Managing and planning finances can be a challenging task. In this section, we make the task simpler by providing information for a sound financial planning and secured life. The information provided under ‘Insurance Basics & Financial Advice’ is aimed at helping you make an informed choice as per your financial needs. The articles provide an insight into the various insurance categories, financial planning and taxation details.
Life Insurance for Over 50: Everything you need to know
6 Minute |
Life insurance is a must-have as it protects your interests and takes care of your family in case something happens to you. Insurance finds most takers in the age range of 20 to 40. Purchasing a life insurance cover above the age of 50 is relatively unheard of.
You may already have an insurance. But have you considered purchasing a second insurance policy?You are not alone. There are many people who consider purchasing multiple insurance policies, but are confused about it. You, too
Term insurance is considered the most basic form of insurance which provides financial protection to your family at affordable rates. The premium is to be paid only for the fixed term for which the insurance policy is taken. With term insurance
Savings are an essential part of your life. You save money to sustain yourself and your family, to pay for your rent, utility and medical expenses amongst others. They also help you pay your EMIs and clear the outstanding debts. Savings are also essential for you to reach your financial and life goals.
Medical issues and illnesses may strike unannounced, and you need to be ready for them. Along with a healthy body and immune system, you must be prepared financially too. A health insurance policy is of great help whenever you fall ill.
There are different reasons why people invest- it can be for ensuring the safety of their savings, for generating wealth or for a particular life goal. If capital preservation is your agenda, you can invest in short term investments that provide security and carry minimal risks.
If you are planning to study abroad, you might already be researching about student health insurance. Health insurance is mandatory when you are emigrating to other countries for studies. Many students pay heavy premiums for health insurance plans
ULIPs have gained popularity in recent time due to the many benefits they offer. With growing awareness, more and more people are turning towards ULIP to meet their financial needs. Owing to the flexibility and the many advantages, CA and financial planners
Everyone has some goals in their life. Most of these goals require financial resources. Also, almost every individual out there wonders how to increase their wealth. Everyone wants to be self-sufficient and have enough money to fend for themselves and realise their dreams.
The awareness and need for women empowerment are at an all-time high. Equal opportunities for men and women, bridging the gender gap, and equal pay for all the genders are some of the measures that have been undertaken all over the world.
There are myriad options to choose from, both online and offline when it comes to paying SBI Life insurance premiums. However, with everything easily accessible via the internet, it has become all the more convenient to pay your insurance premiums. You no longer have to visit your bank or the insurance office
With increasing awareness about insurance in the country, the popularity of insurance policies has grown. However, people are still apprehensive about paying money for something that does not give out quick benefits or immediate results.
You might have invested in insurance and mutual funds and secured your finances. If you have planned everything right, you are likely to end up with some money after retirement too. What should you do with it? Should you invest it somewhere?
A Fixed deposit is the preferred saving option of many as it provides a higher rate of interest than a savings account. However, after the repo-rate cut announced by RBI, the FD interest rates across all the banks in India have taken a hit. As a result, people are looking for alternatives
The times are testing and uncertain. Apart from health issues, financial issues too can strike without warning. With the pandemic and lockdown in place, many have lost their sources of income and are facing financial hardships. This is why building up your financial immunity is important.
In these uncertain times, it has become all the more important to take care of yourself and your family. As you age, you become susceptible to a range of health issues. A health insurance policy is thus a must. But, it is of limited assistance when you are diagnosed with a critical illness or serious complications that may require expert medical care and advanced treatment.
Having a child is a great responsibility. You need to be ready emotionally for it. But have you considered the financial aspects? When you think about financial planning for children, the question that comes to your mind is- how to plan for your child’s education and marriage.
After years of toiling hard for building your career and looking after your children, retirement is the time for your own self. Your post-retirement years can be a pleasant andexciting new phase of life if you are prudentwith your financial management in your youth.
Post-retirement, for many individuals, health conditions may become fragile, and medical bills may pile up. This can dry up any savings corpus built over the years. Also, if a corpus has been exhausted due to certain financial goals in the past
Health issues might arrive unannounced. There is always a chance that you might be affected by the occasional virus or the seasonal flu. There can even be more serious complications which may require hospitalization. At times like these, you need to be prepared financially.
Immunity is your body’s natural resistance to diseases and disease-causing germs, microbes and viruses. A strong immunity not only helps you fight against these diseases and disease-causing pathogens, but it also prevents them from affecting your body.
Term life insurance policy can help you stay safe from the predicaments of life. It takes care of your family’s needs should any tragedy befall you. It provides an assured payment to your nominees in case of your death which they can use for their expenses.
