Atal Pension Yojana

 Atal Pension Yojana (APY)1 – Details of the Scheme
 

1. Introduction

1.1 The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS). To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any formal pension provision, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60.

1.2 The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians, specially the poor and the under-privileged, in the Budget for the year 2015-16. Therefore, it has been announced that the Government will launch the Atal Pension Yojana (APY), which will provide a defined pension, depending on the contribution, and its period. The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government. The APY would be introduced from 1st June, 2015.

 

2. Benefit of APY

2.1 Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.

3. Eligibility for APY

3.1 Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers. However the scheme will continue after this date but Government Co-contribution will not be available.

3.2 The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.

4. Age of joining and contribution period

4.1 The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.

5. Focus of APY

5.1 Mainly targeted at unorganised sector workers.

6. Enrolment and Subscriber Payment

6.1 All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges. The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any late payment penalty. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for specified period, the account is liable for foreclosure and the GoI co-contributions, if any shall be forfeited. Also any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the entire government contribution shall be forfeited along with the penal interest. For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term. The subscribers are required to opt for a monthly pension from Rs. 1000 - Rs. 5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April. Each subscriber will be provided with an acknowledgement slip after joining APY which would invariably record the guaranteed pension amount, due date of contribution payment, PRAN etc.

7. Enrolment agencies

7.1 All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through architecture of National Pension System. The banks, as POP or aggregators, may employ BCs/Existing non - banking aggregators, micro insurance agents, and mutual fund agents as enablers for operational activities. The banks may share the incentives received by them from PFRDA/Government, as deemed appropriate.

8. Operational Framework of APY

8.1 It is Government of India Scheme, which is administered by the Pension Fund Regulatory and Development Authority. The Institutional Architecture of NPS would be utilised to enrol subscribers under APY. The offer document of APY including the account opening form would be formulated by PFRDA.

9. Funding of APY

9.1 Government would provide (i) fixed pension guarantee for the subscribers; (ii) would co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and (iii) would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.

10. Migration of existing subscribers of Swavalamban Scheme to APY

10.1 The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out. However, the benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attained the age of exit under that scheme.

10.2 The existing Swavalamban subscribers between 18-40 years will be automatically migrated to APY. For seamless migration to the new scheme, the associated aggregator will facilitate those subscribers for completing the process of migration. Those subscribers may also approach the nearest authorised bank branch for shifting their Swavalamban account into APY with PRAN details.

10.3 The Swavalamban subscribers who are beyond the age of 40 and do not wish to continue may opt out the Swavalamban scheme by complete withdrawal of entire amount in lump sum, or may prefer to continue till 60 years to be eligible for annuities there under.

11. Penalty for default

11.1 Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below:

 Rs. 1 per month for contribution upto Rs. 100 per month.

 Rs. 2 per month for contribution upto Rs. 101 to 500/- per month.

 Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.

 Rs. 10 per month for contribution beyond Rs 1001/- per month.

 

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

11.2 Discontinuation of payments of contribution amount shall lead to following:

 After 6 months account will be frozen.

 After 12 months account will be deactivated.

 After 24 months account will be closed.

 

12. Operation of additional amount for delayed payments

12.1 APY module will raise demand on the due date and continue to raise demand till the amount is recovered from the subscriber’s account.

12.2 The due date for recovery of monthly contribution may be treated as the first day /or any other day during the calendar month for each subscriber. Bank can recover amount any day till the last day of the month. It will imply that contribution are recovered as and when funds are available any point during the month.

12.3 Monthly contribution will be recovered on FIFO basis- earliest due instalment will recovered first along with the fixed amount of charges as mentioned above.

12.4 More than one monthly contribution can be recovered in month subject to availability of the funds. Monthly contribution will be recovered along with the monthly fixed due amount, if any. In all cases, the contribution is to be recovered along with the fixed charges. This will be banks’ internal process. The due amount will be recovered as and when funds are available in the account.

