Keep all the Insurance policies in electronic form with Insurance Repository

Keep all the Insurance policies in electronic form with Insurance Repository

Insurance in News, IRDA Updates

Role & Objectives of Insurance Repositories:
“Insurance Repository” means a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in electronic form on behalf of Insurers.
To implement the Insurance Repository System, IRDA has granted Certificate of Registration to the following five entities to act as Insurance

Repositories.
• NSDL Database Management Limited
Central Insurance Repository Limited
• SHCIL Projects Limited
Karvy Insurance Repository Limited
CAMS Repository Services Limited

A policy holder can buy and keep all the policies under an electronic Insurance Account (eIA) with any one of the Insurance Repository of his/her choice. The existing policies in physical mode too can be dematerialized and held in the eIA. The access to all the policies is then available at a click of a button. The Insurance Repository System not only provides policyholders a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy. In addition, the Repository acts as a ‘single stop shop’ for policy servicing.

Convert LIC's New Child Money Back plan into endowment plan

Convert LIC's New Child Money Back plan into endowment plan

Life Insurance

LIC of India’s new plan Children Money Back Plan (Table No. 832) provides money back at policy anniversary coinciding are falling after 18th, 20th and 22nd birthday. Money back is equal to the 20% of the basic sum assured in the policy. But many people don’t like the money back policy want the endowment plans so that they can get a lump sum amount after a fixed interval of time.

The New children money back plan has a unique feature to reinvest the survival benefit with LIC itself and later it can be taken with interest already decided by LIC. Continue reading “Convert LIC's New Child Money Back plan into endowment plan”

LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)

LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)

Life Insurance

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility. It is available for sale from 12/03/2015.Benefits: