Open – Mon to Fri 8.00am to 8.00pm

Sat – 10.00am to 6.00pm

To know policy details through IVRS, Simply dial 1251 available 24×7 in following Cities.

For Making local call from any MTNL or BSNL Number simply dial 1251 and for other than local users IVRS can be accessed by dialing the city STD code of the IVRS Center followed by 1251.

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1. Benefits

i) Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum Assured shall be 5 times the Single Premium excluding extra premium, if any.

ii) Maturity Benefit: On maturity, the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

iii) Loyalty Addition: Depending upon the Corporations experience the policy will be eligible for Loyalty Addition on date of maturity at such rate and on such terms as may be declared by the Corporation.

2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS: 

a)      Minimum Entry Age                          : 8 years (completed)

b)      Maximum Entry Age                         : 50 years (nearest birthday)

c)      Minimum Basic Sum Assured            : Rs.150, 000/-

d)     Maximum Basic Sum Assured           : No Limit

e)      Minimum Premium                           : Rs. 30,000/-

Premium shall be available in multiples of Rs. 1,000/-.

f)       Policy Term                                        : 10 years

g)      Premium payment mode                    : Single premium only

h)     Guaranteed Maturity Sum Assured: The Guaranteed Maturity Sum Assured will depend on the single premium payable and the age at entry of the life to be assured.

3. GUARANTEED MATURITY SUM ASSURED:

Guaranteed Maturity Sum Assured for each age at entry per Rs.1000/- Single Premium (exclusive of Service Tax) is as under:

4. INCENTIVE FOR HIGHER PREMIUM:

Incentive for higher single premium by way of increase in the Guaranteed Maturity Sum Assured is as under:

5. LOAN:

Loan facility will be available under this plan, after completion of one policy year.

6. SURRENDER VALUE:

The policy can be surrendered for cash after the policy has run for at least one year. The minimum Guaranteed Surrender Value allowable is equal to 90% of the Single premium paid excluding extra premium, if any.

Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.

The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured as on date of surrender.

7. SERVICE TAX:

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

9. COOLING-OFF PERIOD:

If you are not satisfied with the Terms and Conditions of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the risk premium, expenses incurred on medical examination and stamp duty.

10. EXCLUSIONS:

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third party’s bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

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The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.

Benefits –

i) Death benefit:

On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.

On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.

On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose  the following optional riders by payment of additional premium-

i) Accident Benefit Rider:  This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

ii) Critical Illness Rider:  An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.

Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

3. Eligibility

(The Sum Assured shall be in multiples of Rs. 5000/-)

4. Sample premium Rates:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

5. Sample premium Rates:

Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:

6. Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode                            -    2% of Tabular Premium
Half-yearly mode                     –   1% of the Tabular premium
Quarterly & Salary deduction   –     NIL

Sum Assured Rebate:

Single Premium:

Sum Assured                        Rebate (Rs.)

1,00,000 to 1,95,000               Nil

2,00,000 to 4,95,000               4.00 %o S.A.

5,00,000 and above                6.00 %oS.A.

     Regular Premium:

Sum Assured                        Rebate (Rs.)

1,00,000 to 1,95,000               Nil
2,00,000 to 4,95,000               2.00 %o S.A.
5,00,000 and above                3.00 %oS.A.

9. Surrender Value:

The Guaranteed Surrender Value will be as under:

1. Single Premium Policies: The Guaranteed Surrender value will be available after completion of at least one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.

1.    Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and at least three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.

10. Policy Loan:

No loan facility will be available under this plan.

11. Service Tax: 

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.

12. Cooling-off period:

If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days from the date of receipt of the policy bond.

13. Exclusion:

Suicide: – This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.

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LIC of India (branch code 801),

