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LIC Agent Bengaluru

Residency Road, Bengaluru, Karnataka

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Other Services

Pioneers in the industry, we offer HUF Insurance Policy Services, NRI Insurance Service, LIC Endowment Plan Services, LIC Money Back Plan Services, LIC Child Plan Services and LIC Single Premium Plan Services from India.

HUF Insurance Policy Services
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A Hindu Undivided Family, which is also known as Joint Hindu Family is governed by Hindu Law.

An HUF consists of all persons lineally descended from a common ancestor and have not separated and include their wives and unmarried daughters. The head of the family is called ‘Karta’ who is solely responsible for all the affairs of the family. The members of the family are called co–parceners who acquire interest in thefamily by birth. Co–parceners are admitted to the benefits of the family, but they are not liable to the commitment of HUF during their minority.

In view of the separate legal provisions especially in income tax law, the HUF has important significance in life insurance –LIC insurance policy is taken by the Karta on his life or on the lives of co–parceners. where under premiums are financed by HUF funds. As per the law relating of HUF, all income earned with the property of HUF, shall belong to HUF. As such where policies are taken on the lives of members of HUF and premiums thereunder are paid out of HUF funds, insurance amount when due would belong to HUF and it becomes a part of assets of HUF. However, under policies effected by the co–parceners. on their own lives and where under premiums are paid out of their own separate income, policy moneys when due become the part of the estate of the lives assured. It is also important to note that neither the Karta of HUF nor any member thereon can take out policies on their own lives for their own benefits or for the benefit of their dependants and finance them to the detriment of joint family funds. If, therefore, policy is financed through HUF funds irrespective of contractual positions enumerated in the policy document, with regard to the title thereto, the policy would belong to HUF entirely and as such the policy moneys would be payable only to the Karta of HUF who represents HUF as Manager. However, a member of HUF can take a policy on his own life for the benefit of his immediate family, provided the premiums thereunder are not paid from HUF funds.

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NRI Insurance Service
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NRI Insurance Service

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Definition of Non-Resident Indian for the purpose of Insurance

  1. A citizen of India temporarily residing in the country of his / her present residence.
  2. Must be holding a valid passport issued by Govt. of India.
  3. Should not be a green card Holder or applied for or planning to apply in near future for acquiring citizenship of other country.
  4. Foreign nations of Indian origin are not to be treated as NRIs
Conditions:
  1. NRIs can be allowed insurance:
    1. On their visit to India – insurance cover is canvassed in India and all formalities regarding filling in the proposal forms, obtaining medical examination report /special medical reports and Moral Hazard Report are completed during their stay in India.
    2. From their present country of residence – known as MAIL ORDER BUSINESS –where all or some of the formalities regarding filling in the proposal forms,obtaining medical and special reports are completed in their present country of residence.
  2. Minimum Sum Assured:
    1. No minimum sum assured,if insurance is allowed on their visit to India.
    2. For Mail Order Business, minimum basic sum assured of Rs.10 lacs. Sum assured over Rs.10 lacs will be in multiple of Rs.one lac..
  3. Maximum Rated Up Sum Assured:
    1. For NRIs residing in countries falling under Residence:
      1. Group V: No restriction on visit to India,Rs.3 Crores under mail order.
      2. Group IV: Rs.2.50 Crores
      3. Group III: Rs.1.50 Crores
      4. Group II : Rs. 25 lakhs
      5. Group I: Rs. 10 lakhs
  4. Types of cover:
    1. For NRIs residing in countries falling under Residence Group V
      1. All plans except CI rider will be allowed when all formalities are completed in India on the NRIs’ visit to India.
      2. All plans except CI rider will be allowed under Mail Order Business (i.e., where all formalities are completed in the NRIs’s present country of residence), subject to following restrictions:
      3. Maximum SA under pure Term Insurance Plans and Term Rider ( Both Inclusive) – Rs. 25 lacs

    2. For NRIs residing in countries falling under Residence Group III & IV Pure term insurance plans (Plan 822 and 823), Term rider and CI rider will not be allowed.
    3. For NRIs residing in countries falling under Residence Group I and II Only Single Premium Plans with Max Term/ Deferment period of 15 years are allowed.( Plans 816,817 and 818).
  5. Non - Medical Special Scheme:

    (Cir: U&R/22/2008 dt. 02/09/2008, U&R/104 dated 10/03/2014, U&R/109 dated 05/06/2014)

