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?
This article is applicable for FY 2014-2015 and is updated as per the Budget announcements on July 10, 2014. It explains the inclusions of this Section in detail, however if you want to know the tax benefits of 80C, 80D and 80CCC specifically with respect to Life Insurance and Pensions, you could also read the article 80C, 80D & 80CCC – Save Tax with Life Insurance, Health Insurance and Pension plans. Tax Benefits under Section 80C Section 80C was introduced by the Finance … [Read more...] about Tax Benefits under Section 80C, 80CCC and 80D: FY 2014-2015
This image shows a Truth-o-meter. A simple but powerful device. With it, you can get a Guarantee - that if you are completely honest with your term life insurance plan application, a 100% confirmation that the life insurance claim will be paid to the your nominee in the case of your death. But there is one condition - all the while during the term life insurance application process, your truth-o-meter needs to show green, i.e. you will be going with the Truth and nothing else, when buying … [Read more...] about Term Life Insurance – Read This Before you Apply for 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
Retirement Planning is a necessary part of every person's financial plan. You get only one chance to do it and you cannot go wrong. But many of us do not understand this till it is too late. See how. You are say 35 years old. You've done well so far to reach where you are. You are settled career-wise and family-wise, both. You are earning well, saving well and even have a broad plan to cover future expenses such as children’s education and marriage. Overall, it looks like you are … [Read more...] about Retirement Planning – 7 likely reasons you have not done it