available with effect from 01.12.2017

Notice-of-Modification-of-Jeevan-Akshay-VI-(Plan No.189)The existing annuity rates would apply on all proposals with full premium received proposals registered and also completed as on 30.11.2017 or before. The annuity rates of LIC's Jeevan Akhshay-VI (UIN:512N234V05) will be revised with effect from 01.12.2017. The revised annuity rates would apply on all proposals registered and / or completed from 01.12.2017.

Therefore, all our offices are requested to ensure that all the proposals received under this plan LIC's Jeevan Akhshay-VI (UIN:512N234V05) on or before 30.11.2017 are completed as at 30.11.2017. For any incomplete proposal even if registered on or before 30.11.2017 but not completed on a date before or as at 30.11.2017, revised annuity rates would apply.

For the proposals completed before or as at 30.11.2017, in case of cheque dishonour and sbsequent receipt of money and completion of such cases after 30th November 2017, revised annuity rates would apply.

[Signature]
Executive Director (Marketing & Product Develpment)

FAQ
What is LIC's Jeevan Akhshay-VI (Plan No. 189) (UIN:512N234V05) ?
It is an immediate Annuity Plan. It is one time investment with Life Time Return Pension Plan applicable with next Month, Quarterly, Half Yearly or Yearly.

Can we Surrender Jeevan Akshay VI (Plan -189) ?
Yes! You can Surrender Jeevan Akshay -VI after one year and get back your money with OPTION-F

What are the Special Features of Jeevan Akshay VI (Plan -189) ?
There are lots of special feature this plan has. Some of them are listed below :
1> It Does Not Effect Your Pension Amount inspite of regular changing in Bank's FD Rate
2> After Policy Holder All Money Will Be Returnable to Nominee. 
3> Available Pension Option of Monthly, Quarterly, Half-yearly And Yearly
4> Pension Available From Just Next Month 
5> Minimum Entry Age 30 Years, Maximum Entry Age 85 Years
6> Minimum Investment Limit - 1 Lakh, Maximum Investment Limit - No Limit
7> Direct Credit of Pension Into Your Bank Account.
8> After Death of Husband & Wife All Amount Returnable to Next Legal Successor (Option-J)



ACT  NOW. NO TENSION ONLY PENSION

Life After Life With Life Insurance

Life-After-Life-With-Life-Insurance
One of my client asked me "why every alternate day an LIC Agent came to me and asked to buy an insurance policy? How I can buy if not able save to afford premium amount? I ask him just to imagine "you are the head of the family and only earning member. You have a good job, own flat, kids taking education in good school. But suppose unfortunately you are no more or no-more earning as now, then............. " that person silence for some time. Again I asked can you again imagine that your family can live without you as comfortable as now. They need money to fulfill their needs even in your absence... so we people come and tell you to do some for future cash requirement.
Always remember loss of an income always creates a dent in the financial plans of any family, and if that income is the only income, the damages can be very severe.
Nothing can be done to compensate for the emotional loss of the family. But we do something to take care of them financially when we are not there.
Therefore we can secure our family's financial future by buying a life insurance policy. Besides do not overlook benefits of a life insurance during your lifetime, especially if you are young. Here  I am listing some reasons for buying Life Insurance Policy.
1. Life After Life : As I illustrated above there are life after your life who need money to survive and fulfill their requirements. They are your dependent spouse, your child, your mother-father whom you love so much.
2. Supplements for your Retirement Goals: With a life insurance plan, you can ensure you have a regular stream of income every month till you survive. So, invest some money in  Pension Fund scheme.
3. Tax Saving Purpose: The premium you pay on an insurance policy is eligible for maximum tax benefit upto Rs.1.50 Lakh under section 80C. And give you a tax free return at the time of Maturity or death under section 10(D) of IT Act, 1961. So, you can save tax with insurance policies irrespective of what plan you buy. 
4. Peace of Mind: We all knows death is unavoidable. Atleast you can do this for your family to secure their financial future. Even if it is a small policy, you know that you have done all you can.
5. Forced Saving Tools: If you are not able to invest thou this investment forcefully ask you to save some money for future. If you choose a traditional or ULIP policy, you pay a premium each month, means each month savings.
6. Delay Cost More: Life insurance policy run on uncertainties. Now you are healthy so you can buy a life insurance but if you are ill your policy may be rejected. Buying life insurance early is cheaper than buying later. 
7. Helpful in Debt-dealing: If you have any home loan or car loan, you must not want your family to deal with financial liabilities during a crisis. Any outstanding debt either home loan, auto loan, personal loan or credit card outstanding will be taken care of if you have right (amount) insurance policies.
8. Fulfill Long-Term Goal: Life insurance a tool for long-term investment. It may help you to achieve your future goals such as buying home, fund for higher education of your child.

