LIC Guidelines


Your Policy Bond And Its Safety
The policy bond is the document that is given to you after we accept your proposal for insurance.
The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.
This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.
Inform your spouse/Parents/Children as to where the policy is kept.
In case you are handing over the policy bond to any person or office, please take a written acknowledgement. Keep a Photostat copy of the policy for your reference.
Call Invest Inn 94 23 53 1005


Your Policy Number
The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond.

This is a unique identification number that distinguishes your policies from other policies and will remain unchanged throughout the lifetime of the policy.

Remember to quote the policy number every time in your correspondence, as it helps us to locate your records for reference.
Call Invest Inn 94 23 53 1005


Policy Conditions
Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy.

The policy schedule contains on the first page of your policy, like the ones mentioned above as well as other information like nominee, your address etc. It also shows the date of commencement of your policy, date of birth, date of maturity, due dates and months in which the renewal premiums are to be paid etc.

The second page onwards carries the various policy conditions like risk coverage, additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance.

Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with (to know more about various types of policy conditions and their implications).


Alterations In Policy
There may be instances when you would like to make alterations in your policy like change of premium payment mode, reduction in premium paying term etc.
Your applications may be given in writing to the branch that services your policy for our further action.
Call Invest Inn 94 23 53 1005

There are different types of alterations that are allowed on our life insurance policies(to know more about alterations).


If Your Policy Is Lost
Kindly make a thorough search before concluding that you have lost the policy bond. Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason.
It could have been even pledged with LIC/any other financial institution for availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Make sure that the document you are searching is not one that has already been assigned to LIC, or to another financial institution.

If the policy bond is partially destroyed due to natural causes like, fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC, while applying for a duplicate policy.

In case you are sure that the policy bond is untraceable due to unknown causes, there is a simple procedure to comply with while applying for the duplicate policy at the branch that services your policy (to know about obtaining duplicate policies).


Your Contact Address – Keep Us Posted Without Fail
Your address is very important for us. Without your latest address we would not be in a position to contact you for any service offering. We would not like to keep any benefit that is due to you pending for want of this very important information. Whenever you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers for maturity and survival benefits etc., will get delayed in reaching you.

LIC provides for change of addresses, inclusion of telephone numbers, mobile numbers and email addresses in your contact addresses information. Kindly inform your servicing branch to incorporate the same in your policy records.
Call Invest Inn 94 23 53 1005


Admission Of Age
Check your policy bond and see if your date of birth is correctly given therein.
This is one of the factors on which the premiums you pay for your policy is arrived at.
This would also form the basis of all future policies you might avail from us.
In case your earlier policies do not have your date of birth incorporated and you do have a date of birth certificate issued by the competent authority, you may send an attested copy of the same to us, with a request to admit your age (to find out the certificates of age that LIC accepts.)



Nomination
Ensure that the nominees name is correctly incorporated in the policy bond.
You may change the nomination in your policy any time during the lifetime of the policy
In case you have not included the name of the nominee till now, please do not delay; inform us your nomination immediately. Kindly note that the change of nomination has to be done in the branch that services your policy.

The nominee is the person to whom the insurance claim amounts would be payable, in case anything unfortunate within the purview of the policy conditions happens to you.
The policy is usually taken by you to benefit your family – nominate the persons who’ll have the welfare of your family in your absence; the usual preferences being spouse and children.

You may nominate even minors like your children, in which case you have to name another person who’ll have the welfare of the minor children, as an appointee(to know more about nomination).



Assignment
In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution.
When you assign the policy the title of the policy is shifted from your name to that of the institution.

The policy would be reassigned to you on the repayment of the loan.
A fresh nomination should be done after reassignment of the policy.
Assignment of policies can be done even when a loan is not required or for some special purposes (To learn more about assignment).




When To Pay The Premiums
Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay.

LIC usually sends premium notices one month in advance to the due month of the premium.
The months in which premiums are due are given on the first page of the Policy bond.





Grace Period For Premium Payment
In case you have not paid the premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the grace period. (With the exception of some plans)
The grace period for policies where the premium payment mode is monthly is 15 days from the due date.

