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  • Mr. Kumar Gaurav: Insurance Proposal For

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    Harish Chand
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    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Mr. Kumar Gaurav: Insurance Proposal For

    Uploaded by

    Harish Chand
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    of 6

    Insurance Proposal for

    Mr. Kumar Gaurav


    for Annual Income of Rs. 190000/-

    from age 55 to 65

    Presented by
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    Delhi LIC Agent
    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com
    Presented by
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    Delhi LIC Agent
    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    Overview of Insurance & Retirement Plan for

    Mr. Kumar Gaurav

    The objective of this proposal is to provide financial security to your family during your
    productive span and a happy independent retired lifestyle for yourself and your spouse
    when you decide to retire.

    Under this insurance proposal you will need to make


    premium payments of Rs.31532/- p.a. from your own
    funds till your age of 54 years. This proposal provides for
    a high riskcover of Rs.1149500/- starting at age 26 and
    growing to Rs.3371500/- at age 55.

    In the year 2040 when you will be 55 years of age, you


    will start receiving annual tax free income every year till
    65 years of your age. Income starts at Rs. 287940 per
    annum and increases by approximately 0.00 % every
    year to take care of inflating costs of living. There is a
    provision of risk cover during this period too. In case of
    death during this period lump sum amount corresponding
    to the prevailing risk cover will be paid to your nominee.

    No premiums are payable from own fund after deferment


    period, that is, after age 54.

    In the event of any emergency or financial difficulties,


    there is a provision under this Magic Plan to provide loan
    against the insurance policy. The loan is available after 2
    years of completion of the policy and payment of 3 yearly
    premiums.

    Premiums are available for exemption under sec.80 CCE of


    income tax act upto Rs.100000/- per annum.

    Disclaimer
    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially
    independent life for yourself and your spouse on retirement.
    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year
    ended 31-Mar-2010. Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.
    u The effective yield in the above proposal works out to 9.14 % (calculated as per IRR method).
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - II

    Quotation Ref.No. : Kgaurav Quotation Date : 11/02/2011

    Proposer’s Name : Mr. Kumar Gaurav Proposer’s Age : 26 (nearer birthday)

    Sum Proposed : 1100000 Yearly Premium : 31532

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Benefits During Deferment Period

    Risk Cover Yearly Tax Net Loan


    Year Age Premium Saved Premium Available
    Normal Accident
    2011 26 1149500 1649500 31532 10717 20815 0
    2012 27 1199000 1699000 31532 10717 20815 0
    2013 28 1248500 1748500 31532 10717 20815 11500
    2014 29 1298000 1798000 31532 10717 20815 34750
    2015 30 1347500 1847500 31532 10717 20815 48250
    2016 31 1397000 1897000 31532 10717 20815 63250
    2017 32 1446500 1946500 31532 10717 20815 80500
    2018 33 1496000 1996000 31532 10717 20815 99500
    2019 34 1545500 2045500 31532 10717 20815 120750
    2020 35 1595000 2095000 31532 10717 20815 145000
    2021 36 1644500 2144500 31532 10717 20815 171750
    2022 37 1694000 2194000 31532 10717 20815 201750
    2023 38 1743500 2243500 31532 10717 20815 235000
    2024 39 1793000 2293000 31532 10717 20815 272250
    2025 40 1853500 2353500 31532 10717 20815 313000
    2026 41 1908500 2408500 31532 10717 20815 358500
    2027 42 1963500 2463500 31532 10717 20815 409000
    2028 43 2018500 2518500 31532 10717 20815 463250
    2029 44 2073500 2573500 31532 10717 20815 525750
    2030 45 2134000 2634000 31532 10717 20815 594000
    2031 46 2194500 2694500 31532 10717 20815 667000
    2032 47 2277000 2777000 31532 10717 20815 747750
    2033 48 2403500 2903500 31532 10717 20815 834000
    2034 49 2541000 3041000 31532 10717 20815 929750
    2035 50 2700500 3200500 31532 10717 20815 1033500
    2036 51 2860000 3360000 31532 10717 20815 1150000
    2037 52 3030500 3530500 31532 10717 20815 1279250
    2038 53 3201000 3701000 31532 10717 20815 1423250
    2039 54 3371500 3871500 31532 10717 20815 1583750

    914428 310793 603635

    * The above projection is based on assumptions enumerated on the page titled "Benefits during the Retirement Period".
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - II

    Quotation Ref.No. : Kgaurav Quotation Date : 11/02/2011

    Proposer’s Name : Mr. Kumar Gaurav Proposer’s Age : 26 (nearer birthday)

    Sum Proposed : 1100000 Yearly Premium : 31532

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Benefits during the Retirement Period

    Returns From LIC


    Risk Cover Yearly Tax Net Desired Amount Used for Net Loan
    Year Age Normal Accident Premium Saved Premium Income Received Prem. Pymt. Receivable Available

