Steam Life Care

Steam is a Multi Level marketing programme promoted by M/s.SEVAK HEALTH CARE SERVICES private Ltd., a company registered under the Companies Act, 1956, with its Head Office at Changanacherry, a histrorical township in the District of Kottayam in Kerala state. The Company is a leading distributor of Insurance products of prominent General Insurance Companies.
Associate Insurance companies-United India Insurance company Limited, National Insurance Company Ltd. New India Assurance Company Limited. Bajaj Allianz Insurance Company Limited.
Tailor made policies specially designed for and marked exclusively by Sevak Health Care Services.
Over 50000 Marketing executives all over Kerala.
Customer base of over six lakh.
Claim settlements over Ruppes 1.25 crore.
Highly acclaimed charity programme –Free Meals, Medical camps, Eye donation, Blood donation and financial aid.
All these achieved within a short span of THREE YEARS. Growing stronger to scale more heights.
We have opened up a new gateway to success - The - MLM BUSINESS Join and get started on this right path to an enduring business opportunity and achieve your ambitions.







COMPANY

Sevak Health Care Services started functioning on the 15th of July 2003, captained by an young and energetic team with the objective of improving the quality of people's lives by : • providing protection against spiraling cost of health care through General Insurance• providing training and an opportunity to it's consultants to grow into successful business entrepreneurs.•To give a helping hand to the poor and needy people through charity programme.
Sevak Health Care services P Ltd. has carved for itself an apex position within a short span of Three years as an insurance provider in association with United India Insurance Co.Ltd., M/s. Bajaj Allianz General Insurance Co. Ltd., and New India Assurance Co.Ltd., National Insurance Co. Ltd. all prominent names in the field of General Insurance. Insurance policies specially tailor made for Sevak Health Care Services has been well accepted by the public. Backed by over 50000 marketing executives, a customer base of over six Lakh, claim settlements of above Rupees 1.25 crore, A management team of professionals, Sevak Services has had it's name written in letters of gold in the minds of all associated with it. With "selfless service" as its guiding mantra, Sevak Service is on the right path to becoming a well deserved success story
Our-Vision•Health care protection through Insurance.• Income generation opportunity for all.• providing latest technology/high quality health care products at low cost• providing training and an opportunity to it's consultants to grow into successful business
Awards• BEST PERFORMANCE AWARD in the year 2004 for the Best Distributor of Insurance Policies from BAJAJ ALLIANZ GENEREAL INSURANCE Co.Ltd..• EXCELLENT PERFORMANCE AWARD in the year 2005 for OUTSTANDING PERFORMANCE in distribution of Insurance Policies from UNITED INDIA INSURANCE Co.Ltd..
Our MissionTo meet the needs and improve the quality of people's lives by• providing protection against spiraling cost of health care through General Insurance• providing latest technology/high quality health care products at low cost• providing training and an opportunity to it's consultants to grow into successful business entrepreneurs.
INAUGURATION
On the 15 th of November 2003, our programme was officially inaugurated by the Honorable Minister for Rural Development, Sri. C.F.Thomas.
MEDICLAIMTransport Minister Mathew. T. Thomas giving the MEDICLAIM Rs. 1,50,000/- to the father of Late George Tellenson in Kumbalangi at Eranakulam
KAIRALI HEALTH CARD Kairali Health Card, the discount card issued to our customers was released by cine Artist Sri.Krishna Prasad on the 15 th of November 2003
SEVAK AROGYA DARSAN On the 26 th of January, 2004 our first charity project, the " Free Meals" programme was inaugurated by Sri.K.K.Shaju (M L A - Pandalam).
BULLETIN "LIFE CARE " the official Bulletin of Sevak Health Care Services published monthly, was inaugurated on the 27 th of May 2006 by Sri. Chickus Sivan., the famous artist.
"Relief Fund " Changanacherry Municipal Chairman Adv. P.Raveendranath Giving the Relief Fund Rs. 5000/-
SEVAK AROGYA DARSAN. "Free Meals" programme of feeding over 500 patients of Alappuzha Medical College once a week , which the Company still pursues, was inaugurated on the 18 th of March 2004, by Managing Director Sri.Zacharia M.U.Continuing programme of Free food distribution to the patients of Alappuzha Medical College.Over 1,00,000 fed so far. Free distribution of 10 kgs of Rice to over 1000 people in various Panchayaths.
REGIONAL CONFERENCE Alappuzha region conference held on 5 th June, 2004 was inaugurated by Honorable Minister for Tourism, Sri.K.C.Venugopal.
INSURANCE CLAIM Cheque for Rs.1,00,000.00 as compensation for accidental death of Sri.Sivadasan of Alappuzha, our customer, was handed over to his widow Smt. Valsala by Sri.R.V.Pai, Divisional Manager, United India Insurance Co.Ltd., on 5 th June, 2004.
ACCIDENT INSURANCE CLAIMSRupees One Lakh accident death claim settled by United India Insurance Company was handed over to the widow of Late Sri. Raveendran Nair of Chengannur.
REGIONAL CONFERENCE Kochi Regional Conference being inaugurated by Honorable Minister for Sports & Fisheries, Sri. Dominic Presentation on 18 th September , 2004.
CHARITTY PROGRAMME Sevak Eye Donation Programme inaugurated on the 25 th of September 2004 by His Holiness Mar Joseph Perumthottam, Bishop of Changanacherry, by submitting his willingness to donate his eyes on his demise.
Enrolled 5000 people under the programme targets 10000 by 2006 Boold doners forum of over 5000 members has donated bood to over 1000 patients.
SEVAK AROGYA DARSAN. Free medical camp with attendance of over five hundred people, donation of education kits to school going children were the highlights of the function held at Ramakary Panchayath, inaugurated by Kuttand M .L .A. Dr.K.C.Joseph on 31 st October, 2004.
SEVAK AROGYA DARSAN. "Tsunami" relief programme for the people of Chellanam, Kochi was inaugurated by His Holiness Mar Joseph Powathil, Arch Bishop of Changanacherry on the 31st of December , 2004.Utensils and blankets were distributed to 200 people of the affected area.
NEW INDIA ASSOCIATION Inauguration of Insurance Policies of New India Assurance Co. Ltd., by Rev.Fr.Martin Thaiparampil on the 31 st December,2004.
NEW OFFICE PREMISES We moved to a new, spacious premises on the 5 th of March, 2005. The lamp being lit by Smt.Thankamma Thomas in the presence of Smt. Krishnakumary Rajasekharan, Chairperson , Changanacherry Municipality.
ROAD SAFETY SEMINARMr. B.Krishnakumar, Circle Inspector of Police conducted a class on "Road Safety Measures" at the seminar conducted at the seminar Hall of our Head Office on 15-03-2005.
Bajaj Alliance Best Performance Award Receiving the best performance award in the year 2004 for the best distributor of the Insurance Policies from Bajaj Alliance General Insurance Co. Ltd, by Mr. M.V. Zakaria, Managing Director from the zonal manager, on July 5th 2005.
United India Excellence Performance Award Excellence Performance Award in the year 2005 for outstanding performance award in distribution of insurance policies from United India Insurance Co. Ltd.Presented by the Changanacherry Branch Manager Mr.Thomas Raj.















PRODUCTS


LIFE CARE MEMBERSHIP SCHEME
Health and Accident Insurance protection.
Financial Aid from Relief Fund.
Long term income earning opportunity.
World-wide Membership sponsoring opportunity
Personal web page.
Opportunity to participate in Social Service activities.
Opportunity to participate in “Personality Development” seminars.
Membership in Blood Donation Forum.
Membership in Eye Donation Forum.
I. MEMBERSHIP SCHEME TYPE -B (Single Person) ■ Eligibility : Indian Citizen ■ Entry Age : 56 Years Upto 70 Years ■ Membership fee : 1600.00 (Non-Refundable) MEMBERSHIP BENIFITS A. Accident Insurance Policy
Insurance Period : 1 Year
Age : 56 Years upto 70 Years
ROAD ACCIDENT INSURANCE COVERAGE
SUM ASSUARED(Maximum)
Section 1. Actual Hospitalisation expenses for Road accidents Involving Registered Motor Vehicles.
Rs. 1,00,000.00
Section 2. Disability compensation for loss of one arm or leg or eye due to Road accident involving Registered Motor vehicles
Rs. 50,000.00
Section 3. Disability compensation for loss of two arms or legs or eyes due to Road accident involving Registered Motor vehicles
Rs. 1,00,000.00
Section 4. Compensation for death due to Road accident involving Registered Motor vehicles
Rs. 1,00,000.00
B. Financial Aid From Relief Fund On natural death of a Member the following Benefits accrue to his/her family members.
1. Death relief
Rs. 5,000.00
2. Ambulance charge ( if hospitalized at the time of death)
Rs. 1,000.00
3. Education aid ( Rs.2500.00 for 2 children)
Rs. 5,000.00
4. Marriage aid ( towards marriage of one daughter)
Rs. 5,000.00
5. Widow pension ( Rs.250.00 per month for 12 months)
Rs. 3,000.00
6. S-Team Life care Membership for Nominee
Free
Conditions : 1. Produce copy of Death Certificate. 2. Education aid – proof of education from school / college. 3. Marriage aid – for marriage of one daughter during the remaining period of Membership of the deceased – produce proof of marriage.

C. Long term income earning opportunity (Refer details under “Business Plan”). D. World-wide Membership sponsoring opportunity. E. Personal Web Page. F. Opportunities to participate in social service activities. G. Opportunities to participate in "Presonality developmen" seminars. H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums.
II. MEMBERSHIP SCHEME TYPE - G (Single Person) ■ Eligibility : Indian Citizen ■ Entry Age : 18 Years and above Upto 65 Years ■ Membership fee : 1600.00 (Non-Refundable) MEMBERSHIP BENIFITS A. Accident And Healthcare Insurance Policy (Insurance can be provided to dependet children of the member aged from 5 years and above)
Insurance Period : 1 Year
Age : 18 Years and above upto 65 Years
INSURANCE COVERAGE
SUM ASSUARED(Maximum)
1. MEDICLAIM - Hospitalisation expences for illness.
Rs. 10,000.00
2. ACCIDENT MEDICLAIM - Hospitalisation expences for any accident.
Rs. 10,000.00
3.ROAD SAFETY Section 1 - Actual Hospitalisation expenses for Road accidents Involving Registered Motor Vehicles.
Rs. 1,00,000.00
Section 2 - Disability compensation for loss of one arm or leg or eye due to Road accident involving Registered Motor vehicles
Rs. 50,000.00
Section 3 - Disability compensation for loss of two arms or legs or eyes due to Road accident involving Registered Motor vehicles
Rs. 1,00,000.00
Section 4 - Compensation for death due to Road accident involving Registered Motor vehicles
Rs. 1,00,000.00
4.PERSONAL ACCIDENT Section 1 - Disability compensation for loss of one arm or leg or eye.
Rs. 50,000.00
Section 2 - Disability compensation for loss of Two arms or legs or eyes or combination thereof.
Rs. 1,00,000.00
Section 3 - Compensation for Death caused by accidents
Rs. 1,00,000.00

SUMMARY OF INSURANCE BENIFIT
SUM ASSUARED(Maximum)
1. MEDICLAIM - Hospitalisation expences for illness.
Rs. 10,000.00
2. ACCIDENT MEDICLAIM - Hospitalisation expences for any accident.
Rs. 10,000.00
3. ROAD SAFETY Section I - Hospitalisation expences for accidents involving Registered Motor vehicles.
Rs. 1,00,000.00
4. ROAD SAFETY + PERSONAL ACCIDENT Section I - Disability compensation for loss of one arm or leg or eye.
Rs. 1,00,000.00
Section II - Disability compensation for loss of Two arms or legs or eyes or combination thereof.
Rs. 2,00,000.00
Section III - Compensation for Death due to accidents.
Rs. 2,00,000.00
B. Financial aid from relief fund (Refer details furnished above) C. Logn-term income earning opportunity (Refer details under "Business Plan"). D. World Wide membership sponsoring opportunity . E. Personal Web Page . F. Opportunities to participate in social service actitivities. G. Opportunities to participate in "Personality Development Seminars" H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums
III. MEMBERSHIP SCHEME TYPE - NF (Single Person) ■ Eligibility : Indian Citizen Employed Abroad (NRI) ■ Entry Age : 18 Years and above Upto 70 Years ■ Membership fee : 2000.00 (Non-Refundable) MEMBERSHIP BENIFITS A. NRI Accident Protection Policy (Where an NRI is already insured under the scheme, Insurance can be provided to his/her wife/ hasband/ or dependent child aged 5 years and above.)
Insurance Period : 1 Year
Age : 18 Years and above upto 70 Years
INSURANCE COVERAGE
SUM INSURED (Maximum)
First Insured
Husband / Wife
Child
1. NRI Accident Policy
a. Death due to accident
Rs. 10,00,000.00
Rs. 5,00,000.00
Rs.3,00,000.00
b. Permanent total disablement due to accident
Rs. 10,00,000.00
Rs. 5,00,000 .00
Rs.3,00,000.00
c. Loss of 2 limbs or 2 eyes OR one 1 limb and one eye due to accident.
Rs. 10,00,000.00
Rs. 5,00,000 .00
Rs.3,00,000.00
d. Loss of 1 limb or 1 eye due to accident
Rs. 5,00,000.00
Rs. 2,50,000.00
Rs.1,50,000.00
e. Actual expences incurred following death ( occurring in a foreign country due to accident or sickness only) including carriage of dead body to India
Rs. 50,000.00
Rs. 50,000.00
Rs.50,000.00
f. Actual cost of Air tickets for the insured person and to and fro Air tickets for one person accompanying him in case an insured person is brought to India alive (for treatment or otherwise) following an accidental injury abroad and if a valid claim is admitted by the Insurance Company under item a or b or c or d of this table.
Rs. 50,000.00
Rs. 50,000.00
Rs.50,000.00
g. Education Fund ( in case of one or more dependent children aged up to 23 years ) if a valid claim is admitted by the Insurance Company under item a or b or c or d of this table.
Rs. 5,000.00
Rs. 5,000.00
XXXXXXX
h. Medical expences following an accident and incurred in India ( if a valid claim is admitted by the Insurance Company under item a or b or c or d of this table).
Rs. 10,000.00
Rs. 10,000.00
Rs.5,000.00
2. ROAD SAFETY POLICY
a. Actual hospitalization expences incurred following an accident involving Registered Motor vehicles and incurred in India
Rs. 50,000.00
Rs. 50,000.00
Rs. 50,000.00
b. Death due to accident
Rs. 50,000.00
Rs. 50,000.00
Rs. 50,000.00
c. Loss of 2 limbs or 2 eyes OR 1 limb and 1 eye due to accident
Rs. 50,000.00
Rs. 50,000.00
Rs. 50,000.00
d. loss of 1 limb or 1 eye due to accident
Rs. 25,000.00
Rs. 25,000.00
Rs. 25,000.00
B. Financial aid from relief fund (Refer details furnished above) C. Logn-term income earning opportunity (Refer details under "Business Plan"). D. World Wide membership sponsoring opportunity . E. Personal Web Page . F. Opportunities to participate in social service actitivities. G. Opportunities to participate in "Personality Development Seminars" H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums
IV. MEMBERSHIP SCHEME TYPE - NF 2 (Two Persons) ■ Eligibility : Indian Citizen Employed Abroad (NRI) and his/her wife/hasband Or one independent child ■ Entry Age : 18 Years and above Upto 70 Years ■ Membership fee : 3800.00 (Non-Refundable) MEMBERSHIP BENIFITS A. NRI Accident Protection Policy (Where an NRI is already insured under the scheme, Insurance can be provided to his/her wife/ hasband/ or dependent child aged 5 years and above or two dependent children aged 5 years and above.)
Insurance Period : 1 Year
Age : 18 Years and above upto 70 Years
INSURANCE COVERAGE
SUM INSURED (Maximum)
First Insured
Husband / Wife
Child
Refer details furnished in Table above underIII . MEMBERSHIP SCHEME - TYPE : NF
B. Financial aid from relief fund (Refer details furnished above) C. Logn-term income earning opportunity (Refer details under "Business Plan"). D. World Wide membership sponsoring opportunity . E. Personal Web Page . F. Opportunities to participate in social service actitivities. G. Opportunities to participate in "Personality Development Seminars" H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums
V. MEMBERSHIP SCHEME TYPE - NF 3 (Three Persons) ■ Eligibility : Indian Citizen Employed Abroad (NRI) and his/her wife/hasband AND one independent child age of five years above OR two dependent children ■ Entry Age : 18 Years and above Upto 70 Years ■ Membership fee : 5700.00 (Non-Refundable) MEMBERSHIP BENIFITS A. NRI Accident Protection Policy (Where an NRI is already insured under the scheme, Insurance can be provided to his/her wife/ hasband and two dependent children aged 5 years and above.)
Insurance Period : 1 Year
Age : 18 Years and above upto 70 Years
INSURANCE COVERAGE
SUM INSURED (Maximum)
First Insured
Husband / Wife
Child
Refer details furnished in Table above underIII . MEMBERSHIP SCHEME - TYPE : NF
B. Financial aid from relief fund (Refer details furnished above) C. Logn-term income earning opportunity (Refer details under "Business Plan"). D. World Wide membership sponsoring opportunity . E. Personal Web Page . F. Opportunities to participate in social service actitivities. G. Opportunities to participate in "Personality Development Seminars" H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums
VI. MEMBERSHIP SCHEME TYPE - NF 4 (Four Persons) ■ Eligibility : Indian Citizen Employed Abroad (NRI) and his/her wife/hasband Or two independent child ■ Entry Age : 18 Years and above Upto 70 Years ■ Membership fee : 7500.00 (Non-Refundable) MEMBERSHIP BENIFITS A. NRI Accident Protection Policy (Where an NRI is already insured under the scheme, Insurance can be provided to his/her wife/ hasband and one dependent child aged 5 years and above OR to two dependent children aged 5 years and above.)
Insurance Period : 1 Year
Age : 18 Years and above upto 70 Years
INSURANCE COVERAGE
SUM INSURED (Maximum)
First Insured
Husband / Wife
Child
Refer details furnished in Table above underIII . MEMBERSHIP SCHEME - TYPE : NF
B. Financial aid from relief fund (Refer details furnished above) C. Logn-term income earning opportunity (Refer details under "Business Plan"). D. World Wide membership sponsoring opportunity . E. Personal Web Page . F. Opportunities to participate in social service actitivities. G. Opportunities to participate in "Personality Development Seminars" H. Membership in Blood Donation Forms. I. Membership in Eye Donation Forums