The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.





How And Where To Pay The Premiums
  • By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
  • The DD and cheques or Money Order may be sent by post.
  • You can pay your premiums at any of our Branches as 99% of our Branches are 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.
  • Call Invest Inn 94 23 53 1005



Policy Status – Where Available
Status of your policy indicates if your policy is in force or has lapsed due to non-payment of premium. It also provides other important information with respect to your policy, for your reference.

The status of your policy is available at the branch that services your policies.
It is also available through our Interactive Voice Response Systems in select cities (to find out if your city is covered).
In cities connected by our computerized networks the status will be available in any of the branches.

Now the policy status of policies being serviced in the cities connected by network are also available through Internet (to register for these services). In select cities online touch screen kiosks are also provided where you can view your policy status.


Revival Of Lapsed Policies
If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required . (for knowing more about the revival procedure and the different types of revival allowed)
Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.( to know the concessions for delayed premium payment and for claims during the lapsed period).



Availing Loans On Policies
Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
You repay the loan with interest or continue paying the interest and allow the loan to be deducted at the time of the claim payments.
Further loans on policies are also allowed after deduction of earlier out standings (to find out more about loans on policies).
Most financial institutions too allow loans against LIC policies based on the value LIC quotes on request from you.
Call Invest Inn 94 23 53 1005



Surrender Value
This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be proportionately low.
Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
Therefore retention of earlier policies and continuation of all policies without allowing them to lapse is the best strategy for continuing life insurance protection.


Maturity, Survival Benefits, Disability And Death Claims:
When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to you in advance. However, if the survival benefit amount is less than or equal to Rs.60,000/- the same will be sent to you directly without policy or discharge forms with a few exceptions.
If such intimations have not come to you before the due date kindly inform us so that we may take necessary action (to know about the claims procedure)


Policies Under Salary Savings Scheme
If you have taken your policy under salary Saving Scheme please read the following suggestions :
  1. For each Salary Savings Scheme Policy your employer deducts the premium from your salary and sends a consolidated cheque for all the policies of the employees to a designated Branch of LIC, where all the policy files are maintained.
  2. You can find out which Branch of LIC your policy file will be serviced either from your Agent or from the pay roll department of your employer.
  3. You will need to know which branch of LIC services your policy because you will require their help in getting your Maturity/Survival Benefits, for any alterations like change of address and for availing loans etc.
  4. In case you are in a transferable job please inform the designated Branch of LIC about your new place of posting.
    After you join your new place of posting please ask your employer the LIC Branch where the premiums are being remitted by your office there and inform the LIC Branch which was servicing you earlier so that your policy files can be transferred.
  5. This way your records will be at correct place and will receive the services from us like maturity, in time.
    In case you are leaving your employer for a new job or joining another firm, you have the facility to either continue the policy under the Salary Savings Scheme of your new firm or to convert the payment mode into quarterly, half yearly or yearly mode.
  6. Always ensure the continuity of premium payments to avoid frequent revivals of policy. This may become a cumbersome process for a person who is in a transferable job.
  7. Please do not send any installments directly to us. Your premium must come through your employer only. We do not have systems to adjust single installments received from our policy holders. Otherwise please convert the mode into quarterly, halfyearly, or yearly and pay directly. This way you also get a discount on the premium payable.
  8. Leave a permanent local address with us so that we can reach you wherever you are even after many years.



