Insurance, Health and Travel Resources
Albania lies on the west coast of the Balkan Peninsula in south-east Europe. Albania was established as an independent state in 1912. Republic was formed in 1920. In 1992, a non communist government was elected. There was economic collapse and social unrest. It became Europe’s first Muslim state in December 1992. More
Afghanistan is a land-locked republic in central Asia known originally as Ariana or Bactria, then as Khorasan (the land of the Rising sun). Monarchy was overthrown in 1973, and a Marxist ‘people’s republic’ was created by Noor Taraki’s coup of 1978. In 1986, Lt. Gen. Nahibullah became president. Soviet troops, which had occupied the country in 1979, faced resistance from Afghan tribesmen ‘Mujahideen’ (holy warriors). Soviet troops were withdrawn in 1989. In Feb, a military council headed by Najibullah was announced. Afghan rebels elected sigbhatullah Mojaddidi as president of an interim government in exile. He handed over power to a Mujahideen leadership council.
The Mujahideen factions that captured Kabul in April 1992 began internecine fighting. Half the population of Kabul fled the city. In January 1994 president Burhanuddin Rabbani and PM Gulbuddin Hekmatyar parted ways. A few months later a newly formed Islamic movement ‘Taliban’ (i.e. ‘Students of religion’) emerged as a new force. In 1995, they were in control of around a third of the country, In June 1996, Gulbuddin Hekmatyar again joined Rabbani and was sworn in PM but Rabbani was overthrown in September by Taliban which imposed harsh Islamic laws and executed former President Najibullah. A Taliban offensive on 27 December, 1996 gave Taliban control of 90% of the country. In November, Taliban was overthrown by the Northern Alliance with US support. On April 18, 2002, former king of Afghanistan, Mohammed Zahir Shah, returned to Kabul after 29 years in exile in Italy. In June, Hamid Karzai, leader of the interim administration, was elected in a landslide vote to be the next president. NATO took command of the 5000-strong international peacekeeping force in Kabul in August.
Agriculture is the mainstay of the economy. The principal crop is wheat. Animal husbandry is important for meat, milk and wool. Chief mineral resource: natural gas. The main industrial activity is the manufacture of woolen and cotton textiles; traditional handicrafts and woven carpets are important exports.
Gratuity is a statutory liability of the employers. This is an incremental liability which accrues to an employee for every year of service put in by him. In the Group Gratuity Scheme granted by LIC, in the event of premature death of the member, the dependent can get an amount which will be equal to the gratuity payable on the normal retirement of the member, had he survived up to the date of superannuation. Apart from the above the advantage of LIC’s group gratuity schemes are free valuation of the liability, guidance in drafting Trust Deed and Rules of the scheme, secutiry for the fund, attractive return, lower premium for the insurance, optional ciritical illness rider benefit against major diseases, periodical information about the status of fund, simple administrative and claim settlement procedures, tax concessions, etc.,
Group Superannuation scheme is designed to provide pension to the employees/beneficiaries on the exit of the member from the service. A decreasing group insurance cover in conjunction with the superannuation benefit can also be provided to supplement the lower accumulation in the event of premature death of the member. The scheme is of two types: a) Money purchase scheme and b) Benefit purchase scheme. Pension which is linked to the dearness allowance will also be granted. The LIC’s group superannuation scheme out are easy to install and provides best service, free valuation of the liability, attractive returns, safety of funds, simple administrative procedures, periodical statement on the fund position, tax, concession, etc. LIC offers a wide range of benefit options to cater to the needs of the different beneficiaries.
Protection: Savings through life insurance guarantee financial protection against risk of death of the policy holder. In life insurance, on death, the full sum assured is payable (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Aid to thrift: Life Insurance encourages ‘thrift’. Long term saving can be made in a relatively ‘painless’ manner bacause of the ‘easy installment’ facillity (premiums can be paid through monthly, quarterly, half-yearly or yearly instalments). The salary savings scheme, popularly known as SSS, provides a convenient method of paying premium each month through deduction from one’s salary. The employer remits the deducted premium to the LIC. The salary savings scheme can be introduced in an institution or establishment subject to specified terms and conditions.
Liquidity: Loans can be raised on endowment type and whole life policies as per policy conditions on the sole security of a policy which has acquired a paid-up level. Besides, a life insurance policy is also generally accepted as security for even a commercial loan/housing loan.
Tax Relief: Tax Relief in income Tax is available for amounts paid by way of premium for life insurance subject to the income tax rules in force. Assesses can avail themselves of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for his intance than he would have to pay otherwise.
Money when you need it: A suitable insurance plan or a combination of different plans can be taken to meet specific needs that are likely to arise in future, such as children’s education, start-in-life or marriage provision or even periodical needs for cash over a predetermined stretch of time. Alternatively, policy moneys can be so arranged to be made available at the time of one’s retirement from service to be used for any specific purpose, such as for the purchase of a house or for other investments. LIC pension plans also offer regular income in the form of an annuity when you retire from active work or in a later part of life at your choice leaving a lump sum purchase price for your heirs. Subject to certain conditions, loans are granted to policy holders for house-building or for purchase of flats.
Unexplained loss of weight; loss of appetite; unexplained cough; hoarseness of voice; alteration in bowel habits; bleeding or pain in rectum; any prolonged pain anywhere; any new swelling, however small or painless; a sore that does not heal. It is possible to cure or control many types of cancer, if detected very early.
In the event of the death of the policyholder, the claimant (the nominee, assigner or next of kin) should immediately intimate the fact of such death to the Branch Office where the policy is serviced, along with the following particulars to help the corporation to consider the claim promptly.
(a) Policy number/s, (b) name of the life assured, (c) date of death and (d) claimant’s relationship with the assured.
Soon on receipt of the intimation of death, the Branch office concerned will send the necessary claim forms for completion along with instructions regarding the procedure to be followed by the claimant. The claim is usually payable to the nominee/assignee or the legal successor, 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, however, may consider settlement of caims under such policies without insisting on legal evidence of title in favor of the natural heirs of the deceased subject to certain terms and conditions, to take care to see that the claim is paid to the correct persons.
The corporation grants claims concessions whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest, and 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 at least for three years or five years respectively.
The corporation also provides relief to the claimants under certain plans where, subsequent to the payment of premiums for two full years but less than 3 yeras, death takes place after the days of grace but within one year from the date of first unpaid premium.
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The principle of disclosing all material facts is embodied in this important concept which applies to all forms of insurance.
The proposer, who is one of the parties to the insurance contact, has means of knowledge which are not accessible to the insurer viz. the corporation which is the other party to the contact. Therefore, it becomes the duty of the proposer to inform the insurer of everything likely to affect the judgment of the insurer, however unimportant it may seem to him/her (the proposer). Hence, the proposer should ensure that all questions in the proposal form are correctly answered.
It may be noted that in the ‘Proposal’ along with other related papers and the representation made for the grant of insurance, the proposer declares that he is furnishing full and correct information. Any misrepresentation, non-disclosure of facts/information which is material to acceptance of risk, or fraudulent information in any document leading to the acceptance of the risk will render the insurance contract null and void. In such an event, there is the possibility of the contract becoming invalid. Hence it is in the interest of the Policyholder and his dependants to give the correct and full information to secure the precious benefits of the insurance policy for his near and dear.