Using life insurance as an investment tool might make sense for some people in some situations - usually high net-worth individuals looking for a way to minimize income taxes. For the average person, it may fulfill their future financial needs.

Top Investment Idea U/s 80C

Many of us start investment only in February or March, i.e. just before the Financial Year getting over. This could be a big mistake. You may invest your money without proper planning. You may lose interest/appreciation for the whole year. Right time to start planning to invest is start of the financial year. This way you would not only make well informed decisions but also can earn interest for the whole year.

Where_to_InvestHere we will discuss about investment and tax deduction under section 80C of Income Tax Act. Section 80C replaces Section 88. Section 80C has become effective from 1st April 2006. Section 80CCC on Pension Scheme also merged with this section. Section 80C of IT Act allows certain investment and expenditure to be tax exempt. 

The maximum limit of deduction under section 80 is Rs.1.50 lakh from F Y 2014-15 / A Y 2015-16. Before F Y 2014-15 the limit was Rs.1.00 Lakh.

Most of the Income Tax payer try to save tax by saving under section 80C. Must note that under this section you can not only just save tax on investment bust also save tax on certain Expenditure.

Top Investment idea U/s 80C:-

1. Life Insurance Premium: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in this section deduction.

2. Unit Linked Insurance Plan: ULIP covers life insurance with benefits of equity investments. They have attracted the attention of investors and tax-savers not only because it help us to save tax  but also give decent returns in long-term.

3. Provident Fund: PF is deducted from your salary every month and both you and your employer contribute to it. While employer's contribution is exempt from tax, your contribution will come under section 80C. This deduction is compulsory, so this has to be the first and also apart from tax saving, it builds a long term, tax free retirement corpus for you.

4. Public Provident Fund (PPF): Public Provident Fund  is one of the best investment. Interest is compounded yearly and the normal maturity period is 15 years. You can deposit minimum Rs.500.00 and maximum Rs.1.50 Lakh. Remember rate of interest may vary by govt. notification.

5. Equity Linked Saving Scheme (ELSS): This is a mutual fund (MF) specially designed to save tax. The investments that you make in ELSS are eligible for deduction under section 80C.

6. National Savings Certificate (NSC): It is good investment option with a maturity period of Five years and Ten Years. Compounded Interest accrued Half Yearly. Minimum investment in NSC is Rs.100.00 and No Maximum limit. You can withdraw NSC before maturity period in case of certificate holder. Remember Investment in NSC are eligible for deduction but accrue interest income is chargeable to tax in the same year.

7. Pension Fund: In this Section 80CCC investment limit is clubbed with the limit of Section 80C. It means total deduction limit under section 80C and 80CCC is Rs.1.50 Lakh. This means that your investment in Pension Funds upto Rs.1.50 Lakh can be claimed as deduction under section 80C.

8. Five Year Bank Fixed Deposit (FD): Tax Saving fixed deposits with tenure of 5 years are also entitled for section 80C deduction.

