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Money Control

Rakesh Goyal, Director, Probus Insurance Broker thinks that investors who directly invest in equities or through mutual fund should have a PPF account for diversification. In financial planning, a portfolio of investors should have exposure to equity and debt along with insurance and gold.  PPF can easily be replaced with other debt products like Kisan Vikas Patra and National Saving Certificates (NSC). Even as it has a lock-in period of 15 years, it offers partial liquidity through loans and partial withdrawals. “PPF plays a very long-term saving tool with complete tax benefits which benefit investors. Hence, it should be a must-have product as a part of retirement’s pension income portfolio while planning one’s pension income,” he suggested.

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Rakesh Goyal, Director, Probus Insurance Broker added, “An investor needs to calculate returns and review investments in ULIP schemes on regular basis. Based on the premium you pay and the term, for which the premium is paid, you can calculate your returns from ULIP investments.”

Financial advisors recommend, to get considerable returns from ULIP investments, you need to be invested for a few years like you do for mutual funds or other investment instruments. ULIPs are market-linked plans and have a 5-years lock-in period. So, Goyal recommended, “In case your ULIP schemes don’t give expected returns after computing or underperforms, you can switch to a better fund after the expiration of the lock-in period of 5 years.”

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Rakesh Goyal, Director, Probus Insurance Broker Limited said the general thumb-rule says it should be 10 times of their annual income.

“But I would suggest that term plan should be based on their age factor also. For example, if 25-year-old is earning Rs 10 lakh per annum, in the basic term he should have term plan of Rs 1 crore (10 times of annual income). But I suggest that they should have term plan Rs 3.5 crore because they still have to work for another 35 years. So it is better to have term plan based on his age rather than going just by having term plan of 10 times of their annual income,” he said.

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Rakesh Goyal, Director, Probus Insurance Broker pointed out, “The private sector insurers registered a hike in the growth of 54.75% in the single premium segment in April-June 2018 at the same time the regular premium grew just 3.84% during the same period.”

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Rastogi added, “The insurer will look at the individuals past experience and loss history online, if any. This is because any loss arising out of past acts will not be covered under insurance.”

Some of the insurers/online portals offer a checklist of coverage items to compare against their competitors. Rakesh Goyal, Director, Probus Insurance Broker suggested, “These checklists can be used by the buyers to add to your list before starting your research in earnest.”

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Rakesh Goyal

Getting something extra excites all of us. It could be refilling our beverage in a restaurant for free or getting some complementary dish along with the ordered food. Such a similar feature can be seen in health insurance policy as well. This benefit is known as “restoration benefit” or also termed as “refill benefit”.

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Rakesh Goyal Insurance is basically a contract between the insurer and policyholder based on principles of good faith. If the policyholder fails to exercise complete honesty and accuracy while providing the information to the insurer, the insurer might reject the claim stating it as the reason for its rejection.

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Rakesh Goyal, Director, Probus Insurance Broker suggested having individual life term plans for a couple.

He said, “There are multiple benefits of having individual term plans as one can get higher cover, also if one policyholder dies than, other policy is in force which is not the case with some of the joint life term insurance plans.”

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Rakesh Goyal We often revamp our closet or renovate our house or change the interiors. Similarly, it is vital to re-evaluate health insurance on a timely basis. Health insurance might sound bothersome or like something that will drain your finances, but eventually, it turns out to be a boon when there is a medical emergency.

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Rakesh Goyal We often revamp our closet or renovate our house or change the interiors. Similarly, it is vital to re-evaluate health insurance on a timely basis. Health insurance might sound bothersome or like something that will drain your finances, but eventually, it turns out to be a boon when there is a medical emergency.

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Rakesh Goyal

Under Section 80C and Section 80D of the Income Tax Act, the premium paid for life and medical insurance policies can be used to claim tax benefits. But, Can the policyholders claim similar tax benefits for the Goods and Service Tax (GST) paid by him/her?

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