JEEVAN SARALJEEVAN SARALJEEVAN SARALJEEVAN SARAL PLAN IS A CONVENIENT PLAN UNDER EMPLOYER- EMPLOYEE INSURANCE SCHEME BECAUSE EMPLOYER CAN GIVE EQUAL COVER, EOUAL PREMIUM TO ALL AGE OF OUR CLASS OF EMPLOYEE’S

WHO CAN TAKE THE POLICY-A sole proprietor and his employeesA partnership firm and it’s employees

A body corporate and it’s employees

Any other legal entity like co*operative body, a trust or a mutual society and their employees

Company and it’s Directors-provided the Directors draws the salary from the company

Following are few more situations where Employer - Employee relation can be created-Wife can be an employee of the husband or vice versaChildren could be the employees of father /mother or vice versa

Sibling also can be the employees of other siblings

Son –in –Law. Daughter –in-Law, Brother, Sisters, Major and Minor Children etcEmployee should not own more than 51% and family should not own more than 71% of the

share in the company

What is Employer-Employee Insurance?Employer buys insurance for one or more employees.Employer pays the premium treated as Perquisites in the hands of employee and Tax will be deducted at source employee are eligible for deduction u/s 37(1) of the Income-tax Act.*Employer enjoys tax benefits.*Employee can claim deduction u/s 80 C or 80 D for the premium paid by the employer and charged as perquisite.The policy under employer-employee can be purchased only on the life of the employee.Perquisites shall be restricted to 20%of the “ Salary” payable to the employee or an amount calculated @the rate of Rs.1000/- or a part there of provided for under section 10 A (v) (a) (ii)

Provision of such benefits to Directors/Partners may be made subject to the conditions mentioned in the Sec.40A2(a) & Sec.40A2(b)Premiums paid by the company are eligible for deduction u/s 37(1) of the Income Tax Act, 1961.*Death benefit is taxable in the hands of the employer.The maturity benefit / death benefit are tax free

Tax benefits are as per applicable tax legislations and are subject to amendments from time to time

BENEFITSBENEFITSBENEFITSBENEFITS----

Higher cover

LiquidityFlexibility

Smooth returns

Fixed Death Benefit

Different Maturity BenefitImproved Money back plan

Modified Endowment Plan

Non Taxable Pension Plan

Partial withdrawal after 3 yrs

Plan is suitable for Irregular GroupEntry and exit tax benefit

Premium Holiday for one year

Policy Loan is available after 3 yrsTerm assurance benefit is available

PRESENTED BY P.T.PATIL DOLIC HUBLI III

TERM RS 250 RS 400 RS 500 RS 750 RS 1000

Death

Risk Maturity

Death

Risk Maturity

Death

Risk Maturity

Death

Risk Maturity

Death

Risk Maturity

1 62500 0 100000 0 125000 0 187500 0 250000 0

2 65500 0 104800 0 131000 0 196500 0 262000 0

3 68500 5096 109600 8154 137000 10192 205500 15288 274000 20384

4 71500 8152 114400 13043 143000 16304 214500 24456 286000 32608

5 74500 11738 119200 18780 149000 23475 223500 35213 298000 46950

6 77500 14593 124000 23348 155000 29185 232500 43778 310000 58370

7 80500 17565 128800 28104 161000 35130 241500 52695 322000 70260

8 83500 20660 133600 33056 167000 41320 250500 61980 334000 82640

9 86500 23905 138400 38248 173000 47810 259500 71715 346000 95620

10 115094 52942 184150 84706 230187 105882 345281 158824 460374 211764

11 123653 62188 197845 99501 247306 124376 370959 186564 494612 248752

12 133068 72316 212909 115705 266136 144631 399204 216947 532272 289262

13 143425 83625 229480 133800 286850 167250 430275 250875 573700 334500

14 154817 96295 247708 154072 309635 192590 464452 288885 619270 385180

15 167349 110464 267759 176743 334698 220928 502048 331392 669396 441856

16 181134 125102 289815 200163 362268 250203 543402 375305 724536 500406

17 196298 141133 314076 225812 392595 282265 588893 423398 785190 564530

18 212977 158682 340764 253892 425955 317365 638932 476047 851910 634730

19 231325 177948 370120 284716 462650 355895 693975 533843 925300 711790

20 251507 199092 402412 318548 503015 398185 754522 597277 1006030 796370

21 273708 222233 437933 355573 547416 444466 821125 666699 1094832 888932

22 298129 247552 477007 396083 596258 495103 894387 742655 1192516 990206

23 324992 275332 519987 440531 649984 550664 974976 825996 1299968 1101328

24 354541 305729 567266 489166 709082 611457 1063624 917186 1418164 1222914

25 387045 339083 619272 542532 774091 678166 1161136 1017249 1548182 1356332

26 422800 375573 676480 600916 845600 751145 1268399 1126718 1691200 1502290

27 462130 415710 739408 665136 924260 831420 1386389 1247130 1848520 1662840

28 505393 459561 808628 735296 1010786 919121 1516178 1378682 2021572 1838242

29 552982 507707 884771 812331 1105964 1015414 1658946 1523121 2211928 2030828

30 605330 560473 968528 896756 1210661 1120946 1815991 1681419 2421322 2241892

31 662913 618436 1060661 989497 1325827 1236872 1988740 1855308 2651654 2473744

32 726255 681990 1162007 1091183 1452509 1363979 2178764 2045969 2905018 2727958

33 795930 751693 1273488 1202708 1591860 1503385 2387790 2255078 3183720 3006770

34 872573 828201 1396117 1325121 1745146 1656401 2617719 2484602 3490292 3312802

35 956880 912180 1531009 1459489 1913761 1824361 2870641 2736541 3827522 3648722

CONSENT FORM

EMPLOYER EMPLOYEE INSURANCE SCHEME

1. Name of the employer 2. Address of the employer 3. Financial profile of the employer

Year Turnover Net profit before tax

1 2 3 4. Date of formation of the firm / company 5. Nature of business of the employer 6. The employer is : a partnership firm / a company / a proprietary firm 7. (a) Name of the employee to be insured under Employer-Employee Insurance Scheme

(b) Designation of the Employee (c) Yearly salary being paid to the employee 8. Object of Insurance 9. Restrictions in respect of surrender, loan, etc. to be imposed 10. Conditions, timing etc., of assigning the policy to the life assured 11. Is the person signing this form duly authorized to Sign this form on behalf of the employer? We hereby agree that this declaration will form the basis of contract about life insurance; we also agree that the language of assignment will be prepared by us in consultation with our own legal advisors and the policy shall be assigned to the life assured at the earliest as per agreement between the employee and the employer. Date Place : Witness : Name : Signature of the authorized person Designation :

PRESENTED BY.SRI.P.T.PATIL DOLIC BR.III HUBLI DHARWAR .KARNATAKA PH: 9448133179 E-MAIL - patil179@gmail.com

(Training Materials for His Agents & Not for Private Circulation)

Disclaimer: The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced

from available information and have not been authenticated by any statutory authority. The authors do not

claim it to be accurate nor accept any responsibility for the same