    Major males and females Sum Assured (SUC)
    aged upto 35 years:30,00,000
    aged between 36 to 45 years:20,00,000
    aged between 46 to 50 years:10,00,000

    Exclusive Non-Medical Single Premium Scheme and Standalone under Bima Bachat Plan:

    Age NBD SUV
    Exclusive SPBima Bachat
    18-3515,00,00020,00,000
    36-5010,00,00010,00,000
    51-603,00,0003,00,000

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LIC Endowment Plan Services
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  • New jeevan anand plan
  • Jeevan labh plan
  • Jeevan lakshya plan
  • Jeevan pragati plan
  • Jeevan rakshak plan
  • Limited premium endowment plan
  • New endowment plan

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LIC Money Back Plan Services
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  • Bima diamond plan
  • New bima bachat plan
  • New money back plan - 20 years
  • New money back plan - 25 years

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LIC Child Plan Services
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LIC Child Plan Services

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  • jeevan tarun plan
  • new children's money back plan

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LIC Single Premium Plan Services
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  • Jeevan akshay vi plan
  • New bima bachat plan
  • Single premium endowment plan

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LIC Term Plan Services

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LIC Pension Plan Services
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Employer Employee Insurance Services
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In today’s world of professional management success of a company solely depends on the Individual Talents of employees, whose Skill, Integrity and other capabilities are essential for the future progress and prosperity of the company.

Exit of an employee due to resignation will result in immediate financial loss to company, as the Employer has to spend considerable amount of time and money to recruit and train the new employee and moreover upon exit of an employee,the employer may loose some of the trade secrets. Than question arises, how does a company retain the Employees?

The company on the lives of Employees purchases Life Insurance, which will provide money to their family members in event of their premature death and also makes provision for their old age. These additional benefits will act as sufficient inducement to continue with the present Employer.

Eligibility of companies:

There is no restriction for companies/ firm proposing on the lives of the Employees. However Employer has to assign the policy in favour of Employee within reasonable time.

However the shareholding of the employee should be less than 51% and family holding (i.e. his/her spouse and minor children) should be less than 71% in the employer company. (Ref: CO/U & R / CJP/11-12/104 dated 06/08/2011.

How the amount of Insurance is arrived at?

The maximum Insurance allowed will depend upon the Age and Income of the Employee. The premiums payable by the employer will also be considered as Income for purpose of maximum Insurance.

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LIC Premium Payments Policy Services
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  • By cash, local Cheque or Demand Draft at any of our Branch Office across India.
  • The DD and Cheques or Money Order may be sent by post to any of our Branch office.
  • You can also pay the premium directly ONLINE without registration thru the website www.licinida.com
  • You can pay your premiums at any of our Branches as all of our Branches are 100% networked.
  • Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker’s cheque to LIC, on the due dates and months mentioned on your policy bond.
  • Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk.
  • Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
  • Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa, Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO.
  • Policy can be anywhere in India: Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques

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Key Man Insurance Policy Services
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In today’s world of professional management success of a company solely depends on the Individual Talents of certain Managers, whose Vision, Skill, Integrity and Managerial capability is essential for the future progress and prosperity of the company.

Exit of these key persons due to premature death would in most cases result in immediate financial loss to the company and question arises, how does a company replace talent like that?

The company on the lives of such Key Persons purchases Keyman Insurance and in event of premature death of Key Person Company gets the insurance proceeds.

Keyman Insurance Proceeds will cover:
  • The loss of sales attracted by his/her ability and personality.
  • The loss due to his/her day to day specialized skills.
  • The cost of Recruiting and Training a suitable replacement.
  • The cost of delay or cancellation of any project upon which he/she is working.
  • The loss of opportunities for future expansion.
  • The loss of stable Management and good labor Relations.
  • The Reduction of Credit Standing of the company due to:
    • The loss of sales attracted by his/her ability and personality.
    • The loss due to his/her day to day specialized skills.
    • The cost of Recruiting and Training a suitable replacement.
    • The cost of delay or cancellation of any project upon which he/she is working.
Typical examples of Keyman
  • Managing Director/CEO
  • Financial Director
  • Sales Director
  • Project Manager
  • Inventor
  • E-commerce manager etc
Eligibility of companies:

Keyman insurance is open to all categories of business firms except:

  1. Managing Director/CEO
  2. Financial Director
  3. Sales Director
  4. Project Manager
  5. Inventor
  6. E-commerce manager etc

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LIC Unit Linked Plan Service
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LIC Health Plan Services

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