GENERAL INSURANCE: DETAILS OF COVER, EXCLUSIONS AND CONDITIONS
Brief details of the above policies are given below. The Covers, Exclusions and conditions are fully described in the Master Policy available with M/s. Sevak Health Care Services Pvt. Ltd..
MEDICLAIM POLICY.
COVER : If the Insured is required to be hospitalized as inpatient for a minimum period of 24 hours due to injury or illness, the Insurance Company will reimburse admissible expenses up to a maximum of sum insured.
EXCLUSIONS:
The Company will not be liable to reimburse medical expenses for :
Diseases in existence at the time of Proposal
Diseases contacted within the first 30 days of commencement of Policy
Diseases caused by the use of alcohol, drugs. Convalescence, general debility.
Ayurvedic, homeopathic and naturopathic treatment.
Pregnancy and childbirth related illness are not covered by the Policy.
Dental treatment / surgery unless requiring hospitalization.
Conditions associated with AIDS.
Hospitalisation primarily for diagnostics, X-ray, Lab tests etc..
Circumcision unless forming part of treatment.
Vaccination or inoculation, cost of spectacles, contact lenses, curing aids and other external aids.
Plastic / cosmetic surgery unless forming part of treatment of injury.
Treatment of diseases such as Prostatic Cataract, Hypertrophy, Hysterectomy, Hernia, Hydrocele, Congenital internal diseases, Fistula, Piles, Sinusitis and related disorders – during the first year of operation of the Policy.
Expenses on room rent in excess of Rs.200.00 per day except for ICU or ICCU.
CONDITIONS :
1. Insurance cover is available for illness/injury which require at least 24 hours of Hospitalisation. 2. Injury arising out of accidents is covered from the date of inception of Policy. 3. Cover is available only for Allopathic form of treatment. 4. Treatment is to be provided by a Registered Hospital having at least 10 inpatient beds. 5. Written intimation is to be given to the Insurance Company regarding hospitalisation within Seven days of admission. 6. Claim , supported by required documental proof should be filed with the Company within 30 days of completion of treatment.
ACCIDENT MEDICLAIM POLICY
COVER : If the Insured sustains any bodily injury resulting solely and directly from accident caused by outward ,violent and visible means, then the Insurance Company will reimburse admissible expenses up to a maximum of sum insured
CONDITIONS: Injury arising out of accidents is covered from the date of inception of Policy.
EXCLUSIONS: The Company shall not be liable for payment of compensation for: 1. Intentional self injury / suicide / attempted suicide. 2. Injury / death caused by intoxicating liquor / drugs. 3. Injury / death caused by war /civil war / rebellion / nuclear materials etc.. 4. Injury / death attributable to pregnancy / child birth.
ROAD ACCIDENT POLICY
COVER : SECTION I : Personal Accident : If the Insured sustains any bodily injury resulting solely and directly from accident caused by outward ,violent and visible means, then the Insurance Company shall pay the Insured the sum herein above set forth. 1. Death of Insured : Sum insured 2.Permanent disability caused by accident a. Loss of one arm/leg/eye : 50% of sum insured b. Loss of any two of the above organs : 100% of sum insured.
SECTION II : Hospital expenses : If the Insured is hospitalized for a minimum period of 24 hours for treatment of bodily injury caused and arising out of use of Motor vehicle as defined in the Motor Vehicles Act,1944, the Insurance Company shall reimburse admissible expenses up to a maximum of sum insured.
CONDITIONS: Injury caused by accidents involving Motor vehicles registered under Motor Vehicles Act only will be covered by Road Accident Policy. FIR from the nearest Police Station where the accident took place, should be produced.
PERSONAL ACCIDENT POLICY
COVER : If the Insured sustains any bodily injury resulting solely and directly from accident caused by outward ,violent and visible means, then the Insurance Company shall pay the Insured the sum herein after set forth. 1. Death of Insured : Sum insured . 2.Permanent disability caused by accident a. Loss of one arm/leg/eye : 50% of sum insured. b. Loss of any two of the above organs : 100% of sum insured.
ACCIDENT POLICY
ELIGIBILITY :
First Insured should be an Indian citizen employed abroad (NRI).First Insured should furnish his Passport number in the proposal form.
The first insured NRI can avail insurance cover for his family members ( Spouse and children) even if they are resident in India .
COVER: If the Insured shall sustain any bodily injury, resulting solely and directly from Accident caused by outward violent and visible means, then the Company shall pay the insured the sum mentioned in the Table above.
EXCLUSIONS:
Death or disability arising out of or contributed directly or traceable to any disability existing at the time of issue of this policy.
Death or disability caused by intentional self-injury, suicide or attempted suicide, caused under influence of intoxicating liquor or drugs, caused by insanity, caused from committing breach of any law with criminal intent, caused by participating in dangerous sports etc..
Death or disability caused by war / civil war/ rebellion/ nuclear materials etc..
Death or disability attributable to pregnancy / child birth.
GENERAL CONDITIONS
Upon happening of any event that may give rise to a claim, written notice with full particulars should be given to the company immediately, and in any case not later than SEVEN days in case of Hospitalisation claims, and not later than FOURTEEN days in case of Accident claims. Satisfactory proof on all matters upon which the claim is based is to be furnished. Hospitalisation claims should be filed within THIRTY days of completion of treatment and not later than SIXTY days of discharge from Hospital. Accident claims should be supported by Police FIR, Post-mortem report, death certificate, disability certificate and any other relevant documents that the Company may require.
CLAIMS : The following records are required to be filed along with the claim application.
MEDICAL EXPENCES CLAIMS :
Medical Report ( in the format provided by the Company ) duly filled up by the treating Doctor, with seal of the hospital.
Detailed Discharge summary issued by the Hospital – original.
Bills for expences duly attested by the treating Doctor – original.
Reports of investigations ( Scanning, X-ray, lab etc.) – original.
Insurance certificate – photo copy.
ACCIDENT CLAIMS :
In addition to the above the following documents are also to be submitted.
First Information report (FIR) from the nearest Police station where the accident took place – Copy.
Disability Certificate from approved Medical Practioner in case of disability claim – original.
Death certificate in case of accidental death claim – original.
Post-mortem report in case of accidental death claim- copy.
P.S : Filing of Fraudulent claims and fraudulent documents attract criminal proceedings under the Insurance Act.


























