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.

Guaranteed Maturity insurance plan

The Guaranteed maturity insurance plan has been launched by life Insurance companies which provide both protection and savings. If the insured person dies during the term of the policy, the insurance company gives a lump sum amount to his/ her family otherwise the insured person will get a lump sum amount at the time of maturity.

The best performing Mutual Funds

 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 six categories of equity fund. 

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