INSURANCE FOR PARENTS - GET YOUR PARENTS INSURED NOW

When a child is born, maybe he or she, it slowly grows up to become either a boy or a girl. The transition continues as the boy or the girl becomes a doting father or a heedful wife, which slowly turns them into grandfather and grandfather as the generation moves on.

Financial goals and life cover 

As a parent, there would be goals to be met and each of them requires money. The financial planning process for an individual begins by identifying the various goals at different stages of life. Even before you start to save for the child needs as a parent, first consider taking a life insurance cover. 

Such a protection helps the surviving family members to maintain their standard of living in the event of death of the main earning member. Life insurance, therefore, acts as an income replacement tool. In addition, a life cover provides financial support to meet the various financial goals, as desired by the parent, at different life stages of the individual, in case of any mishappening. 

Risk in self-funding goals 

Some of the common avenues that a parent invests in for accumulating wealth include public provident fund (PPF), mutual funds, shares, gold and real estate. All these are self-funded in nature. So, one needs to be alive and keep investing in them to keep the corpus growing till the time it is put to use.

(FORGET RISK, INVEST SMARTLY: MONEYMINDZ IS HERE TO GUIDE YOU)

But, life might throw up nasty surprises. The risk of dying early exists which could derail the entire investment process. In addition to the mental trauma, the surviving members of the family, , could also suffer from loss of income thereby making long term goals vulnerable to vagaries of circumstance. In case the parent dies an untimely death, the child's deam of higher studies or a plan for a decent marriage of the child may get jeopardised. 

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Impact of Demonetization on Residential Real Estate

The Centre's demonetisation move has come as a reality check for the realty market in the national capital region with registration of properties dipping by almost 30 per cent while kindling hopes of cheaper flats among prospective buyers. Transactions in the sector usually involve a significant amount of cash exchange aimed at avoiding tax by under-reporting the value of the deal. However, with such hidden money moving out of the market, prices are starting to tumble. With the government scrapping 86 per cent of available currency notes, registration of flats, plots and shops in Delhi has gone down by almost 30 per cent while in Gurgaon, the dip is nearly 25 per cent.

Real estate data and analytics platform Prop Equity predicted last month that the cash squeeze will wipe out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008 across 42 Indian cities. (Things to Know Before Buying a Residential Apartment)

According to Delhi government's revenue department, a total of 7,028 properties were registered in the Capital in October, but the number came down to 4,417 in November. In Gurgaon, the registries - of both commercial and residential real estate - have dropped from nearly 4,000 a month to less than 3,000, an official said. "The revenue from registration of properties in Gurgaon was nearly Rs 20 lakh a day before November 8 but since then the collection has declined to Rs 10-12 lakh per day. This is mainly because such transactions are made in cash," he said.

A senior official from Delhi's revenue department said there was a noticeable difference between the months of October and November. "It is certainly due to demonetisation, but that cannot be the only thing. To some extent, there might be general downslide in real estate," he said. Experts said this would bring down housing prices, a builder and real estate holder from the city said, "Almost a third of transactions in real estate is made through black money. With the big currency notes banned, the market has taken a hit. The legal financing channels accounted for only a small part of all transactions in this space as Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments."

(Will home loans be the next big worry for banks?)

One added that demonetisation will make it very difficult for any purchaser to pay in cash and for the seller to accept the old currency. "If the seller is not accepting old money or through legal channels, this will automatically bring down sale and purchase of properties

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Why insurance policies are needed in digital format

In case of health insurance policy, the sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more.

The Insurance Regulatory and Development Authority of India (IRDAI) 

It have made issuing insurance policy in electronic mode mandatory from October 1, 2016. It holds for new insurance policies based on certain criteria. The rule states that e-insurance needs to be issued to anyone paying an annual premium of Rs 10,000 and above or the sum insured is Rs 10 lakh or more.

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In case of health insurance policy

The sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more. The rule is applicable irrespective of the policies bought online for offline. There are over 30 crore life policies and 10 crore non-life policies in force and currently about 6 lakhs e-Insurance accounts have been opened, as per CAMSRep.

"E-issuance of Insurance policies has been made mandatory. It is desirable to have e-IA account to buy online policy" says an MD & CEO, Universal Sompo General Insurance. "With the government pushing all service to digital, we believe the adoption of Electronic Issuance of Policies would also improve. People who have understood the benefits of policies issued through the IR system are not asking for physical copies of insurance documents anymore. The challenge remains in educating the large population about the benefits", says a CEO, CAMS Insurance Repository.

