LIC Policies - Life Insurance Corporation of India

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.

Check: Latest news for central govt employees today

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.

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Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995

Press Information Bureau
Government of India
Ministry of Finance

02-March-2019

Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995

The Government of India has decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a retirement benefit.

Pension was introduced as a retirement benefit in PSICs with effect from 28th June 1995. In April 1997, employees of LIC and Public Sector General Insurance Companies namely, GIC, NICL, OICL, UIICL and NIACL, who joined service on or before 28th June 1995 were given another opportunity to opt for Pension, as a retirement benefit.

However, many eligible employees could not exercise the option and there has been a long standing demand from them to be given another option.

In order to mitigate the hardship of such employees of whom many have retired, Government has decided as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before 28th June 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund.

This decision is expected to benefit 42,720 employees (serving and retired) of which 24,595 are of LIC and 18,125 of PSGICs.

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Revision of salaries and allowances of the employees of LIC

Revision of salaries and allowances of the employees of LIC

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO: 1862
ANSWERED ON: 29.12.2017

Revision of Pension by LIC

R. GOPALAKRISHNAN

Will the Minister of FINANCE be pleased to state:-

(a) whether the salaries and allowances of the employees of the Life Insurance Corporation of India (LIC) are revised periodically;

(b) if so, the details thereof and if not, the reasons therefor;

(c) whether the pension of the pensioners of LIC are also revised periodically accordingly and periodically as that of the Central Government employees;

(d) if so, the details thereof and if not, the reasons therefor; and

(e) the steps/measures being taken by the Government to revise the pension of the LIC pensioners as and when the salaries of the serving employees of LIC are revised?

ANSWER

Minister of State in the Ministry of Finance

(a) to (e): Revision of scales of pay of the employees of Life Insurance Corporation of India (LIC) is carried out periodically i.e. every five years. Pension of the pensioners of LIC has two components - Basic Pension and Dearness Relief. Dearness Relief gets revised every six months.

Source:Lok Sabha

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Implementation of Superannuation Pension Scheme as per BSNL Employees Superannuation Pension Trust Rules

BHARAT SANCHAR NIGAM LIMITED
(A Govt. of India Enterprise)
CORPORATE ACCOUNTS SECTION-1
1st Floor, Bharat Sanchar Bhavan,
H.C. Mathur Lane, Janpath
NEW DELHI - 110001

Circular No. 382

No: 500-51 /2015-16/CA II/BSNL

Dated 28th Sep 2017

To,
The Chief General Manager,
All Circles
BSNL

Sub: Implementation of Superannuation Pension Scheme as per BSNL Employees Superannuation Pension Trust Rules.
Ref: No: 500-51/2015-16/CA II/BSNL dated 20.04.2017

As a measure of extension to social security to the BSNL recruited employees (as defined in BSNL Employees Superannuation Pension Trust Rules), BSNL has approved the implementation of Superannuation Pension Scheme w.e.f. 05.05.2016. Accordingly, BSNL has framed BSNL Employees Superannuation Pension Fund Trust Rules (copy of the Trust Rules is enclosed ). As per the Trust Rules, BSNL will contribute at the rate of 3% of Basic Pay plus IDA per month for all BSNL recruited employees, as defined in the Trust Rules. The employees may also contribute to the scheme on a voluntary basis. The quantum of employees' contribution to the scheme is governed by the Trust Rules.

In this connection, the basic procedural as well as accounting aspects of the scheme are given below:

1 There are two GL codes in respect of superannuation pension scheme.

• Claims Payable to Superannuation Pension Fund Trust - 1310203
• Superannuation Pension Expenses - 5010310

2 Initially, on the basis of the process run in SAP, the total amount booked under Liability GL Code-1310203 upto September 2017, will be paid to the fund manager Corporate Office.

Particulars	Debit	Credit
Superannuation Pension Expenses GL Code 5010310	XXX
Claims Payable to Superannuation Pension Fund Trust GL Code-1310203		XXX

3 With effect from October 2017, on a monthly basis, at the time of preparation of salary:

• GL Code 5010310 will be debited for the Employer Share.
• GL Code 1310203 will be credited by the amount of Employer share and Employee Share of superannuation pension scheme.

4 After completion of the salary process, total of the monthly credit under GL Code 1310203 duly tallied with the schedules, shall -be transferred to the Superannuation Trust on 5th of the following month followed by transfer of the equal amount to the fund manager by the Trust at Corporate Office level. Circles should reconcile the amount booked in GL code 1310203 with the HCM schedules by 4th of the following month.

5 At the time of maturity of the scheme on account of superannuation / retirement / resignation / death of the employee, the employees / nominee of the employees will be required to opt for the pension option offered by LIC as also annexed With this circular. To opt for the pension options, employees / nominee of the employees shall submit the requisite forms duly filled to the DDO/AO(Cash).

