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An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [ 1 ] [ 2 ] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
The "LIC's Bima Sakhi Yojana" [27] scheme is a significant program introduced by the Life Insurance Corporation of India (LIC) under the guidance of the Government of India. [28] The scheme was officially inaugurated by Prime Minister Narendra Modi [ 29 ] [ 30 ] [ 31 ] on December 9, 2024, in Panipat, Haryana.
In flexible-premium policies, large deposits of premiums could cause the contract to be considered a modified endowment contract by the Internal Revenue Service (IRS), which negates many of the tax advantages associated with life insurance. The insurance company, in most cases, will inform the policy owner of this danger before deciding their ...
A modified endowment contract (MEC) is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. In a modified endowment contract, distributions of cash value are taken from taxable gains first as compared to ...
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai. It is a deposit taking housing finance company, and it is a subsidiary of LIC , mainly providing long-term financing to people who purchase or construct residential houses or flats.
HDFC Life Insurance Company Limited (d/b/a HDFC Life) [4] is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.
Michael A. Smyth v. The Pillsbury Company, 914 F. Supp. 97 (E.D. Pa. 1996) was decided on January 18, 1996, in the United States District Court for the Eastern District of Pennsylvania. [1] Michael A. Smyth was a regional operations manager at the Pillsbury Company. Smyth had a company email account that he was able to access from work and home.