Insurance and Investments for Age 40 and Above

A Comprehensive Guide to Life Cover, Guaranteed Pension, Lifetime Insurance Cover, and Mutual Funds

What is not possible? 

As individuals reach the age of 40 and beyond, planning for the future becomes increasingly crucial. Among the key considerations is securing financial stability and protection for oneself and loved ones. In this article, we delve into the realm of life insurance, exploring its various facets tailored for those in their 40s and beyond. From life cover to guaranteed pension, lifetime insurance cover, and mutual funds, we unravel the complexities and provide a comprehensive guide to help you make informed decisions.

Understanding Life Cover:

Life insurance serves as a financial safety net, offering protection to beneficiaries in the event of the policyholder's demise. For individuals in their 40s and beyond, obtaining adequate life cover becomes imperative, especially if they have dependents or outstanding financial obligations such as mortgages or educational expenses. When choosing a life cover policy, factors such as coverage amount, premium affordability, and term length should be carefully assessed to align with specific needs and goals.

Exploring Guaranteed Pension:

For many individuals entering their 40s, retirement planning takes center stage. Guaranteed pension plans offer a reliable source of income during retirement, providing financial security and peace of mind. These plans typically involve regular contributions throughout one's working years, with the promise of a fixed pension amount upon retirement. By starting contributions early and leveraging the power of compounding, individuals can maximize the benefits of guaranteed pension schemes, ensuring a comfortable retirement lifestyle.

Securing Lifetime Insurance Cover:

While term life insurance provides coverage for a specified period, lifetime insurance cover offers protection throughout the policyholder's lifetime. This type of insurance is particularly advantageous for individuals in their 40s and beyond, providing reassurance that their loved ones will be financially safeguarded regardless of when death occurs. With lifetime insurance cover, policyholders can enjoy the flexibility of accessing cash value accumulations, which can serve as a valuable asset for various financial needs, such as funding education or supplementing retirement income.

Harnessing the Power of Mutual Funds:

Mutual funds present a compelling investment option for individuals seeking to build wealth and diversify their portfolios. With a wide range of fund choices catering to different risk appetites and financial objectives, mutual funds offer flexibility and potential for attractive returns. For individuals in their 40s and beyond, mutual funds can play a pivotal role in long-term wealth accumulation, serving as a vehicle for retirement savings, education funds, or estate planning purposes. By conducting thorough research and consulting with financial advisors, individuals can identify mutual funds that align with their investment goals and risk tolerance.

As individuals enter their 40s and beyond, prioritizing financial security and planning for the future becomes paramount. Life insurance products such as life cover, guaranteed pension, and lifetime insurance cover offer invaluable protection and peace of mind, ensuring that loved ones are cared for and financial goals are met. Additionally, mutual funds provide opportunities for wealth accumulation and portfolio diversification, further enhancing financial well-being. By understanding the nuances of these financial instruments and seeking professional guidance when needed, individuals can navigate the complexities of life insurance and investment with confidence, paving the way for a secure and prosperous future.

LIC PREMIUM DIRECT PAY - LIC PREMIUM PAYMENT DIRECT

LIC PREMIUM DIRECT PAY - LIC WEBSITE LINK

Now LIC policy holders need not visit the busiest LIC India website for LIC premium payments. 

Visit the below-given link and pay directly to your LIC policy.

Link for DIRECT LIC premium payments 

Select Renewal Premium/ Revival

Once you click proceed, 

*All fields are mandatory

1. Please provide the correct and valid mobile number and email ID.
2. A receipt will be mailed to your e-mail ID.
3. Online premium payment should be made by the policyholder himself. No third-party payment should be made using this mode of payment.
4. If the premium amount is debited from your Bank Account but an error page is displayed, a receipt will be sent to your email ID in three working days after receiving the confirmation from your Bank. You can report such occurrences to bo_eps1@licindia.com.
5. If Re-trying: Please first check whether your bank account/card is already debited/charged with the amount of the earlier transaction.If debited/charged please do not pay again. Receipt will be sent as stated above. 

 

LIC Branch 63T - LIC Athani Branch Office - LIC Branches in India

 

LIC Branch 63T - LIC Athani Branch Office

LIC of India, Athani Branch

Post Box No. 17, Satti Road. Kanak Nagar

Athani, Karnataka, Pin Code- 591304 

Contact:08289-251063

Email ID: bo_63t@licindia.com

Website: https://www.licindia.com

LIC Premium point, Krishnarajapuram, K R Puram, Bangalore, Karnataka

LIC Premium Point, K R Puram 

Address: #37
Yogashema Munibayrappa layout
Maragondanahalli post,
Krishnarajapura, Bengaluru,
Karnataka 560036

Phone: 093412 29393
Hours or services may differ, please call and confirm

LIC branches under Jaipur LIC divisional office

JAIPUR
BO-325 BRANCH :Jaipur Branch -2 , Kotawala Building , Tripolia Bazar , JAIPUR Phone - (0141) 515046	BO-335 BRANCH :CAB-II Suit No.5-6, IIIrd Floor, Arcade International Complex, Ajmer Road, Jaipur Phone-0141-2223311	BO-103 BRANCH :  Jhunjhunun Branch , Jeevan Jyothi , Indra Colony , JHUNJHUNU Phne - (01592) 32284
BO-105 BRANCH : Tonk Branch , Malpura Darwaja , Near Bus Stand , TONK Pin-303604 Phone - 01432-243404	BO-19M BRANCH : P&GS Unit , Bombay House, M.I Road , JAIPUR Phone - (0141) 361645	BO-15T BRANCH : NKT Ramleela Maidan, Neem Ka Thana, Dt. Sikar Phone-01574-231062
BO-15U BRANCH : Deoli Branch , Charch Road , Deoli , Dist. TONK Phone - (01434) 32470	BO-160 BRANCH : DAB 1, Gopi Nath Marg, Behind GPO, Jaipur Phone-0141-2371635	BO-19C BRANCH : Kotputli Branch , Near Krishna Talkies , KOTPUTLI Phone - (01421) 22027
BO-19E BRANCH : Dholpur Branch , Jeevan Jyoti, RICCO Inds. Area, Ondela Road, Dholpur, Pin-328001 Phone-05642-241538	BO-192 BRANCH : Sikar Branch , Near Coolectriate , Station Road , SIKAR Phone - (01572) 50548	BO-193 BRANCH : Sawaimadhopur Branch , Main Town , SAWAIMADHOPUR Phone - (07462) 20507
BO-194 BRANCH : Jaipur Branch -1 , Jeevan Prakash , Bhawani Singh Road , JAIPUR Phone - (0141) 515046	BO-195 BRANCH : Alwar Branch , Moti Dungri Road , ALWAR Phone - (0144) 23860	BO-196 BRANCH :  Bharatpur Branch , Jeevan Jyoti , Super Bazar Complex , Central Bus Stand , BHARATPUR Phone - (05644) 22720
BO-15R BRANCH : Bhiwadi Branch , Jeevan Jyoti Vasundhra Nagar Yojana, Bhiwadi, Pin-301019 Phone-01493-221788	BO-19J BRANCH : Chirawa Branch , Malti Bhawan , Chaudhary Colony , Dist. JHUNJHUNU Phone - (01596) 20312	BO-19K BRANCH :G.City I/F VYAPAR MANDAL, GANGAPUR CITY, DT. SAWAI MADHOPUR Pin-322201 Phone-07463-235178
BO-19L BRANCH :  Hindaun Jeevan Jyoti, S-161, Ricco Inds. Area, Hindaun Dt. Karauli Pin-322241 Phone-07469-232231	BO-19N BRANCH :  Sambharlake Branch , Station Road, Sambhar Lake, Dt. Jaipur Pin-303604 Phone-01425-224273	BO-19P BRANCH :Khairthal Branch , Mandi Mator Road , KHAIRTHAL Phone - (01460) 22120
BO-19R BRANCH : Transport Nagar Branch , Delhi Bye Pass , JAIPUR Phone - (0141) 643084	BO-19T BRANCH : Sanganer Branch ,Sector-8, Chetak Marg, Pratap Nagar, Tonk Road, Sanganer, Jaipur Pin-303902 Phone-0141-2797053	BO-19B BRANCH :  Dausa Branch , Jeevan Jyoti, Khan Bhankri Road, Dausa Pin-303303 Phone-01427-223557
BO-19W BRANCH : Fatehpur Branch , Shri. Janki Vallabh Market , 1 Floor , Fatehpur Shekhawati , Distt. SIKAR Phone - (01571) 20242	BO-19X BRANCH :Deeg Branch , Plot No. SP-3, RICCO Inds. Area, Deeg Dt. Bharatpur Pin-321203 Phone-05641-224008	BO-19Y BRANCH : Chomu Branch , Sharma Bari , Rashtriya Rajmarg No. 11 , CHOMU Phone - (01423) 20841
BO-15S BRANCH : Jhotwara Branch, D-201, R.K. Tower, Nr. Pital Factory, Jhotwara Road, Jaipur Phone-0141-2202102	BO-157 BRANCH :Jaipur CAB -1 , Nehru Place, Tonk Road , JAIPUR Phone - (0141) 515755	BO-159 BRANCH : Unit-III II nd Floor, Jeevan Prakash B.S. Road, Jaipur- Pin-302005 Phone-0141-2747061
BO-1242BRANCH :Jaipur Branch - 4 , Subhash Nagar , JAIPUR Phone - (0141) 304336	BO-1241 BRANCH :  Karauli Branch , Gulab Bagh, Karauli Pin-322241 Phone-07464-220182

