Cashless, Critical Illness, Accident Insurance: Choice Of Health Insurance Plans For You

Health Insurance Plans
Individuals contemplating to buy a Health Insurance must be confused as to which Policy they should avail for themselves and their dependents. The Insurance companies basically offer three types of Health Insurance Plans namely Critical Illness, Mediclaim or Cashless Insurance and Accident Insurance. These Health Insurance plans are designed to provide financial coverage in case of any health related issue arises. Health Insurance Plans is governed by the Insurance Regulatory Authority (IRDAI).   However all the three forms of Insurance…

Top ELSS Mutual Funds for the Financial Year 2017-18

Equity Linked Savings Scheme (ELSS)
Equity Linked Savings Scheme (ELSS) is a tax saving mutual fund investment scheme which allows the investor to earn better returns on the investment. The investment has the shortest lock-in period among other Tax Saving Investment Options of 3 years, post which the amount may be withdrawn. Equity Linked Savings Scheme (ELSS) do carry moderate risk as the performance is market linked and the return on investment is not assured. However, if we look at the performance history of the…

Foreign Account Tax Compliance Act (FATCA): All You Need To Know

Foreign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA) has been made mandatory for the Investors and Bank holders alike from 1st May 2017 in India. FATCA is an anti tax evasion agreement signed between United States and India which is effective from 31st August 2015. FACTA regulation is aimed at curbing tax evasion practices and bringing uniformity in Global Tax compliance. India had entered into an agreement with the United States for implementation of FATCA with effect from 31st August 2015. Bank…

Equity Linked Saving Scheme (ELSS): Reasons to Invest

Equity Linked Saving Scheme (ELSS)
Equity Linked Saving Scheme (ELSS) is an open ended Mutual Fund Scheme and allocation of fund is largely made into equities and some portion in debt securities to make the investment more viable and reduce the risk. Since the investment is mostly in Equity Market one has to be careful with the investment.   You can read more about ELSS Mutual Funds in the link provided below:-   Equity Linked Saving Scheme (ELSS) In this post I will discuss about…

Equity Linked Saving Scheme (ELSS): An Investment cum Tax Saving Scheme

Equity Linked Savngs Scheme (ELSS)
Equity Linked Saving Scheme (ELSS) is equity based Mutual Fund scheme in which allocation is primarily made in to Equity market. In some of the Schemes partial allocation is also invested in debt instruments to provide more balance to the Fund. However since majority of the allocation is in equity it is highly volatile in nature and returns are dependent on the market performance. Thus the prices of the units keep fluctuating with the shifts in the Equity market. Although…

Critical Illness Insurance

Critical Illness Insurance
Critical Illness Insurance is a Health Insurance which covers your medical and hospitalization expenses to be incurred by providing a lumpsum amount in case of detection of any critical illness (covered in the insurance) based on the Illness and Insurance coverage. The Insurance Company examines the medical documents and history of an individual and after ascertaining the expenses related to the treatment provides a lumpsum to the individual to the extent of sum assured. These Insurance policies are offered mainly…

Systematic Investment Plan (SIP)

Systematic Investment Plans
Systematic Investment Plan (SIP) is an intelligent way to plan your investments in mutual funds in order to minimize risk and maximize your returns. In SIP, one can make periodic investments at their convenience (i.e Weekly, Monthly, Quarterly). SIP enables you to invest a pre determined sum at periodic interval. Thus the savings you make translates into investments which leads to maximization of your wealth. You can start investing with a minimum of Rs 500/- and saves individuals of the burden…

Income Tax Deductions Available For The Financial Year 2017-18

Tax Deduction Under Section 80C
Individuals whose Annual Income is above Rs 2,50,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However, Individuals earning up to Rs 3,50,000/- p.a can avail Tax Credit up to Rs 2,500/- Under Section 87A on the Tax payable. Thereby, implying that Individuals with Income up to Rs3,00,000 would not be required to pay tax as per the new Tax Slabs for the Financial Year 2017-18. In this post we would discuss the Tax…

Employees’ Provident Fund Scheme 1952

Employees' Provident Fund
Employees’ Provident Fund Scheme, 1952 came into effect on 4th March,1952. It is a statutory body under the Government of India and under the regulation of Ministry of Labour and Employment. It was introduced to provide a form of Social Security to the Workers and Employees and safeguard their future. It provides lumpsum benefits to the subscribers on retirement. Employees’ Provident Fund (EPF): Latest Recommendations Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement The Act also covers:- Employees' Pension Fund (EPS)…

Kisan Vikas Patra (KVP): Features, Benefits & Drawbacks

Kisan Vikas Patra
Kisan Vikas Patra (KVP) scheme was re-launched by the Government very recently (2014). The scheme is mainly targeted at the group who does not have means or access to other financial investment options. The features offered is mostly similar to other Savings Scheme offered by the Government but with some tweaks in the rate of interest, tenure and some other features. The Investment doubles on completion of tenure. Although it does not provide any Income Tax deduction and even the…