A similar case came to light in which the son took an insurance policy before marriage, in which he made his mother the nominee. After the death of the person, there was a dispute between the mother and wife regarding the insurance claim. In which the Karnataka High Court has given an important decision that the nominee in the insurance policy will not have full rights on the insurance amount, if the legal heirs (entitled) of the deceased make their claim.

What did the court say?

The court clarified that Section 39 of the Insurance Act, 1938 does not mean that it can override laws like the Hindu Succession Act, 1956. This decision has come in the case of Neelavva alias Neelamma vs Chandravva alias Chandrakala alias Hema and others. In this case, there was a dispute over the real claimants of the insurance amount.

Legal heir can make a claim

Justice Anant Ramanath Hegde said that the nominee in the insurance policy will get the benefit only if the legal heirs of the deceased do not make a claim. If the heirs like wife, children or parents make a claim, then the division of the insurance amount will be done according to the succession laws.

what was the whole matter

In this case, a man made his mother the nominee in his insurance policy before marriage. Even after marriage and the birth of the child, he did not change the nominee. When he died in 2019, a dispute started between his mother and wife over the insurance amount. The High Court upheld the lower court’s decision and said that the deceased’s mother, wife and child will get one-third of the insurance amount. This decision has made it clear that the nominee in the insurance policy will not get the entire amount, but the legal heirs will also have a right over it.

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Insurance policy for less than Rs 10 for Diwali

According to the company’s announcement, this insurance plan will cover accidents caused by firecrackers on the occasion of Diwali. Coverage on this firecracker insurance will be available from October 25. This means that if a person buys this plan after October 25, the coverage will be applicable from the date of purchase. Under this special plan, which is available for less than ten rupees, the insurance holder and his family will be given coverage of up to Rs 25,000 for 10 days.

Who can get Firecrackers Insurance Plan and when?

Under the Firecrackers Insurance Plan, the holder gets security from expenses related to hospitalization, treatment or accidental death due to firecrackers. Any user of the PhonePe app can buy this new insurance plan for himself and any close person including his family, relatives, neighbors, friends in less than a minute. This plan covers the policy holder and four members of his family i.e. husband-wife and two children.

How to Purchase Firecrackers Insurance Plan?

On Diwali, there are many reports of people getting injured in accidents during firecrackers and fireworks across the country. PhonePe’s insurance plan initiative has made the users almost tension-free in such accidents. PhonePe users can choose and buy the firecrackers insurance facility after clicking on the insurance section of the app. However, the user must read the plan information, terms and conditions before completing the payment process of Rs 9 for the premium. Also, one should not forget to check and update all his information before taking the insurance policy.

Age, coverage, payment rules in PhonePe Insurance

According to the rules of PhonePe’s Firecrackers Insurance Plan, the policy holder will be covered only as per the age limit given in the instructions. The age limit for adults is 18 to 65 years and for children, the age limit is 3 months to 25 years. In case of accidental death of the policy holder during fireworks, a lump sum coverage amount of Rs 25,000 will be paid.

On the other hand, the sum insured amount of Rs 25,000 will be given on floater basis in case of hospitalization after a firecracker accident. In this, day care procedure will be applicable along with hospitalization for 24 hours. However, this plan will also be applicable if the patient is admitted in the hospital for less than 24 hours.

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For this, the rules of special surrender value have come into effect from October 1. This will benefit the most to those people who return the policy within a year. Now their entire money will not be lost. At the same time, the policy sold in the wrong way can also be returned easily. The amount that the company returns on closing the insurance before maturity is called surrender value. It is decided on the basis of the total premium paid.

Rules for these policies

The new rule will be applicable only on endowment policies of life insurance. Endowment policy means a policy which has an element of savings along with insurance. With the implementation of the new rule, the margin of insurance companies in endowment policies will decrease. The new rule will not be applicable on ULIP and term insurance policies.

Premium required for one year

Earlier, if a policyholder used to close a life insurance policy after one year, then all the money paid as premium would be lost. With the new special surrender value rules, the policyholder will be entitled to get a refund even after returning the policy after the first year. However, for this, the policyholder will have to pay the premium for at least one year, only then he will be able to take advantage of this rule.