9. Five Year Post Office Time Deposit: This is similar to bank's fixed deposit scheme. Interest is compounded quarterly but paid annually. Interest is totally taxable.

10. Home Loan Principal Repayment : The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components- (i) Principal Amount (ii) Interest Amount. The principal component qualifies for deduction under section 80C. And interest component save your tax under section 24 of IT Act. If you have taken home loan this is an automated EMI deduction cum investment. 

11. Sukanya Samriddhi Account: If you have blessed with girl child then it is for you only. You can open account under this scheme from the birth of a girl child till she attains the age of 10 year with minimum deposit of Rs.1000.00 and maximum deposit of Rs.1.50 lakh per year. Accrued interest under this scheme is fully exempt from tax in that year as well as in the year of receipts. For more you can read details in Notification No. G.S.R.863(E) Dated 02.12.2014.

Decide and Analyze which investment idea suite you to save tax and save your money with good return. Decision is yours. Have a happy investment.

Term Insurance Plan - Good or Bad Decision

Term_Insurance_Plan_Good_Decision_or_Bad_Decision
Term Insurance is a contract between Insurance Company and insured person that primary provides guaranty to pay insurance amount only in case of demise of secondary to their Nominee, If all term & condition full-filed. If demise incident does not happen then company are not liable to pay. So, before taking Term Insurance Plan, person should think and analyze the utility of it. 
Term Insurance takes your risk at very low premium with certain term & condition. Like other insurance and investment alternatives it is also simple and easy. You know the premium amount you have to pay till the policy term and insurance amount your nominee will get if unfortunate demise will happen. 
For taking term insurance to ensure your family's financial future in your absence there are certain things to know before.
First understand the Term Insurance, it is designed for providing a pay-out only in case of demise. It is not an investment option because it would not give you any return. It is not for you, it is for your family member. Only good things about it that it cover high risk amount with very low premium cost
Analyze your requirement, in case you have any loan outstanding (like home loan) and don't want to forward this burden on your family member's in your absence then it is the only best option for you. Certainly you do not want your family to compromise on their lifestyle or find difficulty in sustaining a good life in your absence. It will be big favour by getting yourself a Term Insurance Cover.
First choose the Insurance Amount you think should be enough for your family to get normal life in your absence. Now second option comes that what will be premium/installment amount. There are lot online site who will help you to compare the premium instantly. It can be vary from company to company. The best thing about term insurance  plans is that these plans  are designed to charge the same premium throughout the policy term, even though the risks increases when you grow old. So, it is better to have it in early age and reassess it in every 5 years and if fills & can able to pay premium, you can increase the cover amount you require.
Secondly before selecting any insurance company check their Claim Settlement Ratio at IRDA website. The insurance company could have rejected few claims but you should check the causes behind such decisions. Insurance company will not process a claim which is fraudulent. Choose the best one. Read Term and Conditions & understand the Exclusions carefully. It is important to know before purchase it so that you don't leave your dependents with various issues relating to your term plan in your absence.
Selecting Nominee is very important & crucial job while purchasing insurance plans. It should be a person who shall need your money the most after your passing. It can be your spouse, your parents or your child. It is advisable to keep your beneficiary informed about the key features of the policy and any changes that you decide to make about.
If you consider the above mentioned things when you are getting term insurance plan, you certainly will find the right plan for yourself.

With Profit And Without Profit Plans

With_Profit_And_Without_Profit_PlansMany people who have their life insurance policy get notice that their plan is may be "With Profit" or "Without Profit". Some time they thought why certain plans are categorized like this. And wiling to ask their agent. Here are the answer.
An Insurance Policy can be "With" or "Without" profit. Life insurance companies from time to time declare bonus (profit share) on their plans. 
An insurance plans in which this bonus/profit share is passed on to the policy holders is called a "with profit" plan. Bonus are allotted after certain periodical valuations to the policy and are payable with the maturity amount.
But  in a "without profit" plan this bonus is not passed on to the policy holders. Therefore, the premium rate charged for a "with profit" plan is little higher than that for a "without profit" plan. 
The percentage of bonus may vary from one policy to another depending on the type, term and the premium of the respective policy, amount other considerations.

