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Showing posts with label PLI. Show all posts

February 28, 2019
New inclusion of additional professionals under the extended clientele list of procurement of PLI/RPLI polices under the Divisions of Kolkata Region

Subject:Regarding New Inclusion of additional Professionals under the Extended Clientele list of Procurement of PU/RPLI Policies under the Divisions of Kolkata Region. 

In connection with the above mentioned subject and with reference to an email sent by the Directorate Level (Enclosure), it is being communicated that some new Inclusions were made in the Expanded Clientele Base regarding procurement of PLI Proposals of the Professional of various categories and the same was communicated as per the query of AP Circle

The types of such clients are as follows:
1) Computer Professionals MCA, M.Sc (CS), 
2) Nursing B.Sc Nursing, M.Sc Nursing, 
3) B.Sc (V)SCOM), 
4) B.Ed, M.Ed, MBA. 

It is also being ascertained that while procuring policies from the said type of professionals the concerned CPCs/HOs must obtain all of the below mentioned kind of documents from the customer/agent)
  1. Certification of the Educational Qualification (eg Certification of B.Sc/B.Ed Pass out Certificate in the name of the Proponent). 
  2. A copy of Self Declaration with self attestation, stating the credentials/data and the monthly income. 
  3. In case the proponent is employed, the details of the Organisation wherever he/she appointed should be mentioned. A copy of the appointment letter/employment certificate may be obtained (Optional). Salary slip may also be obtained, if available.
  4. In cases where the proponent is unemployed, documents mentioned at Point No. 1 & 2 should only be obtained. The monthly income portion may have the mention of income made by any other means, eg Private Tuition, Various Freelance Self-employment etc.

January 30, 2019
Postal department to spin off life insurance business into separate unit
The postal department plans to spin off the postal life insurance and rural postal life insurance operations into a separate business unit (SBU) for which it has moved a Cabinet note, Communications Minister Manoj Sinhasaid Wednesday. "For postal Life Insurance and rural postal life insurance we have moved a Cabinet note. In the first phase it will involve creation of an SBU and in second phase a full fledged insurance company," Sinha told reporters on the sidelines of an event to mark the second anniversary celebration of India Post Payments Bank (IPPB).

The Minister hoped that the Cabinet approval would be received in next fortnight or so.

Sinha said IPPB has rolled out 1.26 lakh access points over the last five months and over the next week or 10 days the number is expected to rise to 1.36 lakh.
Source: EconomicTimes

January 30, 2019 , , ,
In case of an eventuality, nominee is the beneficiary and supersedes the Will for PPF and Life Insurance (Married Women's Property). In case of equities, if the value is more than Rs 5 lakh, then probate is needed
Many of us have a monthly budget where we list our expenses as per priority. Some of us also diligently plan our investments according to various goals. But how much attention do we pay to the financial assets that we want to pass on to our family?

This is an important aspect of financial planning to ease the process of transfer of your assets - liquid or otherwise - in case of your death. It will ensure that, in your absence, your family can access the wealth without too much of an hassle.

Nominee or Will
At the time of opening a bank account, buying a life insurance policy or residential property, it is essential to mention a nominee. It could be your wife, children, mother, father, brother, sister or uncle. In case of your death, the nominee will easily get these assets.

However, the nominee is not the rightful or legal owner of the money in your bank account or of your assets. But under Companies Act, a nominee mentioned in equity shares held in demat account can be a legal heir.

Sachin Parekh, founder Save N Protect Financial Planners, says an individual may have multiple assets such as mutual funds, fixed deposits and insurance policies. "Not doing proper nomination and succession planning can put the individual at the risk of losing the assets completely or the nominees going through lot of trouble to recover them."

According to Karan Gupta of Sykes and Ray Equities, a Will and a nominee appointment should be in sync. The nominee is the ultimate owner only in two cases, where the nominee is the beneficiary and supersedes the Will. One: under Life Insurance (Married Women's Property) Act, 1874, and two, in Public Provident Fund.

