Prime Minister Narendra Modi started this scheme in December last year. The name of this scheme is Bima Sakhi, which has been started by Life Insurance Corporation of India (LIC) to empower women financially.

The aim of the Bima Sakhi scheme is to add 100,000 Bima Sakhis under the scheme within a year, so that rural women can be given an opportunity to become insurance agents, earn a livelihood and increase awareness about insurance in villages. The LIC Bima Sakhi scheme is expected to not only create new livelihood opportunities for rural women, but also improve insurance access in underprivileged areas of India.

By launching this scheme, LIC has taken an initiative to empower women and contribute towards the broader goal of financial inclusion. The scheme targets women aged 18 to 70 years who have studied at least up to class 10. LIC plans to enroll 100,000 Bima Sakhis in the next 12 months and 200,000 Bima Sakhis in three years as part of its women empowerment campaign.

The specialty of this scheme is that the women participating in this scheme will be given a fixed stipend for the first three years in addition to the commission earned from policy sales.

• The estimated monthly income for women will start from Rs 7,000.
• During the first year, individuals will receive Rs 7,000 every month.
• In the second year, the monthly payment will reduce to Rs 6,000.
• By the third year, the amount will reduce to Rs 5,000.

Women who achieve or exceed sales targets will be given additional commission based incentives.

Freedom to work is given under this scheme. Also, training will be provided to the agents by LIC. By enrolling in the program, women will receive special training and financial literacy support for the first three years. Graduation Bima Sakhis will get the opportunity to work as LIC agents and they may also be eligible for the role of development officer within the company.

Who can apply?

Women between the ages of 18 and 50 are eligible to apply for this program. The minimum eligibility is 10th pass and women living in rural areas will be given preference. Relatives of existing agents and employees will be considered ineligible in this scheme.

How to apply online?

Candidates can submit their applications online. Registration details and application form are available on the official LIC website. You can apply with your documents.

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Financial Services Secretary M Nagaraju and LIC CEO and MD Siddharth Mohanty introduced this plan. Senior officials of the Finance Ministry and LIC were present on this occasion.

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This meeting of the GST Council was considered special because in this the government would give a discount in GST rates on the premium of term life insurance, health insurance and health insurance of senior citizens, but this issue has been postponed for the time being in this meeting of the GST Council.

There was no consensus among the group of ministers

The GST Council on Saturday deferred the decision to reduce the tax rate on the premium of life and health insurance policies. Officials gave this information. In the 55th meeting of the GST Council, it was decided that some more technical aspects need to be resolved in this regard. The work was assigned to the GoM for further discussions in this regard.

This decision was taken by the council chaired by Union Finance Minister Nirmala Sitharaman and attended by her counterparts from the states. Bihar Deputy Chief Minister Samrat Choudhary said that another meeting of the GoM on insurance will be held to decide on taxation on group, individual, senior citizen policies.

This will be discussed again in January

Chaudhary told reporters, “Some members said that more discussion is needed. We (GoM) will meet again in January.” The Council has constituted a Group of Ministers (GoM) on Insurance under the chairmanship of Chaudhary, which in its meeting in November agreed to exempt the insurance premium of term life insurance policies from GST.

Also, it has been proposed to exempt the premium paid by senior citizens for health insurance cover from tax. It is also proposed to exempt from GST the premium paid for health insurance up to Rs 5 lakh for persons other than senior citizens. However, 18 percent GST will continue on the premium paid for policies with health insurance cover of more than Rs 5 lakh.

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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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Life Insurance Corporation of India (LIC-Life Insurance Corporation of India) has got relief from SEBI. SEBI has given additional time of 3 years to LIC to complete MPS (Minimum shareholding pattern). Earlier, the Finance Ministry had given 10 years time to LIC to fulfill the minimum public shareholding which is 25 percent.

Now the company will have to hold minimum public shareholding by May 2032. After the relief from SEBI (SEBI-Securities and Exchange Board of India), there was a rise in the shares of LIC. The company’s shares rose by 5 percent.

At the time of writing the news, LIC shares are trading at Rs 975.50 per share. It is expected that soon the shares of the company will become Rs 1000.