BUSINESS PLANS



BENIFITS OF LIFE CARE MEMBERSHIP
Health and Accident Insurance protection.
Financial Aid from Relief Fund.
Long term income earning opportunity.
Opportunity to participate in Social Service activities.
Opportunity to participate in “Personality Development” seminars.
Membership in Blood Donation Forum.
Membership in Eye Donation Forum.
TERMS OF MEMBERSHIP1. Those who have attained the age of 18 can become Members.2. Those applying for Membership should do so only after clearly understanding the Terms and conditions of Membership.3. A new applicant can apply only under the sponsorship of an existing Member.4. Applicant should submit his duly filled in application to the Registered Office of Sevak Health Care Services (P) Ltd., S.L.Thomas Centre, P.P.Jose Road, Changanacherry – 686101 along with a Demand Draft for the prescribed membership fee, favoring S-Team Marketing Systems, payable at Changanacherry.5. Those who have enrolled through Company’s Web site should submit their Application forms as described above, within fifteen days of enrollment, to avoid disqualification.
LIFE CARE - INCOME GENERATION1. Income eligibility is dependent on sponsoring S-Team Life Care members.2. Weekly generation of income for Memberships enrolled from Thursday to Wednesday.3. First income is generated when pairs are formed in the ratio 2:1 or 1:2. Further income will be payable on all pairs formed in the ratio 1:1.4. 36 % of the Membership fee is set apart for income distribution to those eligible on the basis of Pairs formed during a week.5. Pair Value = 6. Income generated by a Member each week = Pair value for the week × Number of pairs formed by the Member during the week.7. Maximum income payable to a Member during a week is restricted to Rs.10000.00
RENEWAL-INCOMERenewal of Membership is effected each year by deducting an amount of Rs.1600.00 from the income generated by the Member. This enables renewal of Insurance Policy of the Member as well as creation of Renewal Income in the subsequent year. Thus the member enjoys Double Income as follows :Income through new memberships : Rs. 10000.00 (Maximum)Income through Renewal of Memberships : Rs. 10000.00 (Maximum)Total Income Rs. 20000.00 (Maximum)
RELIEF FUND
Financial aid to nominees of deceased Members(only in case of natural death)
1. Death Relief - Rs. 5000.002. Education Aid for School / College going children - Rs. 5000.00 (Rs.2500.00 each for TWO children)3. Ambulance charge ( if hospitalized at the time of death) - Rs. 1000.004. Marriage aid ( for one girl child within the polcy period) - Rs. 5000.005. Widow pension ( Rs.250 for 12 months) - Rs. 3000.006. Mediclaim / Accident Polcy for Nominee ( 1 year) - Free.
RELIEFFUND-RULESANDREGULATIONS1. Only those Members of S-Team Life Care, who are Policy holders, are eligible for benefits of Relief Fund.2. An amount of Rs.10.00 each from the income generated by members will be deducted each week towards Relief Fund.3. Only those who have contributed Rs.100.00 towards the Fund will be eligible for Relief benefits.4. On natural death of the eligible ible S-TEAM life care member, his nominee will receive the relief fund benefits .5. Death Relief - documental proof of death should be produced.6. Education Aid – proof of studies from educational Instituitions to be produced.7. Marriage Aid – for one daughter, within the Policy period. Produce sufficient proof of marriage.8. Relief Fund Membership is permitted only upto the age of 55 years. Membership shall continue upto 65 years for those who renew their Insurance Policies without break.

JEEVAN MADHUR FROM LIC........

INTRODUCTION
It is a simple savings related life insurance plan where you may pay premiums regularly
at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term
of the policy.

Minimum instalment premium for different modes of premium payment shall be:

Weekly:	Rs. 25/-
Fortnightly:	Rs. 50/-
Monthly:	Rs. 100/-
Quarterly/Half-yearly/Yearly:	Rs. 250/-

Further, the premium chosen by you shall be subject to the minimum and maximum
sum assured of Rs. 5,000/- and Rs. 30,000/- respectively payable on death and maturity
under this plan.

BENEFITS

Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any.

The specimen Maturity Sum Assured per Rs. 1200/- annual premium are given below for some of the decennial ages and terms:

Age at Entry	Policy Term
	5 years	10 years	15 years
20	5089	11219	18561
30	5081	11173	18396
40	5026	10910	17572
50	4847	10066	14884

Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.

Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:

a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle

Auto-Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.

During the Auto Cover Period, the Accident Benefits shall not be available.

Participation in Profits of the Corporation: Simple Reversionary Bonuses shall be declared per thousand Death Benefit Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force.

In case of a paid up policy bonuses shall be payable only if at least 3 full years’ premiums have been paid.

On surrender, the discounted value of vested bonuses, if any, will be payable.

Paid-up Value: If after at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy and the Sum Assured shall be reduced to a sum, called the paid-up value. The Paid up Sum Assured shall be calculated as the Maturity Sum Assured multiplied by the ratio of number of premiums actually paid to the total number of premiums originally stipulated for in the policy. This paid up value along with vested bonuses, if any, shall be payable on the date of maturity or at Life Assured’s prior death.

The Accident Benefit will cease to apply if the policy is in lapsed condition.

Surrender Value: You may surrender the policy for cash after at least two full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid. Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly or fortnightly or weekly premiums.

Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years but before maturity from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.

Cooling-off period: If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

Exclusions: If the Life Assured commits suicide (whether sane or insane at that time) within one year from the date of commencement of risk under the Policy, the Corporation shall not entertain any claim except to the extent of a third party’s interest under the policy.

