| Shriram Money Back Term Plan Posted: 11 Nov 2013 03:53 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India) Shriram Money Back Term Plan | | | | Objective | | Besides paying sum assured, this term policy also returns premiums paid by the policyholder either on death during policy term or survival of policyholder. One can also convert the policy into a whole life plan during fifth last year of the policy term. | | | | | What does it do? | | This is a money back term insurance plan which refunds all basic premiums along with sum assured on demise of the life insured. In case, policyholder outlives the policy term, the policy refunds all basic premiums paid, excluding rider premiums or any extra premiums.
The insurance company also allows one to surrender the policy after completing 3 years, provided premiums for first 3 years have been paid regularly. The surrender value will be calculated as per the predefined formula.
The policy can be converted into a whole life one on fifth last policy anniversary without undergoing any medical test. The whole life policy commences immediately from the year of conversion. After conversion, the premiums rates will change, however, the sum assured will remain the same.
For whole life policy, premiums will have to be paid only upto 65 years of age on an annual basis or as a single payment. The choice to continue or terminate the existing riders lies with the policyholder at the time of conversion. Survival benefit is paid as a sum of all basic premiums paid till the date of conversion. The percentage of premiums to be refunded by the insurance company will depend on policy term elapsed.
It also offers optional riders to increase the scope of coverage. | | | | | Pros | | It allows to convert the policy into a whole life policy at 15th policy anniversary, without any medical check-ups.
The policy grants a premium rebate on high sum assured. These rebates apply to the premiums paid prior to conversion only.
It offers a range of rider options for an added protection.
The policy can be surrendered.
Premiums qualify for taxation benefits. | | | | | Cons | | Maximum sum assured is limited to Rs 20 lakh, making it unsuitable for those in need of a higher cover.
Critical illness rider covers only 6 dreaded diseases. | | | | | Suited for | | It is suitable for those who would like to receive some amount on survival. | | | | | Our View | | This is a complicated policy that returns premiums as either death benefit along with sum assured or survival benefit on maturity. Other options like surrender, whole life plan conversion and return-of-premium make the policy costly as compared to others in its category. Avoid such complications when buying insurance. We recommend pure term plans that offer life cover at much cheaper rates. | | | |
| | | | Eligibility | | | | | | | Entry Age (years) | | | | | | | Minimum | | 18 | | | | | Maximum | | 50 | | | | | Maximum Maturity Age (years) | | 65 | | | | | Policy Term (years) | | | | | | | Minimum | | 10 | | | | | Maximum | | 47 | | | | | Sum Assured (Rs) | | | | | | | Minimum | | 200000 | | | | | Maximum | | 2000000 | | | | | Minimum Premium (Rs) | | | | | | | Yearly | | 5000 | | | | | Half-Yearly | | 3000 | | | | | Quarterly | | 2000 | | | | | Monthly | | 600 | | | | | Single | | 11570 | | | | | Premium Payment Frequency | | Single, Yearly, Half-Yearly, Quarterly, Monthly | | | | | Premium Payment Term | | Single, equal to policy term | | | | | Policy Cover | | Cover remains fixed for the tenure of the policy | | | | | Other Features | | | | | | | Free Look Cancellation | | In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. | | | | | Grace Period | | You are allowed to pay premiums within 15 days of premium due date for monthly premium payment mode and within 30 days for all other premium payment modes . If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated. | | | | | Lapsed Policy Reinstatement | | You may reinstate your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any. | | | | | Tax Benefits | | Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961. | | | | | Exclusions | | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, no death benefit becomes payable in case insured event takes place while being engaged in any hazardous occupation such as sea diving, mountaineering, hunting etc. | | | | | Surrender Value | | Allowed after first three policy premiums were paid on time and 3 policy years have elapsed. Guaranteed Surrender Value = 70% * (t/n)*P, where,
t = number of years for which premiums have been paid till date of surrender (for regular premium mode) or the policy duration elapsed till date of surrender (for Single Premium mode)
n = Original policy term
P= Sum of all premiums paid (excluding extra premiums) till date/ Single Premium | | | | | Customer Service | | | | | | | Address | | Shriram Life Insurance Company Limited 3-6-478, 3rd floor, Ananad Estates, Liberty Road, Himayat Nagar, Hyderabad - 500 029 India | | | | | Mail To | | customercare@shriramlife.in | | | | | Call On | | 1800 3000 6116, +91 40 2343 4466 | | | | | Additions to the Plan | | | | | | | Available Rider(s) | | Accident benefit Rider (for Regular and Single premium Policies): covers Death due to accident within 180 days of the accident.
