Conviction of Mind

In my last post , I advised all to go to Term Insurance. This post is elaborate the same. First of all, on the safer side, you would have chosen to take insurance. Thats right. But what insurance plan to take. There are many insurance plans available in the market. Which to take?.. Thinking.. Here is the solution. You should remember that Insurance agent or Financial advisor has their own family and they also have to look for more money. so, they will also go with the company's plan that gives them more income.. Accept it? There are more companies offering insurance and some of them are, LIC , Kotak , ICICI , etc.,. You can check out the premium for each plan from their website. Dont take a decision to put your money into LIC or any other as someone told you to do so. Take your own decision after analying all the companies. Two things you should have to keep in mind. With Term insurance, 1. you will not get anything back in your life time. 2. Only the nominees will be getting the m...

Most of them would have come across this phase of 'saving tax' during their first year of working (entering into a professional world). They need help on where to invest to get higher returns and how much to insure themselves. This is to help you in making a decision, so that you needn't have to invest in something/somewhere without proper knowledge and regret for it later. (I have seen many doing this) How much can I save and where can I save/invest? How much should I insure? Have I insured enough? These are the questions that comes to you and the answers depend upon the returns you want and the risk appetite you have. The maximum one can save now(2007) as per law is 1Lakh. This also includes your PF. So, exclude that and calculate. You can additionally save a max. of 10,000 from tax, if you are going to buy Mediclaim for your relatives or for you. And also, there are many ways to exclude tax by spending! Insuring is always a best practise. You can insure yourself for atle...