Other than ensuring good health what are the things that elders
must ensure while planning for the future?
The three most important things that one must remember while planning for the future are:
1) to invest one's money safely, 2)insure oneself for medical benefits and 3)Write a Will. |
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What are the schemes being offered to Senior Citizens regarding
investment and insurance?
SeniorIndian.com has given below some links to learn about a few schemes offered to Senior
Citizens.
- LIC Policy NavPrabhat - A Special Plan for Senior Citizens
- Senior Citizens' Unit Plan (SCUP) from Unit Trust of India
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LIC's "NAV PRABHAT" : (Courtesy LIC
of India)
Old age may bring in its wake, not only wisdom but also problems. Some people may be faced
with financial problems, others may have health problems and yet others may have relatives
dependent on them. To take care of some of the problems of old age, LIC has, in the 'Year
of Senior citizens', come out with "Nav Prabhat". It provides for risk cover at
a comparatively low cost and relief for disability due to accident or illness and an
option for a life pension after the maturity of the policy. It is a plan that not only
takes care of old age needs but also provides for dependants. |
UNIQUE FEATURES :
Disability Benefit : This is the only plan which offers benefits on total permanent
disability due to sickness and even on partial permanent disability due to accident. The
benefits will be in the form of waiver of further premiums and regular payments of 5 to
10% of the Sum Assured every year during the term of the policy subject to certain
conditions. |
BENEFITS :
(a) Maturity Benefit: On the life assured surviving the maturity date, a sum equal to the
total amount of premiums paid during the term of the contract (excluding all extra
premiums, if any) together with Loyalty Addition, if any, will become payable. The
policyholder will have an option to have the maturity benefit in the form of an immediate
life pension at the rates prevailing at the time of maturity.
(b) Payment on Death : On death during the term of the policy, the basic Sum Assured
together with Loyalty Addition, if any, will be payble.
(c) Accident Benefit : Accident Benefit is available subject to certain conditions.
(d) Loyalty Addition : Likelihood of Loyalty Addition subject to certain conditions.
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ELIGIBILITY
CONDITIONS |
| a. Minimum age at entry |
50 years nearest birthday |
| b. Maximum age at entry |
70 years nearest birthday |
| c. Minimum age at Maturity |
60 years nearest birhtday |
| d. Maximum age Maturity |
75 years nearest birthday |
| e. Minimum policy term |
5 years |
| f. Sum Assured |
Mimimum of Rs. 50,000 and in multiples of
Rs. 50,000 thereafter up to a Maximum of Rs.20,000 |
| g. Modes of Premium |
Yly, Hly, Qly, Single Premium |
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| LIC Policy
NavPrabhat - A Special Plan for Senior Citizens |
| LIC's Other
policies |
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| Unit Trust of India's "Senior Citizens' Unit
Plan" (SCUP) |
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| Senior Citizens' Unit Plan is a hospitalisation insurance scheme which
helps you to save for hospitalisation costs for you and your spouse up to Rs. 5
lakhs after the age of 58 years, at the best private hospitals in the country. At present
UTI has tied up with 184 hospitals in 55 cities and towns across the country for
this purpose. Apart from the hospitalisation cover the investor will also be receiving a
regular annuity from the age of 58. Further, the investor can also have a lumpsum savings
- referred to as the residual amount which could be withdrawn after 61. Hospitalisation
cover however, will continue for lifetime of both the member and his/her spouse. |
Features
1. Date of introduction : 03/05/1993.
2. A medical insurance Scheme which provides hospitalisation cover.
3. The cover includes the investor and his spouse.
4. Tie up with 184 hospitals in 55 cities and towns across the country.
5. After completing 54 years of age, the investor will be issued an identity card and a
log book for both the investor and his/her spouse.
6. The investor or his/ her spouse can produce the identity card and log book at any of
the 184 empanelled hospitals and avail of treatment without having to settle the
bills. Bills will be settled by M/s New India Assurance Co. Ltd.
7. After the investor completes 58 years of age he/she and his / her spouse gets a
hospitalisation cover of Rs.2.5 lakhs, which is later enhanced to Rs.5 lakhs on the
investor completing 61 years. After the investor becomes entitled for
hospitalisation cover, for every claim free year, the hospitalisation cover is enhanced by
5 % (subject to ceiling of 10 such enhancements).
8. There is an expense limit of Rs.1.5 lakhs for every illness(defined as a continuous
period of treatment for a period of 45 days or relapse within 45 days).
9. Name of the Registrar : M/s UTI Investors Services Ltd. |
How to apply
i. The units are sold at par i.e. Rs.10/-.
ii. Any individual who is between 18-54 years of age can join the Plan.
ii. Amount to be invested depends on the age (See Table). |
|
Age |
Amount to be
Invested (Rs.) |
| 20 |
2,500 |
| 25 |
2,800 |
| 30 |
4,200 |
| 35 |
6,300 |
| 40 |
9,800 |
| 45 |
15,300 |
| 50 |
24,500 |
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| Senior Citizens' Unit Plan (SCUP) from Unit Trust of India |
| Estimating Retirement
Income - (in $) |
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