Shriram Critical Illness Rider: It pays the rider sum assured on confirm diagnosis of any of the 6 critical illnesses namely: Cancer, Heart Attack, Stroke, Kidney failure, Coronary Artery Bypass Surgery and Major organ transplant.
Shriram All Cause Total and Permanent Disability Rider: This rider benefit becomes payable in case the policyholder becomes total and permanent disable due to any reason such as illness, disease, injury or surgical operation. The disability should last for a minimum of 180 days to claim the Sum Assured under this rider. It can be opted for at the time of purchasing the cover or at any time during the policy term but the cover will begin from subsequent policy anniversary. This rider Sum Assured will be equal to basic Sum Assured subject to maximum of Rs 25 lakhs. | | | | | Rider Conditions | | | | | | | Entry Age (years) | | | | | | | Minimum | | 18 | | | | | Maximum | | Accident Benefit Rider and Critical Illness Rider: 65 All Cause Total and Permanent Disability Rider: 55 | | | | | Maximum Maturity Age (years) | | Accident Benefit Rider and Critical Illness Rider: 70 All Cause Total and Permanent Disability Rider: 65 | | | | | Rider Term (years) | | | | | | | Minimum | | Accident Benefit Rider: 6 All Cause Total and Permanent Disability Rider and Critical Illness Rider: 5 | | | | | Maximum | | Accident Benefit Rider and Critical Illness Rider: 25 All Cause Total and Permanent Disability Rider: 45 | | | | | Sum Assured (Rs) | | | | | | | Maximum | | Shriram All Cause Total and Permanent Disability Rider: Lower of Base plan insurance or 25 lakh | | | | | Rider Premium (Rs) | | Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accident Benefit Rider for Rs 5 lakh, the annual premium works to Rs 625 and for Critical Illness rider for Rs 5 lakh the premium works to Rs 1300 and Rs 1020 for All Cause Total and Permanent Disability Rider. | | | |
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C. Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving) Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications These Application Forms can be used for buying regular mutual funds also Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) - ICICI Prudential Tax Plan Invest Online
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| Recent Regulation changes that affect your investment Posted: 11 Nov 2013 03:20 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India) A look at recent rulings which can affect you
INSURANCE
The Insurance Regulatory and Development Authority has directed all life insurers not to reject claims of HIV-infected policyholders who were HIV negative at the time of commencement of the policy. The underwriting and claims settlement guidelines applicable at the time of commencement of the policy will be applicable in such a case. The regulator has also asked insurers to put in place a board-approved policy for insurance products for people with HIV/AIDS.
BANKING
The Reserve Bank of India has asked banks to withdraw the 'zero per cent interest' schemes offered to credit card holders. The central bank said the schemes 'deter customer protection and accounting integrity'. Now, credit card holders will be able to buy items through equated monthly instalments only when they pay regular interest charges.
The RBI has also mandated that banks not complying with the prescribed security requirements at point of sale terminals will have to compensate credit card holders for loss incurred due to fraudulent transactions.
CAPITAL MARKETS
To increase the reach of mutual fund distributors, Sebi has allowed them to purchase or sell units directly from asset management companies on behalf of their clients using the stock exchange mechanism. Earlier, only brokers were allowed to do so. However, only AMFI-registered distributors will be allowed to transact on the exchange platform. Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C. Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving) Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications These Application Forms can be used for buying regular mutual funds also Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) - ICICI Prudential Tax Plan Invest Online
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- DSP BlackRock Top 100 Fund
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- Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
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| ICICI Prudential Value Fund - Series 2 - NFO Posted: 11 Nov 2013 01:55 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India) The launch of ICICI Prudential Value Fund - Series 2 (A 3 years close ended equity fund) which will run from 18th to 29th Nov 2013.