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The insurance regulatory body said that retail policyholders can cancel the insurance policy at any time during the policy period by informing the insurance company and get a refund for the remaining policy period. Announcing several reforms in the insurance sector, IRDAI said, “If the policyholder cancels the policy, he does not need to give the reason for cancellation.

Insurance regulator IRDAI said, “If the customer cancels the policy, the insurer should refund the proportionate premium for the expired policy term if the policy term is up to one year and no claim has been made during the policy term.

Also Read: Good news for bank employees, salary increased by 17%, increase in DA also approved

Claim will not be rejected due to lack of documents

In addition, the Insurance Regulatory and Development Authority of India (IRDAI) said that general insurance companies cannot reject claims in the absence of any documents. The master circular issued in this regard, which is part of the reforms in the general insurance business, will usher in a new era for simple and customer-centric insurance solutions.

The comprehensive master circular on general insurance business also repeals 13 other circulars. The circular states that no claim will be rejected due to lack of documents. According to this, customers can be asked to submit only those documents which are necessary and related to claim settlement.

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If you want to secure the financial future of your family, then life insurance policy can be one of the best options for that. But, many times people take a policy (Life Insurance Tax Benefits) just to save tax.

Should one take insurance to save tax?

If your aim is only to save tax (Income Tax 2024), then you should look at other options other than insurance policy. There are many such schemes of the government, by investing in which you can not only save a good amount of tax, but you also get excellent returns.

Whereas, if we talk about insurance policy, it costs more. This also affects your returns. Many times the returns come down to just 4 to 5 percent.

Why should one take an insurance policy?

The whole purpose of an insurance policy should be to cover your risks. Such as compensation for physical and financial losses caused by accidents. This secures the financial future of you and your family. Life insurance should not be seen as a tax saving option.

One should be more cautious during January-March. Insurance companies put more pressure on their agents to sell policies during January to March, because they have to meet the target. During this time, taxpayers also look for options to save tax. In such a situation, the agents sell the policy at a huge premium under the pretext of saving more tax.

If you want to get more returns then invest your money here

Many government savings schemes give much better returns than insurance policies. In these, tax exemption is available under 80C. Now like 8.2 percent return is being given on Sukanya Samriddhi Yojana and 7.1 percent return on Public Provident Fund (PPF).

Tax exemption of Rs 1.5 lakh is also available on mutual fund schemes like Equity Linked Saving Scheme (ELSS). Apart from this, returns can also be more than 10 percent.

HDFC Bank increased interest rates on fixed deposits, avail interest up to 7.75 percent

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LIC’s ‘Dhan Vriddhi’ policy has been launched on 23 June 2023. The company has currently fixed 30 September 2023 as the last date for purchasing this policy. Here you will get every detail of the policy…

Features of LIC Dhan Vridhi Plan

In this policy of LIC, people will get the benefit of a guaranteed return along with insurance cover. While the family members of the policy holders will get financial assistance on the occasion of his death, a guaranteed return will also be available on maturity of the policy.

Customers of this policy will get two options, in which 1.25 times return can be obtained in the first situation and 10 times in the second situation, in case of death of the person. However, the premium will be different for both the situations.

The policy will mature in this number of days

The maturity period in LIC ‘Dhan Vriddhi’ policy will be 10, 15 and 18 years. To become a customer of this policy, your minimum age should be 90 days, that means the policy can be bought in the name of children also.

The minimum sum assured will be

The minimum sum assured for LIC Dhan Vridhi policy will be Rs 1.25 lakh. After this it can be increased with multiples of Rs.5000.

Death Benefit

After the commencement of the risk cover in LIC Dhan Vriddhi, the policy holder will get the ‘Sum Assured’ and the ‘Guaranteed Return’ earned thereon in case of death during the policy term. While on the maturity of the policy, he will get the sum assured and the guaranteed return accumulated till then.

Guaranteed returns will be added to the policy every year at the end of the policy term. In the first option, it will be Rs 60 to 75 on a sum assured of Rs 1,000. Whereas in the second option it will be between 25 to 40 rupees.