6 Circles should ensure to " revise the terms and conditions of deputation services to this effect and arrange to communicate with such other organizations.

7 The SAP related operational guidelines have already been issued by ERP HCM team.

8 General Instructions

• In the beginning, the DDOs will ensure to get the amount of monthly voluntary contribution and duly filled Nomination Form (copy enclosed) from the employees.
• At the time of maturity of the scheme on account of superannuation/ retirement/ resignation / death of the employee, the DDOs/AO(Cash) will ensure to send the claim form to GM(CA), CO, BSNL in original. Separate set of forms to be sent to this office for death and other than death cases are enclosed as Annexure 'A' and 'B' respectively. Each page of the claim form should be authenticated by the DDO/AO(Cash).
• LIC, the fund manager, of the BSNL Employees Superannuation Pension Scheme will provide the facility of online Web portal for each Employee through which the employees will be able to have updated. information on his superannuation pension contribution fund. The procedure to check the portal will be intimated in due course.

Hindi version will follow.

Sd/-
(V M Gupta)
Dy. General Manager (CA-III)

Source: bsnleuchq.com

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Varishtha Pension Bima Yojana - 2017

Varishtha Pension Bima Yojana - 2017

Ministry of Finance
Press Information Bureau,
Government of India

24-January, 2017

Varishtha Pension Bima Yojana - 2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). It is a part of Government’s commitment for financial inclusion and social security.

The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / halfyearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.

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LIC Presents the Cheque of Rs.2000 crore as the First Tranche of Funding Assistance to Railways

LIC Presents the Cheque of Rs.2000 crore as the First Tranche of Funding Assistance to Railways

The move Marks the Beginning of a Historic Milestone in the form of Institutional Financing for the First time Becoming Available for Railway Projects

Suresh Prabhu : Fresh Investments to Help Decongest the Network, Increase Traffic Output and Generate Adequate Internal Resources

Life Insurance Corporation (LIC), a PSU of Government of India presented the cheque of Rs.2000 crore to Railway PSU Indian Railway Finance Corporation (IRFC) as the first tranche of funding assistance to Railways for its projects. This handing over of cheque was done today i.e. 27.10.2015 at an impressive function at Rail Bhawan in the presence of Ministry of Railways Shri Suresh Prabhakar Prabhu. The cheque was handed over by Shri S.B. Mainak, MD/LIC to Shri Rajiv Dutt, MD/IRFC. On this occasion, Chairman Railway Board Shri A.K. Mital, Financial Commissioner (Railways) & Chairman, IRFC Shri S. Mookerjee; and other Board Members & other Railway and LIC officials were among those present.

It may be recalled that just within fifteen days of presenting the Railway Budget 2015-16, an important commitment of Budget announcement was fulfilled on 11.03.2015 when Railways and LIC signed an MoU for the highest ever funding of Rs. 1.5 lakh crore from LIC to Railways.

Addressing the gathering, Minister for Railways Shri Suresh Prabhakar Prabhu, pointed out that finding resources for investment in capacity enhancement projects was a major challenge for Railways. Without investment, it would not be possible to decongest the network, increase traffic output and generate adequate internal resources. He said that without the fresh investment, the Railways would have gone further down and down and it would not have succeeded in breaking the vicious cycle. The Railway budget 2015-16 had, therefore, envisaged a new source of funds in the form of Institutional Finance. It was a big achievement that within a few days of presenting the budget, the Ministry of Railways signed a Memorandum of Understanding with LIC for funding assistance of Rs.1.5 lakh crore for financing Railway projects over a period of 5 years. As LIC funding will be of 30 year tenor, it matches the Railways’ requirement of long term funds for investment in projects. LIC funds will carry low interest rates tied to Government security, and the cost of funds are expected to come down further over a period of time. Shri Suresh Prabhakar said that an important beginning has been made today with the release of first cheque of LIC funds. It is now for the Railways to match up to the challenge of utilizing the funds in a productive and appropriate manner for realizing maximum benefit. He said that these funds will not only meet the requirement for the new railway projects but will also be utilised for those ongoing projects which will bring quick benefit to the railway system. He said that this arrangement of funds from LIC will be beneficial for both the organizations. Referring to Railway PSU IRFC, Shri Suresh Prabhu said that IRFC has now emerged as an important vehicle for channelizing investment for Railways.

In his speech, MD/LIC Shri Mainak described it as a Golden Day as LIC has found a partner in the Indian Railways which is a viable and sound organization for investing the long term funds available with LIC. MD/LIC offered continued support for Railway projects in future.

