LIC OF INDIA

No claim without Helmet and Driving Licence

Simplified Claim Settlement Process for Claims arising out of Terrorist Attack in Mumbai

LIC offers heartfelt condolences to all the people affected by Terrorist attack in Mumbai on 26th & 27th November, 2008. In these difficult times, LIC stands by you.

Simplified Claim Settlement Process:
No claim investigation will be conducted.
Double Accident Benefit/Disability Benefit is payable wherever applicable.
Any evidence in Government/Municipal record showing death due to Terrorist attack in Mumbai will be accepted as proof of death.
Police reports, Post Mortem report will also be accepted as evidence of death if original death certificate is not available
For further queries Please contact our INFO Center on 022-1251 OR 022-26134584(from 8.00 AM to 8.00 PM)

Personal Income tax Assesment year 2009-10

Taxable income slab (Rs.)                                              Rate (%)

Up to 1,50,000 NIL

Up to 1,80,000 (for women) NIL

Up to 2,25,000 (for resident individual of 65 years or above)                            NIL

                                                         1,50,001 – 3,00,000                                   10

                                                         3,00,001 – 5,00,000                                   20

                                                         5,00,001 upwards                                   30*

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.

A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.

Agricultural income is exempt from income-tax.

Life Insurance Corporation of India proposes to bring out its credit card

Life Insurance Corporation of India  has decided to form a separate wholly owned company “LIC Cards Services Limited” to manage all aspects of  its credit card venture. Life Insurance Corporation of India has been permitted by Government of India to form a wholly owned company for this purpose.

In line with the corporate vision to emerge as a trans-nationally competitive financial institution, LIC has been planning to bring out its credit card to leverage its large customer base, strong brand and wide distribution network and to provide value added service to its customers.

LIC has celebrated its 52nd anniversary in September and aims to strengthen its relationship with its vast customer base by providing various value-added services such as credit cards. Through this new Company, LIC aims to offer premium-payment facility to policyholders with their own credit card. Not only will this provide added convenience and service to LIC customers, it will bring down transaction costs for LIC.

LIC Cards Services Limited, the  wholly owned subsidiary of LIC,  would leverage LIC and Corporation Bank's strong brand and extensive branch, ATM, and sales distribution network.

For more visit http://www.indiainfoline.com/news/innernews.asp?storyId=82669&lmn=1

LIC's micro finance

India’s largest government owned life insurance company, Life Insurance Corporation of India (LIC), set a new target of selling 4 million micro insurance policies this year. In a speech given at the SKOCH Banking, Financial Services and Insurance Summit, LIC Chairman TS Vijayan said that two years ago, the corporation had sold 0.8 million micro insurance policies and this year, planned to increase its sales five fold.

Life Insurance Corporation of India (LIC) has generated Rs 16,600-crore valuation surplus, or profit, in 2007-08, a 10 per cent rise o

ver 2006-07 figures, sources familiar with the development said.

A formal announcement is expected soon. Of this, the insurance behemoth will pay 5 per cent, or Rs 830 crore, to the government as dividend and will distribute the balance among its policy-holders as bonus.

In the previous year, the dividend was Rs 760 crore. Private insurers pay 10 per cent of their valuation surplus to shareholders. Though LIC is yet to arrive at a figure regarding the bonus, “It will not be less than last year’s,” a source said.

In 2006-07, LIC had declared a bonus of Rs 70 rupees per Rs 1,000 sum assured. In 2007-08, LIC’s solvency margin has also increased to 152 per cent or Rs 42,250 crore as compared with 150 per cent in the previous financial year.

New business premium stood at around Rs 58,000 crore. LIC is aiming for a 30 per cent increase in its new business premium in 2008-09.