Life insurance plans help secure your life goals. They protect your family from financial stress in case of your demise. Traditionally, term insurance plans have always been associated with a single policyholder. However, with the evolving market and social dynamics
Life insurance has become a necessity in today’s world. It is probably the best way in which you can secure your family if something happens to you. Your family members can use the proceeds from your policy to pay off your debts and liabilities or use them for their expenses.
The gift of life is precious, and you cannot put a money tag on it. But one needs money for survival and to satisfy the needs of the family. If there is a sudden demise of the breadwinner, the family might face difficulties. Hence, to ensure the proper livelihood of the family even after the death of bread earner, it is often advised to buy a life insurance policy.
Although your life insurance policy secures the future of your family, the benefits of the insurance are not guaranteed to pass on solely to your wife and children. Your relatives, creditors or bank may claim some part of the insurance benefit for clearing any outstanding debt or otherwise.
We are on the constant lookout for ways to generate wealth and secure our future financially. With this goal in mind, we invest in a variety of plans and other financial instruments. Each of these has its benefit. One such tool is the Money back plan. Let us know more about this plan
Planning for your child's higher education is one of the primary responsibilities that you have. However, with growing expenses of education, the earlier you plan for it, the better. It is always advisable to save for your child's education rather than opting for a loan.
Insurance and investment form an important part of planning for your future. You might be investing in the stock market to generate wealth and raise a corpus for your goals. Also, you must be having life insurance to secure these goals. What if both these features were combined into a single plan?
Mediclaim and health insurance policies have been used interchangeably for a long time. Though both of these are concerned with hospitalisation and medical expenses, they are two very different protection plans. How? We explain -
Health insurance is a basic necessity today. If you meet with an accident or fall sick, and have to be admitted to a hospital, health insurance is the first thing they ask about. So, what is health insurance, and why is it so important? Read on to know-
Buying a house features amongst the goals of almost every Indian. The popular choice for financing your home is opting for a home loan. But, what if something happens to you before the entire loan is repaid? The liabilities pass down to your family. Are you willing to leave behind your family in financial stress?
As living expenses mount and inflation hits your income, you may be starting to worry about the future. After completing all your family obligations, you wonder if you will have enough savings set aside for your retirement.
You may have heard of Critical illness insurance plan, but did you know that you could attach critical illness benefits to your existing term plan or life insurance policy too? Critical illness benefits or critical illness rider as they are known are as important as term insurance itself.
Life is unpredictable and hits you at the most unexpected times. Though we are always prepared with insurance covers for ourselves and our loved ones, it is not enough. You always need something more to safeguard everything dear in your life. In the case of life insurance, it is an insurance rider.
A sturdy foundation for financial management requires smart decisions and risk assessments. Individuals mulling over providing a means of security to themselves and their families are often confused between a term plan and an endowment plan.
The CoVID-19 pandemic has wreaked havoc across the financial markets, stalling all economic activities. The life insurance sector, too, has been affected, due to increased health risks and death claims. Since a disease like the CoVID-19was never accounted for in the term insurance policies
To put into simple terms, critical illness insurance is the arrangement that will provide a certain degree of financial security in case you become gravely ill. This policy pays you a predefined sum if you suffer from a critical illness and get diagnosed regarding the same.
Term insurance plan is a type of life cover which provides coverage for a definite period of time and if, unfortunately, the insured expires during this term, then his/her nominee is paid a death benefit.
When it comes to securing the future of your loved ones, life insurance is one of the most preferred options among Indians. In fact, around 328 million Indians had a life insurance policy in 2017, according to the IRDAI's Handbook on Indian Insurance Statistics.
When we think of investments, we think of mutual funds. However, there are many other instruments out there that offer similar benefits, if not more. Money back plans are one of them. We give you five reason why you should think of investing in a money back policy-
Our tax planning is centred around saving the maximum possible amount on the taxes that we pay. We consult CAs, read about tax saving, buy insurances and invest in the market to be eligible for tax rebates and exemptions. However, when it comes to the process of checking the status or claiming the refund, some of us are rather clueless.
Did you know that the Indian government has a place in the Guinness Book of World Records? It holds the record for the largest number of bank accounts opened in a single week under a financial inclusion campaign. Under the Pradhan Mantri Jan DhanYojna (PMJDY), 1,80,96,130 accounts were opened, according to the Press Information Bureau, Govt. of India.
Did you know that 75% of Indians did not have a life insurance policy in 2017? But the good news is that things are changing. In 2018 alone, more than 28 million new life insurance policies were purchased in India, according to data provided by Statista.