Helpline
To ensure that you get the best out of your policy please read our guidelines carefully.
  1. Keep the policy bond safe. It will be required at the time of maturity or Survival Benefit. You will also require it if you are availing a loan or want to assign ypur policy.
  2. Inform your spouse/Parents/Children as to where the policy is kept.
  3. When you shift residences, please inform the new address to us. Otherwise any communication we send to you, like premium notices, discharge vouchers, etc., will get delayed in reaching you.
  4. Ensure that the nominees name is correctly incorporated in the policy bond.
  5. Remember to pay your premium in time, even if our notices do not reach you. There may be a postal delay. The months in which premium are due are given in the Policy bond.
  6. You may pay the premium by Cheque, DD or Money Order. Remember to quote the policy number everytime in your correspondence. The policy number is consisting of nine digits and can be found at the top left hand corner of the policy bond.
  7. Check your policy bond and see if your date of birth is correctly given therein.
  8. In case you are handing over the policy bond to any person or office, including the LIC office please take a written acknowledgement.
  9. When your Survival Benefits (For Money back policies) or maturity benefits are due, we send intimations to your three months in advance. If such intimations have not come to your even within one month of the due date kindly inform us so that we may take necessary action.
  10. When in doubt call your agent or the Branch from where you took the policy.
  11. Call Invest Inn 94 23 53 1005
Our Branches are our Operating Units. Hence, for any servicing matter, contact the Servicing Branch of your policy. Contact www.punelic.com However, for obtaining general information, you can contact any of the Branches of LIC.

Cost of Living in USA

Congrats for getting USA offer,

Who is new to USA always worried about Cost of living in USA. Question is always open ended but I can understand what you are looking for. If you are coming with family of course in that case you are saving less.

It will start from Visa
A
First on which Visa you are going to work? L1 Employer will pay taxes and u will get net salary, H1 you will pay taxes.(H1 and L1 you get regular Salary, so you will pay taxes). B1 you will get Per Diem.

B
1. Salary: It totally depends on your experience and market demand. Most tricky part which state you are going to work. e.g if you are getting 60k in FL it is equal to get salary 80-85K in NY due to state Taxes and living expenses.
But you can check approx net salary on
http://www.paycheckcity.com/cointuitonlinepayroll/netpayCalculator.asp?ID=EE

C
2. I can tell your avg expenses:
Rent 1-2bhk: $900-1000(location dependent)
Rent Check:
 Grocery: $300-500
Utility/Phone/Intenet Bills: $150. 
Health Insurance: $250(Depend on plan and employer), 
You will need car and you can buy it from Dealer or Online. Check kbb.com for true car price.
Car Insurance $60/month Avg.
Car Gas: $60-$200($3/Gal)
On an Avg you can expect 1800-2500 monthly expense.
I am talking about Family consist of 2-3 members. It depends on your living standard, you can manage in $1200 as well.
You can check Cost of living
http://www.numbeo.com/cost-of-living/country_result.jsp?country=United+States

D
3. Net Salary depends with whom you are working. Desi company $3600-4200 Salary.
But it totally depends on employer what he is offering  
Check: Salary.com
Four Taxes you are going to pay: Federal Withholding: 25%, Social Security: 4.2%, Medicare: 1.45% and State Tax: 5-7% if applicable NH, FL, TX, AZ doesn't have taxes.

Three Things you will need to survive:) just kidding. important things for you in US: 1 Ph, 2.Credit Card(Ask ur employer ), 3. Driving License.

Hope you got the expected answer. You can always search online for any help or question.

Regards,
Experienced NRI

Your Profile and aggration



Home Insurance

Home Insurance protects your home from natural & man-made disasters and shelters the structure & contents of your home. The Policy covers the losses occurred to the building (structure) of your home or to its contents due to natural and man-made catastrophes.

What are the risks covered under Home Insurance?
Home Insurance protects the building and contents of your home against natural and man-made calamities like fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes. It also covers the contents (jewelry also) of your home in case of Burglary

What are the optional covers available?
The optional covers include Terrorism and Additional expenses of rent for alternative accommodation.

What do you mean by Alternative Accommodation?
Alternative Accommodation is an optional cover to the policy. If you are forced to shift to an alternative accommodation because your home is destroyed by an insured peril, then you will also be covered against the additional rent.

Is the sum insured calculated differently for structure of home & it contents?
Yes, the sum insured is calculated differently for the structure & for its contents, Sum Insured for the structure is calculated based on the Reconstruction value. Whereas the contents of your home such as furniture, durables, clothes, utensils, jewelry, etc. - are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewelry.

What is the Reconstruction value?
Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged.
What is the procedure to calculate sum insured for the structure of home?
The Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet.

