Essential Information of SIP Plans1234 (2)

LIC Systematic Investment Plan :

LIC Systematic Investment Plan The LIC systematic investment plan has a huge appeal with the Indian masses as the company is a household name. The SIP LIC mutual fund offers a number of schemes under the titles of equity, debt, balanced, liquid, redeemed and floating. As we already know, LIC is the top insurer in the country .

LIC SIP Plan Cont……..:

LIC SIP Plan Cont…….. The LIC Policies are ideal for NRIs out of the country to invest. Invest as minimum as less as Rs.500 or Rs.1000. LIC offers investor's guide as well as a LIC Mutual Fund Calculator to help you calculate our returns. We can easily plan our retirement or our finance using the planning medium available on LIC's end.

LIC SIP Plans……:

LIC SIP Plans…… Term Assurance Plans: Temporary Assurance LIC’s Anmol Jeevan -1 LIC’s Amulya Jeevan-1

Temporary Assurance:

Temporary Assurance It is a term assurance plan which provides risk cover for a short period of two years or less. Policy can be allowed to Standard and sub-standard lives up to class-III. This plan is not allowed to pregant women, physically Handicapped lives and when occupational extra chargeable. In the LA’s death occuring within the selected period from the commencement of the policy, the SA will be payable.

Temporary Assur……..:

Temporary Assur…….. Min. age at entry:  18 years (lbd). Max. age at entry:  60 years (lbd). Terms Allowed: 6/12/18/24 months Min. S.A.: Rs. 3 lakhs Max. SA :  1 crore. Modes Allowed: Single only Accident benefit: Not Allowed. Tax Benefits: On premiums paid and benefits received as per prevailing tax laws

LIC’s Amulya Jeevan-1:

LIC’s Amulya Jeevan-1 This is a pure Term Assurance plan like Anmol Jeevan . In this place Min. S.A. is 25 lakhs. Plan is  allowed to physically Handicapped persons as per the existing rules. Death Benefits : On death of the policyholder during policy term, S.A will be paid to the nominee.

LIC’s Amulya Jeevan-1……….:

LIC’s Amulya Jeevan-1………. Min. age at entry: 18 yrs (completed) Max. age at entry: 60 years Max. Maturity Age: 70 years Minimum Term: 5 years Maximum Term: 35 years Modes allowed: Yly / Hly Minimum S.A: Rs. 25 Lakhs S.A in multiples of: 1 Lkhs Max. S.A: No Limit Tax Benefits: On premiums paid and benefits received as per prevailing tax laws

COMPARITIVE STUDY :

COMPARITIVE STUDY LIC’s Anmol Jeevan -1 POLICY BENEFITS Plan allowed to standard & sub-standard lives up to class VI. It is the cheapest pure life risk plan. Physical Handicapped persons (Group A) can apply for this policy with standard extra rates. No claims concession will be applicable to this policy. On the basis of special reports and medical reports (if any), proposals are considered ICICI Pru Life Stage Wealth II POLICY BENEFITS In the unfortunate event of death of the Life Assured during the term of the policy, the nominee shall receive Sum Assured. Flexibility to invest surplus money to boost your investment kitty. To provide guaranteed returns through investment in a diversified portfolio of high quality fixed income instruments. Single premium ULIP: Pay premiums only once and stay invested for a long term.

LIC’s Anmol Jeevan -1……..:

LIC’s Anmol Jeevan -1…….. Min. age at entry:  18 years (completed). Max. age at entry:  55 years ( nbd ). Min. S.A.: Rs. 5 lakhs Max. SA. : Rs. 24 lakhs SA in multiples: Rs. 1 lakh Max. Maturity age: 65 years ( nbd ). Modes Allowed: Yearly/Half Yearly/Single Min Term: 5 years. Max Term: 25 years. Tax Benefits: On premiums paid and benefits received as per prevailing tax laws

ICICI Pru Life Stage Wealth II:

Minimum Premium Rs. 40,000 If Premium Amount: Rs. 1,00,000 so Sum Assured: Rs. 5,00,000 Min / Max Age at Entry:- 7 / 65 years Min / Max Age At Maturity:- 18 / 75 years Policy Term:-10 /15/ 20 /25/ 30 years Tax Benefits:-as per the prevailing Income Tax laws. Mode of Payment:- Yearly / Half yearly / Monthly ICICI Pru Life Stage Wealth II

Financial Advisor:

Financial Advisor JOB REQUIREMENT Unit Manager does the Agent Recruitment. There is no work experience required. Person should also have a good Profile and should have good contacts and he should spent 5-6 years in Lucknow city.

Eligibilty Conditions: :

Eligibilty Conditions: a) Qualification: The Person shall possess a Bachelor’s Degree of a University in India established under a statute. Good working knowledge of English and also one Regional language preferably the local language is desirable. Knowledge of soft skills such as Power Point / Word / Excel would be an additional advantage.

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b) Age: The applicant shall have completed 21 years of age but not more than 35 years. c) SELECTION PROCEDURE Selection will be made on the basis of a written test if necessary, followed by an Interview of candidates who qualify in the written test. The Written Test will be Objective Type covering Test of Reasoning , Numerical Ability and General Knowledge.

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D)- TRAINING: The selected candidates will have to undergo Theoretical Training, pass an examination conducted by the IRDA and obtain a licence to procure Life Insurance Business. After procuring the licence, the candidate if found suitable for selection in accordance with the scheme, may be engaged as a Financial Advisor.

How to Retain Financial Advisors :

How to Retain Financial Advisors All people in the LIC, which include financial planners and advisors retained on the basis of their payment which also works as a motivator for them, they get paid in one of the following four ways: Commission only Commission and fees Salary plus bonuses Fee-only

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Commission only:- Some advisors receive only commissions for selling financial services products, such as investments, real estate, insurance products, or loans. Commission and fees:- Commission and fee advisors may receive a fee for developing a financial plan for you and then receive commissions from LIC when they sell you insurance and investment products recommended in your financial plan. Salary plus bonuses:- Lic compensate their permanent employees with a base salary plus incentive pay for selling the Policies.

Fee-only:

Fee-only Fee-only financial advisors provide advice or ongoing management and aren’t registered representatives of any financial services company. They’re typically self-employed Registered Investment Advisors (RIA) or employees of this type of firm. Lic gives extra benefits (commission) to the fee only advisors.

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On Role Agent- LIC gives Rs 3,000 per month and 12% commission on the total S.A. by him. They have to give at least 20 cases in a year and the total S.A. is approx Rs 4,50.000. LIC gives transportation expenses & mobile expenses to their Permanent Agent. Incentives are given on salary when the given targets are achieved by the employees.

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Off Roll Agent- LIC gives 25% commission on the total S.A. by him. They have to give at least 12 cases in a year and the total S.A. is approx Rs 3,00.000. Perks are the extra monitory or non-monitory gifts given to the employees to motivate them & to retain them. Agent who earn more commission they get extra benefit by LIC. LIC provide LONS to him(may be without interest).