Funny Investment Tips

On every investment site you will get lots of ideas about investment. Adviser or Planner will come with you some unique ideas and suggestions. 

Today I came with one funny investment idea.... don't take it serious, just have fun.

Where-to-InvestOne smart man gets married  with well educated lady. That person always looking about proper & best investment Plan. After few days his wife come with an intelligent investment idea. She told her husband that after small calculation I can tell you where should invest your valuable savings.

Be honest ......

Just do some calculation step by step as given below...

Step 1:
Choose any number (your Lucky No.) from given below list of numbers...

1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9.

Step 2 :
Now Multiply by 3 to the Selected Number.

Step 3 :
Now Add 3 with the Result.

Step 4 :
Again Multiply it by 3 with the Result.


You will get Two Digit Number. Add both number. 


Now this number will advise you where you should invest your hard earned money from the given below list of best trusted investment option.

1.   Invest in Property
2.   Invest in Gold
3.   Invest in Bank Fixed Deposit
4.   Invest in Business
5.   Invest in Shares
6.   Invest in P. P. F. 
7.   Invest in N. S. C.
8.   Invest in Tax Saving Plans
9.   Handover to your Wife
10. Invest in Mutual Funds
11. Any Other Govt. Deposits 



Hope you have got it. You are wise and willing to invest now then follow above steps and enjoy a happy life. Getting any doubts do it again.  Have Fun....

Register and Get Facility with LIC eService Portal

LIC has comes up with some new features with Lic’s e-service. You can register your policies at LIC portal with some simple steps and save lots of time.
Lic’s e-service is an initiative is to provide you with on demand service within a few clicks! You can now have many of the functionalities that were available only at branch office, Now it will be online at your fingertips. To avail this facility you have to get register as customer on LIC portal.
How to get Register on LIC Portal:
Register-and-Get-Facility-with-LIC-eService-PortalFirst you have to visit www.licindia.in  , click on the tab “New User “ , select your own USER ID & Password and provide all the other necessary information . Now you are a registered customer portal user.

LIC’s e-services portal for customers has come up with a lot of new facilities. Now if you register you can avail the following benefits: 


1.  Online Payment Facilities:
This facility provided to pay renewal premium dues, payment, repayment and loan interest due of loan through net banking, debit card, credit card, BHIM, UPI
2.   POLICY Schedule:
First page of policy bond which constitutes policy schedule will be displayed.

3.   Policy Status :
Basic detail of policy will be displayed such as plan, term, sum assured, date of commencement, first unpaid premium etc.

4.  Bonus Status :
     Total bonus accumulated under the policy will be displayed.

5.  Loan Status :
Present loan position will be displayed such as total loan outstanding under the policy, due up to which loan interest paid etc.

6.  Claim Status:
This option will display date of survival benefit (if any) or maturity benefit due under the policy during the policy term.

7.  Revival Quotation:
Revival quotation will be provided in case of lapse  policies.

8.  Premium Due Calendar:
Detail of premium due during the year (month wise) will be displayed.

9.  Premium Paid Certificate:
Individual policy – it provides history of premium paid under a single policy during the financial year.
Consolidated – it provides history of premium paid under all the registered own life policies of the user.

10. Claim History:
 This option will provide details of any claim paid under the policy with NEFT/  Cheque details, date of payment and amount of payment.

11.  Policy bond/proposal form image;
 Scanned image of the policy bond as well as proposal form will be displayed for enrolled  policies.
12.  Grievance registration:
Facility to register a complaint /grievance with insurer.

In future the benefits will further be enhanced. If you face any problem in registering, you may contact us/your Agent or to your nearest LIC Branch.