13. Investment of the contributions under APY

13.1 The amount collected under APY are managed by Pension Funds appointed by PFRDA as per the investment pattern specified by the Government. The subscriber has no option to choose either the investment pattern or Pension Fund.

14. Continuous Information Alerts to Subscribers

14.1 Periodical information to the subscribers regarding balance in the account, contribution credits etc. will be intimated to APY subscribers by way of SMS alerts. The subscribers will have the option to change the non – financial details like nominee’s name, address, phone number etc whenever required.

14.2 All subscribers under APY remain connected on their mobile so that timely SMS alerts can be provided to them at the time of making their subscription, auto-debit of their accounts and the balance in their accounts.

15. Exit and pension payment

15.1 Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.

15.2 Exit before 60 years of age is not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

16. Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of subscribers

16.1 The Table of contribution levels, fixed minimum monthly pension to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period is given below. For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins at the age of 18 years. For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454, if the subscriber joins at the age of 40 years.

 

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

 

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the subscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	42	1,000	1.7 Lakh
20	40	50	1,000	1.7 Lakh
25	35	76	1,000	1.7 Lakh
30	30	116	1,000	1.7 Lakh
35	25	181	1,000	1.7 Lakh
40	20	291	1,000	1.7 Lakh

 

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the subscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	84	2,000	3.4 lakh
20	40	100	2,000	3.4 lakh
25	35	151	2,000	3.4 lakh
30	30	231	2,000	3.4 lakh
35	25	362	2,000	3.4 lakh
40	20	582	2,000	3.4 lakh

 

Table of contribution levels, fixed monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the subscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	126	3,000	5.1 Lakh
20	40	150	3,000	5.1 Lakh
25	35	226	3,000	5.1 Lakh
30	30	347	3,000	5.1 Lakh
35	25	543	3,000	5.1 Lakh
40	20	873	3,000	5.1 Lakh

 

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the subscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	168	4,000	6.8 Lakh
20	40	198	4,000	6.8 Lakh
25	35	301	4,000	6.8 Lakh
30	30	462	4,000	6.8 Lakh
35	25	722	4,000	6.8 Lakh
40	20	1164	4,000	6.8 Lakh

 

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the subscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	210	5,000	8.5 Lakh
20	40	248	5,000	8.5 Lakh
25	35	376	5,000	8.5 Lakh
30	30	577	5,000	8.5 Lakh
35	25	902	5,000	8.5 Lakh
40	20	1,454	5,000	8.5 Lakh

 For More Detail you can Visit Atal Pension Yojna on highlited link. or you can call me for Advisory Services. Apurv Gourav- +919970506893 Mail Me:- finknowledge@gmail.com

Apollo Munich Health Insurance - Optima Restore Individual

Optima Restore Individual

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge. It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Eligibility:-

We offer coverage from the age of 5 years onwards with maximum entry age of 65 years. A dependent child can be covered from the 91st day (if either parents are covered under this policy).

You and/ or your family members namely spouse, dependent children, dependent parents / parents in law are eligible for buying this cover on individual sum insured basis. (we offer a family discount of 10% if 2 or more family members are covered under the same policy)

Maximum 6 members can be added in a single policy. In an individual policy, a maximum of 4 adults and a maximum of 5 children can be included in a single policy.

Your premium at renewal may change due to a change in your age or changes in the applicable tax rate.

The policy period options include period of 1 or 2 years(s). (We offer 7.5% discount if you opt for a 2 year policy)

Plan Benefits:-

 In-Patient Hospitalisation - The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.

Pre-Hospitalisation - The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.

Post-Hospitalisation - The medical expenses you incur in the 180 days immediately after you are discharged from hospital.

Day-Care Procedures - The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Domiciliary Treatment - The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.

Organ Donor - Treatment expenses for the organ donor at the time of organ transplant.

Daily Cash for Choosing Shared Accommodation - A lump sum amount given for selecting a shared room in a network hospital.