Does Home Insurance cover any loss to my Jewelry?
Yes, it covers loss to jewelry due to burglary or robbery but has a certain limit to it.
I have a rented house, how can I buy Home Insurance?
You have got an option to take a cover which guards the contents of your home against fire, other natural calamities, terrorism and burglary. It includes Household Appliances, furniture & fixtures, Jewelry etc.

If I use my Home for business purposes, can I insure it?
No, Home used for business purposes are not covered.

If we friends share a home, can we go for Home Insurance?
Yes, each one of you can buy a separate Home Insurance Policy for your part of asset.

Invest Inn
Pune, Mumbai, Maharashtra, India

Health Insurance

What is Health Insurance?
It is a contract between the Insurer & the Insured wherein the former agrees to pay to the latter hospitalization expenses to the extent of an agreed sum assured in the event of any medical treatment out of an illness or an injury. In the nutshell the Health Insurance is a policy which covers you & your family against medical expenses due to sickness, accident etc. The Insured in return has to pay a regular premium to the insurer.

Why you need Health Insurance?
It is indubitable that Health Insurance has become an important element in one’s life owing to increasing medical costs these days & uncertain environment; it comes to your rescue acting as precautionary measure in today’s tough time while acting as a life saver boat in case of any medical contingency. If you don’t have Health Insurance, you end up paying hefty medical bills in the event of hospitalization out of illness or injury, therefore insuring your family against Health Insurance is a must thing & should surely be a part of your regular financial planning. All we have is our health which needs to be protected & taken care of by acquiring the best health insurance policy suited for us.

Types of Health Insurance Plans
Health Insurance Plans are segregated into three categories, firstly the Mediclaim Plans by Non-Life or General Insurance Companies, secondly the Hospitalization Cash Policy by both Life & Non-Life Insurers and thirdly the Critical Care Plans offered by both Life & Non-Life Insurers.
Mediclaim Policy is basically a reimbursement plan offered by General Insurers wherein the insured gets reimbursed of the total bill amount of the medical expenses to the extent of an agreed sum assured. It includes the room charges, ICU charges, surgery & doctor charges etc. It includes a lot of exclusions which the policy holder must read before buying the Mediclaim.
The Mediclaim includes the following two further categories:
1) Family Floater Plan: It is a very common plan these days which covers your entire family under one premium payment giving coverage to the family members together. This plan is being offered by almost all the General Insurance Companies with a specific criterion of covering individuals in the age group between 90days and 55years.
2) Group Mediclaim Insurance: It is the second variant of Mediclaim which covers a group of individuals simultaneously. This form of insurance includes the category of Employer’s Health Insurance Cover wherein the sum assured normally varies between Rs. 15,000 and Rs.5,00,000.
Hospitalization Cash Policy is a plan offered by both Life & Non-Life Insurers wherein the Insured gets pre-determined cash benefit on a daily basis irrespective of the hospitalization expenses being incurred. It is not a fully comprehensive health insurance plan because it doesn’t cover the cost of medical treatment but pays lump sum amount to the policy holder on per day basis during the treatment/hospitalization. It acts a complimentary plan to the Mediclaim plans. Offer Hospital cash benefit plan among Non-Life Insurers.
Critical-Care Plan: It is offered by both Life & General Insurers covering an individual for certain specified critical illnesses like cancer, stroke etc. This is also offered as a rider by Life Insurance companies for quite some time now attached to their Life Insurance Plans. You must take a cover either as a rider or as a standalone plan in your portfolio.

Health Insurance Tax Benefits
Health Insurance products are eligible for tax benefits under section 80D of the Income Tax Act, 1961. Premium paid under health insurance holds a tax deduction upto Rs 15,000 for you, your spouse and dependent children.
Further more you can also claim another Rs. 15, 000 for tax deduction for your parents, in case of senior citizens (65 years or more) the above deductions are increased to Rs. 20,000
Family Floater Plan-in detail
For instance a person wants a health insurance for himself, his spouse & their children, the Family Floater plan offers insurance coverage to the entire family under one premium payment. Let’s take an example wherein the person insures himself, his spouse & the dependent children with the individual insurance plans with a sum assured of Rs. 1 lakh each, he ends up paying premium ranging between Rs. 1000 - Rs. 2000 for each family member. On the other hand if the person would have opted for the family floater plan with the sum assured of Rs. 3 lakhs, the total premium would surely be less than the separate premium payments in individual health insurance plans. Moreover the separate health plan holds the cover of only Rs. 1 lakh as against Rs. 3 lakh in case of the Floater plan thus helping the family in case the medical treatment costs go beyond that.

