Showing posts with the label Insurance

Myth: Insurance alone help to save Tax

Myth: Insurance alone help to save Tax The Central Board of Direct Taxes - Ministry of Finance extended the deadline to August 31 from the earlier July 31st, for Income Tax returns on Individual (Order u/s. 119 of the Income Tax act, 1961). There is a time that the Individual Tax payers rush to the Insurance Company / Agent to get their Tax Benefits. I don't want to criticize or against anyone here. But the truth is why we have to rush to buy the Insurance policies urgently on behalf of Tax Saving. We are aware that our regular pay check (Salary) will rise by every year and the Bonus or any incentives where we getting. Without a proper financial planning, buying an insurance product is nothing but, putting our hard earned money in a garbage. When we become a Tax Payer of a country, we can find the best way to get tax benefits. We thought that the Income tax is favored for the Corporate where we work for and the Government is involved in Tax Robbery. Most of us rely on the Insurance

IRDA Claim settlement ratio 2018

IRDA Claim settlement ratio 2018 The Second Wednesday of this month (09-01-2019), Insurance Regulatory and Development Authority of India (IRDAI) declared its annual report for the year 2018 (2017-18) in the official website. Again the LIC India (Life Insurance Corporation of India) leads in the top on Individual Death Claim Settlement section. The Only Public Life Insurance and the largest insurance company in India is LIC India, it has an estimated asset value of more than US$ 350 Billion. LIC India had a value of 98.04 Percent in the Individual Death Claim Settlement Ratio. From the all private insurance companies, the individual death claim settlement ratio stood at 95.24 percent. The Total Insurance rate for all insurers is 97.68 percent on Claim Settlement. LIC Stands with a net profit of Rs. 2446 Crore in the year of 2017-18. Previously it was seen in the year 2016-17, with net profit of Rs. 2231 Crore. The Company's (LIC India) revenue has increased in the last year, but it

How insurance plays in an individual's financial life ?

How insurance plays in an individual's financial life ? Risk is a chance related to expose to Danger. Risk is defined not only for the Management, but also for an individual. Risk Pertains anywhere though it should be planned and declared accordingly. Nowadays, there is a protection from risk called Insurance plays an important role in everyone's financial life. Dev Asish of was said about how the insurance impact in our life. One of his article he said, Yes. Buying Health Insurance protects your Wealth, not Health. So, generally insurance will very helpful to support your financial status. Coming to the nature of risk, the insurance which manages the risk and provide the protection from the loss of economic benefits that got from any assets. In the modern days, we cannot avoid the loss of like disabilities or death. If the loss is an earning person in his or her family, it leads to risk. By avoiding this unexpected one, one should cover with an Insurance w

20 Common FAQs on NPS(National Pension System)

20 Common FAQs on NPS(National Pension System)   National Pension System (NPS) is a Voluntary Defined Contribution Pension System, initiated by Government of India. It is also called as ‘New Pension Scheme’ as the Government decided to stop the Defined Benefit Pension system and started this NPS for all its employees who had joined after January 1st, 2004. At the early stage, this new system launched only for the Government Employees under the Govt. of India, and then it was opened for all Citizens of India. The NPS is nothing but, a pension cum investment scheme, where a little contribution made by the Employees and Employers like a Provident fund in a NPS account and it’s just planned for the long term retirement fund. The derived amount of contribution from both the employees and employers would be invested in a market based fund and returns were also depending upon the market and deliver in the retirement stage. The NPS is regulated by the Pension Fund Regulatory and Development A

IRDA Claim settlement ratio 2017

  IRDA Claim settlement ratio 2017   IRDA (Insurance Regulatory and Development authority of India) declared the annual report for 2017 (2016-17) in their website recently (Jan 4, 2018), LIC India tops in the list of insurance companies on claim settlement ratio and related information for 2017.   In the Annual report, LIC India 's claim settlement ratio stands with 98.31 % for the year 2016-17 as listed in the top by IRDA.   The pending complaints of LIC is almost went to zero and the claims repudiated or rejected status at 0.97 %   The unclaimed of LIC reports with 0.31 %  out of total claims. on the other hand, private insurance companies dealt with 0.58 %           Private companies claim settlement ratio at 93.72 % is the lowest as compared with the LIC India and the claim rejected for private at 4.85 % out of the total claims.   These reports are based on the Individual death claims of life insurers and not with the group insurance.   While LIC India hits