Children Insurance,Child Rider Benefits,Why You Take Children Insurance

E-Insurance Account (eIA)

An e-Insurance Account (eIA) which is a lot like demat account helps you to keep all your electronic insurance policies from any insurer in electronic mode. Opening an e-Insurance Account (eIA) keeps your electronic policies safe, convenient and easy to manage. From general to life insurance, for all type of insurance policies one e-Insurance account is needed which comes with separate account number, login Id and password for each account holder to access their account. For existing insurance policies, one can convert their policies into electronic mode by requesting for conversion along with applying for opening an e-insurance account. While buying a new insurance policy, it is best to open an eIA at the same time and go for an electronic policy.

The saga of triple D – Demonetization, Digitalization, Democratization

Surgical strike on currency ban has created one of the greatest debate of our time ever since Independence. Political and Economist are divided on two way opinion, like any other debate, demonetisation to some is like a demon, to others, it could be beginning of true democracy of equality – bridging gap between have and have-nots’

I ‘ve a very different opinion to share - far away from- what Political class or Economist are analysing.

I firmly believe, Demonetization is step ahead or towards Digitalization or cash less economy- finally destined to deliver true Democracy of equality. Economy, where all transaction will be either enabled by plastic, e wallet or some e gateways or even texting (sms) or sharing mere Adhar No. We are talking about real time transaction, where it can be track-n-traced and therefore zero chance of black economy. Imagine the compounding effect in a year for an economy, like India due to its sheer volume and size.

I ‘m not going to talk about social impact of this initiative, such as anti social activities, terrorism, bribing etc. neither am I interested to talk about Fake Currency eradication and its impact on economy but a very different interesting angle. An angle around which politics, power and people revolves. Yes my friend, Modi has polarised entire country but this time it’s not around caste or Hinduthva but around rich and poor, voting and nonvoting class. Through this initiative he is going to win over every poor citizen of this country for ever, making every other political party practically defunct. Any which case, he has already made many of them invertebrate by ‘Note Ban’- actually it was intelligently ‘Vote Ban’.

A gift for yourself before 31st March

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Political class ever since Independence replaced monarchy with pseudo democracy by buying vote before election. Modi with his master stoke has created a New Normal, where by effective use of technology and fear factor of IT is trying to bridge the gap between poor and rich. In a digital economy if nothing incremental least entire amount of daily wage goes to BPL class and that alone can create huge impact to his/her purchasing power or livelihood.

For the first time rich man and poor man stood in lines to convert notes- as if this was another quit India movement! Yes, quit from bribery, corruption, black economy, hoarding, fake currency terrorism and goonda raj. In fact, Dawn newspaper from Pakisthan reported that Fake currency kingpin, Javed Khanani died immediate after note ban imposition- resulting into huge loss and as a result he committed suicide. Similarly, there was sudden silence and calm in the valley after many month of protest and violence- such was far reaching of Demonitization.

Today, terrorist in the valley are dry and hence stopped activities funded though this black money channel- if this is not a change for good as some political parties fry foul, then what is that they were expecting.

An overview on capital market

Capital markets are at the heart of a free-market system. They bring together issuers, which need capital to pay for operations and services, and investors looking for profitable investment opportunities. Most individuals and organisations have a direct or indirect stake in the capital markets, which include stock exchanges, bond markets and money markets.

Issuers

Issuers issue securities to raise money. They include small businesses, global corporations and governments. Businesses may issue stocks, which represent shares and ownership interests in companies, or bonds, which are loans that require issuers to pay regular interest payments to investors. Governments also issue bonds to raise money for operations, social services and infrastructure, such as schools, roads and bridges.(Financial advice for people who are in twenties)

Investors

Investors may buy securities directly or indirectly through mutual funds. The investment community includes individuals, pension funds, venture capitalists and governments. Stocks are usually suitable for aggressive investors, who can tolerate some market volatility in return for long-term capital appreciation, while bonds are generally suitable for conservative investors, who want capital preservation and modest regular income. (10 Things to Do Before March 31)

Exchanges

Market exchanges process orders from investors and match buyers with sellers. Stocks trade on stock exchanges, such as the New York Stock Exchange, while bonds trade on the bond markets, which are over-the-counter electronic markets operated by financial institutions around the world.

Regulators

Regulators provide structure to the capital markets. They specify rules and guidelines for issuing securities and providing timely financial disclosures. The U.S. Securities and Exchange Commission is the primary enforcement agency for monitoring U.S. capital markets.

Analysts

Research analysts serve as impartial reviewers of securities. They analyse published financial statements, review industry data and talk to senior company management to assess the financial health and future prospects of publicly traded companies. Analysts often make recommendations on which securities investors should buy, sell or hold.

Ways to earn money through Fixed deposit

High volatility in the stock market coupled with falling inflation has brought back fixed deposits as an attractive investment avenue for the investors who are looking for fixed returns.

Bank FD schemes offer guaranteed returns to the investors at the time of the maturity.

A bank FD scheme is considered one of the safest investment avenues compared to other avenues of investments.

