Yesterday i went to chenda nagar which is one of the big area in hyderabad to our relatives home. One person called Mr vijaya bhaskara reddy who is manager of chenda nagar eseva introduced to me by my relative long back. When we met first time i informed about my wife is a lic agent and asked about to take lic policy on his name. So that he came to take lic policy yeasterday. I suggested him jeen anand with 25 years premium paying term according to his age and physical condition. I also informed Quarterly premium for 3 lakhs is 3236 INR. He asked me for monthly premium payment. Lic is taking monthly payment only if customer gives ECS. I suggested him not to go for ECS. We son’t know how many years we maintain bank account with the same bank. if so we need to change the ECS again and again and also we need to keep fund ready on due date, otherwise ecs will be returned. if returns there will be huge charges in bank account. approx. 250/- + service charges if it is a private bank. Then he agreed for quarterly payment.
- Mode rebate for yearly is 3% and Half yearly is 1.5%. That means if you multiply above quarterly premium 4 time for yearly is equal to ( 3236 * 4 = 12944) 12944. You can pay only 12548 only if you pay yearly premium. same thing applicable to half yearly premium also but rebate only 1.5%. There is no rebate for quarterly and monthly.
- This policy is a combination of whole life and endowment assurance plan
- Risk cover continues till the death of the policy holder ever after the premium paying term is over
- Accedent benifit is available during the premium paying term and there after upto age 70
- Maturity benifit: At the end of the premium paying term, Sum assured plus bonus is payable with final additional bonus if any.
- Death Benifits: If death occurs after the premium paying term an additional amount equal to sum assured is payable and no bonus is payable
- if death occurs before premium paying term, sum assured and accumulated bonus is payable
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