Riders will be able to take with the increase in money

With LIC Dhan Vridhi policy, customers can also take Accidental Death and Disability Benefit riders like other term policies. Along with this, loan facility will also be available on this policy. LIC Dhan Vriddhi policy can be bought through an insurance agent and online.

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Meanwhile, the Insurance Regulatory and Development Authority of India (IRDA), working under the Government of India, has given important instructions. The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to set social media guidelines for their employees.

Insurance

The insurance regulator has asked to ensure that no unauthenticated or confidential information related to the organization is disseminated through these forums. IRDA said that the reputation of an organization is largely related to the behavior of its employees and social media should be used in such a way that it adds value to the business of the organization.

In this regard, IRDA has issued information and cyber security guidelines to all insurance companies . It has a specific clause on ‘acceptable use of social media’, which states that employees should not share any unconfirmed or confidential information on “any blog/chat forum/discussion forum/messenger site/social networking site”. should be avoided.

Internet

IRDA has given many more important instructions. IRDA also said that while making personal posts on the Internet, individuals should make it clear that these are their views and do not represent the views of the organization. It is also very important to inform that the post has nothing to do with the organization.

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All those women whose age is between 8 to 55 years are eligible to get the benefit of this scheme. If you also want to secure your future, then you can invest in this plan. Let us tell you about this policy in detail.

LIC keeps bringing LIC policy for every class of people in the country. Often women are far behind in buying insurance policies. In such a situation, LIC has launched a special insurance policy keeping women in mind. In this policy, women get benefits in many ways. In this policy, any woman can buy insurance for a minimum of Rs 75 thousand and a maximum of Rs 3 lakh.

What is Cornerstone Policy?

If you want to buy LIC’s Aadhaar Shila plan, then you must have an Aadhaar card. Aadharshila Policy is a non-linked, participating, individual saving life insurance plan. This is a long term savings plan in which women from the age group of 8 years to 55 years can invest. Under this scheme of LIC, you can invest on quarterly, half yearly and yearly basis. Under this scheme, you can invest for a minimum of 10 years and a maximum of 20 years.

How to get the benefit of 8 lakhs

if you start the scheme at the age of 30 years. And saving Rs 58 every day, you will deposit Rs 21,918 in LIC Aadhaar Shila Yojana in a year. You will invest Rs 4,29,392 over 20 years while on maturity you will get a return of Rs 7,94,000. LIC’s Aadharshila plan provides both security and savings. Only those women can take advantage of this, whose Aadhaar card is made.

Details of Aadharshila Scheme

In this scheme, women get a sum assured of Rs 75,000 from a non-linked, participating, individual saving life insurance plan up to Rs 3 lakh. Along with this, the maximum age of maturity of this scheme is 70 years. This plan of LIC provides financial help to the policyholder and the family after his death.

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Insurance worth lakhs is available on gas connection

Let us tell you that you get insurance up to Rs 50 lakh on LPG gas connection. This is called LPG insurance cover. This is given for the loss of life and property due to any kind of accident caused by the gas cylinder. You get insured for this policy as soon as you get the gas connection. You get this insurance as soon as you get a new connection.

What is this insurance policy

Let us tell you that when you buy a cylinder, you get LPG insurance at the same time. Along with this, you should also take special care of the expiry date while buying the cylinder. Because it is linked only to the expiry date of the insurance cylinder. You should know that if someone dies due to cylinder blast, then an insurance cover of up to Rs 50 lakh is claimed. You do not have to pay any extra monthly premium for this. If an accident happens with a gas cylinder, then the victim’s family members can claim for it.

This is how you can claim

Explain that to claim the insurance of LPG cylinder, you have to inform about it to your distributor and the nearby police station within 30 days of the accident. For this, it is also necessary to have a copy of the FIR. Along with this, medical receipt, hospital bill, post mortem report and death certificate are also required. Let us inform that the person in whose name the gas cylinder is issued, also gets the amount. No one can be made a nominee in this policy. Also, your cylinder, its pipe, stove and regulator should be ISI marked.

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