LIC TAX SAVING PLANS

LIC Tax Saving Plans 

LIC Tax saving plans with life insurance and tax saving under section 80Cis the best option for saving tax under section 80C of the Income Tax Act. LIC Tax Saving plans are available from 0 age. Tax Saving plans from LIC of India is 100% safe and guaranteed*.

Kindly read the offer documents before signing the policy documents.

Indian Income Tax rules are as follows : 

No Tax up to Rs. 2, 50,000/-.

• From Rs. 2,50,001/- to Rs. 5,00,000/- the tax would be 5%,

• Rs.5,00,001/- to Rs.10,00,000/- the tax would be 20%

• Rs 10,00,001/- and above the tax would be 30%

Not having a good Life Insurance policy is a matter of concern. Life Insurance should not be considered only for Tax Saving but also for insuring life. There are many instruments for Tax Planning like PPF, Mutual Funds, Postal Savings etc., but Life Insurance plays a major role in policyholders life as a lifelong companion.

Other investments would be able to fulfil your aim only on reaching the final years but Life Insurance policy would help your family members to meet their goals he leaves the world also. Life Insurance should be at #1 place in your investment list. You may be doing much investment in your life for dependent but nothing can be life LIC policy.

Benefits of LIC TAX SAVINGS PLANS

• All Premiums paid under LIC Insurance Policies* are eligible for tax exemption under section 80C.

• A Person can invest up to Rs.1,50,000/-under section 80 C which includes Life Insurance premium, PF, Tuition fee etc.,

• The Survival Benefit amount received under MONEY BACK Plans is Tax-free under section 10(10d).

• Any amount received from LIC like survival benefits, Maturity, Death claim are 100% Tax-free under Section 10(10d).

The best tax saving plans

• LIC Jeevan Umang

• LIC Jeevan Anand

• LIC Jeevan Labh

Never sign the Insurance proposal without getting full information about the Insurance Advisor.