Health Insurance And Tax Benefit

Health-Insurance-And-Tax-Benefit
Health is Wealth or You may say Health is the greatest assets for a human being. Our overall health is severely affected by our lifestyle. Unhealthy Eating Habits, Lack of Adequate Sleep, Stress can affect our health. A Mediclaim policy acts as savior & it protect you from facing a financial crunch in a medical emergency. Since Inflation has made medical bills costlier, having a heath insurance policy is necessary as other necessities.

There are dual benefits of the health insurance. First it ensures your financial stability and give coverage against expensive medical bills and also offer you benefit of Tax Deduction under section 80D upto Rs.25,000/- to Rs.30,000/- (for Senior citizen).

In order to enjoy tax deductions along with health coverage, you need to check which policy suits you & your family and how much premium required for. The premium amount paid by you can be utilize as Tax Rebate Tool. Remember, if the premium paid by your employer, you will not be eligible for tax rebate. Under the IT Act, 1961 medical allowance is not considered as an allowance, which is exempted. 

Generally, medical allowance is confused with medical reimbursement. Medical reimbursement is paid by an employer to their employees when they submit medical bills. 

When it comes to tax planning, people generally don't consider their parent's health insurance as a tax saving tools. If you are paying for your parents health insurance, you can claim upto Rs.30,000/- as tax deduction benefit in your annual income tax return. 

Which is better Paid-Up or Surrender?

Which-is-Better-Paid-Up-of-Surrender-of-LIC-Policy !!
A life insurance policy in which if all the premium payments are complete till some specified period and insured person is free of all payment obligations and the policy stays intact until insured's death or termination by its maturity or Surrender of the policy is called Paid-Up Policy.

Life Insurance Policies usually last the insured person's lifetime or maturity period, but some some policies can be paid up completely till a specified period. Only Traditional Life Insurance Plans can be a Paid Up Policy. 

It is calculated as the ratio of number of premium paid to the total number of premiums payable multiplied by the Sum Assured value.

 i.e. Paid-Up Value = No. of Premium paid /No. Premiums Payable X Sum Assured.


For Example:  Pradip has one traditional Endowment Policy having Sum Assured Value Rs.2,00,000/- and the policy tenure is 16 years. Unfortunately Pradip did not able to continue his policy after continuing is upto 8 years full premium paid. 
Now from very next year he did not paid any due premium to make it continue, hence very next year this policy become automatically a Paid-Up policy.

Which is better Paid-Up or Surrender of Policy?
Now, Pradip has two option either he can go and surrender his policy by providing all necessary documents to the branch or let it become Paid-Up.

Also Read : How To Surrender An LIC Policy ??

A Policy can be paid-up from next premium due. Suppose I continue my policy up-to 8 years and from next year I fail to pay premium then it become automatically Paid-up to its proportionate to its  premium paid ; Payable And Sum Assured.

Every Insurance Plan has it surrender value which can be known from servicing branch. Its is approx 30% of Sum Assured in regular plan and up-to 90% in single premium plan.

If we calculate in both condition then we can make comparison itself and understand which is better. For Example you have S.A.=2,00,000/-; Tenure - 16 Years; Premium - Rs.13000 (Approx); Premium Paid up-to full 8 years.

Surrender Value : Rs.2,00,000 X 30% = Rs.60,000/-  (Immediate Payment)

Paid-Up Value : Rs.2,00,000 X 8/16 = Rs.1,00,000/- + Vested Bonus  (Payment after death or maturity)

You can decide which is better. On Surrender you will get immediate payment while on letting Paid-Up of Policy you will get after death or maturity which ever is earlier)

Insurance And Tax Savings

Insurance-And-Tax-Savings-Tips
Earlier we says for Insurance nowadays we also add Insurance with Tax Savings. Mostly people invest for tax saving purpose. And before taking any insurance plan peoples ask how much tax benefit they may get!

Here highlighting some LIC Plans with tax benefit as per Income Tax Act.