You can avail loans of up to 75-90 per cent of the FD amount.

Want to Know Earn money through Fixed deposit ? Just leave a missed call on Moneymindz.com India’s Best Financial Advisor 022-62116588 or Download Financial Freedom application and post to expert your Queries . Moneymindz.com offers Free, Unbiased and on-call financial advice on Investment Assistance for Life insurance Loan Assistance Retirement Planning Money Management Investment Advisor Retirement Planning Best Health Insurance

Here are three ways in which you can get the most out of you fixed deposit plans...

Do enough research
Before deciding on a particular FD scheme, you should look at the interest rate it is offering. You should also decide on the tenure of the scheme. FD interest rates may vary across different banks and different tenures. Interest amount on FDs are calculated quarterly, half-yearly, yearly or at the maturity. Therefore, you should calculate and compare to discover which bank is paying you the highest interest rate. Consider two banks X and Y. Bank X offers 10 per cent per year on a five-year FD and computes the interest on a quarterly basis. On the other hand, Bank Y offers the same interest rate for the same tenure but calculates the interest on a yearly basis. Here Bank X is fetching you more interest than Bank Y because it is calculating interest more frequently.

Thus, the interest that you will get at maturity depends on how frequently the interest is calculated.(Loan Against Fixed Deposit)

Split your FD

TDS (tax deductible as source) at 10 per cent is charged on fixed deposits if the interest income exceeds Rs 10,000 in a financial year. The tax liability of TDS is determined at the branch level. If you want to avoid TDS, you can split your fixed deposits, that is, instead of opening one FD account you can open FD accounts in different branches of the bank and divide the amount among these. Opening fixed deposits in different banks can also avoid TDS. Splitting your fixed deposit has another advantage. In case you need money urgently, you do not have to break all your FDs. You can withdraw the amount by breaking only one or two of them and rest of the accounts still earn you the predetermined interest.

A gift for yourself before 31st March

It is 9.30 pm in the night. There are 12 missed calls on her mobile from home. Reena is still searching for tax-saving tips online on the office computer. The mad rush for saving taxes is in full swing as the financial year-end i.e. March 31 approaches like a speeding freight train. If you have been lazy, your employer would have given you the bad news that tax deduction at source (TDS) from your salary will be bigger. Do not worry. Even if you did not plan taxes, here are a few sure-shot tips to save taxes.

Want to know more on tax planning? Just leave a missed call on Moneymindz.com India’s Best_Financial_Advisor 022-62116588 or just post a request on Moneymindz.com website. Moneymindz.com offers Free, Unbiased and on-call financial advice on Investment Assistance for Life insurance Loan Assistance Retirement Planning Money Management Investment Advisor Retirement Planning Best Health Insurance (Misconceptions can make offenders of law-abiding taxpayers.)

Money invested in tax saved: 

First check if you have used all the tax saving investments under Section 80C. We are talking beyond insurance ULIPs. You can invest up to Rs 1.5 lakh in a financial year and save over Rs 40,000 on taxes alone if you fall in the highest income-tax slab.

There are many options like PPF or public provident fund (15 years lock-in), equity linked saving scheme (3 years lock-in), national saving certificate or NSC and tax saving bank deposit (both have 5 year lock-in). If you are extremely traditional, you can also invest up to Rs 1.5 lakh in employee provident fund (EPF). Like ELSS and PPF, the EPF amount at maturity is tax-free.

In case of NSC and tax-saving FD, interest is taxable. If you have a girl child, you can save tax by opening a Sukanya Samriddhi Yojana account where the maturity proceeds are not taxed.

Beyond section 80C: 

If you have extinguished the section 80C limit, no need to worry.

The NPS or National Pension System can help you save tax over and above the 80C window. Your contribution in the scheme is deducted from income tax up to a maximum of Rs.50,000. 37-year old Om had exhausted the Rs 1.5 lakh savings limit in Section 80C. When he found out about additional NPS sops, it took him less than a week to use the window.

Medical insurance is also an area where you can save tax. This is not an unnecessary expense even if you have employer insurance. Ask Om who was left with any medical cover when he change his job. The transition period was not covered by Om’s previous employer nor his new company. Section 80D allows him to get an individual cover and save taxes, Individuals can save up to Rs 60,000 deduction if they take care of the sub-limits.

If you have a disabled person in close family, the tax authorities up to Rs 75,000 per annum deduction under section 80DD. You can claim this deduction during filing of tax return.

Lastly, if you are a self-employed person paying rent or a salaried employee who does not get House Rental Allowance (HRA), then under section 80GG you can claim the lowest among 25% of the total income, Rs 2000 per month or excess of rent paid over 10% of total income. Do note you can take advantage only if you, your spouse or child does not own any residential accommodation in India or abroad.