If you are here, you must have heard about Universal Life Insurance. It has a dual advantage of life insurance, as well as saving. However, before you start contacting insurance companies, you must conduct thorough research. Read on to understand what these plans are and how they work-
Life insurance plans cover the insurer for any eventuality. In case the need for a payout arises, you need to file a settlement claim with the insurance company. The company verifies all the details and then releases the claim settlement amount.
For some, they are just means for getting an exemption from taxes; however, there is more to Life Insurance than that. They can be a robust tool in case of any eventuality. While being prepared beforehand is essential, having some life under your belt can make quite a difference.
Healthcare, education, financial security and mental stability – our family gives us all. They help us survive through tough times and fulfil our dreams and responsibilities. There is a brilliant way to express our gratitude and honour our loved ones wholeheartedly.
Financial planning is necessary to ensure peace of mind and secure your future. It involves chalking out a plan listing all your future goals and estimating the capital required for their completion. You then plan out the financial means to attain them. It may involve saving, investment, and administration of funds, among others.
We are always on the lookout for avenues to help our money work for us. Many of us also have a decent working knowledge of what financial planning is. It is about striking a balance between the risk and the returns generating capability of the investment. ULIPs and mutual funds being the hot commodities in the market, you are sure to be confused between the two.
Critical illness policy is a standalone financial plan that helps you secure yourself against life-threatening illnesses, diseases and disorders that you might suffer from. The Critical illness insurance is different from health insurance plan in the manner that it typically offers a significantly better payout, which can be used as you wish- be it for medical expenses or your daily expenses.
Sending your child for higher education abroad can do wonders for your child’s future. But most of us are confused about where to start. Also, we might have a lot of questions about it- Should you purchase a child future plan? Or rely only on your savings? How to plan for child education?
We often hear about insurance claims being rejected when a person passes away. Many of these are due to not submitting enough medical proof of existing and past medical records. As a result, medical tests are mandatory when purchasing a term life insurance.
A stressed and hectic day to day life has made us susceptible to a host of lifestyle diseases. Experts claim that one out of 4 Indians is likely to fall prey to non-communicable diseases before the age of 70. A traditional health plan might not be sufficient for such conditions, owing to the high cost of treatment and medication. Here is where a Critical Illness plan comes into the picture.
A Term insurance policy offers you life coverage for a specific period. It is best suitable if you are planning for a short term goal. However, one should be careful when opting for a term insurance plan, because there are many clauses which can render you ineligible for the final payout.
In these times, when fitness is what everyone seems to be talking about, BMI is used a lot. But most of us lack clarity on what exactly BMI is. Let us make it easier for you.BMI or Body Mass Index is a ratio of weight and height. It can be defined as the weight in kilograms, divided by the square of the height in metres.
Standalone cancer insurance plans are often considered unnecessary and are often overlooked when planning for the future. It is assumed that a Health Insurance plan is more than enough. However, this is not the case. We tell you why it is not so and other benefits of getting a standalone cancer insurance plan.
'Compounding' is a process wherein the capital gains or the profit are reinvested to generate additional income. The growth of your investment is exponential as interest is earned from the principal as well as the additional earnings accumulated over the past period.
There is not enough awareness about the importance of Life Insurance in the Indian masses. Hence, insurance companies are striving to draw people’s attention to it. 'Sabse Pehle Life insurance' is a step in this direction.
Breast Cancer is the most common type of Cancer that women across all ages suffer from. Studies show that 1 out of every 38 woman dies due to breast cancer. The awareness about breast cancer in the general population has been on the rise in recent times. Read on to know more about the causes, types and symptoms of breast cancer.
Retirement planning is taken very seriously in India. It is not only about saving, but also involves thoughtful investing to ensure returns at a time when you are unable to work and earn for yourself.Here are a few mistakes that you should avoid when chalking out your retirement plan
With the rising illness and our hectic lifestyles, keeping yourself financially covered is imperative. A critical illness can come at any time, to anyone, and will affect you both – financially and emotionally.
Opting for a Cancer insurance is a right step in the direction of securing your future. However, you should know that it is not as easy as getting anything off the shelf. There are many things to consider before you can arrive on the perfect plan for you.
Parents want the best education that is available for their children. However, the skyrocketing cost of education is a cause of worry. College and school fee in India as well as abroad are increasing with every passing day. This is the reason why many parents are looking towards Child Education.
Life Insurance has become a hot commodity especially after the passing of the Life Insurance of India Act in 1956. Life insurance secures the family’s future in case of the insurer’s demise. The fact that you are not leaving your family behind in any financial duress adds to your peace of mind. Life Insurance plans do not come with an age limit.
Future is uncertain for everyone. You must save and build a corpus to help sail through uncertain and difficult times. This is why it is important to opt for financial planning and diversify your portfolio with various products such as fixed deposits, recurring deposits, life insurance, and mutual funds.