Emergency Ambulance - Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).

Health Check-up - A comprehensive health check-up involving a number of medical tests only once at the end of a block of two continuous policy years. (For Sum insured above 15 lacs).

Restore Benefit - Automatic re-instatement of the basic sum insured, if the basic sum insured and multiplier benefit has been exhausted during the policy year. Basic sum insured will be re-instated only once in a policy year.

E-opinion - On request of the Insured person diagnosed with a crticial illness, We will arrange for a second opinion from a medical practitioner selected by the insured person from Our panel. This benefit can be availed once in a policy year.

Other Benefits

Multiplier Benefit - You get a bonus of 50% of the basic sum insured for every claim free year accumulating up to 100%. (In the event of a claim, the bonus shall be reduced by 50% of the Basic Sum Insured at the time of renewal).

Cashless Service - You need to obtain a pre-authorization for all planned admissions atleast 48 hours prior to actual admission or regularize any ‘emergency’ admission within 24 hours post the admission. The details of the process and the documentation requirements are given in the guide-book sent along with the policy.

Sum Insured Enhancement - Sum Insured can be enhanced only at the time of renewal subject to no claim have been lodged/ paid under the policy. If the insured increases the sum insured one grid up, no fresh medicals shall be required. In cases where the sum insured increase is more than one grid up, the case shall be subject to medicals. In case of increase in the sum insured waiting period will apply afresh in relation to the amount by which the sum insured has been enhanced. However, the quantum of increase shall be at the discretion of the company.

Portability - If you are insured with some other company’s health insurance and you want to shift to us on renewal, you can. Our portability policy is customer friendly and aims to achieve the transfer of most of the accrued benefits and makes due allowances for waiting periods etc.

Tax Benefits - With the Optima Restore Individual Health Insurance Plan you can presently avail tax benefits for the premium amount under Section 80D of the Income Tax Act. (Tax benefits are subject to changes in Tax Laws)

For More details Kindly contact Apollo Munich Health Insurance Advisor:- APURV GOURAV Mob:- +919970506893

E-Insurance Account

What is E-Insurance Account?

eIA stands for e-Insurance Account or "Electronic Insurance Account" which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration to the following five entities to act as 'Insurance repositories' that are authorized to open e-Insurance Accounts:
a) M/s NSDL Database Management Limited
b) M/s Central Insurance Repository Limited
c) M/s SHCIL Projects Limited
d) M/s Karvy Insurance Repository Limited
d) M/s CAMS Repository Services Limited
Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online.

Requirement:-

An e-Insurance account holder or policyholder is required to:
a) Fill the e-Insurance account form and
b) Submit the following documents to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository:
1. Photo ID
2. Recent passport size photograph
3. Cancelled Cheque ( In case of ECS/NEFT services for insurance premium payment transaction) and
4. Address proof

​ E-Insurance account is offered 'free of cost' to the applicants.

For Any type of Financial Services, Kindly Contact:- APURV GOURAV Mob:- 9970506893.

We are dealing in Life Insurance, Helath Insurance, Group Medical Insurance, Home Loan, Personal Loan Etc. Find Us on Just Dial:- Gaurav Financial Services

Complaint Insurance Industry- 2013-2014

Below are the list of Complaint against Life and Non Life Insurance Company in 2013-2014

 

For Any type of Financial Services you may call to Apurv Gourav- +919970506893

Rajiv Gandhi Equity Savings Scheme (RGESS)

Benifits

Rajiv Gandhi Equity Savings Scheme, 2013 (RGESS) is a new equity tax advantage savings scheme for equity investors in India, with the stated objective of "encouraging the savings of the small investors in the domestic capital markets.” Vide notification dated December 18, 2013 the scheme has been notified by the Department of Revenue, Ministry of Finance (MOF)... It is exclusively for the first time retail investors in securities market.