There are some strong fundamental reasons for the back-to-back launch of Series 2, which are listed below:
- Domestic investors continue to remain under-invested in Equities
| In Rs. Crores | Change | 2013 | 2007 | | Bank Deposits | 44,47,787 | 73,05,820 | 28,58,033 | | MF Equity AUM | - 612 | 1,78,280 | 1,77,668 |
- In addition, Domestic Institutional Investors (incl. MF and Insurance) have sold equities of ~Rs.12,400 crores (MF ~Rs.4,000) in Oct '13. This also shows that domestic investor have not participated in the recent market run-up
- Divergence of Large vs Mid/Small cap, Defensive vs Cyclical and Top 20 vs Rest of the market continues to offer returns potential
- Some contraction in the divergence has started to take place
-FMCG sector off July'13 high; Large Cap IT and Pharma may follow suit
- With Fed tapering deferred and India's CAD position stabilizing, shocks due to external factors is expected to stay at bay
- Waiting and launching after Series 1 has performed, would mean giving away some upside
- Value Opportunities in the market is not restricted to limited number of stocks. There are plenty of prospects available in the current market which can be captured in the new offering.
As an opportunity to for those who missed the previous opportunity we are launching ICICI Prudential Value Fund - Series 2
- A 3 years close ended fund
- With select 25-30 high conviction stock picks
- Multi-cap fund
- Aims to
- Find commendable companies at reasonable price rather than generic companies at bargain price.
- Capture profits by selling equities or using derivatives.
- Declare commensurate dividends.
Key Scheme Features| Type of scheme
| A Close ended equity scheme | Investment Objective | The investment objective of the Scheme is to provide capital appreciation by investing in a well diversified portfolio of stocks through fundamental analysis. However, there can be no assurance that the investment objectives of the scheme will be realized.
| Options | Direct Plan – Dividend Option
Regular Plan –Dividend Option
Only Dividend payout facility available
| Minimum Application Amount | Rs.5,000 (plus in multiple of Re.10)
| | Entry Load & Exit Load | Not Applicable .
| Benchmark Index | S&P BSE 500 Index
| | Fund Manager | Mr. Sankaran Naren & Mr. Mittul Kalawadia
|
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C. Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving) Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications These Application Forms can be used for buying regular mutual funds also Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) - ICICI Prudential Tax Plan Invest Online
- HDFC TaxSaver Invest Online
- DSP BlackRock Tax Saver Fund Invest Online
- Reliance Tax Saver (ELSS) Fund Invest Online
- Birla Sun Life Tax Relief '96 Invest Online
- IDFC Tax Advantage (ELSS) Fund Invest Online
- SBI Magnum Tax Gain Scheme 1993 Invest Online
- Sundaram Tax Saver Invest Online
- Edelweiss ELSS Invest Online
------------------ Best Performing Mutual Funds - Largecap Funds Invest Online
- DSP BlackRock Top 100 Fund
- ICICI Prudential Focused Blue Chip Fund
- Birla Sun Life Front Line Equity Fund
- Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
- DSP BlackRock Small & Midcap Fund
- Sundaram Select Midcap
- IDFC Premier Equity Fund
- Small and MicroCap Funds Invest Online
- DSP BlackRock MicroCap Fund
- Sector Funds Invest Online
- Reliance Banking Fund
- Reliance Banking Fund
- Tax Saver MutualFunds Invest Online
- ICICI Prudential Tax Plan
- HDFC Taxsaver
- DSP BlackRock Tax Saver Fund
- Reliance Tax Saver (ELSS) Fund
- Gold Mutual Funds Invest Online
- Relaince Gold Savings Fund
- ICICI Prudential Regular Gold Savings Fund
- HDFC Gold Fund
 |
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