Tuesday 28 October 2014

LIC MAY LAUNCH NEW MICRO INSURANCE PLAN SHORTLY(AS PER SOURCES)



LIC may launch new  Insurance plan(MICRO INSURANCE) (As per sources)

BHAGYA LAKSHMI ( Table No. 829 ) UIN :512N292V01

Features and Benefits:

  • Minimum age at entry: 18 yrs
  • Maximum age at entry: 55 yrs
  • Minimum PPT: 5 yrs
  • Maximum PPT: 13 yrs
  • Minimum policy term: 7 yrs
  • Maximum policy term: 15 yrs
  • Maximum Mat. Age : 65 Yrs
  • Minimum SA : Rs.20000
  • Maximum SA : Rs.50000
  • SA in multiple of  Rs.1000
  • Mode of pre. payment: Yly, Hly, Qly, Mly and SSS.
  • Grace Period: 60 days.
  • Rebate on Mode: Yly 2%, Hly 1%

BENEFITS :

  • On Maturity:110% of premium paid.
  • On Death: Sum Assured.
new plan coming soon BHAGYA LAKSHMI PLAN NO. 829 stay for some time





POST BY SECRETARY,LIAFI,COIMBATORE DIVISION,SOUTHERN ZONE. ON 29/10/2014 AT 02.05AM)

PRINTING OF COMMISSION BILL

Share this information to all agent friends

Friday 24 October 2014

PATRON MEMBERS-LIAFI NEWS LETTER SEPT. 2014.

Dear PST's AND  OB's OF COIMBATORE DIVISION,LIAFI

TODAY I HAVE RECEIVED LIAFI NEWS LETTER FROM SECRETARY GENERAL,VISAKHAPATANAM (SEPT.2014 ISSUE WITH IMPORTANT NEWS)

Kindly inform me the no. of PATRON MEMBERS COLLECTED FROM YOUR  BRANCH AGENTS AND ARRANGE TO SENT THE APPLICATION FORMS ALONG WITH COPY OF RECEIPT(YELLOW COPY) WITH ALL DETAILS,PLEASE REMIT THE AMOUNT IN LIAFI,COIMBATORE ACCOUNT AND INFORM ME .

LOCAL BRANCHES: PLEASE SENT ONE OF YOUR AGENT AND COLLECT THE NEWS LETTER FROM MY OFFICE.

ALL OTHER BRANCHES, PL INFORM ME THE ADDRESS TO WHOM SHALL I SENT BY COURIER.

ONLY THOSE WHO ARE PAID FOR YEAR 2014-15 ONLY ELIGIBLE FOR SEPT.2014 NEWS LETTER.

KINLDY CO-OPERATE AND HANOVER TO ALL PATRON MEMBER AGENTS WITH OUT DELAY.

WITH REGARDS.

S. NATARAJAN,
SECRETARY,
COIMBATORE DIVISION LIAFI,
COIMBATORE.



POSTED ON 24/20/2014 AT 1.30PM

Tuesday 21 October 2014

Thursday 16 October 2014

The brief of TDS in Life Insurance



THE  BRIEF OF   TDS  IN LIFE INSURANCE


Dear Friends,

The following is the brief of TDS on Life Insurance policies and relevant circular also attached for your kind information.

Section 194DA: 2% TDS on Life Insurance Policy Maturity Amount includes  Sum Assured and Bonus . Currently, under section 10(10D) any sum received from life insurer is not taxable if the premium paid does not exceed 10% of the sum assured. Taxpayer would be liable only if he has paid premium more than 10% of the sum assured in any financial year. In that case the sum received would be added to his income under the head “Income from Other Sources” and taxed as per the slab. . Changes made in Budget 2014 -- . Since there was no TDS, many taxpayers used to avoid the tax by not disclosing it in ITR. 

To overcome this issue Finance Minister in Budget has proposed to insert a new section 194DA under which TDS of 2% would be deducted by the insurer on the proceeds of life insurance policy (for both unit-linked insurance plans and traditional plans), if the premium paid by assessee exceeds 10% of the sum assured in any financial year. The deduction will be made on the entire amount including any sum allocated by the way of bonus. . However, only the policies maturing on or after October 1, 2014 will come under the purview of this amendment. Also, the TDS will not be attracted if the maturity amount is less than Rs. 1 lakh. 


Policies issued on and after 1.4.2003 but up to 31.03.2012 where premium payable during the term of the policy exceeds 20% of actual Capital Sum Assured will be taxable and not exempted.
Policies issued on and after 1.4.2012 and premium payable for any of the policy year during the term of the policy exceeds 10% of actual capital Sum assured will be taxable not exempted.

Policies issued on and after 1.4.2012 and premium payable for any of the policy year during the term of the policy exceeds 10% of actual capital Sum assured will be taxable not exempted.

194 DA is not applicable for policies issued up to 31.3.2003 though the maturity is payable on or after 1.10.2014.  Key man life insurance policies are taxable.


Death Claim amounts on Life Insurance policies are  exempted.

Under annuity/Pension plans were where no risk cover or death SA is available such policies are not covered under Section 194DA.

Thursday 9 October 2014

GROUP MEDI-CLAIM POLICY FOR CLUB MEMBER AGENTS- PERIOD FROM 01/09/2014 TO 31/08/2015


PLACE TAKE XEROX COPY OF THE POLICY 2014-15 AND TAKE PRINTOUT OF THE ID CARD FROM WEBSITE-INSTRUCTION ALREADY GIVEN IN THIS WEBSITE.




POSTED BY SECRETARY,LIAFI,COIMBATORE DIVISION,SOUTHERN ZONE.



Tuesday 7 October 2014

Driving an uninsured vehicle will cost heavily



Driving an uninsured vehicle will cost heavily

If proposals in the new Road Transport 
and Safety Bill are passed by the parliament, driving an uninsured vehicle 

Traffic-insurance-chalan


may cost you heavily. The bill will replace Motors Vehicles Act, 1988.
If a motorcycle owner is caught riding without an insurance policy, the penalty will be Rs 10,000, while owners light motor vehicles and auto rickshaws will have to shell out Rs 25,000. For any car or a truck driver caught driving without an insurance policy, the penalty is Rs 75,000. Currently, there is a fine of Rs 1,000 for all vehicles.
Insurers say that enhanced penalties will increase penetration of motor insurance. Despite third party insurance is mandatory for all vehicles plying on road, as per estimates, nearly 70% of two-wheelers and about third of cars and trucks plying on road are uninsured.
Insurers say that penalties should go beyond fines and include loss of license for repeated violation. Insurers have also suggested that third party liability should be limited to Rs 10 lakh. Currently, liability for motor vehicles is unlimited.
Insurers also want the claim allowed under two jurisdictions –one, where the accident has happened and the other where the vehicle is registered. Also, the claim has to be filed within three years of the accident taking place.
The bill has also proposed setting up of a motor accident fund to help previously injured people and compensate legal representatives of a victim.

Posted by S. NATARAJAN,
SECRETARY,LIAFI.,COIMBATORE DIVISION,SOUTHERN ZONE.
07/10/2014 @ 10.00PM

Thanks to Mr.:Vinay Mohanty



Wednesday 1 October 2014