What is an Immediate Annuity? Imagine you are 60 years old and have Rs. 1 crore as savings including Bank balances, FD, MF, shares, etc. and excluding your house and land. Your income has stopped because you have retired from service now. You now want to use your savings to generate income every month, to take care of your own and your spouse’s regular living expenses. This is where an annuity plan comes in. Go to a life insurance company and deposit the Rs. 1 crore into an annuity (also … [Read more...] about Immediate Annuity Plans – What are they?
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Of late you will see and hear ads of a lot of companies (life insurance companies, mutual funds, sometimes even banks and NBFCs, financial advisory companies, etc.) yelling on top of their voice about planning a fund for your child. The cause they are promoting is definitely good. But remember that all such plans are not the same. Specifically, an education insurance plan is very different from all others. You may need a combination of multiple plans to have a solid foundation for your … [Read more...] about Child Plan or Education Insurance plan – Do I really need it?
So you are ready to buy Term Plans but are now confused which one to buy? Don't worry - this is a good confusion to have. That is because it is better than many who just go and buy the wrong type of term plans simply because his/her friend also bought the same. Remember one thing - you and your closest friend may be very similar in your age, your lifestyle and even your thinking but it is very likely that your insurance needs are very different. So find out which is the term … [Read more...] about Term Plans – How to Choose the Right Type