Credit Cards - Life time free from LIC of India - LIC Credit Cards - LIC payment 2% discount

LIC Credit Cards lifetime free from LIC of India in association with Axis Bank

*LIC Cards Services Ltd (LIC CSL)*  offers to Esteemed LIC Policyholders *LIFETIME FREE* Co-Branded Credit Card (Powered By Axis Bank) with Attractive Following Features.
 


ELIGIBILITY CRITERIA:-


SALARIED  CLASS 

Signature Card -  allowed if Net Annual Income during Last FY is More than Rs 9 Lacs. *Platinum Card* allowed below 9 Lacs.

SELF-EMPLOYED 

Signature Card - allowed if Net Annual Income is More than Rs 12 Lacs during Last FY. *Platinum Card* allowed below 12 Lacs. 

LIC Credit Card benefits :

• Nil Joining/Annual/Renewal Fee.*

• Free Accidental Insurance* of Rs 3 Lacs (Platinum Card) & 5 Lacs (Signature Card).

• Free Credit Period* from 20 to 50 Days.

• Free Add-On Cards* (Up to 3) to Spouse/Children/Brothers-Sisters/Parents/Parents-In-Law.

• Highest Reward Points-* On every spend of Rs 100/-, One Reward Point Equal to Rs 0.75 in Platinum Card & Rs 1.00 in Signature Card.

• Double Reward Points* on payment of LIC Premium of Self/Family Members.

• No Upper Limit of Premium. 

• *No Convenience Fee* on payment of LIC Premium through Card. 

• Grace period up to 75 Days* (From Due Date to Date of Payment) on payment of LIC Premium.

• *Facility of Auto Debit of LIC Premium through Card* just by filling Mandate Form.

• Airport Lounge Facility* at Selected Airports just by paying Token Amount of Rs 2/- per occasion, Twice in a Quarter and 8 Times in a Year.

• Attractive Cash Back Schemes* from Time to Time.

REQUIREMENTS for LIC Credit Cards :

• PAN

• Aadhaar Card

• One Month's Salary Slip 

• OR Latest ITR

• For more information, visit: 
• https://www.liccards.co.in/

 or 

Contact the nearest LIC Branch office. 

LIC Jeevan Umang plan 845

LIC Jeevan Umang Plan 845

           LIC Jeevan Umang is non-linked, whole life assurance plan with profits. This plan provides annual survival benefits at the end of the completion of premium payment up to 100 years of age and a maturity lump sum amount at maturity of term or death of the policyholder during the term.

           LIC Jeevan Umang Plan 845 was recently launched in the market and came into effect from 16th May, 2017. This plan is similar to Jeevan Tarang Plan.

           LIC Jeevan Umang is a whole life product i.e. it provides life coverage up to 100 years of age. A whole life plan is a life insurance plan which remains throughout the lifetime of the policyholder. There are various companies which have offered maturity and death benefits under such a policy,LIC is one of them.

Features 

• It is whole life insurance plan i.e. for 100 years
• 8% of the Sum Assured is paid as money back at the end of the term
• Large Sum Assured available under this plan.
• Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.
• Simple reversionary bonus is payable on maturity or early death.
• Suitable plan for pension.
• Premiums paid are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

Age at Entry	90 Days (Completed)
Premium Paying Term (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years (As per Nearest Birthday)	55 for 15 PPT
	50 for 20 PPT
	45 for 25 PPT
	40 for 30 PPT
Age at Maturity	100 Years (Nearest Birthday)
Policy Term	100 - Age at Entry
Basic Sum Assured	2,00,000 and above in multiples of 25,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Death benefits

           On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival addition

           On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

           On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

           LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

           If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

Additional Information

• Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
• Risk Coverage: This option is available until the end of the Policy Term.
• Riders: The LIC Jeevan Umang has rider option facility.
• Cooling off period: The Policy can be returned within 15 days if the Life Insured is not satisfied with the Terms and Conditions of the policy.
• Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Jeevan Umang provides Assignments and Nominations in this plan.

