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LIC Jeevan Lakshya (Table 833) Details

LIC Jeevan Lakshya

LIC Jeevan Lakshya (Table 833) is third launch by LIC in the month of March, 2015. LIC Jeevan Lakshya is limited premium endowment plan with profit. LIC Jeevan Lakshya policy is designed to provide annual income benefit to the policy holder family. Under this policy 10% of sum assured will be paid to nominee on every policy anniversary in case of unfortunate death of policy holder till maturity. On maturity again sum assured and bonus will be payable. Let’s take a closer look at LIC Jeevan Lakshya.

LIC Jeevan Lakshya Details

Eligibility:-

Minimum Age -18 Years

Maximum Age -50 Years

Basic Sum Assured – Minimum 1 Lac, Maximum – No limit

Maximum Maturity Age – 65 Years

Policy Term – 13 Years to 25 Years

Premium paying term – Policy term – 3 Years

E.g Policy term is 20 years, then premium paying term will be 20 years – 3 years = 17 years

Premium paying mode – Monthly, Quarterly, Half Yearly, Yearly 

LIC Jeevan Lakshya Benefits:-

Death Benefits:-

  • On unfortunate death of policy holder during policy term 10% of basic sum assured will be paid to nominee every year from year of death till maturity date of policy.
  • On maturity date nominee will be again paid by –

110% of sum assured + Bonus + Final additional Bonus (if any)

Maturity Benefits:-

  • If policy holder survives policy term and all premium dues have been paid then at the maturity following shall be payable.

Sum assured + Bonus + Final Additional Bonus (if any)

LIC Jeevan Lakshya Policy Riders:-

LIC Jeevan Lakshya provides following optional riders benefits on payment of extra premium.

  • Accidental death and disability benefit rider –

This rider benefit can be opted any time within premium paying term of policy. Accidental benefit risk cover is applicable during policy term only.

  • If this rider is opted amount equals to accident benefit sum assured will be payable in case of accidental death.
  • In case of accidental permanent disability of policy holder, basic sum assured will be divided and paid in terms of EMI spread over 10 years. Future premium will be waived off.

Maximum limit for Accidental rider is 1Cr.

  • Term Assurance rider –

Term assurance rider can be taken only at the time of taking LIC Jeevan Lakshya policy. Policy holder need to pay small additional premium amount for this rider.

  • If this rider is opted amount equals to term assurance rider sum assured will be payable in case of death.

Maximum limit for Term assurance rider is 25 Lac.

LIC Jeevan Lakshya Policy Illustration:-

Mr.Rohit purchase LIC Jeevan Lakshay Policy with following details.

Age -25 years

Policy term – 20 years

Premium paying term – 17 years

Basic sum assured – 10 Lac

Death Benefit: Suppose Mr.Rohit passed away after 5 years from the policy purchase date. Death benefit payable to nominee will be:-

  • From 6th year to 20th year nominee will be paid with sum of 1 Lac every year. (10% of basic sum assured).
  • At the end of policy term after 20 years nominee will receive 11 Lac (110% of sum assured) + Bonus

Maturity Benefit:- Suppose Mr.Rohit survive policy term maturity benefit payable to him will be:-

  • Maturity amount = 10 Lac + Bonus + Final Additional Bonus (if any)

Looking at first instance this policy seems to be attractive, however premium details are yet not available. I will update this post as soon as will get information about premium.

How you find LIC Jeevan Lakshya? Do share your views.

Jeevan Lakshya

Pradhan Mantri Suraksha Bima Yojana – PMSBY

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is accidental death insurance scheme launched in budget 2015-16. Basic aim behind this initiative is to provide low cost insurance for all Indians, especially poor and under privileged. Let’s take a close look at Pradhan Mantri Suraksha Bima Yojana.(PMSBY)

Pradhan Mantri Suraksha Bima Yojana

Eligibility:-Pradhan Mantri Suraksha Bima Yojana is available to people in age group from 18 years to 70 years with bank account.

Bank account linked to Aadhar card is mandatory to take this insurance. Individual intended to take this insurance need to approach bank with simple application form. One needs to renew this policy every year before 1st June.

Premium:-Premium for this insurance is very low. You need to pay just 12 Rs/- per annum to avail this insurance. This is perhaps lowest premium we have ever seen for any insurance policy.

Payment Mode: – Premium will be automatically debited from your account. This is the only mode available for payment.

Risk Cover:-Pradhan Mantri Suraksha Bima Yojana provides accidental death risk cover of 2 Lac. It also provides coverage of 2 Lac for full disability.

Partial disability risk cover is up to 1 Lac. Although this sum is very low but could be helpful where the insurer is the only earning member of the family.

Term of Insurance: – Default term of this insurance is 1 year, however person wish to extend this policy for extended year can opt for the same. In this case insurer account will be automatically debited by bank.

Pradhan Mantri Suraksha Bima Yojana will be offered by all public sector general insurance companies and all other insurer. Final list of insurer offering this scheme is still awaited.