The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:

(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or
(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), snake biting, invasion, hunting, mountaineering, steeplechasing or racing of any kind; or
(iii) the Life Assured committing any breach of law

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
Minimum age at entry	18 years (completed)
Maximum age at entry	60 years (nearest birthday)
Maximum age at maturity	65 years (nearest birthday)
Term	5 to 15 years.
Minimum Sum Assured	Rs. 5,000
Maximum Sum Assured	Rs. 30,000

Statutory warning :

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Pursuant to the advice of the Government of India based on the recommendations of the Bhandari Committee to set up an institute for surveyors and loss assessors, the Insurance Regulatory and Development Authority has got The Indian Institute of Insurance Surveyors and Loss Assessors ( IIISLA) incorporated on 4th October, 2005.

Notice calling for membership to IIISLA was first given on 26th November, 2005 .It was followed up by another notice on 11th January, 2006 wherein the One-time entry fee and Annual membership fee to IIISLA stood reduced. The reduction in fee was in response to appeals from a large number of surveyors and loss assessors who felt that the fee initially proposed was high. The revised fee for membership to IIISLA for all eligible surveyors and loss assessors is as follows: One-time entry fee: Rs.5000/-(uniform for all members); Annual Membership fee: Fellow- Rs.2000/-; Associate- Rs.1500/-.

Following the reduction, the last date for submission of applications has been extended from 24th January, 2006 to 28th February, 2006. Only those surveyors who apply for membership before the due date i.e., 28/02/06 shall be eligible to participate in the elections to the first Council of the Institute. The Annual membership fee being collected would be valid for the period upto 31/03/07. Those who have paid membership fee as per notice dated 26th November, 2005 are being refunded the excess fee paid.

Details about IIISLA, including the application form for membership along with instructions and the Memorandum and Articles of Association, are available on IRDA website www.irdaindia.org. Details may also be obtained from the office of the IRDA/IIISLA at 3rd / 5th floors, Parishram Bhavan, Basheerbagh, Hyderabad: 500 004. Telephone Nos of Surveyors department are: 040 55626466, 040 55626467; General Telephone Nos are: 040 55820964, 040 55789768, Fax: 040 55823334.



Sd./
(C.S. Rao)
Chairman

IT & LIC

LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC. We have gone in for relevant and appropriate technology over the years.

1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late 1950’s were phased out in 1980’s and replaced by Microprocessors based computers in Branch and Divisional Offices for Back Office Computerization. Standardization of Hardware and Software commenced in 1990’s. Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.

FRONT END OPERATIONS
With a view to enhancing customer responsiveness and services , in July 1995, LIC started a drive of On Line Service to Policyholders and Agents through Computer. This on line service enabled policyholders to receive immediate policy status report , prompt acceptance of their premium and get Revival Quotation, Loan Quotation on demand. Incorporating change of address can be done on line. Quicker completion of proposals and dispatch of policy documents have become a reality. All our 2048 branches across the country have been covered under front-end operations. Thus all our 100 divisional offices have achieved the distinction of 100% branch computerisation. New payment related Modules pertaining to both ordinary & SSS policies have been added to the Front End Package catering to Loan, Claims and Development Officers’ Appraisal. All these modules help to reduce time-lag and ensure accuracy.

METRO AREA NETWORK
A Metropolitan Area Network, connecting 74 branches in Mumbai was commissioned in November, 1997, enabling policyholders in Mumbai to pay their Premium or get their Status Report, Surrender Value Quotation, Loan Quotation etc. from ANY Branch in the city. The System has been working successfully. More than 10,000 transactions are carried out over this Network on any given working day. Such Networks have been implemented in other cities also.

WIDE AREA NETWORK
All 7 Zonal Offices and all the MAN centres are connected through a Wide Area Network (WAN). This will enable a customer to view his policy data and pay premium from any branch of any MAN city. As at November 2005, we have 91 centers in India with more than 2035 branches networked under WAN.

INTERACTIVE VOICE RESPONSE SYSTEMS (IVRS)
IVRS has already been made functional in 59 centers all over the country. This would enable customers to ring up LIC and receive information (e.g. next premium due, Status, Loan Amount, Maturity payment due, Accumulated Bonus etc.) about their policies on the telephone. This information could also be faxed on demand to the customer.

Click here to find the IVRS Numbers

LIC ON THE INTERNET
Our Internet site is an information bank. We have displayed information about LIC & its offices . Efforts are on to upgrade our web site to make it dynamic and interactive.The addresses/e-mail Ids of ur Zonal Offices, Zonal Training Centers, Management Development Center, Overseas Branches, Divisional Offices and also all Branch Offices with a view to speed up the communication process.

PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET
(You have to register for these services)
LIC has given its policyholders a unique facility to pay premiums through Internet absolutely free and also view their policy details on Internet premium payments.There are 11 service providers with whom L I C has signed the agreement to provide this service.

Click here for more on Internet Premium Payment

INFORMATION KIOSKS
We have set up 150 Interactive Touch screen based Multimedia KIOSKS in prime locations in metros and some major cities for dissemination information to general public on our products and services. These KIOSKS are enable to provide policy details and accept premium payments.

