Senior Citizens or retired personnel face many constraints that people in their 20s and 30s can’t even imagine. They have no salary to bank upon. They have to rely on their savings and pension to meet their monthly expenses. There is little ability to recover from an unplanned major expense. Advances in healthcare have ensured that the retirements are longer. Your pension may … [Read more...] about All you need to know about Reverse Mortgage Loan Scheme
Most term life insurance plans give you an option to add a critical illness rider to your base plan. You have to pay an additional premium to get coverage for critical illnesses. A few life insurance plans have inbuilt critical illness coverage. We discussed LIC Jeevan Shiromani in an earlier post. SBI Life – Poorna Suraksha plan is different. It is a term insurance plan with … [Read more...] about Review: SBI Life Poorna Suraksha: A Term Plan with increasing Critical Illness Cover
Long Term Capital gains on sale on debt mutual fund units are taxed at 20% after indexation. That is primarily the reason why many investors choose to invest money in debt mutual funds if the investment horizon is more than 3 years. I am talking about money that you don’t want to invest in volatile assets such as equity. While this is mostly correct, this may not always hold … [Read more...] about How a low growth in CII can affect your post-tax returns and investment choices?
Karthik (51) lives in Mumbai with his wife (Devani, 43) and two kids (Harsh, 12 and Ritika, 5). He realized the importance of adequate health cover a few years back and purchased a family floater of Rs 10 lacs. He realizes health care costs have been rising very fast in Mumbai. He thinks Rs 10 lacs may not be enough. He wants to enhance cover to Rs 20 lacs. He has heard of … [Read more...] about Use this smart Health Insurance Strategy to get higher cover at a low premium
SEBI mandated rationalization and categorization of mutual fund schemes in October 2017. With this rule, all the existing mutual fund schemes had to fit in one of the categories specified by SEBI. There was an additional rule of only one fund per category per AMC. This resulted in many existing MF schemes getting merged in a new scheme. From an investor’s perspective, this is … [Read more...] about How to calculate capital gains and returns? (After MF scheme mergers due to SEBI Categorization)
You are aware that it is difficult to get a loan if you have a poor credit score. Your credit score is a measure of your repayment ability. A poor credit score implies poor repayment ability/intent. Therefore, banks/NBFCs may not be as keen to lend to borrowers with a low credit score. You have a poor credit score but need a loan. What will you do? Fortunately, there are … [Read more...] about 6 Loans you can get despite a low credit score
When we plan to take any loan, we usually try to shop for the lowest rate of interest. That is a good strategy since the interest forms the biggest component of cost for any loan. However, interest cost is not the only cost that you need to bear to service a loan. There may not many other charges with different names. Some charges may be expressed as a percentage of the loan … [Read more...] about While finalizing a loan, do not just look at the interest rate
Sukanya Samriddhi Scheme or Sukanya Samriddhi Yojana (SSY) was notified in December 2014. The scheme is part of the Beti Bachao, Beti Padhao Scheme The scheme offers attractive guaranteed interest rates. The Government sweetened the deal by making Sukanya Samriddhi Account part of Exempt-Exempt-Exempt (EEE) tax regime. The motive of the scheme is to encourage the savings in … [Read more...] about Sukanya Samriddhi Yojana Account Rules: Complete Information
LIC Single Premium Endowment Plan (Table no. 817) is a single premium non-linked participating life insurance plan. It is not a new plan. The plan has been around for a long time. A reader asked me to review the plan. So, here we go. LIC Single Premium Endowment Plan (Table no. 817): Review Minimum Entry Age): 90 days Maximum Entry Age: 65 years Minimum Age at … [Read more...] about LIC Single Premium Endowment Plan (817): Review
Many of us have more than one health insurance policies. And I receive a number of queries over e-mail and as comments in my blog post about discontent with claim settlements for two policies. Many have a grievance that the insurers did not settle as they expected and they had to pay the balance from their pockets. I had done a post on pros and cons of having multiple health … [Read more...] about How claim is settled in case of multiple Health Insurance plans?