1) Deductions Under Section 80C  
   
    (i) Life insurance premium paid in order to effect or to keep in force an insurance policy on the life of the assessee or on the life of the spouse or any child of assesee and in the case of HUF, Premium paid on the life of any member thereof under an insurance policy, (Other than a contact for a deferred annuity) issued on or before the 31st day of March 2012 shall be eligible for "deduction only to the extent of 20% of the actual capital sum assured or actual  premium paid whichever is less." 
   And issued on or after the 1st day of April 2012 shall be eligible for "deduction only to the extent of 10% of the actual capital Sum Assured or Actual Premium paid  whichever is less".
     Where the policy, issued on or after the 1st day of April 2013, is for insurance on life of any person, who is - 
     (a)a person with disability or a person with sever disability (Section 80U)
     (b) Suffering from disease or ailment as specified in the rules under section              80DDB.

   (ii) Contribution to deferred annuity plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual, provided such contract does not contain a provision to exercise an option by the insured to receive a cash payment in lieu of the payment of annuity is eligible for deduction.

  (iii) Contribution to Annuity Plans like - New Jeevan Dhara, New Jeevan Dhara -I and Jeevan Akshaya -VI.


Under Section 80CCC
 New Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan :- A deduction to an individual for any amount paid or deposited by him from his taxable income in the above annuity plans for receiving pension is allowed.

*The aggregate amount of deductions under U/S 80C, 80CCC & 80CCD (1) shall not in any case exceed Rs.1,50,000/- (Rupees One Lakh Fifty Thousand)*

2) Deductions Under Section 80D

a)    Deduction allowable upto Rs.25,000/- if an amount is paid to keep in force an insurance on health of assessee or his family (i.e Spouse & Dependent children) or any contribution made to the central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf or on account of Preventive health check-up of the assessee or his family.
b)    Additional deduction upto Rs.25,000/- if an amount is paid to deep in force an insurance on health of parents or on account of Preventive health checkup of the parent of the assessee, whether dependent or not.
(c) In case of HUF, deduction allowable upto Rs.25,000/- if an amount is paid to deep in force an insurance on health of any member of that HUF.
(d) If the sum specified in (a) or (b) or (c) is paid to effect or keep in force an insurance on the  any person specified therein who is a senior citizen, then the deduction available will be up to Rs.30,000/-. Here senior citizen means the person who is of sixty year or more during the previous year.
(e) In case the amount are paid in (a) or (b) or (c) on account of preventive health check up, the deduction for such amounts shall be allowed to the extent it does not exceed in aggregate Rs.5,000/-
(f) For the purpose of deduction, the payment shall be made by  - any mode, including cash, In respect of any sum paid on account of preventive health check up and Any mode other than cash in all other cases.
(g) the insurance as mentioned above shall be in accordance with the scheme framed by (i) the GIC of India or any other insurer approved by IRDA.


3) Deductions Under Section 80DD
Jeevan Aadhar Plan - Deduction from total income upto Rs.75,000/- allowable on amount deposited with LIC under Jeevan Aadhar Plan, Jeevan Vishwas for maintenance of an handicapped dependent (Rs.1,25,000/- where handicapped dependent is suffering from severe disability)

4) Exemption in respect of commutation of Pension under Jeevan Suraksha & Jeevan Nidhi Plans : 
Under Section  10(10A)(iii) of the Income Tax Act, any payment received by way of commutation of pension out of the Jeevan Suraksha & Jeevan Nidhi Annuity Plans is exempt from Tax.

