RESULTS OF L.I.C. OF INDIA FOR THE YEAR 2014-2015

Deal code of Airlines for C.M.Club convention

Deal code of Airlines for C.M.Club convention 

Deal code of Airlines for C.M. Club Convention BANGALORE

Jet Airways -                      9W0210002

Air India-                            B267

KINGFISHER-                     LIC01

JETLITE-                            S20210002

INDIGO-CORPORATE-LIC1 RETAIL-RLIC1

FOR OTHER AIRLINES NO NEED OF DEAL CODE

BOOKING OF AIR TICKETS FOR CHAIRMAN CLUB CONVENTION

RESULT OF LIAFIANS HARD WORK

Facility to Effect Change of Address any where-In any branch

Revision of Club Rules-continuation of club membership in the year of failure

COMPARESION OF ACCIDENTAL POLICIES IN INDIA

ANNUITY YIELD WITHOUT RETURN OF CORPUS

(POSTED ON 11/07/2015 BY DVN. SECRETARY,LIAFI,COIMBATORE DIVSION)

What is difference between NEFT and RTGS,IMPS-Timings,Transfer limit,Charges

What is difference between NEFT and RTGS,IMPS-Timings,Transfer limit,Charges

NEFT is the acronym of National Electronic Fund Transfer. In this process, the funds are transferred in batches from one bank account to another. When an individual transfers money from one account to his friend/relative it is not immediately credited but done after in the next settlement cycle which occurs at 60 minutes intervals.

NEFT was an improvement from SEFT (Special Electronics Funds Transfer) and came into effect around December 2005. For this the sender and beneficiary should both be part of the NEFT  network.

For more details: Click here

RTGS is acronym of Real Time Gross Settlement. In this process, the funds are transferred between bank accounts real time. As soon the transaction is processed, the funds are created to the beneficiary.

RTGS is fast, without delay and is handled by large corporates for real time transactions. The transaction is accounted in the books of Reserve Bank of India books. So it is irrevocable and final.

For more details: Click here

IMPS is acronym of Immediate Payment Services. In this process, funds are transferred electronically by mobile phone services. The customers use mobile phones as a medium for transferring funds and hence IMPS is a mobile based payment service.

This is facilitated by NPCI (National Payments Corporation of India) and was introduced in 2010.

For more details: Click here

- See more at: http://www.smartmoneygoal.in/blog/difference-between-neft-rtgs-imps-timing-limit/#sthash.GmlpjfFT.dpuf

Difference between NEFT and RTGS, IMPS

Transaction Timings	NEFT	RTGS	IMPS
Monday to Friday	8:00 AM to 7:00 PM	9:00 AM to 4:30 PM	24×7
Saturdays	8:00 AM to 01:00 PM	9:00 AM to 01:30 PM	24×7

Note: For NEFT, transaction done during the last 2 batches on weekdays and last batch on Saturday will get credited the next working day.

Transaction Limits	NEFT	RTGS	IMPS
Minimum	Re 1	Rs 2 lakh	Re 1
Maximum	Rs 10 lakh	Rs 10 lakh	Rs 2 lakh

Transaction Charges	NEFT	RTGS	IMPS
Amounts upto Rs 10,000	Rs 2.50 + Service Tax	Not Applicable	Rs 2.50 + Service Tax
Amounts above Rs 10,000 upto Rs 1 lakh	Rs 5 + Service Tax	Not Applicable	Rs 5 + Service Tax
Amounts above Rs 1 lakh upto Rs 2 lakh	Rs 15 + Service Tax	Not Applicable	Rs 15 + Service Tax
Amounts above Rs 2 lakh upto Rs 5 lakh (Incl. Rs 2 lakh for RTGS)	Rs 25 + Service Tax	Rs 25 + Service Tax	Not Applicable
Amounts above Rs 5 lakh upto Rs 10 lakh	Rs 50 + Service Tax	Rs 50 + Service Tax	Not Applicable

What to do in-case money is not credited: Check out RBI website here

The banks branches participating in NEFT given here

Advantages of NEFT – RTGS – IMPS

• No physical cheques or demand drafts
• Does not need physical presence of individual
• Less fraud and physical instrument misusage
• Confirmation of transaction by SMS or e-mail
• Anywhere access and usage – from home, office, travel
• Almost real time transfer and quick transactions

Top Read post: Investing lessons from Warren Buffet’s life

Hope we have clarified the differences between NEFT and RTGS and IMPS . Did you find this useful. Let us know in your comments below. Subscribe to our newletter for latest updates through e-mail.