"In case of demat account if the value of the fund is more than Rs 5 lakh then probate is needed," Gupta said.

A probate is a process under law where the Will of a person is scrutinised for its authenticity.
Nominee can give a valid discharge
Harshvardhan Roongta, of Roongta Securities, says a nominee can give a "valid discharge" for the bank, a company or any other financial institution that wants to settle the 'liability'. Say, for example, if a policyholder appoints a nominee, then the liability of the insurance company with respect to the policy stands discharged, when the amount is paid to the registered nominee.

"Whether there is a dispute in a family over succession of assets or not, one should make a Will, as it is helpful in smooth transfer of one's assets to the next generation," Roongta says.

If a person makes his or her brother a nominee in a property or a flat, the brother becomes a nominee transferee. He is not a proper or permanent transferee and can only deal with aspects like clearing dues of the society and taking care of the property. "He becomes a nominee member with no further rights to sell or transfer the property under the Cooperative Societies Act," Roongta explains.
Anyone can make a Will
Don't rely on a nominee alone. Draw up a Will which will prevail in most circumstances. A Will is a document that clarifies a lot of things. "A Will is has got nothing to do with the amount of money or the number of assets involved that a person wants to transfer," says Suresh Sadagopan, founder, Ladder7 Financial Advisories.

When one appoints a nominee he or she should also make the same person a beneficiary. "A nominee and a beneficiary should always be the same person. In case of a married couple, the natural beneficiary will be the spouse," Sadagopan adds. If a person dies interstate, according to the Hindu Succession Act, assets will go to the legal heir and follow a trajectory before they go to the lawful owner. "If a person had made a Will, then after his death the assets will go to the person who is named in the Will. It must be noted that ancestral properties cannot be willed under Hindu Succession Act," Sadagopan points out.

Wife natural beneficiary of joint account
In case of a joint bank account, when the husband dies, the wife becomes natural beneficiary. The bank may ask for succession certificate. The Will is probated and the death certificate also sought in certain cases. If there is no Will, the deceased's children, mother or siblings can issue a no-objection certificate allowing the deceased's wife to lay claim over his assets.

FOR SMOOTH TRANSFER OF ASSETS
Give power of attorney (PoA) on incapacity, in case the person is mentally ill or incapacitated to take sane decisions, two doctors need to certify
In case of a non-Muslim and two marriages, it is mandatory for one marriage to be void. Even though marriage is void, children born out of a marriage with a ceremony have a stake in the inheritance
All adults should have a durable PoA, specific PoA in case of incapacity
Source: Sykes & Ray Equities

December 27, 2018 , ,
Documents required for processing Death Claim:
1. Original Premium Receipt Book
2. Original Policy Document
3. Death Certificate
4. LI-9 (b) (Claim application)
5. Medical certificate if the cause of death is other than Accident / Suicide/ Murder. 
6. FIR & Postmortem Report in case of Suicide/Accident/Murder. 
7. Claimant statement

Procedure to be followed while processing Death Claim cases: 
On receipt of claim application, the eligibility has to be checked along with the remission period. The Remission period is given below: 

Death occurred (from date of acceptance of the policy)Remission period
Within six months Grace period (30 days)
6 – 12 months30 days + Grace period
12 – 24 months60 days + Grace period
24 – 36 months90 days + Grace period
More than 36 months11 + 1 defaults
Policy lapsed but having more than 36 credits.Eligible for auto paid up value. 

1. If the death occurred within the remission period then the case is eligible. 

2. If the nominee of the policy is minor then the guardian has to claim the amount. 

3. If the nominee is also deceased then legal heirs has to claim the amount by submitting the legal heirship certificate (in which the claim value (Sum assured + Bonus) does not exceed Rs. 100000/-). For the policies exceeding claim value Rs. 100000/- Succession certificate has to be obtained from the legal heirs for settlement of claim. 

