Transfer PPF account from post office to bank to avail anytime & anywhere banking for PPF
PPF account is a tension free investment for long term on account of its guaranteed returns and tax free returns. PPF account is provided by post office and banks. But not all banks provide PPF account. All public sector banks like SBI, Canara Bank, etc provides PPF account. Recently, in 2012, ICICI Bank is also allowed to provide PPF account. Banks have implemented core or centralized banking and online banking for their savings and other accounts. Banks have extended core or centralized banking and online banking to their PPF accounts too. Whereas post office still uses the paper and pen methods for operating and managing the PPF accounts, that is there no centralized banking and online banking available for post office PPF accounts. Read more…
LIC’s flexi plus plan provides triple death benefit insurance protection and low risk investment
LIC has launched a new plan – Flexi Plus Plan. LIC’s Flexi Plus is a unit linked assurance plan, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of the survival of the Policyholder. This plan is specially designed for to provide a very good combination of protection and long term savings. Investment risks in the plan is borne by the policy holder. LIC’s Flexi Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products. Read more…
Income tax rule club gifted or transferred income to make sure tax is not avoided on income
We Indians love to gift money and assets to our near and dear ones liked wife, kids, etc. We Indians also share or split income and assets between various family members, assuming or thinking that this will reduce the overall income tax on the income or assets. Gifting or sharing income may or may not lower the income tax. Income tax rules specifies certain situations of gifting or sharing or transferring income where transferred income is taxed by clubbing with income of others. These guidelines are called clubbing of income. These guidelines ensure that tax is not avoided by transferring income to others who are in lower or zero tax bracket.
Scenarios of clubbing of income are -
- Income earned by minor child
- Income transferred but not the asset or investment Read more…
Make sure either original or duplicate life insurance policy doc is always available with you
Any insurance policy document is an important document. The life insurance policy document is even more important document as it is needed to get back the maturity amount, and importantly is needed to claim the death benefit in case of an unfortunate event. So possession and preservation of life insurance policy document by the life insured is essential throughout the term of the policy. The policy document is legal document or contract between the life insured and the life insurance company listing the terms and conditions of the life insurance cover. Read more…
Give and accept only CTS complaint cheques after 31 Mar 2013 onwards
CTS Complaint Cheque Features
- Bank logo & bank details like address, IFSC code etc is printed on top left hand corner of cheque
- Cheque printer details printed across the cheque on left hand side of cheque has text “CTS-2010″
- Rupee symbol instead of text “Rs” in amount box
- Text indicating where to sign Read more…
Will needs to be changed and updated periodically based on changes in assets and bequeath list
Will is useful document to transfer smoothly the assets to the near and dear ones after one’s death. So it is important to keep the Will updated from time to time based on changes in your assets and / or near and dear ones. The maker or owner of the Will is legally called testator. The near and dear ones who are beneficiaries in the Will are legally called bequeathed.
The maker or testator of the Will can update or revoke Will at any time during the lifetime of the Will maker. Modifications to the existing Will, can be done by – Read more…
Process of online income tax return filing is not completed till ack for ITRV is received from tax office
Online filing of income tax return is easy and convenient. Most of us use the online option, without digital signature, for filing of income tax return. And most of us file our income tax return on or before 31st July, the last date for filing of income tax return. As part of the online income tax return, we submit or post a signed copy of ITRV to the tax office, CPC ( Central Processing Centre). ITRV is the 1-page acknowledgement generated after online filing of income tax return. Most of us are comfortable and understand that the online income tax return process is complete on posting the signed ITRV to CPC.
Online Income Tax Return Completion Step Read more…
Be aware of deductibles in general insurance policies to avoid surprises during claim settlement
General insurance products are taken to insure assets like car, house, jewellery, etc. Life insurance products are taken to insure life that is the insured amount is paid on death of the insured during the policy period. In life insurance product full insured amount is paid without any deductions. Full insured amount payment does not hold true for general insurance product. In general insurance products full insured amount is never paid or cannot be paid because of certain deductions in the claim amount. These deductions are logical but either is not shared with the insured or is not made aware to the insured by the insurance agent. It is advisable to be aware of these deductions so that there are no surprises or bad feeling at the time of making and getting the claim. The deductions from the insured or claimed amount are –
- Compulsory deductibles
- Sub-Limits on Claim Amount
- Terms and conditions
- Coverage type and amount Read more…
Confirm with insurance company or TPA for cashless facility at a hospital before admission
Non-Cashless or reimbursement settlement process is payment of the medical expenses to the hospital by the insured, and then claiming the reimbursement of the payment from the insurance company or TPA ( Third Party Administrator ). Reimbursement settlement is either handled by the insurance company in-house, like Star Health, or by TPA, like National Insurance. Refer to the health insurance policy document or health insurance company website to know whether reimbursement claim is settled in-house by the insurance company or by TPA. In either case the reimbursement settlement process is the same. Reimbursement settlement is applicable for the following situations -
- The health insurance policy does not provide cashless settlement, that is the policy only provides reimbursement settlement Read more…
Confirm with insurance company or TPA for cashless facility at a hospital before admission
Health insurance product is meant to insure and pay for unplanned and expensive medical expenses. Taking health insurance is first step in insuring against medical expenses. The settlement of medical expenses against the health insurance product is the later on process of paying for the medical expenses. So after taking health insurance product it is advisable to be aware of the medical expenses settlement process. Settlement process can be cashless or reimbursement. This article discusses the cashless settlement process. The reimbursement settlement process will be discussed in a separate article. Read more…
Mutual Funds, Equity, debt and ULIP investments are subject to market risks. Please read the risk factors, in the investment offer documents, carefully before investing.
Past performance of mutual funds may or may not be sustained in future.
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