Jeevan Jyothi, BDA Complex,

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LIC of India (61Y),

Jeevan Sudha, 1^st floor,

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LIC of India (61W),

MG Road, Chandra Kiran building,

3^rd floor,

Bangalore 560001

LIC of India (61X),

Vijayanagar CBO, 1

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Bangalore 560040

LIC of India (61P),

JB Nagar Branch,

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Jeevan bima nagar,

Bangalore 560075

LIC of India (61U),

Peenya Branch, No.14/43,

Tumkur road,

Indl suburb near Canara Bank,

Peenya 560022

LIC of India (61M),

Frazer town branch office,

86/3, 86/4 Coles road,

Near Petrol bunk, Frazer road,

Bangalore 560042

LIC of India (61N),

Maddur Branch, Jeevan Jyothi

LIC building, Bangalore Mysore main road,

Maddur 571420

LIC of India (61G),

No. 543 544 545/16,

Stanikam arcade, opp. St. Theresa hospital,

Dr.Rajkumar road, Rajaji nagar,

Bangalore 560010

LIC of India (61L),

No.6m 7^th Main 80 feet road,

Near BTS Kalyan mantap 3^rd block,

Koramangala,

Bangalore 560034

LIC of India (61D),

No.12 GMN complex, 1^st Main road,

1^st phase, 1^st stage,

Mathikere,

Bangalore 560054

LIC of India (61F),

Jeevan Jyothi, Adjacent to BDA complex,

3^rd floor, Indira nagar,

2^nd stage, Bangalore 560038

LIC of India (61B),

Jeevan Prakash, 3^rd floor,

JC road,

Bangalore – 560002

LIC of India (61C),

Jeevan Soudha, 2^nd floor,

JP Nagar 1^st phase,

Jayanagar,

Bangalore 560078

LIC of India (61A),

No.1, 1^st cross, 3^rd Main road,

Chamrajpet, Basavangudi,

Bengaluru 560018

LIC of India (618),

Bandigowda layout,

Bangalore mysore road,

Mandya 571401

LIC of India (613),

1^st 2^nd main, 1/1 sampige,

Malleshwaram,

Bengaluru 560003

LIC of India (614),

Canara Mutual building,

Ground floor, No.4,

Residency road,

Bangalore 560025

LIC of India (611),

1^st floor, United India building,

JC road, Bangalore 560002

LIC of India (612),

Oriental building,

2^nd floor,

MG Road, Bangalore 560001

LIC of India (604),

Prithvi building,

KG Road, Bangalore 560009

LIC of India (610),

Jeevan Prakash Annexe,

1^st floor, JC road,

Bangalore 560002

LIC of India (602),

Indian Mutual building,

4^th and 5^th floor,

NR Square branch office,

Bangalore 560002

LIC of India (603),

Oriental building,

Ground floor,

MG Road, Bangalore 560001

LIC of India (601),

640/1, Chikmagalur,

Channapatna, Bangalore Mysore highway,

Bangalore 571501

LIC of India (6011),

RT Nagar office,

Lakhshmaiah block, 37,

10^th cross, Ganga nagar,

HA Farm post, Bangalore 560024

LIC of India (36A),

Lakshmi complex, No.41, opp. Syndicate bank,

Old madras road,

Krisnarajapuram, Bangalore 560036

LIC of India (308),

Richmond town, branch office,

Canara mutual building,

2^nd floor, Recidency road,

Bangalore 560025

LIC of India (309),

St Marks road branch,

Oriental building, 1^st floor,

MG Road, Bangalore 560001

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LIC Zonal Office (Branch code: ZO05):

