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LIC Policies - Life Insurance Corporation of India
Ministry of Finance
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.
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.
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
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.
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)
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.
Particulars
EWS/LIG
MIG-I
MIG-
II
1.
Household Income (Rs. Per Annum)
Up to.3,00,000/- for EWS and between 3,00,001
to6,00,000 for LIG
Between 600,001 upto 12,00,000
Between 12,00,001 upto 18,00,000
2.
Interest Subsidy (% p.a)
6.5%
4%
3%
3.
Maximum loan tenure (in years)
20
20
20
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 160
Up 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.)
2,67,280
2,35,000
2,30,000
*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
