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Planning for a secure and comfortable retirement involves making strategic financial decisions that ensure a steady income stream throughout one’s golden years. One such prudent choice is incorporating guaranteed return whole life insurance plans into your retirement portfolio. The Life Insurance Corporation of India (LIC) has introduced the New Jeevan Utsav Plan 771, a whole…
ELSS (Equity Linked Savings Scheme) Mutual funds are a type of mutual fund that primarily invests in equity and equity-related instruments (more than 80%) and also offers tax savings with the lowest lock-in period. Lock-in Period ELSS funds have a mandatory lock-in period of three years, which is the shortest among all tax-saving instruments under…
LIC’s New Jeevan Shanti Plan no. 858 is a deferred annuity plan for guaranteed income for life by paying a single premium. It is an annuity plan (Pension Plan) which has option of purchasing deferred annuity (Pension) and can be purchased by paying a lump sum amount (single premium). The plan provides for annuity payments…
National Pension Scheme (NPS) is a voluntary and long-term investment cum pension plan launched by the Government of India. This scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA). This pension programme is open to employees from the public, private and even the unorganised sectors except those from the armed…
HUF – ‘Hindu Undivided Family’ is a unit comprising of the members of the family that is formed in a family following Hinduism, Sikhism, Buddhism, Jainism only. HUF is a separate entity having its own assets and liabilities and is considered as a separate accessee while filing income tax and thus provide opportunity to save…
A mutual fund redemption request is the request to withdraw units (amount) from your mutual fund investments. Things to consider while submitting a redemption request. Mostly financial needs and sometimes our sentiments (fear) owing to certain market situations drive the redemption request. There are some essential things to keep in mind while submitting a redemption…
Are loans good or bad? I have seldom come across people with a neutral outlook toward a loan. Either they are in for or against availing a loan for whatever reason. But the truth is a loan is neither good nor bad. It becomes a good or bad experience depending on the purpose of the…
The primary idea of life insurance is to make good the financial loss incurred due to the loss of life of the income earner of the family. But can you get a loan against your life insurance policy if in case you need some cash support anytime during the policy period? However, the products offered…
We all have come across advertisements offering consumer loans at flat simple interest rates. Have you ever doubted that the rates they are mentioning could be misleading? Because in the real world of finance, everything is compounding interest and never a simple interest. The story of a simple flat-rate loan Here is an example to…
A famous quotation by American statesman Benjamin Franklin, “… nothing can be said to be certain in this world, except death and taxes”. Not sure about taxes though but one surely cannot avoid death. Talking about life, death, and finances, dying early or living longer which one is a bigger problem? Plan for a longer…
Guarantee of regular income for lifetime We are talking about a life-long guaranteed tax-free income. Think of a time 15 years, 20 years, 25 years, or 30 years from now when you will retire and stop earning an active income but still on the 1st of every month a guaranteed sum of money gets deposited…
Our emotions play a major role in many of the financial decisions we take from time to time. one such decision is whether or not to go for owning a car and if we do buy one, should we buy it on a loan. Financial wisdom says, “don’t buy a car if you don’t need…
A mutual fund is one of the preferred products to invest in the equity market for the possibility to earn substantial returns. Invest in mutual funds for probability of better returns from equity market. But mere investing in mutual funds does not really guarantee higher returns and the creation of wealth. As an investor, you…
We can create a surplus investable amount of up to 62,400 every year by investing 2 lakhs in a combination of NPS and ELSS mutual funds. Let us look at these investment options and how they can help you create a surplus amount to create long term wealth. E.L.S.S. E.L.S.S. (Equity Linked Saving Scheme) are…
How to create a fund of 1 crore. For most of the population, 1 Crore is a magic figure, or if you cannot relate to it, how about the word ‘Crorepati’? still, for many, it might not be such fascinating a number. Whatever it is, no one can deny that a sum of 1 Crore…
PMVVY – Pradhan Mantri Vaya Vandana Yojana is a government pension Scheme for people aged 60 years and above. Life Insurance Corporation of India is the administrator of PMVVY on behalf of the Government of India. This Scheme is available for sale up to 31st March 2023 Features of the scheme Eligibility Age Citizens of…
We all have heard the story of the goose laying golden eggs and we know that it can’t be real. But for the sake of this topic assume that you own a hen that lays golden eggs. Now, here, I have a question for you. The hen or the eggs which would you protect first?…
How to choose Debt Mutual Funds. Debt Mutual Funds are a set of schemes that generate income by investing primarily in fixed income instruments like govt and corporate bonds and other money market securities. These are not linked to the equity market and are considered less risky compared to Equity Mutual Funds. Syncing debt mutual…
It is not about our favorite investment product. It is about how to create a performing investment portfolio? You cannot have a winning cricket team with 11 identical players. You understand that it is quite a job for the selectors to select a WORLD-BEATER national cricket team. And it would be tougher to select the…
Actions that might harm your investment plan, and delay achievement of your financial goals Procrastination It is the root of all evil. Deferring your savings, investment, and financial planning can be detrimental to your financial health. Instead, defer any lifestyle expense that might be pushing you to defer your investment. Start investing today and achieve your…