Navigating the maze of personal finance
Who can enroll?Any Indian citizen above age of 60 years can enroll for this scheme.No upper limit for age. What is the policy term?The policy tenure is for 10 years. Where to get it?The scheme can be bought online or offline from LIC, which is the sole operator of the scheme. What are the returns?There … Read more
What is Pradhan Mantri Suraksha Bima Yojna (PMSBY)? Pradhan Mantri Suraksha Bima Yojna is a long awaited social security scheme launched in 2015 to provide accident/ disability insurance to masses at nominal premium. And when I say nominal it is actually nominal – Rs. 12/year for a cover of Rs. 2 lakh. Though one may … Read more
As Indians we are perpetually attracted to gold. Traditionally it is bought either in the form of jewellery or in form of gold coins and is considered safe haven for money to be utilized in times of need. To quench this thirst, Indian government has come up with sovereign gold bonds which allows not only … Read more
Section 139AA of the Income-tax Act, 1961 which was introduced by the Finance Act, 2017 makes it mandatory to quote your Aadhaar number in order to file your income tax returns (ITR). In other words you need to link you Aadhaar card to your PAN card if you want to file returns from now on. … Read more
What is it ?A term insurance plan ensures that in the event of your death your family does not face financial difficulties, by paying them a lump sum amount that you were insured for (and paid premium towards while you were alive). To make this happen first you have to choose:a) amount to be insured … Read more
What is DigiLocker?DigiLocker stands for digital locker, a key initiative under the Digital India program of the Indian government. It allows Indian citizens to store all their important documents like property papers, insurance certificates, PAN card, passport, tax papers, birth and/or marriage certificates, etc. in digital format. Currently DigiLocker gives 1 GB of free space … Read more
Hello friends I am writing this blog after almost a month as I was not well. When I was not writing I was thinking and thinking deep, wondering where to park money so that it grows leaps and bounds. I had my ‘epiphany’ moment when I realized that amidst all the ‘ho halla’ about managing … Read more
eKYC stands for electronic know your customer (KYC). It is a paperless Aadhaar-based process for fulfilling your KYC requirements. What is KYC?As per RBI guidelines, banks and other financial institutions must obtain the information about their customers’ identity and address. The process for obtaining and verifying this information is called ‘Know Your Customer’ or KYC. … Read more
What is it?ULIP is a financial product providing both insurance and investment at the same time. How does it work? A part of the premium is diverted to provide life insurance to the policy holder. In case of death of the policy holder either the sum assured or the fund value, whichever is higher is … Read more
Are you are thinking of investing in a mutual fund using the systematic investment plan route, commonly called as SIP? How can you calculate the monthly amount that you need to invest in order to meet a particular financial goal? For example, if you want to fund your next overseas vacation (costing Rs. 5 lakhs … Read more