A family typically has various needs. A regular income & a house to live in alone is not enough.There are other needs like providing for good education & future needs to children, going for vacations and finally leading a financially secured retired life. The risk to the family arises when there are uncertainties in meeting any of the needs.Inflation, high cost of education, increase in longevity & consequent long retired life and high medicare expenses have added to the financial burden of the family. But how many ponder over what would happen to their family in case they pass away?  

Life insurance covers the risk of death; health insurance covers the risk of sickness; where as personal accident insurance covers the risk associated with accidents. If the life assured is seriously  injured in an accident and disabled either temporarily or permanently, he/she will not able to work and earn. To minimize the financial hardship of the life assured and his/her family members, the personal accident insurance provides the financial support. It’s an important component of insurance planning; hence personal accident insurance is very essential. Life insurance cover without personal accident cover is inadequate from risk management point of view.

Prasad ’s Financial Plan

Prasad (42) works with Indian Railways as an engineer and his spouse Subhra (35) is a home maker. Prasad has all along been posted in project areas away from urban centres. They have two daughters Vaishna (11) and Vaidehi(5).They are staying in their official  accommodation and have rented their owned  flat. Besides the  regular savings in EPF,PPF,NSC,KVP and Life Insurance policies, the  surplus income has been invested in landed properties. They do not have exposures in equities and mutual funds.

Non Resident Indians- Taxation and TDS

It is essential to know a NRI’s residential status for calculating his/ her tax liabilities because certain income of a NRI or a Resident but not ordinary resident (RNOR) is not taxable in India. Under section 6 (1) of income tax Act 1961, an individual is said to be resident if he/she satisfies at least one of the basic conditions.

Claim(Nos) Settlement and Pending ratio

Insurance planning is must for every individual. Before purchasing any insurance product, check claim settlement ratio first. A risk profiling done by fee only certified financial planner will help you in choosing the suitable insurance products.

Claim(Amt) Settlement and Pending ratio

Insurance planning is must for every individual. A SEBI registered investment adviser will help you in choosing the suitable insurance products.

Income Tax savings under section 80C: ELSS

The end of financial year 2011-12 is only two months away. All individual and HUF tax payers can save up to Rs 1, 00,000/- under section 80 C of the Income Tax Act.

Income Tax Planning

Top up health insurance policy

What is top up health insurance policy?

A top-up health insurance is an additional policy to the base standard policy. This policy comes into force only when the hospitalization expenses exceed the threshold limit of the base policy.  This limit is called deductible. A deductible is that portion of the claim amount that is not covered by the insurance company and has to be paid by the insured person/insurance company providing the base cover. For example if the base policy is for Rs 3 lakhs, a top up policy of Rs 10 lakhs means the deductible for the Top up policy is Rs 3 lakhs. In case a hospitalised person claims Rs 10 lakhs, he/she can claim Rs 3 lakhs from base policy and the difference amount of Rs 7 lakhs from top up policy.

Page 10 of 13
Go to top