Cashless Hospitalization
Cashless settlement implies that an individual doesn’t have to settle a hospital bill out of his pocket; rather the bill gets settled directly by the insurance company. When you buy a Health Plan you are issued a Health Card along with the policy documents which would entitle you to get cashless claim at any of the company’s network hospitals.

What do you do in case of a claim?
You should walk into a network hospital & get the treatment done & the bills paid through the Health Card. In case of hospitalization you need to give the card number to the network hospital, you must pre-authorize from the TPA (Intermediary between the Insurance Company & the hospital) & will process the cashless settlement after the verification of your policy details. You should know the formalities required for cashless settlement as some insurance companies are required to be notified 48 hours before hospitalization.
If you don’t opt for cashless settlement, you need to settle bills at the hospital and get them reimbursed later.

Health Insurance Covers & Benefits
• Room & Boarding expenses: There are further limits to this feature varying from company to company.
• Ambulance Charges: They are normally covered upto Rs. 1000.
• ICU charges, doctor, consulting, anesthetist and surgeon fees, operation and other diagnostic and surgical material costs are covered.
• Day-Care expenses such as Chemotherapy, Dialysis & Radiotherapy etc.
• Pre & Post Hospitalization Expenses which normally are 30 days prior and 60 days after hospitalization.
• Cashless Hospitalization is offered by almost all Non-Life Insurers.
Important Pointers in Health Insurance
• You must read the policy exclusions & the limitations in various covers properly before buying a Health Insurance plan because you should know what all covers your policy include & exclude.
• You should note the number of network hospitals covered in the Insurer’s list of network hospitals as this will help you to get cashless & hassle-free claim.
• You must read the names of critical diseases being covered before buying a Critical-Care plan.
• You must know that the medical expenses incurred within the first 30 days of buying the health insurance plan are not covered unless the injury has occurred out of an accident.
• You must disclose all the Pre-Existing diseases to the insurer before buying the health plan as the insurer doesn’t cover them, now a day’s General Insurers have started covering these diseases normally after 3-4 years varying from company to company.

How much Health Insurance one should have?

Start early
One must buy health insurance at an early stage because the premiums are lower when you are young and the rate of increase in health insurance premium is directly proportional to your age. Health insurers assume that at an early age the chances of making a claim are lower, as against the person who takes health insurance at a later age say 40 years and is more prone to suffer from diseases. Moreover if claims are not made in any particular year, it is likely that the insurer might increase the cover provided or/and reduce the cost of premium.

The importance of Health Insurance can’t be ignored in today’s world of expensive medical care & looking at its benefits at a younger age, one must insure himself/herself against any medical injury/illness early in life.

How much of cover is needed
The requirement for Health Insurance varies from individual to individual. It depends upon the factors such as your age, current annual income & expenses, marital status, family background etc.

Age: During the early years of your life you might require a simple health policy to cover the expenses that would be incurred if you fall ill or meet with an accident. The possibility of occurrence of critical diseases is low at this age therefore a higher cover is not required. As you grow old you should keep increasing your sum assured/cover.

In case of higher age when you could be more prone to some of the critical diseases, you can get the Critical Care Rider added to your health policy- because this is the time when you need to guard yourself from a major financial setback. Make sure that your family is not burdened with any kind of financial consequences due to major illnesses.

Marital Status: If you are married it’s a good idea to ensure that your spouse is also covered against any medical emergency. Go for a Family Floater Plan wherein you and your spouse will be covered under one policy (one premium). In case your wife is salaried, you must make sure that she is covered under employee insurance also if it is available as the Group Insurance covers for Maternity expenses. After the birth of your child you can get your child also included in the Family Floater Plan.

Family Background: If you have a family history of some diseases like Diabetes, take a shield of Critical Care plan which will cover you against all these major illnesses that you might be prone to.