Disclaimer: I have made every effort to make sure factual information like timing,charges, limit is correct as on March 2014 . In case you feel any information is incorrect, please point out with official references in COMMENTS SECTION and I will clarify or make necessary changes with a BIG THANKS!. 

(Thanks to Mr.Vinay Mohanty)

posted by SECRETARY,LIAFI,COIMBATORE DIVISION.

REVIVAL OF POLICIES LETTER ADDRESSED TO ED MARKETING.

LIAFI-SG/ED(Mktg)-060/15                                                                    6 July 2015

Shri. Vinay Sah, E.D. (Mktg)

Agency Section, III Floor

Central Office, “Yogakshema”,

L.I. C. of India, Jeevan Beema Marg,

MUMBAI-400 021

Dear Sir,

Sub: Application of N.B. Rules for Revival of Policies-Reg

The Branches are completing proposals up to Rs. 10 lakhs in case of New Business, where as the PS Department is insisting for TPA Reports for all the revivals above Rs. 2 lakhs sum assured. We requested to apply the same NB Rules for revival also in the meeting held on 25-07-2014 with your predecessor.

We feel the present revival procedure is hampering the interest of continuation of policies. We request you to initiate steps to bring the revival procedure on par with NB completion procedure.    

Thanking you,

Sincerely yours,

For Life insurance Agents’ Federation of India

Secretary General

 

Letter addressed to IRDA CHAIRMAN by our Secretary General.

LIAFI-SG/IRDA-058/15 02 July 2015                                              Registered Letter With Ack. Due      
              
Shri. T.S. Vijayan,
Chairman, IRDA
3rd Floor, Parisrama Bhavan,
Basheer Bagh
HYDERABAD 500 004


Dear Sir,
Sub: Non implantation of The Gazette of India Dated 18-02-2013 and IRDA
Circular No: IRDA/ACT/CIR/PRD/089/03/2013-14 Dated 21-03-2014-Reg.
We requested the Management of LIC to implement the above two circulars several times. In all
our informal meetings this has become a regular point in the agenda. Every time they promise to
implement but never implemented. We held discussions with them again on 25-06-2015. They are
trying to convince us not to insist on its implementation. As representatives of LIC Agents it is our
responsibility to press for its implementation for the overall benefit of all Agents.
1. The Gazette of India Dated 18-02-2013 IRDA Notification: IRDA notified in Chapter
VI, 21 a. Commission or remuneration any in form to be paid to Agents. We requested
LIC to implement this Gazette immediately from the date of its issue. The Management was
saying that since all Plans are being closed by December 2013 and this aspect will be taken
care while New Plans are introduced from January 2014. We trusted LIC. New Plans were
introduced but the commission structure is not taken care of. The LIC wantonly avoided
implementation of first year commission rate but retained 2 & 3 years and subsequent
years’ commission because the IRDA recommended a lesser commission rate in 2 & 3 year
and subsequent years’ commission for few policies when compared to Closed Policies. We
herewith enclose a comparative chart indicating injustice done to Agents. By any means we
are entitled to get 35% commission from 12 years term.
2. IRDA Circular No: IRDA/ACT/CIR/PRD/089/03/2013-14 Dated 21-03-2014;
This circular pertains to advance payment of premium. The Management is faltering
implementation which does not have any financial implication. The Policyholder will be
benefited by this Circular. In fact we request you to permit the Policyholder to remit
advance premium for one year.
The LIC is neither implementing nor explaining the reasons for non-implementation. We request
you to exercise special interest in getting these Circulars implemented with retrospective
effect.
Thanking you,
Sincerely yours,
For Life Insurance Agents Federation of India
Sd.
Secretary General

CLAIM MODULE AND LOAN MODULE

Conditions for Club Galaxy Membership for M.Y.2016-17

Revision of Club Rules-continuation of Club Membership in the years of failure.