INFO CENTRES
We have also set up 8 call centres, manned by skilled employees to provide you with information about our Products, Policy Services, Branch addresses and other organizational information.

Help Us to serve you better

Admission Of Age:

Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:

• Certified extract from Municipal or Local Body’s records made at the time of birth.
• Certificate of Baptism or Certified Extract from Family Bible, if it contains age or date of birth.
• Certified Extract from School or College records, if age or date of birth is stated therein.
• Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions or
• Passport issued by the Passport Authorities in India.

Payment Of Premium:

• By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.
• The DD and cheques or Money Order may be sent by post.
• You can pay your premiums at any of our Branches as 99% of our Branches are networked.
• Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a banker’s cheque to LIC, on the due dates and months mentioned on your policy bond.
• Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk.
• Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
• Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa and Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO.

  Policy can be anywhere in India.

• Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques.
  

Days Of Grace:

• Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
• When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force.
• If the premium is not paid before the expiry of the days of grace, the policy lapses.

Revival Of Lapsed Policy:

• If the policy has lapsed, it can be revived during the life time of the life assured, within a period of five years from the date of the first unpaid premium but before the date of maturity subject to certain conditions.
• The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.
• Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:

• The policyholder should immediately intimate the change of his/her address to the Branch Office servicing the policy. The correct address facilitates better service and quicker settlement of claims.
• Policy records can also be transferred from one Branch Office to another for servicing, as requested by the policyholder.

Loss Of Policy Document:

• The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled.
• Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

• Loans are granted on policies to the extent of 90% of Surrender Value of the policies which are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9% p.a. payable half-yearly.
• Loans are not granted for a period shorter than six months. The Conditions and Privileges printed on the back of the Policy Bond states whether a particular policy is with or without the loan facility.

Relief To Policyholders:

• The Corporation generally allows concessions on payment of premiums, settlement of claims, issue of duplicate policies, etc when the policyholder are affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

• Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assured’s death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.
  Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

• Assignment means transfer of rights, title and interest. When an assignment is executed, all rights, title and interest in respect of the property assigned are immediately transferred to the Assignee/s and the Assignee/s become the owner/s of the policy subject to any lawful condition made in the assignment.
• Assignment can be either conditional or absolute. On assignment (other than to LIC), Nomination automatically stands cancelled. Hence, when such a policy is reassigned, the policyholder will have to make a fresh nomination to avoid delay in settlement of claim.

Survival Benefit/Maturity Claims:

• LIC settles survival benefit/maturity claims on or before the due date.
• Policyholder are intimated well in advance by the Branch Office which services the policy regarding the payment, and the necessary Discharge Voucher is also sent for execution by the assured. In case the policyholder does not get any intimation from the Branch Office concerned, he/she should contact them, quoting the Policy Number.
• Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy Bond and Discharge Voucher.

Death Claims:

• If the life assured dies during the term of the policy, death claim arises. The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars:
  1. The No./s of the policy/ies
  2. The name of the policyholder
  3. Death Certificate issued by concerned Authority
  4. The date of death
  5. The cause of death and
  6. Claimant’s relationship with the deceased
• On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant.
• The claims which have arisen after a period of three years are treated as non-early claims and settled within 30 days from the date of receipt of all requirements.
• The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases.
• The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law.
• The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.

Claim Review Committee:
The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman:

• The Grievance Redressal Machinery has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centres operating all over the country.
• Following type of complaints fall within the purview of the Ombdusman
  a) any partial or total repudiation of claims by an insurer;
  b) any dispute in regard to premiums paid if payable in terms of the policy;
  c) any dispute on the legal construction of the policies in so far as such disputes relate to claims;
  d) delay in settlement of claims;
  e)non-issue of any insurance document to customers after receipt of premium.
• Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.

Initiatives In Policy Servicing Areas:

• All 2048 Branches of LIC are fully computerized covering all policy servicing aspects to give prompt computerized services from new policy introduction, acceptance of renewal premium, revivals, loans, etc to final claims settlement.
• Green Channel facility has been introduced for the speedy completion of proposals.
• Payment of premiums can be made through internet through service providers, viz., HDFC Bank, ICICI Bank, Times of money, Bill Junction, UTI Bank, Bank of Punjab,Citi Bank, Corporation Bank, Federal Bank and Billdesk.

Grievance Redressal Machinery:

• A machinery for redressal of policyholders� grievances exist in all the offices of the Corporation. These are headed by designated Officers who are available at their respective Offices every Monday between 2.30 pm and 4.30 pm. except holidays. Policyholder can approach these officers to get their grievances redressed.
• The Designated Officers at the various offices of the Corporation are :
  At Branch Office --- Sr./Branch Manager
  At Divisional Office --- Marketing Manager
  At Zonal Office --- Regional Manager (Mktg)
  At Central Office --- Executive Director (Mktg/IO/CRM)

Citizens’ Charter:

• Citizens' Charter was presented to the Nation in November, 1997. In the Charter the bench marks were prescribed for 30 servicing areas.

Objectives Of LIC

• Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
  
  
• Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
  
  
• Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
  
  
• Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
  
  
• Act as trustees of the insured public in their individual and collective capacities.
  
  
• Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
  
  
• Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
  
  
• Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women

Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.