5) Income Tax Exemption on Maturity / Death Claims proceeds under section 10(10D) :
As per Section 10(10D) of the Income Tax Act, 1961, any sum received under a Life Insurance Policy, Including the sum allocated by way of Bonus on such policy is exempt from tax where the sum s received as a death benefit. However, to get exemption under above section for sum received other than death benefit.
* Policy shall not be issued under Section 80DD(3)  Or
* Policy shall not be issued as Keyman Insurance Policy  Or
* Policy which has been issued on or after April 1, 2003 and the premium paid      in any of the years during the term of the policy not exceeding 20% of the          Actual Capital Sum Assured.
* Policy which has been issued on or after April 1, 2012 and the premium paid      in any of the years during the term of the policy not exceeding 10% of the          Actual Capital Sum Assured.

Where the policy issued on or after the 1st day of April 2013 is for insurance on life of any person, who is - 
(i) a person with disability or a person with severe disability as referred to in section 80U, or 
(ii) Suffering from disease or ailment as specified in the rules made under section 80DDB,


*Exemption under this section shall be available only if the premium payable in any of the years is not more than 15% of the actual Capital Sum Assured.*


Do Banking Without Internet !!

Do-Banking-Without-Internet !!Excellent service !!

Dial  * 99# to do basic Banking instantly. One can check balance for accounts, mini statement where the mobile number is registered & no internet required. 

Below are the direct codes for banks::

* 99* 41# -State Bank of India
* 99* 42# -Punjab National Bank
* 99* 43# -HDFC Bank
* 99* 44# -ICICI Bank
* 99* 45# -AXIS Bank
* 99* 46# -Canara Bank
* 99* 47# -Bank Of India
* 99* 48# -Bank of Baroda
* 99* 49# -IDBI Bank
* 99* 50# -Union Bank of India
* 99* 51# -Central Bank of India
* 99* 52# -India Overseas Bank
* 99* 53# -Oriental Bank of Commerce
* 99* 54# -Allahabad Bank
* 99* 55# -Syndicate Bank
* 99* 56# -UCO Bank
* 99* 57# -Corporation Bank
* 99* 58# -Indian Bank
* 99* 59# -Andhra Bank
* 99* 60# -State Bank Of Hyderabad
* 99* 61# -Bank of Maharashtra
* 99* 62# -State Bank of Patiala
* 99* 63# -United Bank of India
* 99* 64# -Vijaya Bank
* 99* 65# -Dena Bank
* 99* 66# -Yes Bank
* 99* 67# -State Bank of Travancore
* 99* 68# -Kotak Mahindra Bank
* 99* 69# -IndusInd Bank
* 99* 70# -State Bank of Bikaner and Jaipur
* 99* 71# -Punjab and Sind Bank
* 99* 72# -Federal Bank
* 99* 73# -State Bank of Mysore
* 99* 74# -South Indian Bank
* 99* 75# -Karur Vysya Bank
* 99* 76# -Karnataka Bank
* 99* 77# -Tamilnad Mercantile Bank
* 99* 78# -DCB Bank
* 99* 79# -Ratnakar Bank
* 99* 80# -Nainital Bank
* 99* 81# -Janata Sahakari Bank
* 99* 82# -Mehsana Urban Co-Operative Bank
* 99* 83# -NKGSB Bank
* 99* 84# -Saraswat Bank
* 99* 85# -Apna Sahakari Bank
* 99* 86# -Bhartiya Mahila Bank
* 99* 87# -Abhyudaya Co-Operative Bank
* 99* 88# -Punjab & Maharashtra Co-operative Bank
* 99* 89# -Hasti Co-Operative Bank
* 99* 90# -Gujarat State Co-Operative Bank
* 99* 91# -Kalupur Commercial Co-Operative Bank





Also you can dial * 99* 99# to know your Aadhaar linking and Over Draft Status. It has been checked it really works.

Know-What is ULIP ???

Know-What-is-ULIP-HistoryA Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that unlike a pure insurance policy gives investors the benefits of both insurance and investment under a single integrated plan. Unit Linked Plans refer to Unit Linked Insurance Plans offered by insurance companies. These plans allow investors to direct part of their premiums into different types of funds (Equity, Debt, Money market, Hybrid etc.)

