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In the year 2017, Prime Minister Narendra Modi announced Varishtha Pension Bima Yojana, a pension plan for senior citizens that would offer a fixed interest of 8% for 10 years.
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Aam Aadmi Bima Yojana that was launched in the year 2007 is a government backed financial security plan especially designed for the rural landless households. The plan covers the head or the earning member of the family in case of death or fatal accident leading to permanent or partial disability.
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For the welfare of the girl child and as part of the campaign, ‘Beti Bachao Beti Padhao’, the Prime Minister Narendra Modi in the year 2014 launched Sukanya Samriddhi Yojna, a plan that encourages Indian families to save for the education of their girl child.
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Pradhan Mantri Suraksha Bima Yojana Policy is for those who are living below the poverty line and cannot afford insurance. Some of the benefits of the plan are discussed below:
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As the name suggests, in a single premium policy, you pay premium only once while the benefits continue throughout the policy term. It’s a one-time premium payment policy so you do have to pay premiums periodically. Besides, the premium that you pay is comparatively lesser than the premium paid in any other regular premium policy. Also one can avail tax benefits under section 80C of Income Tax Act.
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The insurance company is obligated to send an annual report to the policyholder which explains the fund performance during the previous financial year. The report would also include investment portfolio, analysis of fund performance, detailed investment strategies and risk control measures implemented by the insurer.
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Yes, the policyholder may utilize the ‘Top Up’ facility and can invest additional contribution over and above the regular premium. A major portion of this Top Up amount is invested into the market while the remaining amount is utilized to enhance the risk cover.
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Up on maturity of policy, the policyholder will receive the fund value along with any bonus, if available in the policy.
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In the event of any risk occurring during the policy term, the insurance company will pay the beneficiary, the Sum Assured and/or the value of fund units, as on the date of intimation of death.
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Net Asset Value (NAV) is the value of each unit, across funds, on a particular given day. The NAV is arrived at by adding the ULIP funds, less all liabilities (all fees and expenses), divided by the number of units owned.
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