Youngsters in their twenties are either in college or just starting their careers. You are young hale and hearty. Saving for the future, retirement planning and financial goals still is not a priority for many. But you either postpone the thought of getting insurance or do not think of it altogether. But it is always advisable to start early.
The first and foremost reason to compel you to retirement planning is that the average life expectancy is rising continuously and that the best days of work will last. Best retirement plans ensure that after retirement, you don’t have to worry about your expenses. They ensure that you do not have to get back to work and curb your spending. They help you to live life at the fullest, even after retirement.
Do you want to get insurance cover with considerable market returns? If yes, then you should give unit-linked insurance policy commonly known as ULIPs (Unit Linked Insurance Plans) a try. They are a type of goal-based solutions having the ability to provide both, protection along with investment. In this article, let’s discuss all about ULIPs (Unit Linked Insurance Plans).
Taxes take a considerable portion of your earnings; a portion you would like to spend in a better way. One of the ways to save tax is investing in long-term investment options. The financial experts have always insisted on long-term investment. They help you generate a great corpus and act as the best tax saving investment option.
Buying a health insurance plan is one of the most responsible things you could do in today’s stressful times. But it is a process fraught with some degree of risk, especially if you are not conversant with essential aspects such as –
Retirement is an important milestone of our lives which needs to be planned carefully. A lot of things need to be considered such as your retirement age, your monthly savings, your investments, debts (if any) etc. It would also depend on the pension you would be getting after retirement, provident fund, and many more such factors.
There is a lot of buzz around investing in Unit-Linked Investment Plans (ULIPs) nowadays. The buzz is attributed to the profits and advantages that ULIP policy provides. In simple terms, ULIPs can be defined as the combination of insurance and investment. Like all good things, ULIPs are also shrouded with myths,
As a parent, your primary responsibility lies in ensuring that your child’s every need is adequately met. Your child has dreams of becoming a doctor, or a pilot, or even taking up music. The question is, do you have the financial wherewithal to support your child’s dreams?
Retirement should be like taking a long vacation. It’s a phase when you can finally put your feet up and enjoy time with friends and family. You can plan long lunches, travel to see different parts of the world and pursue hobbies.
Retirement should be like taking a long vacation. It’s a phase when you can finally put your feet up and enjoy time with friends and family. You can plan long lunches, travel to see different parts of the world and pursue hobbies.
A tax saving investment is like a project. You need to keep a lot of things in mind. And amidst the rush of registering before 31st March, it seldom becomes possible to make the right decisions and assure satisfactory tax planning for salaried persons. However, with some precise knowledge, you can make the right decisions.
Short-term investments play a great role in distributing your money or your savings in different places and still saving it. In other words, making short-term investments is beneficial. Warren Buffet, the investment expert said it once, to never keep all your eggs in one basket.
Tax returns filing is that time of the year that makes you go through all your expenses you made this year and reflect on the same. Now, while filing a tax return for the first time, you can do it all by yourself just by gaining knowledge and gathering some information on the same, or by asking for professional help.
Trying to show income below the exemption limits is not a new phenomenon in India. According to data released by Finance Minister Arun Jaitley in the 2017-18 budget, only 1.72 lakh Indians showed their income to be more than ₹50 lakhs, which didn’t match the consumption pattern in the country.
Indians love travelling during holidays and the number of travellers has been rising in recent years. According to a report published by Google India, in partnership with Boston Consulting Group (BCG), by 2020, India’s domestic travel market is set to become a $48 billion industry.
There are times when high living expenses and rising inflation make you rethink your expense budget. Try as you might, you cannot cut down on essential expenses, and there are investments and savings funds to create as well.
Are you worried that most of your savings will be ruined when it comes time to pay your income tax? Don’t worry. Under Section 80C of the Income Tax Act of 1961, certain deductions are provided to taxpayers to lower their taxes.
The total income tax returns filed for 2017-2018 increased by 26%, with 99.49 new tax filers, says an article in The Economic Times. This substantial increase in taxpayers shows that people are becoming more responsible citizens of India.
A lot of people have different opinions when it comes to home loan protection schemes. Some are of the opinion that home loan protection can be clubbed with existing term insurance. Some even state that schemes like these often harm the buyers more than they benefit.
India is proud to have 53 national highways, making it a great place to plan a road trip. In fact, given the country’s geographic diversity, a road trip in India can be electrifying. It’s even more exciting when travailing along with friends or family who share a passion for adventure!
Taking life insurance plans for yourself and your family members has become vital in today’s times. Life has its uncertainties; – a phase of stability today might change into a period of instability tomorrow.