4. Eligible claim cases should be forwarded to Sub Divisional Head concerned for conducting detailed enquiry. (Points to be covered in detailed enquiry report is enclosed)

5. The CPC Manager after satisfying himself as the case is genuine may issue Death claim sanction. (Limits for settlement of Death Claim as stated in Amendments)
Detailed enquiry report should contain the following points:
Ø Check whether exact cause of death, place of death has been mentioned. If the cause of death is any prolonged disease like Kidney failure, Liver failure, HIV +ve then discreet enquiry has to be conducted to ascertain whether the late insurant had the disease before taking policy.


Ø In case of sudden death, the death certificate and report of the doctor who had last attended the insurant must be submitted by the claimant or legal heir. Reasons for not taking the insurant to the doctor in case of death due to some disease should be enquired in detail and the result should be recorded. 

Ø Enquiry should be made with the neighbours, relatives, bigwigs regarding the cause of death, general health condition of the late insurant and health condition at the time of taking policy.

Ø Particulars of other policies held by the insurant and the outcome of their settlement.
Ø Enquiry should be made with nearest GH/PHC whether the late insurant had taken treatment for any serious illness for the past three years.

Ø Enquiry should be made with local police station to ascertain that the late insurant had not committed suicide or been murdered. 

Ø Whether any bad life was insured and there is any suppression of fact at the time of taking policy. 

Ø Specific recommendation of Sub Divisional Head. 

Ø In case of Murder it should be enquired and eliminate that whether “The Claimant/Legal Heirs were involved in the murder”.

Ø If death occurred at other jurisdiction then the genuineness of the death should be got verified from the Division concerned. 

Death claim Form : Download

October 28, 2018
Did you know that post offices also offer life insurance policies? Known as the Postal Life Insurance or PLI, its eligibility was earlier restricted but the rules were recently changed to maintain a competitive edge in par with the other insurance providers of the country.


What is Postal Life Insurance?
PLI works like any other life insurance service provider, the only difference being that it is run by the Indian postal department.

Additionally, the only offer traditional insurance policies and not term insurance or ULIPs. It was started in 1884 for the benefit of postal employees.

Apart from single insurance policies, Postal Life Insurance also manages a Group Insurance scheme for the Extra Departmental Employees (Gramin Dak Sevaks) of the Department of Posts.

There are presently 6 types of postal life insurance policies:

1. Whole Life Assurance (Suraksha)
This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

The minimum and maximum ages at entry are 19 years and 55 years, respectively.

The minimum sum assured is Rs 20,000, while maximum being Rs 50 lakh. Loan facility shall be available after 4 years and the policy can be surrendered after 3 years.

2. Santosh (Endowment Assurance)
In this scheme, the proponent is given an assurance to the extent of the sum assured and accrued bonus till he/she attains the pre-determined age of maturity, that is, 35, 40, 45, 50, 55, 58 and 60 years of age.

In case of death of the insured, the nominee or legal heir is paid the full amount of sum assured with an accrued bonus. Here too, the minimum and maximum ages at entry are 19 years and 55 years, respectively.

The minimum sum assured is Rs 20,000, while maximum being Rs 50 lakh. Loan facility shall be available after 4 years and the policy can be surrendered after 3 years.

3. Suvidha (Convertible Whole Life Assurance)
It is a Whole Life Assurance Policy with an option to convert to Endowment Assurance Policy at the end of five years of opting for the policy. Assurance is given to the extent of sum assured with accrued bonus till attainment of maturity age.

In case of death, the assignee, nominee or legal heir will be paid the full amount of sum assured with an accrued bonus. The minimum and maximum ages at entry are 19 years and 55 years, respectively.

The minimum sum assured is Rs 20,000, while maximum being Rs 50 lakh. Loan facility shall be available after 4 years and the policy can be surrendered after 3 years.

4. Sumangal (Anticipated Endowment Assurance)
This Money Back Policy comes with a maximum sum assured of Rs 50 lakh and is best suited to those who need periodical returns.