Jeevan Bhagya, Saifabad,

Hyderabad 500063

LIC of India (804), House number 5-9-211/2 PM house,

2nd and 3rd floor,

Chirag Ali lane,

Abids,

Hyderabad – 500002

LIC of India (G504),

P & GS Unit,

Jeevan Prakash, Saifabad,

Secretariat Road,

Hyderabad 500004

LIC of India (73M),

No. 1-7-144/2,

1st floor, Golconda cross roads,

Musheerabad,

Hyderabad – 500020

LIC of India (800),

CB6, Taramandal complex,

2nd floor, Saifabad,

Secretariat road,

Hyderabad 500004

LIC of India (73K),

Tuljaguda Complex,

1st floor,

APHB complex,

MJ Market,

Hyderabad 500001

LIC of India (73L),

No.4-7-1121/4, 1st floor,

Atufa complex,

Putli Bowli,

Hyderabad 500095

LIC of India,

old SBI building,

Near Balanagar cross roads,

Hyderabad 500037

LIC of India (73G),

No.18-99/1, 1st and 2nd floor,

Konark commercial complex,

Kamala nagar,

Chaitanyapuri colony,

Hyderabad 500029

LIC of India (73H),

22-95-1, Jaya complex,

Kunukuntla,

BHEL RC puram,

Hyderabad 500032

LIC of India (660),

No.3-6-140/2a,

1st and 2nd floor,

Swaroop Bhavan,

Himayatnagar,

Hyderabad 500029

LIC of India (64W),

10-3-13,

Mehdipatnam cross roads,

Hyderabad 500028

LIC of India (650),

City branch office number 5,

Jeevan Jyothi, 5-9-57,

3rd floor,

Basheerbagh,

Hyderabad 500029

LIC of India (64K),

16-2-677/2,

2ND and 3rd floors,

Judges colony,

Malakpet,

Hyderabad 500036

LIC of India (64S),

6-3-789, Pavani Prestige,

2nd floor,

Ameerpet,

Hyderabad – 500016

LIC of India (643),

5/8-190, 1st floor,

Paigah complex,

Hotel Yatrik compound,

Nampally,

Hyderabad 500001

LIC of India (64J),

Jeevan Sagar,

Behind NTR Stadium,

Indira Park,

Hyderabad 500080

LIC of India (641),

Surabhi arcade,

5-7-664, Bank Steet,

Koti,

Hyderabad 500001

LIC of India (642),

Jeevan Jyothi, 5-9-57,

1st and 2nd floor,

Basheerbagh,

Hyderabad 500029

LIC of India (6041),

Near Nallakunta Bridge,

Barkatpura, Kachiguda,

Hyderabad 500027

LIC of India (6042),

Near Sai Baba temple,

Dilsukhnagar,

Hyderabad 500060.

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You can pay LIC premiums using Net Banking accounts with any of the following banks:-

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LIC of India, Delhi CAB 1021
Delhi Branch Code: 1021
Career Agents’ Branch Office
517 Kothi Bhagwan Das Gandhi Nagar.
Main Road Delhi,Gandhinagar (Cab)
Pin Code: 110031

LIC of India Delhi Branch Code: 108
B O Unit No 108
6/32-33 W.E.A. Gurudwara Road
Karol Bagh New Delhi 110005

LIC of India Delhi Branch Code: 111
New Delhi Branch Unit 111
Bombay Life Building N Block.
Conaught Place, New Delhi 110001

LIC of India Delhi Branch Code: 112
New Delhi Branch Unit 112 N 69
Bombay Life Bldg Connaught Place.
New Delhi 110001

LIC of India Delhi Branch Code: 113
Jeevan Tara Bldg.Gate No.4 Ist Floor
5 Parliament Street.
New Delhi 110001

LIC of India Branch Code: 114
Delhi Br Unit 114
State Bank Bldg
2nd Flr Chandni Chowk
New Delhi 110006

LIC of India Delhi Branch Code: 115
New Delhi Branch Unit 115
N 72 Connaught Circus.
New Delhi 110001

LIC of India Delhi Branch Code: 116
New Delhi Branch Unit 116
Lakshmi Insc Bldg 1st Flr Asaf Ali Rd.
New Delhi 110002

LIC of India, New Delhi Br Unit 117
3rd Floor
Jeevan Prakash 25 Kasturba Gandhi Marg.
New Delhi 110001

LIC of India New Delhi Branch Unit 118
64 Janpath, New Delhi 110001

LIC of India, New Delhi Br Unit 119
Branch Code: 119
C 38 Shopping Cum Office Complex
Opp Mulchand Hospital .
New Delhi

LIC of India Delhi Branch Code: 11A
Janakpuri (New Delhi) B O
B-1/10 Community Center
Janakpuri 110058

LIC of India, Delhi branch Unit No- 11B
30-31 Vir Sawarkar Block 2nd Floor.
Vikas Marg, Gandhi Nagar
Pin Code: 110092

LIC of India, New Delhi branch Office 11C
Central Hall
Clock Tower Bldg Khan Market.
New Delhi 110003

LIC of India, Delhi Branch Unit No 11D
30-31 Veer Savarkar Block
Shakarpur, Delhi 110092

LIC of India, New Delhi Branch Unit 11F
M-1, South Extension part II
New Delhi 110017

LIC of India, New Delhi Branch Office 11J
Jeevan Prakash Bldg 1st Floor 25.
Kasturba Gandhi Marg
New Delhi 110001

LIC of India, New Delhi Branch Unit 11K
12/56 Deshbandhu Gupta Road
Karol Building, Faiz Road Chowk Cbo
New Delhi 110005

LIC of India, Delhi Branch Unit 11L
Plot No.16 I Block Sector 1
Vijay Nagar Narela
Delhi 110040

LIC of India, Delhi Branch Unit 11M
Zulfae Bangal
G.T.Road Shahdara
Delhi 110092

LIC of India, New Delhi Branch code 11N
18-A/2 Desu Road
Mehrauli New Delhi 110030

