An investor recently enquired about Aditya Birla Sun Life (ABSLI) Wealth Infinia plan. His bank RM has been pushing this plan aggressively. ABSLI Wealth Infinia plan is a Unit-Linked Insurance plan (ULIP). While I am not very fond of ULIP products, I will share the product review below. I am biased against mixing insurance and investments and do not like purchase … [Read more...] about Review: ABSLI Wealth Infinia ULIP: Should you invest?
You are regularly pitched an insurance product by your relationship manager or a sales agent. And nothing confuses you more. You are clueless about how to evaluate the product. There are fancy tables and illustrations. There are emotional “what-ifs.” The keywords like “bonuses” and “loyalty additions” give the impression that the insurance company is doing you a favour. … [Read more...] about Being sold an insurance product? How to figure out what’s being sold?
Annuity plans are the only investment products from insurance companies that I do not dislike. Annuity products can serve a purpose in your portfolio that no other investment product (mutual funds, stocks, bank fixed deposits) can serve. And what is that purpose that no other product can serve? Ensure/Guarantee an income stream for life. LIC has launched a new … [Read more...] about LIC Saral Pension Plan (862): A New Immediate Annuity Plan from LIC: Review
The recent Covid-19 crisis tested the adequacy of health insurance covers for many of us. What seemed like robust health cover proved to be inadequate, at least in some cases. The employer cover of Rs 3 lacs and private health plan of Rs 5 lacs seems woefully inadequate now. Doesn’t it? Two questions: What is an adequate health cover then?How do you enhance your health … [Read more...] about Health Insurance: A Big Base Plan Vs. A Small Base Plan + Super Top-up plan
The Covid-19 pandemic has affected everyone adversely. Each one of us likely knows someone who passed away or has had a near-death experience due to the pandemic. Untimely demise of a friend/family member/colleague also puts our own mortality into perspective. While you must take precautions and avoid getting infected, you must think through the various “What ifs” … [Read more...] about How to Keep Family informed about your Investments and Insurances?
Covid-19 infections are on the rebound. Despite the precautions, the cases are on the rise across the country. While it is paramount that you take precautions and avoid getting infected, given the pace of spread, you must also prepare for the financial burden if you or one of your family members gets infected and requires medical treatment. One of the ways to avoid a … [Read more...] about Corona Kavach and Corona Rakshak Health Insurance Plans: Should you buy?
LIC has launched a new life insurance plan, LIC Bima Jyoti (Plan 860). LIC Bima Jyoti is a non-linked, non-participating, limited premium payment life insurance plan. Let us review this plan and see if you should invest. LIC Bima Jyoti (Plan 860): Salient Features Non-linked: It is not a ULIP. It is a traditional life insurance plan.Non-Participating: This means that you … [Read more...] about LIC Bima Jyoti (Plan 860): Review
The Budget 2021 changed the way Unit Linked Insurance Plans (ULIPs) will be taxed. This reduces the difference between the taxation of mutual funds and ULIPs. Let's find about how ULIP taxation has changed. What is the new rule about ULIP taxation? If you buy a ULIP on or after February 1, 2021 and the aggregate annual premium of such ULIP (ULIPs) exceeds Rs 2.5 lacs … [Read more...] about How ULIPs will be taxed? (After Budget 2021)
The Finance Minister presented the Union Budget 2021 today. Here are the key highlights. #1 Income Tax Slabs remain unchanged No changes have been made to the income tax slabs. No additional tax benefits have been announced either. #2 Interest on EPF becomes taxable in certain cases Current Regulation: Interest on your contribution to EPF account is exempt from … [Read more...] about Budget 2021: Highlights: Changes to EPF, ULIP taxation
A close friend pinged me about ICICI Pru Assured Savings Insurance Plan and asked if it was a good plan to invest. Let’s find out. ICICI Pru Assured Savings Plan: Salient Features ICICI Prudential Assured Savings Insurance Plan is a traditional, non-linked, non-participating plan.Non-linked means the plan is not a ULIP.Non-participating means this is not a … [Read more...] about Review: ICICI Pru Assured Savings Insurance Plan: Should you invest?