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Samvardhan - Pension Scheme ( Defined Contribution) for all LIC agents
LIC India has decided to start a Group Superannuation Cash Accumulation Scheme- ′Samvardhan′, for the Agents of the Corporation. This scheme is being started with a view to assist the agents in creating a sizeable corpus during their productive year which can be used to provide the pension in a structured way, after the accumulation period.

Main features of the scheme are as under :

Eligibility:

1. All the active agents having annual commission of Rs. 1,00,000 alongwith agency tenure of minimum 1 year can join the scheme. Membership of the scheme is voluntary.
2. Minimum age at entry ( in years) 18 completed
3. Maximum entry age ( in years) 65 completed

Contributions:

1. Minimum contribution by the Agent Rs. 500/- per month and in multiples of Rs. 500/- thereafter
2. Minimum accumulation period upto age 60 years
3. Maximum accumulation period upto age 75 years
4. Minimum deferment period- 10 years

Benefits under the Scheme:

Benefits payable after the accumulation period
Benefits payable on the death of the member
Benefits payable on withdrawal of individual member

The Scheme will run as a defined contribution under Group Superannuation Cash Accumulation Scheme of LIC of India.
  
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Source : http://www.licindia.in
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Previous Month News
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  Transparency Of The Insurance Advertisements (2010-08-22)
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  ULIP DISCONTINUANCE OF CHARGES : IRDA (2010-07-09)
IRDA Has Also Addressed The Issue Of Discontinuance Of Charges For Surrender Of ULIPs. The IRDA (Treatment Of Discontinued Linked Insurance Policies) Regulations Brought Out By IRDA In This Regard Ensure That Policyholders Do Not Get Overcharged When They Wish To Discontinue Their Policies For Any Emergency Cash Requirement. The Regulations Stipulate That An Insurer Shall Recover Only The Incurred Acquisition Costs In The Event Of Discontinuance Of Policy And That These Charges Are Not Excessive. The Discontinuance Charges Have Been Capped Both As Percentage Of Fund Value And Premium And Also In Absolute Value. The Regulations Also Clearly Define The Grace Period For Different Modes Of Premium Payment. Upon Discontinuance Of A Policy, A Policyholder Shall Be Entitled To Exercise An Option Of Either Reviving The Policy Or Completely Withdrawing From The Policy Without Any Risk Cover. Further, The Regulations Also Enable IRDA To Order Refund Of Discontinuance Charges In Case They Are Found Excessive On Enquiry.
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  LIC Along With Others Get Nod For Tax-free Infra Bonds (2010-07-09)
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The Insurance Regulatory & Development Authority (Irda) Has Banned Over 4,261 Corporate Agents Out Of The Total 7,000 In The Country. The Regulator Said Because These Agents Failed To Renew Their Licences They Are Not Authorised To Sell Policies From March 31, 2010. The Regulator Cautioned Insurance Companies And The General Public From Dealing With These Agents Or Getting Business Through Them   Read More -->
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