Why did SEBI give relief to LIC?
According to SEBI rules, LIC has to fulfill the minimum public share holding norms of up to 25 percent. The government had sold shares worth more than Rs 22.13 crore through LIC’s IPO. This is approximately 3.5 percent stake of the company. After this, the government has 96.5 percent stake in the company.

According to SEBI rules, small investors should have a total stake of 25 percent in the company.

What is minimum public shareholding rule?
When a company is listed in the stock market, it has two shareholders. One is the owner or promoter of the company and the other is the public i.e. the investors who buy shares of the company.

Let us tell you that the people who are involved in promoting or starting a company are called promoters. According to SEBI rules, the promoter’s stake in the company can be more than 65 percent, but the common investor should have 25 percent stake. This means that the promoter’s stake should not exceed 75 percent.

Whenever the promoter’s stake in a company exceeds 75 percent, SEBI gives time to the company to fulfill the minimum public shareholding rule. The company has to do this work within this time. If the company does not complete this work within time then SEBI can take action against them.

House Rent Allowance : Even those who do not live in a rented house can claim HRA, adopt this method, even Income Tax will not say anything.

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LIC Special Pension Scheme: Life Insurance Corporation (LIC) offers several investment options that provide impressive returns along with security of returns on investment. In one such standard immediate annuity, LIC Saral Pension Scheme, the government-owned insurer offers investors an opportunity to secure their future. This scheme follows the guidelines of Insurance Regulatory and Development Authority of India (IRDAI).

Age limit for investing in LIC Saral Pension Scheme
The minimum age limit for investing in LIC Saral Pension Scheme is 40 years while the maximum age limit is 80 years.

Two annuity options in LIC Saral Pension Scheme
LIC Saral Pension Plan offers investors to select the type of annuity from two available options:

Option 1: Insurers can choose to get an annuity with 100% return on the purchase price.

Option 2: In the second option, the insurer can select the joint-life last-survivor, who will continue to receive the annuity with 100% return on the purchase price.

How to invest in LIC Saral Pension Scheme?
Investors who are planning to invest their money on LIC Saral Pension Scheme can buy the policy through a LIC agent or the nearest LIC office. You can also invest in this scheme online through www.licindia.in.

What is the minimum investment in the scheme?
You can invest a minimum of Rs 12,000 per year in the Saral Pension Scheme, which works out to Rs 1000 per month; Rs 3000 per quarter; And Rs 6000 per half year. That means you can deposit money in three ways.

According to LIC calculator, if a 42 year old person buys an annuity of Rs 30 lakh, he will get Rs 12,388 as pension every month.

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Today, the number of LIC policy holders in the country is in lakhs. Many times people say that there is hardly any household in the country who knows about it and has not purchased a policy. If you also come in that list, then you and your family members should know how to claim LIC to provide financial assistance to the family if any calamity ever befalls you. In this article we are going to answer this question.

What is the process?

To start the process of filing a death claim, the nominee has to visit the home branch of LIC from where the policy was issued. There they will have to give information about the death of the policyholder. The branch officer will give Form 3783, Form 3801 and NEFT form to transfer funds to the nominee’s bank account.

The documents that need to be submitted along with these forms include original death certificate, original policy bond, PAN card of the nominee, Aadhaar card of the nominee, voter ID, copy of driving license or passport and any ID proof of the deceased policyholder (Aadhaar card Better if it is) are included. The nominee will have to self-attest all the documents.

Declaration form has to be given

Along with the completely filled form and documents, the nominee will also have to submit a declaration form. In this, the date of death of the policyholder, place of death and cause of death will have to be mentioned.

Along with the NEFT form, the nominee will have to submit a canceled check and copy of the bank passbook, which has the name of the bank account holder, account number and IFS code printed on it. If the photocopy of the bank passbook is not present along with other documents, the documents will not be accepted.

Keep these things in mind

Keep in mind that while submitting the documents mentioned above, the nominee should keep the original documents of which he is submitting copies. They should also keep their PAN card, ID proof of the deceased person and original passbook for verification.