Income & expenses: Go for a higher health insurance cover if you think that the cost of your family’s medical treatment would be higher (higher room fare etc). Therefore a lot depends upon how much is your family’s current expenses & income. If you wish to take a high quality room during hospitalization then you must opt for a higher sum assured health cover.

Money Transfer to India comparison

I am sure you might try lot of ways to find best exchange rates or best possible way to transfer money to India. Recently I had a situation where I had to send the money urgently to home and lost lot of money with bad exchange rate in hurry. I learnt a good lesson and I thought I would post some useful tips to transfer the money to India. Hope you will like it
Parameters we usually look for:

  1. Exchange Rate
  2. No of days for transfer
  3. Service/Transaction Fee
  4. Refunds
  5. Security
  6. Transaction Limit

Now a day’s 5th parameter is not a big problem as almost every transaction is secured over the Internet. 2nd parameter is crucial and depends on you How many days required for transaction and at what time transaction happened.Some of the service providers to transfer money to India: Western Union, ICICI, HDFC, Citibank & Remit2India. There might be many others but which I am not aware.

Current Exchange rates on Forex
1 US Dollar (USD) = 45.9448 Indian Rupee (INR)

Western Union:
1 US Dollar (USD) = 45.2902995 Indian Rupee (INR)
Western Union Fee $10.00 No. of days for transfer: 3 Business Days
Customer Support: Good

It is very quick and fast but the service charges very high and you loose lot of money for transaction charges. The main advantage is we can send money to a small town/village in India within hours of our transaction. Advertises widely and have tied up with Indian Postal Service. They have thousands of location in every corner of the world and the money can be picked up anywhere. The only disadvantage is that it is quite expensive i.e. $39 for upto $3000. Also there is a limit on the maximum amount transferable. Service from Indian and Nationalized Banks

Citibank:
1 US Dollar (USD) = 45.6189 Indian Rupee (INR)
Fees: Varied; No. of days for transfer: Same or 5 Business Days
Customer Support: Good
If you have Citibank account in UK and India and if someone has debit card with them in India, this is faster than WU but there would be a limit to withdraw money using Debit card. Usually Citibank offers Rs 1.30 less than market exchange rate as transfer is done instantly. I found that it offers better exchange rate than WU. The Citibank Rupee Checking Account allows you transfer your money from abroad to India. HSBC India presently offers FREE Remittances through FastCHEQUE and FastCLICK from USA. HSBC India also offers NRI accounts and other NRI services for NRI's around the world. Special features include
1. Checks - You can fund your account by Personal Check/Certified Check/Cashiers Check or Drafts.
2. Wire Transfers/Telegraphic Transfers - From any local bank in your city to your Citibank Rupee Checking Account
3. Online Transfers - Currently for US Customers only from any US Bank Account to your Citibank Rupee Checking Account
4. Citibank Global Transfers - From your local Citibank Account to your Citibank Rupee Checking Account for customers in select regions
5. Electronic Funds Transfer - Rupees from your local India bank to your Citibank Rupee Checking Account
6. Dial-to-Transfer - This unique facility helps you transfer funds electronically from your bank in the United States to your Citibank Rupee Checking Account in India.

ICICI:
1 US Dollar (USD) = 45.4905 Indian Rupee (INR)
Fees: Rs 25; No. of days for transfer: 3 Business Days
Customer Support: Average
Usually ICICI gives lot of offers and say they would give better exchange rate. It might be true but it would take lot of time to credit the money to our Indian account. They say that no service fee but they always charge it !