The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market

• A new section 80CCG under the Income Tax Act, 1961 on ‘Deduction in respect of investment under an equity savings scheme’ has been introduced to give tax benefits to ‘New Retail Investors’ who invest up to Rs. 50,000 in ‘Eligible Securities’ and have gross total annual income less than or equal to Rs.12 Lakhs. The investor would get a 50% deduction of the amount invested from the taxable income for that year.
• The new retail investor may invest in one or more financial years in a block of three consecutive financial years beginning with the initial year.
• Gains, arising of investments in RGESS, can be realized after a year. This is in contrast to all other tax saving instruments.
• Investments are allowed to be made in instalments in the year in which the tax claims are filed.
• Dividend payments are tax free.
• This scheme has a long run benefit of educating the retail investment segment and thereby moving towards financial inclusivity in the country.
• Success of this scheme can lead to transfer of assets from traditional savings instruments such as bank deposits and FDs to the capital markets, leading to diversification in retail investor portfolio and also leading to more productive "capital formation" assets.

Eligibility

The deduction under the Scheme will be available to a ‘new retail investor’ who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to twelve lakh rupees.

The deduction under the Scheme shall be available to a new retail investor who:-

• Is a resident individual (the benefit cannot be availed by HUF, corporate entities / trusts etc).
• Has not opened a Demat account and has also not done any trading in the derivative segment till RGESS account opening date or the first day of the “initial year” in which he brings in the RGESS eligible investment into the account, whichever is later.
• Has opened a Demat account and has not made any transactions in equity and /or in the derivative segment till designating such account as RGESS or the first day of the “initial year” in which he brings in the RGESS eligible investment into the account, whichever is later.
• In case the demat account is opened as a first holder, but there are no transactions in the equity or derivative segment, then the first account holder is eligible to be a new retail investor.
• For taking the benefits under RGESS, the new retail investor will have to submit a declaration, as in Form ‘A’, to the Depository Participant (DP) at the time of account opening or designating his existing demat account.
• In case of joint accounts, only the first account holder will not be considered as a new retail investor. All those existing account holders other than the first demat account holder (eg. second / third account holders or other joint holders) or nominees of the existing account holders will be considered as new retail investors for the purpose of opening of a fresh RGESS account, if otherwise eligible.
• Has gross total income for the financial year less than or equal to Rs. 12 Lakh.

Process

A new retail investor can make investments under the Scheme in the following manner:

• Open a demat account with a Depository Participant by providing an undertaking Revised link (Form A) that he wishes to designate his existing account or open a new account as RGESS account.
• An investor can invest in eligible securities in one or more transactions during the year in which the deduction has to be claimed.
• An investor can make any amount of investment in the demat account but the amount eligible for deduction, under the Scheme will not exceed fifty thousand rupees.
• The eligible securities brought into the demat account, as declared or designated by the new retail investor, will automatically be subject to lock-in during that year, unless the new retail investor specifies otherwise and for such specification, the new retail investor will submit a declaration in Revised link Form B / Application indicating that such securities are not to be included within the above limit of investment.
• An investor will be eligible for a deduction under subsection (1) of section 80CCG of the Act in respect of the actual amount invested in eligible securities, in the first financial year in respect of which a declaration in Revised link Form B / Application has not been made, subject to the maximum investment limit of fifty thousand rupees.
• The investor would get under Section 80CCG of the Income Tax Act, a 50% deduction of the amount invested during the year, upto a maximum investment of Rs. 50,000 per financial year, from his/her taxable income for that year, for three consecutive assessment years.
• An investor will be permitted a grace period of seven trading days from the end of the financial year so that the eligible securities purchased on the last trading day of the financial year also get credited in the demat account and such securities will be deemed to have been purchased in the financial year itself.
• An investor may also keep securities other than the eligible securities in the demat account through which benefits under the Scheme are availed.
• An investor can make investments in securities other than the eligible securities covered under the Scheme and such investments will not be subject to the conditions of the Scheme nor will they be counted for availing the benefit under the Scheme.
• The investment under the Scheme will consist of an investment in any of the eligible securities covered under the Scheme.
• Deductions claimed will be withdrawn if the lock-in period requirements of the investment are not complied with or any other condition of the Scheme is violated.