The LIC officer will verify the original passbook from the copy before approving the documents for processing the death claim. Keep in mind that apart from this list of documents, the Life Insurance Corporation may ask for additional documents before crediting the final amount into the nominee’s bank account.

Don’t forget to take receipt after submission

Once you submit the documents at the LIC branch, do not forget to take the receipt and keep it safe. If no additional documents are required, the nominee will receive the settlement amount within a period of one month. However, if the amount does not arrive in your bank account within a month, you should take the receipt to the LIC branch and ask for information about its status.

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Life Insurance Corporation of India (LIC) has launched a new scheme. This is a Unit-Linked Insurance Plan (ULIP). Its name is Index Plus. This is a non-participating, regular premium and individual insurance plan. This plan offers you savings along with insurance cover during the policy term. Non-participating policies are those in which no share is given in the profits of the insurance company. This means that you will not get any bonuses or dividends with the policy.

What is there in LIC Index Plus?

LIC Index Plus provides life insurance cover for the entire policy term. According to the policy brochure, if the policyholder dies during the policy term, the sum assured is paid to the nominee. Maturity benefit is also available in the policy. If the policyholder survives the policy term, he is paid the funds collected at the end of the policy. In this scheme your fund is invested in units which will be linked to the performance of the stock market. You get guaranteed returns in the scheme, which is subject to the terms and conditions of the policy. The policy has a lock-in period of 5 years. Only after this you can take out the units in parts.

Some benefits of Index Plus policy

– Low Premium: The premium of this plan is lower than other ULIP schemes.
– Guaranteed Returns: You get guaranteed returns in this scheme, which gives you a source of fixed income.

-Stock market related returns: You also get a chance to get stock market related returns in this scheme.

Some disadvantages of index policy

Market Risk: In this scheme you have to face market risk. The reason is that the performance of your fund is linked to the performance of the stock market.
Low Returns: If the stock market does not perform well then you may get low returns.
Pre-decided benefits: The benefits you receive are pre-decided and do not depend on the performance of the stock market.

Should you invest?

Whether an Index Plus policy is right for you depends on your needs and preferences. If you want a ULIP policy with low premium and the opportunity to get guaranteed benefits and stock market linked returns, then Index Plus policy can be a good option for you.

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At the same time, people also get different types of benefits from the schemes given through LIC. However, now LIC has suffered a shock. A fine has been imposed on LIC and this fine has been imposed on LIC by GST. Let us know about it…

Fine imposed on LIC

The Goods and Services Tax (GST) authority has imposed a penalty on Life Insurance Corporation of India (LIC) for underpayment of tax. This is a fine of Rs 36844 which has been imposed on LIC. The insurance company gave this information on Wednesday. LIC told the stock exchange that it has received a communication/demand order for collection of GST along with interest and penalty for Jammu and Kashmir.

LIC

According to the notice dated October 9, 2023 from the State Tax Officer, Srinagar, LIC paid 12 percent GST instead of 18 percent on some bills (invoices). The tax authority has issued demand order and penalty notice for 2019-20. In this, GST is Rs 10,462, penalty is Rs 20,000 and interest is Rs 6,382. LIC said that this has not affected the financial, operational or other activities of the corporation.

Share Market

Let us tell you that LIC is a listed company in the stock market. The 52 week high of LIC shares on NSE is Rs 754.25. Whereas the 52 week low price of LIC shares is Rs 530.05. Along with this, on October 11, the share price of LIC was seen trading at around Rs 636.

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In which after investing, you will not have to worry about money for the rest of your life. LIC’s Saral Pension Scheme arranges for lifelong pension on paying the premium only once. After taking this policy, the pension you will get for the first time, the same pension will be available for the whole life.

After investing in it, you do not even need to wait for the age of more than 60 years for pension. In this policy only at the age of 40 years you start getting the benefit of pension. You can take pension every month, every three months, every 6 months or once in 12 months. So let’s know about it in detail…

Will get two options

There are two options to take this scheme. The first is single life in which the policy will be in the name of any one. On his death, the amount of base premium will be given to the nominee. Another option is joint life. In this, both the spouses are covered. First the primary pensioner will get the pension and after his death the pension will be given to his spouse. If both of them die, then after their death, the amount of base premium will be received by their nominee.