Remit2India:
1 US Dollar (USD) = 45.45 Indian Rupee (INR)
Fees: $ 3- $ 25; No. of days for transfer: 3 to 5 Business Days
Customer Support: Average
As per the ratings, this is one of the popular and most used service providers currently. This would give better exchange rate, if you were bit clever. Exchange rate is different if we transfer money through NRE and the more we transfer the better the exchange rate. They would inform that we would get Rs.1000 on offer but they won’t credit immediately. We need to mail them and pursue them to do it

HDFC:
1 US Dollar (USD) = 45.56 Indian Rupee (INR)
Fees: Rs 25; Non HDFC Rs 0.75/1000; No. of days for transfer: 1-2 Business Days
Customer Support: Good
This is actually affiliated with Remit2India but offers best service in terms of quick delivery and exchange rate. Might be same exchange rate as Remit2India but faster than them in delivery. The problem with Remit2India and HDFC are that exchange rates are indicative as at transfer date and may vary little bit after the actual transfer. Citibank tells us immediately what is the amount we will receive after the conversion.
Depends on your need, you can decide which service provider to use. Wish you all the best.

SBI:
1 US Dollar (USD) = 45.54 Indian Rupee (INR)
Fees: $15*- $ 30 or No Fees*; No. of days for transfer: 2 to4 Business Days
Customer Support: Good

Offers best service in terms of quick delivery and exchange rate. Might be greater exchange rate as Remit2India but faster than them in delivery.
All INR remittances are free irrespective of amount.
Conversion to foreign currency at a firm rate, displayed on the website.
Instant* Transfer to over 15,000 branches of State Bank Group
Electronic credit facility to accounts in all branches of SBI and associate banks and nearly 33000 branches of 100 other banks in India.
Instant pay by debit or credit card up to $1000 (own account with SBI: $2500).
Send money to account with any bank.
7. Give standing instructions for regular remittances.


IKobo: The safest, fastest and most convenient way to send money online. Provides money transfer services all over the world.

Cash2India: Claims to be "The Oldest and Most Trusted Online Money Transfer Service"
Travelers Express/ MoneyGram International: Offers money order, international money transfer, official check, bill payment, share draft and gift certificate programs.

SendMoneytoIndia.com - Send money to India online - Cheapest way to Transfer money to Indian Cities and Villages online and Sending Money Abroad.

Xoom.com -
Fees: $ 3- $ 15 or No Fees; No. of days for transfer: 1 to 5 Business Days
Customer Support: Poor

Xoom is a San Francisco, USA based company that provides secure and easy money transfer facility to India. The sender should have a bank account or credit/debit card and internet access. The recipient need not have either of these facilities. When the money is sent to India through Xoom, it is made available for recipient to pick up or deposited in a bank account This service is entirely web based service

Tags: Cash2India, Citibank, compare, Exchange Rate, HDFC, ICICI, Ikobo, India, Money Transfer, NRI, Remit2India, SBI, Western Union, Xoom, WellsFargo

Tax Calculator

Tax Calculator for Income Tax India - FY 2009 2010

https://docs.google.com/fileview?id=0B-7NIyK1pWgPNmZmZmNjZmEtZDQ3My00ZjdiLThkMTUtZDc3ZGI2MmRiNzQz&hl=en

Please find attached Tax Calculator

Welcome to Invest-Inn!!!We provides a variety of services to address the problems and questions you may face as an investor. You can find various tips and resources that will help you saving your hard earned money. There are lots of financial schemes and services available with us. Many of them provide you guaranteed returns, high interest rates and tax savings.
http://investinn.tripod.com/

Product
I. LIC Policy.1.Money back, 2.Endowment, 3.Whole life, 4.Children money back 5.Pension plan.II. Vehical Insurance with money back Scheme.III. Postal Savings: 1.NSC 2.KVP 3.PPF 4.R.D 5.MIS, 6.Time Deposits. IV. General insurance products -1.Auto insurance 2. Health insurance 3.Senior citizen 4. Medical insurance 5. Shopkeepers insurance 6. Fire InsuranceV. Fixed Deposits. VI. Unit Trust of India .VII. PAN Card.VIII. Personal Insurance.IX. LIC Agent, Insurance Agent.

About Invest Inn:
We take a strategic approach to helping our clients. Our experience with many insurance groups in many industries gives us the ability to know what will work for you and your budget.
We just don’t sell “We customize as per your requirement”


Visit us/ Call For more Details at
Suvarna
LIC,PPF Postal, Auto insurance.
Invest-Inn, Pune
Ph: 9423532005
Mail:money_insurance@yahoo.com

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LIC what should you know

Admission Of Age:

Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:

* Certified extract from Municipal or Local Body’s records made at the time of birth.
* Certificate of Baptism or Certified Extract from Family Bible, if it contains age or date of birth.
* Certified Extract from School or College records, if age or date of birth is stated therein.
* Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions or
* Passport issued by the Passport Authorities in India.