Survival benefits are paid to the insured periodically. These benefits will not be taken into consideration in the event of the unexpected death of the insured, but, full sum assured with accrued bonus is payable to the assignee, nominee or the legal heir. The policy terms are 15 and 20 years.

The minimum age at entry is 19 years, while the maximum age is 40 years for 20 years' term policy and 45 years for 15 years' term policy.

Survival benefits paid periodically as under:
15 years Policy- 20% each on completion of 6 years, 9 years and 12 years and 40% with an accrued bonus on maturity
20 years Policy- 20% each on completion of 8 years, 12 years and 16 years and 40% with an accrued bonus on maturity

5. Yugal Suraksha (Joint Life Assurance)
This is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies. Also, a life cover to both spouses to the extent of sum assured with accrued bonus will be provided.

The minimum and maximum ages at the entry for spouses are 21 years and 45 years, respectively. The minimum sum assured is Rs 20,000, while maximum being Rs 50 lakh.

Maximum age of the elder policyholder should not be more than 45 years and the couple should be between 21 years to 45 years. Loan facility shall be available after 3 years. Death benefits will be paid to either of the survivors in the event of the death of the spouse or main policy holder.

6. Bal Jeevan Bima (Children Policy)
The scheme provides life insurance coverage to children (maximum of 2) of policyholders. Children between the ages of 5 and 20 years are eligible. Maximum sum assured will be Rs 3 lakh or equal to the sum assured of the parent, whichever is less. Policyholder (parent) should not be over 45 years of age.

Note that no premium will be paid on the Children Policy, on the death of the policyholder (parent). The complete sum assured and bonus accrued shall be paid on completion of the term.

Eligibility for Postal Life Insurance

Employees of the following Organizations are eligible.
  • Central Government
  • Defence Services
  • Para-Military forces
  • State Government
  • Local Bodies
  • Government-aided Educational Institutions
  • Reserve Bank of India
  • Public Sector Undertakings
  • Financial Institutions
  • Nationalized Banks
  • Autonomous Bodies
  • Extra Departmental Agents in Department of Posts
  • Employees Engaged/ Appointed on Contract basis by central/ State Government where the contract is extendable
  • Employees of all scheduled Commercial Banks
  • Employees of Credit Co-operative Societies and other Co-operative Societies registered with Government under the Co-operative Societies Act and partly or fully funded from the Central/ State Government/RBI/ SBI/ Nationalized Banks/ NABARD and other such institutions notified by Government
  • Employees of deemed Universities an educational institutes accredited by recognized bodies such a National Assessment and Accreditation council, All India Council of Technical Education, Medical council of India etc.
  • Employees (teaching/non-teaching staff) of all private educational institutions/schools/colleges etc. affiliated to recognized Boards (recognized by Centre/State Government) of Secondary/Senior Secondary education i.e. CBSE, ICSE, State Boards, Open School, etc.
  • Professionals such as Doctors (including Doctors pursuing Post Graduate degree courses through any Govt/Private Hospitals, Residents Doctors employed on contract/permanent basis in any Govt/Private Hospitals etc), Engineers (including Engineers pursuing Master's/Post Graduate degree after having passed GATE entrance test), Management Consultants, Charted Accountants registered with Institute of Charted Accountants of India, Architects, Lawyers registered with Bar Council of India/States, Bankers working in Nationalised Banks and its Associate Banks, Foreign Banks, Regional Rural Banks, Scheduled Commercial Banks including Private Sector Banks etc.
  • Employees of listed companies of NSE (National Stock Exchange) and Bombay Stock Exchange (BSE) in IT, Banking & Finance, Healthcare/Pharma, Energy/Power, Telecom, Infrastructure Sector etc, where employees are covered for Provident Fund/Gratuity and/or their leave records are maintained by the establishment.
As for the Rural Postal Life Insurance (RPLI), all persons, male or female, who permanently reside in rural areas and are ordinarily residents in India to the exclusion of foreigners and non-resident Indians are eligible for the scheme, provided they have attained majority.

Source: www.postallifeinsurance.gov.in
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