Who will get how much pension?

People of minimum 40 years and maximum 80 years can take advantage of this scheme. In this, you will have to take a minimum of Rs 1,000 per month or an annual pension of Rs 12,000. For this you have to invest 2.5 lakhs. There is no limit on taking maximum pension in this. You can get a pension of Rs 50250 every year by paying a single premium of Rs 10 lakh. Remember that you must be 40 years old here.

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Nowadays there are many options available for retirement plan in the market. In these, the retirement plan related to insurance is very important. Because insurance products provide the benefits of life insurance along with savings. Apart from this, better retirement planning can be done by investing in several savings plans including mutual funds, PPF and post office.

However, insurance companies are offering many insurance plans including life insurance, term insurance, ULIP plans, money back and endowment plans to meet the demands of customers related to retirement planning. Let us know about those 5 selected retirement plans, which can prove to be helpful for you in old age.

Max Life Guaranteed Lifetime Income Plan

In Max Life Guaranteed Lifetime Income Plan, along with many benefits, you also get guaranteed fixed income after retirement. The monthly premium in this plan is Rs 10,000. There are both single and dual life annuity options and you get the option of taking the pension amount every month, 3 months, 6 months and annually.

SBI Life Saral Retirement Saver Plan

SBI Life Saral Retirement Plan helps you build a substantial retirement corpus. Along with this, it also guarantees you the future security of the family. Preferred term rider is also available in this plan, along with investing in this plan, you can also get the benefit of income tax deduction. By getting recurring reversionary bonuses during the policy period, your retirement fund grows gradually and eventually you get a hefty amount. Lump sum, monthly, biennial and annual options are available for premium payment in this plan.

LIC New Jeevan Shanti Plan

With LIC New Jeevan Shanti Plan, you can choose between Single Life for One Time Premium and Deferred Annuity for Joint Life. This plan can be purchased both online and offline. Till the end of the deferment period, additional death benefits will be paid at the end of each policy month. It has monthly, quarterly, half-yearly and annual in annuity mode. Loan facility will be available against the policy after 3 months from the completion of the policy.

Bajaj Allianz Life Long Life Goal

Bajaj Allianz Life Longlife Goal Plan, is a unit-linked plan, in which you can earn continuous income till the age of 99 years. This plan is available in two options, with premium waiver benefit and without premium waiver benefit. The plan has 4 different investment portfolio options along with Loyalty Addition every year from 5th to 25th policy year. At the same time, after the 5th year, you can also withdraw some money from it.

National Pension Scheme

If you want to invest in a tax friendly scheme, then National Pension Scheme can prove to be a very good option for you. This scheme is also safe i.e. the money invested here will not be lost. You can invest in this scheme to live a life of peace and comfort at the time of retirement. In this scheme you will get a fixed pension. After paying premium continuously for 3 years, you can withdraw money from it. Only 25% of the total deposit amount can be withdrawn before maturity.

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According to sources, this change of LIC can be of great benefit to the customers. Explain that there is a provision in the proposed bill that if any applicant can register and apply for one or more categories of insurance business of any category.

If any company has a composite license, then in this situation it can offer both general and health insurance services through the same company. For this, they will not have to do separate insurance. According to the agency, in the event of the passing of the LIC Insurance Amendment Bill, the composite license and all other issues related to insurance will be considered keeping in mind the Life Insurance Corporation Act, 1956.

At the same time, re-insurance companies are prohibited from getting registered for any other category of insurance business. Composite licensing will enable insurance companies to offer general and health insurance services through a single entity. It is believed that to amend the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act, 1999, this bill can be tabled in the budget this year. The Finance Ministry is currently planning to make major changes in the insurance law.

Customers will get good returns

The Finance Ministry is planning to make large-scale changes in the insurance law to promote the policyholders and keeping in mind their interests. With this, apart from getting good returns to the policyholders, new employment opportunities will also be created in the market, which will also boost economic growth. At present, there are 24 life insurance companies and 31 non-life or general insurance companies operating in the country.

