Rights With Insurance And Investment

Every investment allows you some rights to exercise. Here below i am listing some rights to exercise when you go for insurance or investment. 

1) Right To Have Insurance Policy : - 
    As we know if any misshapen occurs then insurance help to get rid of financial crisis. In some cases it is bound to have insurance i.e if you have bike / car or any other automated vehicle you mus have general insurance. In same way every individual has right to be insure and to protect their family from financial problem, but unfortunately it is not compulsory.

2) Right to Return Insurance Policy : - 
    You don't have to retain a life insurance policy you don't want. You have the right to return it whit in 15 days of receiving policy documents. This is called Free Look Up Period. This free look up period applies to all life insurance policies and health insurance policies with a term of 3 year and more. To return a policy, you need to submit an application. Most insurance companies have a form that can be downloaded from their respective websites or get from their branch office. Submit it yourself.

3) Right to Know Commission Paid on Plans : - 
    If you buy/planning to buy an insurance plan then you have right to know how much commission will be earn by your insurance agent, fund distributor from this financial product. 

A Mutual Fund distributor's commission paid by the fund provider company and it may disclosed in your statement. 

For insurance products, the agent's commission depends on the premium, tenure and plans. You can ask your insurance agent to furnish this information before selling you a policy.

ULIP commission are displayed in the benefit illustration accompanying the proposal form. 

Get in touch with SEBI for Mutual Funds and IRDA for insurance updates if your agent not providing this information.

4) Right to Life Insurance Claim : - 
    An IRDA directives gives you the right to claim the proceeds of a life insurance policy that has completed full 3 years. There are no exceptions to this rule. The Insurance company has this 3- year window to verify the authenticity  of the policyholder, after which the claims have to be settled. This ruling also applies in case a policy holder  expires within 3 years, but the claim is made after 3 years.  

Financial Duties Of An Individuals

Every citizen have some financial duties and rights that they should know but most of them are unknown to it. We have listed some are here Financial Duties here for your information.
(1) Duty to Pay Tax On Due Date:-
If your income is above taxable limit then you should consult a tax consultant and pay tax as per given slab. Income  Tax paid by you is used by the Government to build the infrastructure of the nation. you can be shock after knowing that only approx 3% of the population file Income Tax Returns and pay taxes. 

(2) Duty to be Truthful with Financial Planning:- 
Now a days livelihood is very expensive. Calculate your insurance cover properly to take adequate amount of insurance. Less or More may misplan your financial future needs. Declare true fact while you are filling proposal form of insurance, any incorrect information can result in your claim being reject.

(3) Duty to Nominate in Time:- 
Mentioning Nomination at the time of filling proposal form is better than later because unexpected risks may happen any time and dependent may come in problem in your absence.

(4) Duty to Sign Filled Form Only:- 
You should know that only you are responsible for the form you signed. So, don't handover any blank form. Fill out the form you are signing yourself or have it done in your presence. Self attested documents are good to prevent frauds.

(5) Duty To Pay Your Dues On Time:- 
Late payment of your dues may impact your credit ability in market. Some time late payment of credit card dues or loan installments can derail your financial planning. Late payment fees are hefty and so always try to avoid it.

How to Fill NACH Form in LIC ?

What is NACH : The National Payment Corporation of India (NPCI) has implemented an electronic payment service termed as National Automated Clearing House (NACH) for banks, financial institutions, corporate and  Govt. Department. 
NACH is a funds clearing platform set up by NPCI similar to the existing ECS of RBI.

Important Points

NACH has both Debit and Credit Variants and it aims at facilitating inter bank high volume debit/credit transactions, which are bulk and repetitive in nature.
The Primary move of NACH is to handle low value, high-volume transactions based on electronic files
Ideally implementing this mandate will allow transactions to be cleared n real-time mode rather than batch mode.
The NACH platform will have national footprint wich will cover 82000+ bank branches
The centralized ACH or NACH is expected to consolidate the current multiple ECS Systems and provide a framework for removal of local barriers/inhibitors and harmonization of standards and practice.

