Monday, 10 February 2020

LIC Policies - Life Insurance Corporation of India

LIC Policies - Life Insurance Corporation of India
Ministry of Finance
LIC

LIC Policies

10 FEB 2020

The Life Insurance Corporation of India (LIC) Corporation works actively to provide a bouquet of life insurance products to meet the needs of different social strata. This was stated in a written reply to a question in Lok Sabha today by Shri Anurag Singh Thakur, the Union Minister of State for Finance & Corporate Affairs.

This has helped LIC to retain its market share of 70.52 percent in the premium for the first year and 75.64 percent in policy terms as of 31.12.2019 (provisional figures) making it a dominant player. The Words Assurance, Endowment, Whole Life, Money Back, Children Specific, Women Specific, Micro Insurance, Unit-Linked and Pension policies are part of the product line, inter-alia.

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To give more details, the Minister of State reported that LIC had recruited 1,14,114 agents and 4,374 development officers during the current financial year up to 31.12.2019. This recruitment drive coupled with the Corporation's creative marketing strategies and a growth rate of 17.81 per cent of policies sold until 31.12.2019 is expected to enable LIC to cross three crore thresholds during the current fiscal year.

Shri Thakur said that LIC is constantly striving to deliver attractive products / features including the provision of higher surrender value; extension of the recovery period from two years to five years; option to take advantage of death in instalments and option to take advantage of maturity in installments (Settlement Option) etc.

Inputs from PIB

NPS - Grant of Additional Benefits on death / disability of Government Servants covered under National Pension System

NPS - Grant of Additional Benefits on death / disability of Government Servants covered under National Pension System
EAST COAST RAILWAY

Grant of Additional Benefits on death/disability of Government Servants covered under National Pension System (NPS) - Railway Board RBE No. 08/2020 No. D-43/4/2018- F(E)III dated 20.01.2020.

RBE No. 08/2020

Government of India
Ministry of Railways
(Railway Board)

No. D-43/4/2018-F(E)III
New Delhi, Dated 20.01.2020

The General Managers/ Principal Financial Advisory,
All Zonal Railways/ Production Units

Sub:- Grant of Additional Benefits on death / disability of Government Servants covered under National Pension System (NPS) - reg


NPS - Grant of Additional Benefits on death / disability of Central Government Servants 

covered under National Pension System
Attention is invited to Board’s letter No. 2008/AC-II/21/19 dated 29.05.2009 vide which instructions were issued providing for additional relief on death/disability of Government servants covered by New Defined Contribution Pension System (NPS). Instructions issued vide letter ibid will be applicable to those Government Servants who joined Government Service on or after 01.01.2004 and will take effect from the same date i.e. 01.01.2004. Further, attention is invited to the letter No. 2016/F(E)III/1(1)/3 dated 27.05.2016 vide which Pension Fund Regulatory and Development Authority (Exits and Withdrawals under NPS) Regulation, 2015 notified vide Gazette notification dated 11.05.2015 was adopted and circulated on Railways. It is prescribed in these regulations that if the subscriber or the family members of the deceased subscriber, upon his death, avails the option of additional relief on seek transfer of the entire accumulated pension wealth of subscriber to itself.

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2. References were received in this office seeking clarification whether the rule allowing option for drawl of pension/ family pension, instead of NPS corpus, is also applicable retrospectively for the cases where corpus of NPS has already been paid to the deceased employee’s legal heirs before issue of board’s letter No. 2008/AC-II/21/19 dated 29.05.2009. If the date of application of additional benefit is retrospective, whether it is from the date the employee deceased or from the date of issue of Board’s letter dated 29.05.2009. Also, whether the arrears of pension/family pension is to be paid (upon surrender of NPS Corpus) or not, and the amount is likely to be huge which would impact the Railway Finances. Clarification was, also, sought whether the interest on the corpus is to be charged from the date of payment of corpus amount till the date of is surrender and if so, at what rate.

3. The above issue has been examined in consultation with Department of Pension and Pensioners’ Welfare (DOP&PW), the nodal Department of pensioner matters. DOP&PW has clarified that Railway servant/ family member in the case of death of railway servant of his discharge from service on account of invalidation/ disability, is entitled to pension/ family pension under old pension scheme under Railway Services (Pension) Rules, 1993, if the Railway servant/ Family wants to. DOP&PW have, further, clarified that the entire accumulated pension funds under NPS may be recovered from him/family with interest for the period from the date of receipt of entire accumulated pension wealth to the subscriber under NPS to the date of refund to the Government at the rate and manner applicable to GPF deposits from time to time.

4. The aforesaid clarification may be kept in view while dealing with cases covered under National Pension System (NPS).

sd/-
(G. Priya Sudarsani)
Director, Finance (Estt.)
Railway Board

CONCESSION IN HOME LOAN INTEREST RATES - CLSS - PMAY(U)

CONCESSION IN HOME LOAN INTEREST RATES - CLSS -  PMAY(U)

GOVERNMENT OF INDIA
MINISTRY OF HOUSING AND URBAN AFFAIRS
LOK SABHA

UNSTARRED QUESTION NO. 919
ANSWERED ON FEBRUARY 06, 2020

CONCESSION IN HOME LOAN INTEREST RATES

DR. BHARATI PRAVIN PAWAR
SHRI SADASHIV KISAN LOKHANDE

Will the Minister of HOUSING AND URBAN AFFAIRS be pleased to state:

(a) whether any concession in interest rates on home loans is being provided at Central level to purchase/construct houses in Maharashtra; and

(b) if so, the details thereof and the number of people benefited in this regard in Maharashtra during the last three years?

ANSWER

THE MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF HOUSING AND URBAN AFFAIRS
(SHRI HARDEEP SINGH PURI)

(a) & (b) Yes, Sir. Government is implementing a Credit Linked Subsidy Scheme (CLSS) as one of the components of Pradhan Mantri Awas Yojana (Urban) [PMAY(U)] to provide interest subsidy for housing loans to eligible beneficiaries. The main featuresof CLSS are at Annexure - I. During the last three years 1,46,638 households have availed benefits under CLSS in Maharashtra.

Annexure - I

Annexure for Lok SabhaUnstarred Question No 919 for 06.02.2020


S.No.ParticularsEWS/LIGMIG-IMIG- II
1.Household Income (Rs. Per Annum)Up to.3,00,000/- for EWS and between 3,00,001 to6,00,000 for LIGBetween 600,001 upto 12,00,000Between 12,00,001 upto 18,00,000
2.Interest Subsidy (% p.a)6.5%4%3%
3.Maximum loan tenure (in years)202020
4.Eligible Housing Loan Amount for Interest Subsidy (Rs.) 6,00,000*9,00,000*12,00,000*
5.Dwelling Unit Carpet Area (Sq.mtr)30#/60#Up to 160Up to 200
6.Discount Rate for Net Present Value (NPV) calculation for
interest subsidy
9%9%9%
7.Upfront Amount for Subsidy (approximately in Rs.) 2,67,2802,35,0002,30,000
*Loans beyond this limit will be at non-subsidised rates.

The beneficiary, at his/her his discretion can build a house of larger area but interest subsidy would be limited to first Rs. 6 lakh only

Source : loksabha questions

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