LINK AADHAAR AND PAN TO YOUR LIC POLICY

Now you can link your Aadhaar and PAN card to your LIC policy online or offline very easily.

Download LINK AADHAAR AND PAN FORM, along with your PAN and AADHAAR card copy submit at the nearest LIC office at the earliest.

For more information, visit : LIC Website for linking Aadhaar and Pan card

J C Road, 061 LIC Branch

LIC of India, D.O., Bangalore-I

Jeevan Prakash P.B.No.6694 22222191 To 4 22222396 To 9 J.C.Road City: Bangalore State: Karnataka Pin Code: 560002 Branch Code: D061

Mysore D072 LIC Branch

LIC of India, D.O., Mysore

Jeevan Prakash Mysore – Bangalore Road Bannimantap City: Mysore State: Karnataka Pin Code: 570015 Branch Code: D072

Indira nagar DO II 036 LIC Branch

LIC of India, D.O., Banglore-II

P.B.No.3829 Jeevan Jyothi Next To Bda Complex Indiranagar II Stage City: Bangalore State: Karnataka Pin Code: 560038 Branch Code: D036

Indira Nagar 801 LIC Branch

LIC of India, Bangalore CAB-2

Jeevan Jyothi NEXT TO BDA Complex Indiranagar II Stage City: Bangalore State: Karnataka Pin Code: 560038 Branch Code: 801 Ph No.: 080-22966884 email id: bo_801@licindia.com

P&GS Unit G501 LIC Branch

LIC of India, Bangalore-I  P & GS Unit

Jeevan Prakash Post Box No 6694 J C Road City: Bangalore State: Karnataka Pin Code: 560002 Branch Code: G501

Rajaji Nagar 61G LIC office

LIC of India, Rajajinagar Br (CBO-17)

No 543 544 545/16 Sthanikam’S Arcade Opp St Therasa Hospital Dr Rajkumar Road Rajajinagar Bangalore City: Rajaji Nagar Cbo-17 State:Karnataka Pin Code: 560010 Branch Code: 61G Ph No.: 080-22966649 email id:bo_61g@licindia.com

Indira Nagar 61F LIC Branch

LIC of India, Indiranagar Br Office

Jeevan Jyothi NEXT TO BDA Complex III Floor Indiranagar II Stage City: Bangalore State:Karnataka Pin Code: 560038 Branch Code: 61F Ph No.: 080-22966861 email id:bo_61F@licindia.com

Malleswaram 613 LIC Branch

LIC of India, City Br 3, Malleswaram

1st Flr 2nd Main 1/1 Sampige Rd Malleswaram. Bangalore City: Malleswaram Cbo-3 State:Karnataka Pin Code: 560003 Branch Code: 613 Ph No.: 080-22966601 email id:bo_613@licindia.com

Civil Station 612 CBO 2 LIC Branch, LIC Bangalore

LIC of India, Civil Station Branch 612

Oriental Building 2nd Floor M G Road. Bangalore City: Civil Station Cbo-2 State:Karnataka Pin Code: 560001 Branch Code: 612 Ph No.: 080-22966856 email id:bo_612@licindia.com

JC Road 610 Branch Bangalore

LIC of India, Bangalore DAB

Direct Agents Branch (City Br VII) Jeevan Prakash Building, I floor J C Road Bangalore City: Bangalore State: Karnataka Pin Code: 560002 Branch Code: 610 Ph No.: 080-22966536 email id:bo_610@licindia.com

K G Road 604 LIC Branch

LIC of India, Bangalore Cb 6 (KG Road)

Prithvi Building K G Road. Bangalore City: Bangalore State: Karnataka Pin Code: 560009 Branch Code: 604 Ph No.: 080-22966592 email id:bo_604@licindia.com