The LIC funds are available to the Railways at a rate of 30 bps over the 10-year benchmark yield. The tenor is 30 years with a moratorium of 5 years followed by payment of only interest from year 6 to year 10. From the 11th to the 30th year the loan will be repaid in equated instalments.

Advisor Finance, Railway Board, Shri P.V. Vaidialingam proposed the Vote of Thanks at the end of the programme. Ms. Namita Mehrotra, Executive Director Finance (Resource Mobilization) Railway Board, conducted the proceedings of the programme.

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Anganwadi Karyakartri Bima Yojana

Anganwadi Karyakartri Bima Yojana

Ministry of Women and Child Development
Press Information Bureau,
Government of India

16-July, 2015

Anganwadi Karyakartri Bima Yojana

The premium amount of Rs.80/- per annum payable by Anganwadi Workers & Helpers to LIC under the Anganwadi Karyakartri Bima Yojana (AKBY) has been waived off for a further period of two years i.e. from 01.04.2015 to 31.03.2017.

The Anganwadi Workers and Anganwadi Helpers are getting insurance coverage under Anganwadi Karyakartri Bima Yojana (AKBY). The Scheme operates with premium contributions of Government of India, Life Insurance Corporation of India and the beneficiaries.

The Scheme provides the following compensations:
· Natural Death – Rs.30,000/-
· Accident:

• Death/Total permanent disability Rs.75,000/-
• Partial Permanent disability Rs.37,500/-

· Female Critical Illness (FCI) Benefits: An amount of Rs.20,000/- is payable on the diagnosis of invasive cancers (malignant tumour) manifest in the following organs (subject to proof of affliction satisfactory to Corporation):

• Breast
• Cervix Uteri
• Corpus Uteri
• Ovaries
• Fallopian Tubes
• Vaginal/Vulva

· Shiksha Sahayog Yojana: A free add-on scholarship benefit is available for the children of AWWs and AWHs. Scholarship of Rs.300/- per quarter for students 9th to 12th Standard (including ITI Courses) is available for maximum two children per family.

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Highest Ever Funding of Rs. 1.5 Lakh Crore for Railways – MoU Signed with LIC

Highest Ever Funding of Rs. 1.5 Lakh Crore for Railways – MoU Signed with LIC

Ministry of Railways

11-March, 2015

    A Big Step Forward to make Indian Economy more Robust: Suresh Prabhu

Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs. 1.5 lakh crore for Railways. In this historic landmark achievement, a Memorandum of Understanding (MoU) was signed between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Minister of Finance Shri Arun Jaitley and the Minister of Railways Shri Suresh Prabhakar Prabhu at a function here today. The signatories of MoU were Smt. Rajalakshmi Ravikumar, Financial Commissioner, Ministry of Railways and Shri S.K.Roy, Chairman, LIC.

Speaking on the occasion, the Railway Minister said that this is the first such step in its endeavour to make Indian Railways prosperous in the future. He said that with such encouraging initiatives, the Ministry of Railways will be able to augment its resources for speedier execution of projects. Shri Suresh Prabhu said that the resultant enhanced throughput of traffic is likely to further increase the capacity to carry more to meet with a growing transportation demand leading to a robust economy. He thanked the officials of the Finance Ministry, LIC and the Railway Ministry for working together as a team to make this deal a big success.

Under this MoU, LIC will make available to the Ministry of Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16. In his Budget Speech, Shri Suresh Prabhu had announced his intention of meeting a part of the total Plan Budget of Rs 1,00,011 crore for the financial year 2015-16, through extra budgetary resources, such as market borrowings by tapping low cost long term funds. The challenge has been successfully met in a substantial measure by the signing of this MoU for mobilising resources.

There would be a five-year moratorium on interest and loan repayment and the rest of the terms would be negotiated while signing the finance assistance agreement.

The Minister of State for Finance, Shri Jayant Sinha, the Minister of Railways, Shri Manoj Sinha were also present on the occasion. Also present on the occasion, among others, were Shri A.K.Mital, Chairman, Railway Board, Shri Hasmukh Adhia, Secretary (FS), Railway Board Members and senior officials from Ministry of Finance, Ministry of Railways and LIC.

Earlier, just a few days after the presentation of Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled commitment of his budget announcement by launching a ‘Customer Complaint Web Portal and Mobile Application’. This ‘Customer Complaint-cum-Suggestion’ portal and mobile App which can be freely downloaded, is very useful as one can track the status of the complaints which he or she registered on this portal with the help of mobile App. Soon after his taking over as the Minister of Railway,, Shri Suresh Prabhu started the process of welcoming suggestions from the people to further improve the passenger services and valuable suggestions on this newly launched portal can be incorporated in all possible ways, if found suitable.

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