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Updates found with 'subscribed amount'

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Updates found with 'subscribed amount'

The Mission, in order to expand institutional credit flow to the housing needs of urban poor will implement credit linked subsidy component as a demand side intervention.Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.Credit Linked Subsidy Scheme for EWS/LIGBeneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5% for a tenure of 20* years or during tenure of loan whichever is lower.The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component of the mission should be upto 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.Credit Linked Subsidy Scheme for MIG* The newly launched CLSS for MIG covers two income segments in the MIG viz. Rs.6, 00, 001 to Rs.12, 00, 000 (MIG-I) and Rs.12, 00, 001 to Rs.18, 00, 000 (MIG-II) per annum. In the MIG-I, an interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh while in MIG-II, an interest subsidy of 3% has been provided for loan amount of Rs.12 lakh. The interest subsidy will be calculated at 9% NPV over a maximum loan tenure of 20 years or the actual tenure, whichever is lesser. Housing loans above Rs. 9 lakh and Rs. 12 lakh will be at non-subsidized rates.CLSS for MIG will support acquisition/ construction of house (including re-purchase) of 90 square meters and 110 square meters carpet area as per income eligibilityHousing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component. Ministry may notify other institutions as CNA in future.Under the Mission, beneficiaries can take advantage under one component only.For details, please refer to website section on Guidelines.*with effect from 01.01.2017
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Plan :New Children�s Money Back (832)Product Summary :LIC�s New Children�s Money Back Plan is a non-linked, with-profits, regular premium payment money back planPremium Payment Mode:Yearly, Halfly, Quarterly, Monthly(ECS)Term :25 Age at Maturity TimeMinimum Entry Age : 0 Year Last BirthdayMaximum Entry Age : 12 Year Last BirthdayMinimum Sum Assured :1, 00, 000 Maximum Sum Assured :NO LIMIT (Depending upon Income)Policy Benefits :On Death :On death Before the Date of Commencement of Risk:An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.On death After the Date of Commencement of Risk:Death Benefit, defined as sum of �Sum Assured on Death� and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death. On Survival :If Policy in full force :Completion Age 18YRS - 20% OF MSACompletion Age 20YRS - 20% OF MSACompletion Age 22YRS - 20% OF MSAOn Maturity at Age 25YRS - 40% of MSA + Vested Bonus + FABSurrendered Value :The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.Loan :Loan facility is available under this plan after the payment of premiums for atleast three full years.Income Tax Benefit :• Premium paid under this plan is eligible for TAX rebate under section 80c.• Maturity under this plan is free under sec 10(10D).
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Plan :Jeevan Umang(845)Product Summary :LIC's Jeevan Umang Plan (845) is a non-linked, with-profits whole life assurance plan.This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sumpayment at the time of maturity or on death of the policyholder during the policy term.Premium Payment Mode:Yearly, Halfly, Quarterly, Monthly(ECS)Term : [100 - age entry] Year PPT* : 15 year 20 year 25 year 30 year Minimum Entry Age : [90]days (completed) Maximum Entry Age : 55 years (Nearest Birthday) for PPT = 15 50 years (Nearest Birthday) for PPT = 20 45 years (Nearest Birthday) for PPT = 25 40 years (Nearest Birthday) for PPT = 30 Minimum age at the end of the PPT : [30]years(Nearest Birthday)Maximum age at the end of the PPT : [70]years(Nearest Birthday)Age at Maturity : [100]years(Nearest Birthday)Minimum Sum Assured : 2, 00, 000Maximum Sum Assured :NO LIMIT (Depending upon Income)Maximum Accidental Death and Disability Benefit Rider up to age 70. Maximum Accidental Benefit Rider shall be available during the ppt only.Policy Benefits :On Death :On death before the commencement of Risk: An amount equal to the total amount of premium/s paid without intrest shall be payableOn death after commencement of Risk: 'Sum Assured on Death'+vested simple reversionary Bonus + FAB if any. Where 'Sum Assured on Death' is defined as the highest of Basic Sum-Assured, OR10 times of Annualized Premium, OR 105%of all Premiums paid as on deathOn Survival :On survival 8% of Basic Sum Assured shall be payable each yearSurrendered Value :The Policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.Loan :Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.Income Tax Benefit :• Premium paid under this plan is eligible for TAX rebate under section 80c.• Maturity under this plan is free under sec 10(10D).
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Implementation Methodology 4.1 The credit linked subsidy will be available only for loan amounts indicated in paragraph 3.1 above for a tenure of 20 years or during tenure of loan whichever is lower. Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate. 4.2 Interest subsidy will be credited upfront to the loan account of beneficiaries through 2 As per definitions for the purpose of the Scheme 3 Credit Linked Subsidy Scheme for MIG – Operational Guidelines Ministry of Housing and Urban Poverty Alleviation Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI). 4.3 Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress. Ministry may notify other institutions as CNA in future. 4.4 Primary Lending Institutions (PLIs), identified as Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks3 , Non Banking Financial Company – Micro Finance Institutions (NBFC MFIs)4 or any other institution as may be identified by the Ministry, can register only with one of the CNAs by signing MOU for CLSS for MIG as provided in Annexure 1. 4.5 The Primary Lending Institutions (PLIs) that have signed MoU with the CNAs under the existing CLSS vertical (now to be treated under CLSS for EWS/LIG), of Pradhan Mantri Awas Yojana (Urban) Mission, will be given the option to extend the mandate of their MoU5 to CLSS for MIG. 4.6 Primary Lending Institutions, in the home loan applications, shall disclose transparently the Scheme eligibility and ascertain willingness and eligibility of applicants under CLSS for MIG. 4.7 CNAs will be responsible for ensuring proper implementation and monitoring of the scheme and will put in place appropriate mechanisms for the purpose. CNAs will provide periodic monitoring inputs to the Ministry of Housing and Urban Poverty Alleviation through regular monthly and quarterly reports, as decided by Mission Directorate (Annexure 2). 4.8 Primary Lending Institutions (PLIs) shall link the details of Aadhaar number(s) of beneficiary family to avoid duplication before submitting claims to CNAs. 4.9 Preference under the Scheme, subject to beneficiaries being from MIG segments, may be given to women (with overriding preference to widows, single working women), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Persons with disabilities and Transgender.
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