Payment Of Premium:

* By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
* The DD and cheques or Money Order may be sent by post.
* You can pay your premiums at any of our Branches as 99% of our Branches are 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 and 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.

Days Of Grace:

* Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
* When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
* If the premium is not paid before the expiry of the days of grace, the policy lapses.

Revival Of Lapsed Policy:

* If the policy has lapsed, it can be revived during the life time of the life assured, within a period of five years from the date of the first unpaid premium but before the date of maturity subject to certain conditions.
* The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.
* Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:

* The policyholder should immediately intimate the change of his/her address to the Branch Office servicing the policy. The correct address facilitates better service and quicker settlement of claims.
* Policy records can also be transferred from one Branch Office to another for servicing, as requested by the policyholder.

Loss Of Policy Document:

* The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
* Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

* Loans are granted on policies to the extent of 90% of Surrender Value of the policies which are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9% p.a. payable half-yearly.
* Loans are not granted for a period shorter than six months. The Conditions and Privileges printed on the back of the Policy Bond states whether a particular policy is with or without the loan facility.

Relief To Policyholders:

* The Corporation generally allows concessions on payment of premiums, settlement of claims, issue of duplicate policies, etc when the policyholder are affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

* Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured’s death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

* Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s become the owner/s of the policy subject to any lawful condition made in the assignment.
* Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled. Hence, when such a policy is reassigned, the policyholder will have to make a fresh nomination to avoid delay in settlement of claim.

Survival Benefit/Maturity Claims:

* LIC settles survival benefit/maturity claims on or before the due date.
* Policyholder are intimated well in advance by the Branch Office which services the policy regarding the payment, and the necessary Discharge Voucher is also sent for execution by the assured. In case the policyholder does not get any intimation from the Branch Office concerned, he/she should contact them, quoting the Policy Number.
* Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy Bond and Discharge Voucher.

Death Claims:

* If the life assured dies during the term of the policy, death claim arises. The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars:
1. The No./s of the policy/ies
2. The name of the policyholder
3. Death Certificate issued by concerned Authority
4. The date of death
5. The cause of death and
6. Claimant’s relationship with the deceased
* On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant.
* The claims which have arisen after a period of three years are treated as non-early claims and settled within 30 days from the date of receipt of all requirements.
* The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases.
* The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law.
* The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.

Claim Review Committee:
The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman:

* The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centres operating all over the country.
* Following type of complaints fall within the purview of the Ombdusman
a) any partial or total repudiation of claims by an insurer;
b) any dispute in regard to premiums paid if payable in terms of the policy;
c) any dispute on the legal construction of the policies in so far as such disputes relate to claims;
d) delay in settlement of claims;
e)non-issue of any insurance document to customers after receipt of premium.
* Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.

Initiatives In Policy Servicing Areas:

* All 2048 Branches of LIC are fully computerized covering all policy servicing aspects to give prompt computerized services from new policy introduction, acceptance of renewal premium, revivals, loans, etc to final claims settlement.
* Green Channel facility has been introduced for the speedy completion of proposals.
* 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,Citi Bank, Corporation Bank, Federal Bank and Billdesk.

Grievance Redressal Machinery:

* A machinery for redressal of policyholders� grievances exist in all the offices of the Corporation. These are headed by designated Officers who are available at their respective Offices every Monday between 2.30 pm and 4.30 pm. except holidays. Policyholder can approach these officers to get their grievances redressed.
* The Designated Officers at the various offices of the Corporation are :
At Branch Office --- Sr./Branch Manager
At Divisional Office --- Marketing Manager
At Zonal Office --- Regional Manager (Mktg)
At Central Office --- Executive Director (Mktg/IO/CRM)


Citizens’ Charter:

* Citizens' Charter was presented to the Nation in November, 1997. In the Charter the bench marks were prescribed for 30 servicing areas.