LIC of India, New Delhi Branch Unit 11P
29 & 30 Anuvrat Tower Community Centre.
Wazirpur,New Delhi 110052

LIC of India, New Delhi Branch code 11R
Flat No. C-316 to 325
August Kranti Bhawan
Bhikaji Cama Place New Delhi 110066

LIC of India, New Delhi Branch office 11S
Goverdhan Bldg
53-54 Nehru Place
New Delhi 110019

LIC of India, New Delhi Branch Code: 11T
C-29 Community Center
Phase I Naraina Vihar.
New Delhi 110028

LIC of India, New Delhi 11W Branch Office
Plot No-17 L.S.C. F-Block
Bhera Enclave Paschim Vihar
New Delhi 110087

LIC of India, New Delhi Branch Unit 11X
NBCC Plaza,Sector 5
Pushpa Vihar New Delhi 110017

LIC of India, Branch Office 11Y New Delhi
Rz-1 Rati Ram Park.
Najafgarh Village
New Delhi 110043

LIC of India, Delhi Branch Unit 120
F-41 [1st Floor]
Connaught Place New Delhi 110001

LIC of India, Delhi Branch Unit No 123
G/1 Model Town.
Delhi 110009

LIC of India, Delhi Branch Code: 124
Karol Bagh Branch
Bapu Bhawan Sat Nagar Karol Baug.
Guru Ravidas Marg
New Delhi 110005

LIC of India, Delhi Br Unit 126
Bharat Base Bldg 1st Flr
10 Daryaganj.
New Delhi 110002

LIC of India, Mehrauli Branch Office
Delhi Branch code 127
Shop Nos 19/C 19/D 20/D Vasant Lok.
D D A Shopping Complex
New Delhi 110087

LIC of India, Delhi Branch Unit 128
C-26/27 Community Centre.
Janak Puri New Delhi 110058

LIC of India, Delhi Branch Office 129
20-A First Floor Shivaji Marg
Near Motinagar Police Station
New Delhi 110018

LIC of India,12A Branch Office New Delhi
16a/8 W.E.A.(Near New Bloom School)
Karol Bagh New Delhi 110005

LIC of India, Branch Office 12B New Delhi
A-15 Mohan Co-Op Industrial Area 1st Fl.
Opp Sarita Vihar
New Delhi

LIC of India, Branch Office 12C New Delhi
3909-3912 Himalton Road
Mori Gate
Delhi 110006

LIC of India,12D Branch Office New Delhi
A-5 Competent House-Ii 1st Floor.
Jagatpuri Chowk
New Delhi

LIC of India,12E Branch Office New Delhi
Local Shopping Centre F Block 1st Floor.
Ring Road Naraina
New Delhi 110028

LIC of India,12f Branch Office Delhi
Tirupati Balaji Bldg
13/14 D D A Shopping Centre.
Pocket II Mayur Vihar
Delhi 110091

LIC of India,New Delhi Branch code 12G
Flat No 12g Second Floor
9 Vardhaman Trade Centre.
Nehru Place New Delhi
New Delhi 110019

LIC of India,New Delhi Branch unit 12H
C-5-6 Sanjay Market
Sector 2 Rohini
Delhi 110085

LIC of India,Delhi Branch Office 12K
F-149 Main Bazar
Laxmi Nagar.
Delhi 110092

LIC of India,Delhi Branch Office 12L
Plot No.6 Jeevan Pragti Building
Laxmi Nagar 110092

LIC of India, Dwarka, New Delhi Branch Code: 12N
Dwarka Plot No 7 & 8 (IIIrd Floor)
Central Market Sec-6 Dwarka
New Delhi 110075

LIC of India,New Delhi Timarpur Branch
Delhi Branch Code: 12P
2/25 Roop Nagar
Timarpur New Delhi 110007

LIC of India,Adarshanagar Branch Office
Delhi Branch unit Branch Code: 12T
109-B/1 Panchavati.
Adarshanagar Delhi 110033

LIC of India,New Delhi(Janpath)
LIC Branch Unit No 310
Oriental Annexe 1st & 2nd Floor.
86 Janpath New Delhi 110001

LIC of India,New Delhi Branch unit 311
D D A Shopping / Office Complex
4th Flr V Blk No 5 Rajendra Place.
New Delhi

LIC of India, New Delhi Branch 312
31 Community Centre Friends Colony.
New Delhi 110065

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When Mumbai-based Neeraj Bansal has heart surgery a few months ago, thought that their health coverage of Rs 3 lakh for the cost. I was wrong. His family had to arrange for an additional Rs 75,000 as the limits of the subtitles of the policy regarding your claim R 2.25 lakh.