    2040 55 3350000 3850000 28116 9556 18560 190000 306500 18560 287940 1552750
    2041 56 3345500 3845500 24845 8444 16401 190000 325000 16401 308599 1511000
    2042 57 3292000 3792000 21705 7377 14328 190000 349500 14328 335172 1457500
    2043 58 3224500 3724500 18691 6353 12338 190000 374000 12338 361662 1392500
    2044 59 3038000 3538000 15799 5370 10429 190000 403500 10429 393071 1314500
    2045 60 2812500 3312500 13013 4423 8590 190000 423000 8590 414410 1220750
    2046 61 2568000 3068000 10229 3477 6752 190000 442500 6752 435748 1112250
    2047 62 2274500 2774500 7542 2564 4978 190000 467000 4978 462022 981750
    2048 63 1942000 2442000 4947 1682 3265 190000 491500 3265 488235 830500
    2049 64 1550500 2050500 2435 828 1607 190000 521000 1607 519393 653750
    2050 65 1100000 1600000 0 0 0 190000 550500 0 550500 445500

    147322 4654000 97248 4556752

    u Magic-Plan Retire & Enjoy is a combination of LIC plans specially researched to meet the objective of securing a financially
    independent life for yourself and your spouse on retirement.
    u The benefits shown in this presentation have been calculated on the basis of interim bonuses declared by LIC for the year
    ended 31-Mar-2010 . Actual results may deviate depending on the future bonuses declared by LIC.
    u Loan calculation is done on the basis of present surrender value rates.

    u The Riskcover of Rs. 1,100,000.00 will continue till life time.


    u The effective yield in the above proposal works out to 9.14 % (calculated as per IRR method).
    u IRR does not consider the death benefit after age 65.
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - II

    Quotation Ref.No. : Kgaurav Quotation Date : 11/02/2011

    Proposer’s Name : Mr. Kumar Gaurav Proposer’s Age : 26 (ANB)

    Sum Proposed : 1100000

    Benefits After Retirement Age

    Risk Cover
    Year Age Normal Accident Cash Value Loan Available

    2051 66 1100000 1600000 512820 462000


    2052 67 1100000 1600000 529980 475750
    2053 68 1100000 1600000 547140 492250
    2054 69 1100000 1600000 564300 508750
    2055 70 1100000 1100000 581350 522500
    2056 71 1100000 1100000 598290 539000
    2057 72 1100000 1100000 615120 552750
    2058 73 1100000 1100000 631730 569250
    2059 74 1100000 1100000 648120 583000
    2060 75 1100000 1100000 664180 596750
    2061 76 1100000 1100000 680020 613250
    2062 77 1100000 1100000 695640 627000
    2063 78 1100000 1100000 710820 640750
    2064 79 1100000 1100000 725780 654500
    2065 80 1100000 1100000 740300 665500
    2066 81 1100000 1100000 754380 679250
    2067 82 1100000 1100000 768130 690250
    2068 83 1100000 1100000 781440 704000
    2069 84 1100000 1100000 794310 715000
    2070 85 1100000 1100000 806850 726000
    2071 86 1100000 1100000 818840 737000
    2072 87 1100000 1100000 830500 748000
    2073 88 1100000 1100000 841720 756250
    2074 89 1100000 1100000 852940 767250
    2075 90 1100000 1100000 863720 778250
    2076 91 1100000 1100000 874720 786500
    2077 92 1100000 1100000 885610 797500
    2078 93 1100000 1100000 896830 808500
    2079 94 1100000 1100000 911130 819500
    2080 95 1100000 1100000 923670 830500
    2081 96 1100000 1100000 947430 852500
    2082 97 1100000 1100000 970640 874500
    2083 98 1100000 1100000 1024100 921250
    2084 99 1100000 1100000 1062050 957000
    2085 100 1100000 1100000 0 0
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Retire And Enjoy - II

    Quotation Ref.No. : Kgaurav Quotation Date : 11/02/2011

    Proposer’s Name : Mr. Kumar Gaurav Proposer’s DOB : 29/08/1984 Age : 26 (ANB)

    Sum Proposed : 1100000 Yearly Premium : 31532

    Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 33.99 %

    Agent's Copy

    Sr. DAB Interim * Bonus #Assu PREMIUM


    No. Plan/Tm/PPT Sum Sum Bonus Rate Step FAB SSS Mly. Qly. Hly. Yly.
    Rate Rate

    1 149/29/29 100000 0 45 45 0.00 760 294 309 881 1735 3416


    2 149/30/30 100000 0 45 45 0.00 900 281 296 844 1661 3271
    3 149/31/31 100000 0 45 45 0.00 1100 270 284 810 1595 3140
    4 149/32/32 100000 0 45 45 0.00 1300 259 273 777 1531 3014
    5 149/33/33 100000 0 45 45 0.00 1550 249 262 746 1469 2892
    6 149/34/34 100000 0 45 45 0.00 1700 240 252 719 1415 2786
    7 149/35/35 100000 100000 45 45 0.00 1850 239 251 717 1413 2784
    8 149/36/36 100000 100000 45 45 0.00 2050 231 242 692 1364 2687
    9 149/37/37 100000 100000 45 45 0.00 2250 223 234 669 1317 2595
    10 149/38/38 100000 100000 45 45 0.00 2500 216 227 647 1276 2512
    11 149/39/39 100000 100000 45 45 0.00 2750 209 220 627 1236 2435

    1100000 500000 2711 2850 8129 16012 31532

    1. '*' : - Assuming LIC will declare the above mentioned bonus rates for the year ended 31-Mar-2011.
    2. '#' : - Assuming that bonus rate declared by LIC will increase/decrease per year by step rate mentioned above.

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