Making use of health insurance portability
Two years ago-
Mr. Dheeraj Kumar is 45 years old and has a medical insurance policy with a public sector general insurance company for the last 10 years. He has had a reasonably good health profile and has never made any health claim all these years.
Rajiv Gandhi Equity Savings Scheme (RGESS)
Budget 2012 had proposed introduction of a new tax saving scheme called the Rajiv Gandhi Equity Savings Scheme (RGESS) for investors with an income below Rs 10 lakh per annum, to be effective from the financial year 2012-2013 relevant to the assessment year 2013-2014. This scheme has been approved and the features of the scheme are as follows:
Some lesser known facts about PPF
The Public Provident Fund (PPF) is one of the most popular long term investment options in the fixed income category due to its attractive features like income tax rebate of up to Rs 1 lakh of investment per year u/s 80 C, tax –free interest of 8 % pa and the maturity amount being tax free u/s 10 ((10) D).While these are the commonly known facts about the PPF, here are some lesser known features you should be aware of –
Understanding Wealth Tax and its applicability
What is Wealth Tax?
Wealth tax is a relatively lesser known direct tax which is levied if the total value of “unproductive assets” of an individual exceeds Rs 30 Lakhs in a financial year. The percentage of tax is 1 % of the value of the assets exceeding Rs 30 Lakhs. For eg. – If the assets covered under this tax are worth Rs 50 Lakhs, wealth tax payable is Rs. 20,000 – 1 % of ( 50 Lakhs-30 Lakhs).
How big should your retirement corpus be?
A couple of days back, one of the leading financial newspapers had a detailed article on the captioned subject including the method to calculate your required retirement corpus. One of my very close friends did so and was shocked to find that for her the amount worked out to be close to Rs 6 crores; far more than what she had expected. With this revelation comes the next worry – of finding some way to save this amount.
Let us understand this in detail.
Fidelity and L&T AMCs’ Merger-Should you use the exit option?
Fidelity Asset Management Company has been recently acquired by L&T Mutual Fund. As a result, a few schemes of Fidelity MF are all set to merge with L&T MF effective 16th November 2012.
The following are the schemes to be merged –
Fidelity Flexi Gilt Fund with L&T Gilt Fund
Fidelity Wealth Builder Fund-Plan A with L&T Monthly Income Plan
Fidelity Wealth Builder Fund-Plan B & Plan C with L&T MIP – Wealth Builder Fund
L&T Contra Fund and Fidelity India Value Fund to form “L&T India value Fund”
L&T Hedged Equity Fund, L&T Growth Fund and L&T Opportunities Fund and Fidelity India Growth Fund to form “L&T India large Cap Fund”
When a ULIP was sold to a pre retiree
Such articles usually start with a disclaimer which goes like “All the characters in this example are imaginary and the incidents are purely fictional”. But this is a real life case which happened to a close family friend and client last year and nothing about this incident is even remotely fictional!
Sriraksha Financial Planning Services 