Should you buy LIC's Jeevan Vaibhav?

LIC’s Jeevan Vaibhav is a close-ended single premium endowment assurance plan which offers guaranteed benefits on death and maturity along with Loyalty Addition, if any, payable in the last policy year. The plan is  opened for sale for a maximum period of 120 days.On death during the policy term, excluding last policy year,  Sum Assured shall be payable.

Children's Education Planning

Results have been declared for the 10th and 12th examinations. Anil who was studying in DAV public school has passed X standard by securing highest grade. His parents are worried about his future. They want him to be a Doctor. But Anil is interested in Architecture. His younger daughter Anima is studying in 4th standard and wants to become a doctor.

 Like Anil’s parents, most parents are worried about the future career of their children and increasing cost of higher education. During the last 5 to 7 years, higher education inflation is in the range of 14-16% per annum.  If the cost for some specialized course is Rs 10 lakhs/- today, it will be Rs 21 lakhs/- , 5 years from now. The first step in child’s education planning is to find the child’s interest in the areas they like to pursue. Then follows arranging the required funds. It is always better to start early and save regularly.

Planning for vacation

When one comes to vacation planning, one has to make up his mind about the destination and the number of days. Then follows how to get there? Where to stay? What to see? etc. There are many online sites those can help us in organizing vacation planning and in reducing 15-25% of the vacation expenses. The sites that can help in organizing on vacation planning are incredibleindia.org for vacations in India and Bootsnall.com for vacations abroad.  

Capital gain from any asset other than shares and mutual funds, if it is held at least for three years or more is called Long Term Capital Gain( LTCG) otherwise it is called Short Term Capital Gain(STCG). LTCG will be taxed at a rate 10% without indexation and 20% with indexation. The option lies with assessee. But STCG will be taxed as per tax slab applicable to that person.

Retirement is a long awaited hope for freedom. Mr Ajay who recently retired after 35 years in service finds it very difficult in Mumbai. Both the children Son,Pranab and Daughter, Prakriti have preferred to settle in USA. Ajay and wife Sunita find the monthly pension not adequate for the monthly expenses. All the expenses are increasing continuously. Sunita needs regular visit to the hospital for checkup which cost not less than a thousand rupees for every visit. What ever investment was made in shares /Mutual Funds on the advice of a neighbour broker have declined in value. Ajay desperately trying for a job which he finds difficult to get.

Equity oriented funds

 If a fund is holding more than 65% of equity, it will be treated as Equity oriented fund. Here we have taken seven categories of equity fund.

Large cap funds

In large cap fund, the fund manager invests more than 80% of asset in large cap companies. This fund is less volatile.

How to make Insurance Claims?

A.    Life Insurance Death claim: Formalities

When policy holder dies, claim intimation should be sent to the insurance company as early as possible. The assignee, nominee, close relative of the policy holder or agent who handles the policy can intimate to the ensuring company. The claim intimation should contain information like the date, place and cause of death. There after the insurance company will ask for the following documents:

Medical checkups: Self Awareness

(Probable diseases and Tests)

If you fail to file the IT annual return by the stipulated date i.e. 31st July 12, then it may affect you in the following ways:

1. Individuals who have losses (expect loss from house property) and wish to carry forward for subsequent years, cannot do so.

2. Certain exemptions under Section 80 are not available who file tax returns after the due date.

3. The individuals cannot file revised return for that assessment year.

4. The refund claim will be processed late, so the actual receipt of the refund amount may take considerable time.

In fact filing online return is very convenient and filing in time is the best way to pre-empt complications afterwards.

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