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Life Insurance Corporation (LIC) has launched a great plan, under which you start getting pension even at the age of 40 by depositing a lump sum amount. Let us know about this scheme.

What is Saral Pension Yojana?

The name of this scheme of LIC is Saral Pension Yojana. This is a single premium pension plan, in which premium is to be paid only at the time of taking the policy. After this, you will continue to get pension for the whole life. If the amount of single premium is returned to the nominee on the death of the policyholder. Saral Pension Yojana is an immediate annuity plan, that means you start getting pension as soon as you take the policy. After taking this policy, as much as the pension starts with, the same pension is available for the whole life.

Two ways to take this pension scheme

Single Life- In this, the policy will remain in the name of any one, as long as the pensioner is alive, he will continue to get the pension, after his death, the amount of base premium will be returned to his nominee.
Joint Life- In this, both the spouses have coverage. As long as the primary pensioners are alive, they will continue to get pension. After his death, his spouse will continue to get pension for life, after his death the amount of base premium will be handed over to his nominee.

Who can take Saral Pension Yojana?

The minimum age limit for the benefit of this scheme is 40 years and the maximum is 80 years. Since it is a whole life policy, pension is available for the whole life, as long as the pensioner is alive. Saral Pension Policy can be surrendered anytime after six months from the date of commencement.

When will the pension be received, it is for the pensioner to decide. In this you get 4 options. You can take pension every month, every three months, every 6 months or you can take it in 12 months. Whichever option you choose, your pension will start coming in that period.

How much will you get pension?

Now the question arises that how much money you will have to pay for this simple pension scheme, then let us tell you that you will have to choose it yourself. That is, whatever amount of pension you choose, you will have to pay accordingly. If you want pension every month, then you have to take at least Rs 1000 pension, Rs 3000 for three months, Rs 6000 for 6 months and Rs 12000 for 12 months. There is no maximum limit.

If you are 40 years old and you have deposited a single premium of Rs 10 lakh, then you will start getting Rs 50250 annually which will be available for life. Apart from this, if you want your deposited amount back in the middle, then in such a situation you get back the deposited amount by deducting 5 percent.

Can also take loan

If you have a serious illness and need money for treatment, then you can withdraw the money deposited in the Saral Pension Yojana. You are given a list of serious diseases, for which you can withdraw money. On surrendering the policy, 95% of the base price is refunded. The option of taking a loan is also given under this scheme (saral pension plan). You can apply for the loan after 6 months from the start of the scheme.

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Loan facility

If you have got FD done somewhere, then you get the facility of loan in lieu of it. Apart from this, overdraft facility is also available on the basis of loan in many banks. The reason for this is that the amount of FD is in the form of a guarantee with the bank. The bank gives you the loan according to your amount. If you are unable to repay the loan on time, then that loan is covered by your FD amount.

Insurance cover

You are also given the facility of insurance cover on FD by the Deposit Insurance and Credit Guarantee Corporation. Suppose the bank goes bankrupt due to any reason, then you can get an amount of up to five lakhs under the insurance cover along with the return. That is, there is no tension of losing money.

Life insurance

There are also some banks, which also offer the benefit of life insurance on FD. This amount is equal to the amount of FD. This offer is given by the bank to the customers so that they can attract more and more people for FD. However, there is an age limit as well.

Tax benefits

If you make an FD for 5 years or more, then you get a chance to claim tax exemption under section 80C of the Income Tax Act 1961. If you make an FD of less than 5 years, then you will have to pay tax. Apart from this, if the interest received from the bank in any of the five years exceeds 40 thousand rupees, then you will still have to pay tax.

Guaranteed return

Now let’s talk about the benefits that everyone talks about. That is the guaranteed return on FD. Whether you get an FD for one year, for 5 years or for 10 years, you know how much money you will get at the time of maturity. This is the reason why FD is considered a safe investment and in today’s time, even after having all the investment options, people get FD without worry.

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