History:-

The first ULIP was launched in India in 1971 by Unit Trust of India (UTI) with the Government of India opening up the insurance sector to foreign investors in 2001 and the subsequent issue of major guidelines for ULIPs by the Insurance Regulatory and Development Authority (IRDA) in 2005, several insurance companies forayed into the ULIP business leading to an over abundance of ULIP schemes being launched to serve the investment needs of those looking to invest in an investment cum insurance product.

Working Principle:-
 A ULIP is basically a combination of insurance as well as investment. A part of the premium paid is utilized to provide insurance cover to the policy holder while the remaining portion is invested in various equity & debt schemes. The money collected by the insurance provider is utilized to form a pool of fund that is used to invest in various markets instruments  (debt & equity) in varying proportions just the way it done for mutual funds. Policy holders have the option of selecting the type of funds or a mix of both (debt and equity) based on their investment need and appetite. Just the way it is for mutual funds, ULIP policy holders are also allotted units and each unit has a net asset value (NAV) that is declared on a daily basis. The NAV is the value based on which the net rate of returns on ULIPs are determined. The NAV varies from one ULIP to another based on market conditions and the fund’s performance.

Features:-
ULIP policy holders can make use of features such as top-up facilities, switching between various funds during the tenure of the policy, reduce or increase the level of protection, options to surrender, additional riders to enhance coverage and returns as well as tax benefits.

Types:-
There are variety of ULIP plans to choose from based on the investment objectives of the investor, his risk appetite as well as the investment horizon. Some ULIPs play it safe by allocating a larger portion of the invested capital in debt instruments while others purely invest in equity. Again, all this is totally based on the type of ULIP chosen for investment and the investor preference and risk appetite.

Charges:-
Unlike traditional insurance policies, ULIP schemes have a list of applicable charges that are deducted from the payable premium. The notable ones include policy administration charges, premium allocation charges, fund switching charges, mortality charges and policy surrender or withdrawal charge. Some insurer also charge “Guarantee Charge" as a percentage of Fund Value for built in minimum guarantee under the policy.

Risks: -
Since ULIP returns are directly linked to market performance and the investment risk in investment portfolio is borne entirely by the policy holder, one need to thoroughly understand the risks involved and one's own risk absorption capacity before deciding to invest in ULIPs.

Providers: -
There are several public and private sector insurance providers that either operate solo or have partnered with foreign insurance companies to sell nit linked insurance plans in India. The public insurance providers include LIC of India, SBI Life and Canara Life while some of the private insurance providers include ICICI Prudential, HDFC Life, Bajaj Allianz, Aviva Life Insurance & Kotak Mahindra Life.

Advantages: -
(1) ULIP has limited liquidity. One needs to stay invested for a minimum   period of time as specified in the policy before redeeming the units.

(2) ULIP gives you flexibility to invest as per your risk profile, financial commitments and convenience. You can choose to invest either in equity or in debt or in hybrid fund and even change your investment    strategy. Unit Linked Plans offer you a wide range of flexible options such as   -- 
        (a)  The option to switch between investment funds to match your changing needs.
       (b) The facility to partially withdraw from your fund, subject to charges and conditions.
       (c) Single premium additions to enable the policy holder to invest additional sums of money (Over and above the regular premium) as and when desired, subject to conditions.

(3) Market Linked Returns:  ULIP give you an opportunity to earn market- linked returns as part of the premiums are invested in market linked funds which invest in different market instruments including debt instruments and equity in varying proportions.

(4) Life Protection, Investment and Savings: ULIP offer the twin benefits of life insurance and savings at market-linked returns. Thus you have     the opportunity to invest you money to earn higher returns, while     taking care of your protection needs. Investing in unit linked plans    helps to inculcate a regular habit of saving and investing. Which is important for building wealth over the long term?


(5)  All ULIPs offer Tax benefits under section 80C upto a maximum of Rs.1,50,000/-




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