#1
May 28th, 2016, 12:53 PM
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Jeevan Anand IRDA
I am MBA Finance Student and making project on Insurance Regulatory & Development Authority (IRDA) want details of life insurance policy. Will you provide details about Jeevan Anand IRDA Scheme and also provide me list of Life Insurance companies registered by IRDA?
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#2
May 28th, 2016, 12:54 PM
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Re: Jeevan Anand IRDA
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. Jeevan Anand scheme is one of the facility of IRDA. Jeevan Anand IRDA Details Introduction Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI). For the year 2003-04 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum. Product summary This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. Premium : Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death. Bonuses: This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. Benefits in case of death during the selected term: The Sum Assured along with the vested bonuses is payable on death in a lump sum. Benefits in case of survival to the end of selected term: The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter. Accident Benefit: An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments. Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits. Surrender Value: Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract. Guaranteed Surrender Value: The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded. Corporation’s policy on surrenders : In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid. The Corporation’s surrender value will be reviewed from time to time and may change depending on the economic environment, our experience and other factors. Note : The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document. Benefit Illustration: Statutory warning “Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.” Age at entry: 35 years Premium paying term: 25 years Mode of premium payment: Yearly Sum Assured: Rs.1,00,000/- Annual Premium: Rs.4,535 /- End of Year Total premium paid till end of year Benefit payable on death during the selected term Guaranteed * Variable Total Scenario 1 Scenario 2 Scenario 1 Scenario 2 1 4,535 1,00,000 1500 5100 101500 105100 2 9,070 1,00,000 3000 10200 103000 110200 3 13,605 1,00,000 4500 15300 104500 115300 4 18,140 1,00,000 6000 20400 106000 120400 5 22,675 1,00,000 7500 25500 107500 125500 6 27,210 1,00,000 9000 30600 109000 130600 7 31,745 1,00,000 10500 35700 110500 135700 8 36,280 1,00,000 12000 40800 112000 140800 9 40,815 1,00,000 13500 45900 113500 145900 10 45,350 1,00,000 15000 51000 115000 151000 15 68,025 1,00,000 22500 76500 122500 176500 20 90,700 1,00,000 33000 113000 133000 213000 25 1,13,375 1,00,000 41500 141000 141500 241000 End of Year Total premium paid till end of year Benefit payable on survival to the end of selected term Guaranteed Variable Total Scenario 1 Scenario 2 Scenario 1 Scenario 2 25 1,13,375 1,00,000 41500 141000 141500 241000 26 onwards 1,13,375 1,00,000 ** - - 1,00,000 ** 1,00,000 ** * In addition to the benefits given in the column, an Accident Benefit of Rs. 1,00,000 /- will also be available without payment of extra premium in case of death/disability due to accident. ** Benefit payable on death after the selected term. If the death occurs due to accident up to age 70 an additional Rs. 1,00,000/- will also be paid. i) The above illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life. ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed. iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification. iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed. Here is a list of Life Insurance companies registered by IRDA. List of Life Insurance Companies in India: 1. Aegon Life Insurance Co. Ltd. 2. Aviva Life Insurance Co. India Ltd. 3. Bajaj Allianz Life Insurance Co. Ltd. 4. Bharti AXA Life Insurance Co. Ltd. 5. Birla Sun Life Insurance Co. Ltd. 6. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. 7. DHFL Pramerica Life Insurance Co. Ltd. 8. Edelweiss Tokio Life Insurance Co. Ltd 9. Exide Life Insurance Co. Ltd. 10. Future Generali India Life Insurance Co. Ltd. 11. HDFC Standard Life Insurance Co. Ltd. 12. ICICI Prudential Life Insurance Co. Ltd. 13. IDBI Federal Life Insurance Co. Ltd. 14. IndiaFirst Life Insurance Co. Ltd 15. Kotak Mahindra Old Mutual Life Insurance Ltd. 16. Life Insurance Corporation of India 17. Max Life Insurance Co. Ltd. 18. PNB MetLife India Insurance Co. Ltd. 19. Reliance Life Insurance Co. Ltd. 20. Sahara India Life Insurance Co. Ltd. 21. SBI Life Insurance Co. Ltd. 22. Shriram Life Insurance Co. Ltd. 23 Star Union Dai-Ichi Life Insurance Co. Ltd. 24. Tata AIA Life Insurance Co. Ltd. Contact: Head Office : Insurance Regulatory and Development Authority of India 3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004 Telangana State (INDIA ) Ph: (040) 23381100 Fax: (040) 6682 3334 |