BSLI Vision LifeIncome Plan

In today's world, we try to plan for all of life's important stages and milestones keeping in mind our growing responsibilities. And, to supplement these efforts, we sometimes wish for an extra source of regular income. Introducing the BSLI Vision LifeIncome Plan, a traditional participating whole life plan that helps you to not only plan your financial goals but also realise your dreams by providing you with a steady income and whole life cover. With survival benefits payable every year from the end of the premium paying term till maturity and a life insurance benefit, this plan offers a perfect blend of income and financial protection for you and your family.

Key Features

• 5% of the Sum Assured guaranteed plus bonus every year after premium paying term.
• Comprehensive financial protection for your family with whole life covers to age 100.
• Premium rebates on high Sum Assured, Annual & Semi Annual modes of payment and ECS method of payment.
• Access to suitable Rider options for added protection, at a nominal extra cost.
• Tax benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Quick view

Entry Age (age on last birthday)	1 – 60 years
Policy Term	Whole Life to Age 100
Premium Paying Term	15 to 40 years
Minimum	Attained Age at end of Premium Paying Term is 18 or more
Maximum	Attained Age at end of Premium Paying Term is 75 or less
Minimum Sum Assured	Rs. 200,000
Minimum Premium	Rs. 18,000
Premium Frequency	Annual, Semi-annual, Quarterly, Monthly

Benefits of BSLI Vision Life Income Plan

Survival-Benefit
In the event the life insured survives to the end of the premium paying term, the policy holder will receive accrued bonuses till date. If he/she survives to the end of each subsequent policy year, he/she will be paid Income Benefit of 5.0% of Sum Assured plus bonus from current policy year.

Maturity-Benefit
In the event the life insured survives to the end of the policy term, the policyholder will receive the sum Assured and Terminal Bonus (if any).

Death Benefit
In the unfortunate event of the death of the life insured during the premium paying term, the sum assured plus accrued bonuses as on date of death and Terminal Bonus (if any) will be paid to the nominee. If the life insured dies after the premium paying term, the nominee will receive the Sum Assured plus bonus from current year plus Terminal Bonus (if any). Sum Assured payable on death/maturity shall never be less than 105% of total premiums paid to date (excluding any applicable rider premium and/or underwriting extras).

Additional Insurance Benefits

To enhance protection, BSLI Vision Life Income Plan offers the following riders at a nominal extra cost.

• BSLI Accidental Death and Disability Rider (UIN: 109B018V02)
• BSLI Critical Illness Rider (UIN: 109B019V02)
• BSLI Surgical Care Rider (UIN: 109B015V02)
• BSLI Hospital Care Rider (UIN: 109B016V02)
• BSLI Waiver of Premium Rider (UIN: 109B017V02)

Please refer to detailed brochures on riders, consult your financial advisor -APURV GOURAV (+919970506893 )

Tax Benefits
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilment of the other conditions of the respective sections prescribed therein.

Note:- All Content i have taken it from BSLI Website.

Finance Act 2014

Finance Act 2014 has introduced a new TDS provision under section�194DA in the Income Tax Act, 1961 on the insurance policies.

As per the new section (applicable from 1st October 2014), if the policy proceeds are not eligible for exemption under Section 10(10D) of the Act and your total payout value for a year exceeds
Rs 100,000, then the tax deductions will be as under:

• At 2% (for valid PAN registered with us)
• At 20% (for valid PAN not registered with us)

The applicable deduction will be withheld by us before releasing the payment and the same shall be deposited with Government authorities.

In case valid PAN details are not available with us, TDS certificates would not be generated from Income Tax website. Also, in the absence of PAN, TDS credit would not get reflected in Form 26AS.