It is to take care of these contingencies, financial planners stress the need to build an emergency fund. Money can be used to bridge the gap between costs incurred and the compensation paid by the insurer. “With rising medical inflation, it is important to create a fund exclusively to meet any eventuality health care,” said Pankaj Mathpal, a financial planner based in Mumbai.

However, very few people actually do this.
The good news is that some insurers are offering products that help build an emergency fund for medical expenses. After LIC, ICICI Prudential Life Insurance and Birla Sun Life Insurance, which offer such policies, the Money Back Health plan from India First Life Insurance is the latest health Ulip to hit the market.

How health Ulips work:
A health Ulip is a combination of two insurance plans-a normal mediclaim policy and a market-linked investment plan. The mediclaim covers hospitalisation expenses, while the market-linked plan builds a corpus for you. This money can be withdrawn by the policyholder for meeting his healthcare expenses or if his mediclaim policy does not cover his hospital bill fully. As in the case of a regular Ulip, the policyholder can choose the investment option for the health Ulip premium.

These plans are available as individual as well as family floater policies. They are renewed annually and though the total premium remains the same, the mediclaim premium goes up even as the investment portion comes down. Some schemes like the LIC Health Plus even offer OPD cover, hospital cash and surgical benefits. The premium is tax deductible under Sections 80C and 80D.

The corpus created by the Ulip can also be used for treatment of diseases not covered by the mediclaim policy. For instance, if the policyholder is hospitalised for a pre-existing disease before the waiting period, the mediclaim policy will not cover the expenses. “The Ulip, however, provides a comprehensive cover to the customer by allowing reimbursement for medical expenses not covered under his health plan,” says Binay Agarwala, executive vice-president & head of products, risk management and corporate strategy, ICICI Pru Life Insurance.

One of the reasons people don’t take health insurance (or term policies) is that the absence of maturity benefit makes them feel their money is going waste. The health Ulip bypasses this problem by offering a maturity amount. The fund value is paid to the policyholder at the end of the term; if he dies before that, his nominee gets the money.

Rules for withdrawals:
To make a claim, one has to provide actual bills or proof of expenses. Expectedly, there are some caveats. Most health Ulips don’t allow withdrawals in the first year. For instance, you can withdraw money from the ICICI Prudential’s Health Saver plan only after you have paid at least three years’ premium. Birla Sun Life’s Saral Health Plan allows withdrawals only after five years. Also, there are caps on withdrawals.

In case of ICICI Prudential’s Health Saver, you can claim only 20% of the fund value in the fourth and fifth year, over and above the mediclaim cover of Rs 3 lakh. It goes up to 50% from the sixth to tenth year and you can claim the entire fund value only after the tenth year. Some health Ulips also have caps on the total claim amount. India First’s Money Back Health Ulip allows a maximum claim of five times the total sum assured during the entire term. So, if you have a cover of Rs 3 lakh, your total claim during the entire policy term cannot be more than Rs 15 lakh.

Source: [ET]

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“The law (insurance) does not provide companies to make public, but the governor may,” Insurance Regulatory and Development Authority (IRDA) J Hari Narayan told reporters on the sidelines of an industry summit here.

He said that the industry competes with other sectors of the capital and the IPO would raise some. “The capital has grown. We need capital,” said Narayan.

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He said the final guidelines for the IPO of the life insurance industry will be ready later this month.

But none of the existing laws, whether of the Companies Act or Sebi acts or IRDA mandatory for all companies in all sectors for a list. If IRDA is to have its way, then all the laws mentioned above will be amended after the LIC Act.

LIC, despite the country’s largest financial company, wholly owned by the state and is not a company incorporated under the Companies Act, but subject to the LIC Act.

It is interesting to note that among the 22 private players are just a few, such as HDFC Standard Life and Reliance Life, wants to take advantage of the market, particularly to free resources. Most players say they are not trying to raise capital.

Last month, IRDA had issued draft guidelines for insurance companies to raise capital through public offerings.

According to the draft rules, only those with 10 years of solid performance and financial would be allowed to access the capital markets.

Assurance planning of the public offer is to seek “the formal approval” of the IRDA and then approach Sebi for final approval, the draft regulations had said. As part of the selection criteria should insurers have maintained solvency rules prescribed in the past six quarters, he said.

Source: [ET]

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