Should I buy Insurance under Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana is boon for poor and under privilege people, who are intended to take insurance but unable to pay high premium. As per me everyone should take advantage of this scheme and opt for this scheme.

This is welcome step taken by government of India in order to provide social security to every citizen of India. Apart from this government has also announced various other insurance schemes in budget 2015 such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal pension Yojana.

PMSBY

Note:- This scheme is launched on 9th May,2015 by Prime Minister Narendra Modi.

ZIPSIP – Mutual Fund Investment Platform – Review

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zipsip

ZIPSIP is Mutual Fund Investment Platform by Aditya Birla Money – My universe. This platform helps you to make easy investment in mutual funds. ZIPSIP is for new investor who is eager to invest money in mutual funds but don’t know where to start from. Let’s review what is ZIPSIP and how it can help you?

What is ZIPSIP?

ZIPSIP is easy way to create mutual fund portfolio. You just need to do few clicks and system will generate mutual fund portfolio based on your risk profile. ZIPSIP is claimed to be backed by expert professionals.

How ZIPSIP works?

  • Visit Aditya Birla Money- ZIPSIP website.
  • Provide following information
  • Your age group
  • How much money you can invest per month?
  • Your current status like single, married or nearing retirement
  • When it comes to investment you are beginner, proficient or expert
  • You would like you investment to earn
    • Low Risk Consistent return
    • Moderate Risk, Moderate return
    • High Risk, High Return
  • What action you will take If you face loss in money invested by you?
    • Sell part of your investment
    • Hold in order to get better return
    • Buy More

Once you submit all information given above system will find out best mutual funds based on your risk profile.

How ZIPSIP works

You can save your plan by providing your email id, name and phone number.

ZIPSIP

What is Unique about ZIPSIP?

  • ZIPSIP is fast, effortless and paperless.
  • ZIPSIP provide suggestion about mutual funds instantly. You need not to spend number of hours to find out best mutual funds for investment.
  • ZIPSIP is free of cost
  • This service is backed by experts and mutual fund portfolio is suggested based on their experience and expertise.

I should use ZIPSIP?

ZIPSIP is very good tool for new investors. This tool helps in selecting mutual funds, however there are few shortcomings. Minimum amount of investment using this tool is 2500 Rs/-. Investors are not allowed to shift from low to medium to high risk appetite.

ZIPSIP allows mutual fund investment only as per output by tool. You cannot select and invest in any other mutual funds. No research paper or supporting document provided for selection of mutual funds.

Looking at shortcomings in this tool, this tool is recommended only for first time or new investor, however you can use this tool to quickly find mutual funds that are appropriate for you.  It is highly recommended to carryout research before making investment in any mutual fund.

Do you use ZIPSIP for making investment in mutual fund?

Do share your experience with us.

7 Best Mobile Apps for Business

Business demands extensive capital, manpower, skill, resources, and knowledge. Apart from this you also need good computing power and a business app to enhance the efficacy of your business. Multiple smartphone apps are available in the market today I will provide you information about the 7 best apps for business.

best business mobile apps

7 Best Mobile Apps for Business

Microsoft 365 (Office)

Microsoft 365 (Office) is an office application app from Microsoft. This app allows you to open Word, excel, and PowerPoint documents on the go.

This app automatically optimizes documents based on your mobile screen layout. This app also allows you to edit these documents. The beauty of this tool is although you are editing on mobile formatting and content remains intact. You must download and use this app for business.

Cisco Webex

The Cisco Webex app allows you to conduct online meetings or presentations with your client on the move. Webex allows presentation/screen sharing, and voice and video conference facilities. You can also make multiparty video calls using this tool. Cisco Webex is a licensed product and you need to spend a few dollars for the same.

One Note or Ever Note

One Note or Ever Note is a very good note-taking business tool. This tool allows you to keep all data a single place be it handwritten notes, photos, videos, web articles, or anything else. This tool works with multiple devices. It also keeps all data in sync. It comes with powerful search and tagging functionality. You should use this app for business.

Business Calendar

Business Calendar is a free business app that keeps track of all your important meetings and appointments. It also allows you to add a favorite bar for easy access.  You can scroll and view daily and monthly calendar views. A search facility and color coding facility are available with this tool.

Google Drive

Google Drive is a business app for taking backups of your important data. Google by default provides 15 GB of space to end users.  This limit can be further enhanced to 30 GB. You can store your all important documents, photos, and videos with Google Drive.

Card Scanner

Card Scanner is a wonderful business app. This app comes with an OCR facility. Take Snap a photo of a business card using your mobile camera and this app will read and extract details from this snap.  This app also supports multiple languages.

ZOHO CRM

The CRM app by ZOHO helps you to access customer information available on the CRM portal of ZOHO. This tool offers complete customer relationship management. You can manage end-to-end customer details from this tool like sales, marketing, customer support inventory activity, etc.

Hope these tools will help you to enhance the productivity of your business.

Do share your views on the above!