What is Difference between NACH And ECS ?
The prevalent Electronic Clearing Services (ECS) in India is available at around 89 centers in the country while it is operated by the RBI at 15 Centers, it is operated by commercial banks at the remaining centers. The ECS model lacks a standardized operating model users manual processes and has other inherent challenges such as inconsistent timelines around post transnational query management and servicing.
1 Mandate verification is done based on physical resulting in verification issues and delayed timelines. A robust mandate management system that will include a standardized mandate format and a defined workflow for mandate verification.
2 No such concept of a unique mandate registration reference number.
Unique mandate registration reference number will be available, which will allow for better tracking.
3 Higher number of rejection observed on account of mandate related issues Provision to capture destination banks unique mandate registration in the transaction file resulting in lesser rejections.
4 Presentation and settlement is spread over 3-4 day period. Same day presentation and settlement including returns processing.
5 Dispute management is left to the discretion of the Destination Bank Well defined Dispute Management System electronic platform to raise and resolve issues, Oversight by the NPCI.


How to Fill NACH Form in LIC ?
There are some precautions require to fill NACH Form to save it from rejections.
There are some points which need to have attentions and act as per guidance given below :
* UMRN = Leave it blank.
* DATE = Write date of registration (Current Date)
* To Debit = Tick account type
* Bank Account Number = Write Complete Account Number from Left to end
* With Bank = Name of Customers Bank
* IFSC = IFSC Code
* Amount = is the maximum account printed in the mandate acknowledgement                   letter printed after the policy number is allotted.
* Amount in Words =Do not write "Only" after writing in words)
* Amount in Figure = In figure  don't put slash or dash.
* Frequency = Tick As and When presented
* Debit Type = Tick Maximum amount 
* Policy Number = Write Policy Number
* Mobile Number = Mobile number given in the bank.
* E-mail ID =  If given useful for future reference.
* Period
               From = Registration date (the date on which policy is keyed in and                                completed)
               To     = Need Not be entered
               TICK  Until Cancelled
* Signature
Single Account Holder = Only one Sign
Joint Account Holder =  Sign of all account holders.

Due to some reason some time it get cancel. To understand proper reason for cancellation are some here given below :

NACH Rejection codes & Reasons : -

MO03Drawer signature differs
MO 36Invalid payer account number
MO79Data mismatch & debit type & sign
MO38No such account
MO72Data mismatch with mandate
MO73Mandate incomplete
NOEXTurn around time expired
MO40Title account wrong , incomplete
MO42Account description does not tally
MO32Period of validity not mentioned
MO78Date mismatch, period & signature
MO57Payer name mismatch
MO43Nature of debit not allowed
MO07Alteration requires authentication. 

Suggestion:To know more visit here

Change Of Nomination in LIC Policy

    The Insurance Act allows the holder of a life insurance policy to nominate, on his own, a person or persons to whom the money shall be paid in the event of his death while effecting the policy or any time before it matures.
    A policy holder can do nomination at the time of proposal by given the details of nominee in the proposal form. If nomination can not be done at the time of proposal, it can be done later also. If nomination is done later, it has to be effected by giving notice in a prescribed form of LIC and it has to be done on the back of the policy document. A nomination is not required to be stamped.
    Remember Cancellation or Change in Nomination in insurance policies now comes at a cost as regulator IRDA has allowed life insurance company to charge upto Rs.100/- for offline issued policies and Rs.50/- Online (Electronic form) issued policies.

PROCESS OF CHANGE THE NOMINATION IN LIC POLICY :-  A Policy holder can change his nomination during the policy term and it can be changed any number of times. To change the nomination in LIC Policy, the policyholder has to give a notice to LIC of India in a  Form 3750 and nomination has to be endorsed. Further, the policyholder can change nominee without prior inform them. Nomination can be done or changed number of times by paying nominal fee to the insurer.
To process of change of nomination following documents require :- 

  • Relation Proof of Life Assured and the person being nominated
  • Form No. 3750 *
  • Original Policy Bond.
* If you have Joint Life Policy use Form No.3237.
* If you have Minor Nominee use Form No. 3265.

How To Make Claim in Insurance ?

How-To-Make-Claim-in-LIC ?
What is Claim in Insurance?
Let’s talk about claim. Claim is the demand that the insurer (i.e. LIC of India) should redeem the promise made in the contract. Then the insurer settle the claim after satisfying himself that all the conditions and requirements for settlement of claim have been complied with.
Types of claims:-
An insured person can make claim according to condition complied to contract between Insurer & Policyholder. Claim can be made against Maturity; Death or by Surrendering a policy.
In Money Back Policy, LIC or other Insurance company also pays Survival Benefit Payment before the date of maturity.
How to Make Claims and what are the documents required for?
(A)Maturity Claims:-
When Life Insurance Policy is maturing, the insurance company will usually send intimation prior to due date at least two to three months in advance of the date of maturity with maturity amount payable details.
Policy holder should contact his servicing branch to know about claim procedures & sets of documents required. The Insurance Company asks for following documents:
(          1)Maturity Claim Form No. 3825
(          2)Original Policy Bond
(          3)Discharge Voucher with witness sign
(          4)NEFT Details with cancelled Cheques
(B)Death Claims :-
When a person with life insurance policy dies, claim intimation should be sent to the insurance company as early as possible. The Assignee or the Nominee under the policy can do this with the help of his agent or relative.
The claim intimation should contain information like Date, Place and Cause of Death. The Insurance Agent should help the Insured Person Family or Assignee to deal with the Insurance Company. The Insurance company will respond and ask for the following document :
(       1)Maturity Claim Form No. 3825
(       2)Certificate of Death
(       3)Original Policy Bond
(       4)Discharge Voucher with witness signature
(       5)NEFT Details with cancelled Cheques
*If the policy has been assigned in favour of any other person or entity like any Loan provider company – the claim amount will be paid to the assignee who will give discharge.

(C) Surrender of Policy : - Please visit post How to Surrender LIC Policy?

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.

Deduction U/s 57 for LIC Agents

Deduction U/s 57 for LIC AgentsDeduction U/s 57 of Income Tax Act, 1961 for Income earned by LIC agent as Income From Other Sources :-

The benefit of adhoc deduction to Insurance agents of the Life Insurance Corporation having total commission (including first year commission, renewal commission and bonus commission) of less than Rs. 60,000 for the year, and not maintaining detailed accounts for the expenses incurred by them, may be allowed as 
follows :  
(i)  where separate figures of first year and renewal commission are available, 50 per cent of first year commission and 15 percent of the renewal commission;
(ii)  where separate figures as above are not available, 100/3 per cent of the gross commission. In both the above cases, the adhoc deduction will be subject to a ceiling limit of Rs. 20,000.

The “gross commission” in (ii) above will include first year as well as renewal commission but will exclude bonus commission. The complete amount of bonus commission is taxable and will be taken into account for purpose of computing the total income, and no adhoc deduction will be allowed from this amount. The benefit of ad hoc deduction will not be available to agents who have earned total commission of more than Rs. 60,000 during the year. The admissibility of the expenditure claimed by such agents will be decided by the Assessing Officers as per the provisions of the Income-tax Act. —Circular No. 648, dated 30-3-1993 

Service Tax Effect As on 19th April & From 01st June 2016

Dear LIC Agent

Please note that from 1st June 2016 Service Tax Rate has been changed on life insurance premium of diffrent LIC product. Details are as follows :

                          Existing          Revised
New Business       3.625%          3.75%
Renewal.              1.8125%       1.875%
Term/Health.        14.50%         15.00%
Jeevan Akshay      1.45%           1.50%

So please take care of your customers.

Complete all booked business on or before 31st May 2016.

Contact customers and guide them to pay renewal on or before 31st May 2016 to save a little Service Tax. 

Saving is Saving, size of saving is not necessary but saving is necessary. 

Start from yourself and guide others.

All The Best.

Are You Looking for Best Insurance Adviser !!

Are You Looking for Best Insurance Adviser !!
Dear Friends !
Now a days there are lots of company who are dealing in insurance business. But who will fulfill their commitment we don't know.

Suppose we took a health plan ( medical insurance plan) but when we come to take benefit of this policy company reject our claims saying this is Pre-Existing Disease. So, they can't honour your claim.
So, before taking the health insurance we must take care of exclusions. Secondly also check the claim settlement ratio of that company.  
I am an authorize insurance adviser approved by IRDA and associated with Life Insurance Corporation of India (LIC) and Star Health And Allied Insurance Co. Ltd.

In case any help regarding Life Insurance, Health Insurance (Cashless Mediclaim), Best Child Plan, Best Plans of LIC, Tax Saving Plans (Tips), you can call me at # 9958781151.

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