BUSINESS
Now, insurance cos can launch group Ulips, combi plans without prior IRDAI nod
Life insurers can now launch group unit-linked insurance policies and combi products without prior approval from the insurance regulator
BUSINESS
Does life insurance make sense without tax benefits?
Yes, says Max Life Insurance MD and CEO Prashant Tripathy. Despite withdrawal of tax benefits on maturity proceeds of endowment policies with annual premiums of over Rs 5 lakh, he does not foresee a major impact on premium collections.
BUSINESS
Higher pension calculation: Should you opt for higher pension per EPFO’s new formula? It’s complicated
Higher pension on actual salary: In order to avail of this, you will need to transfer funds from your PF to your EPS account, computing which is a challenge. Plus, there are other challenges when it comes to claiming what you’ve contributed. Also, the pension rules can change in future
BUSINESS
Higher pension calculation: EPFO announces formula for calculating higher pension on actual salary
Higher EPS pension: The long-awaited method of computing higher pension on actual salary for those who choose this option is out. The last date to file joint application to claim higher pension is June 26
BUSINESS
Tax filing: Oops...Your Annual Information Statement might have crucial errors | Simply Save
ITR or income-tax return filing process must start with basic preparations like getting your documents such as Form-16, bank account and capital gains statements in order. Check Form 26AS, or tax credit statement, and Annual Information Statement (AIS). In case of any discrepancy in AIS, rely on your information as the former could contain errors, says Aarti Raote, Partner, Deloitte India.
BUSINESS
ITR filing, HRA and Section 80GG: How to claim tax benefits on rent paid
Many taxpayers pay rent to their parents to claim tax deduction benefits. But make sure that you actually pay rent to them, and save documents and rent receipts. You can claim tax breaks under section 80GG on rent paid if you are not eligible for HRA. If you are availing of exemption on house rent allowance by paying rent to parents, ensure that you have an agreement and rent receipts in place.
BUSINESS
Section 80D: Ensure you claim all tax benefits on health insurance premiums while filing I-T returns
Section 80D offers tax breaks on health insurance premium paid for self, spouse, children and parents. You can avail of tax breaks at the time of filing returns, even if you have missed out on claiming these while submitting tax-saver investment proofs to your employer
BUSINESS
Filing ITR for 2022-23: Salaried tax-payer? Know how to choose between forms ITR-1 and ITR-2
Tax filing: Income tax return-filing forms ITR-1 and ITR-2 are the key documents relevant for salaried individuals. Ensure that you select the right form and make all disclosures while filing the return for assessment year 2023-24 (financial year 2022-23)
BUSINESS
Sustainability a critical issue in unfunded pension schemes like OPS, no uncertainty in NPS: PFRDA chairman
A finance ministry-instituted committee to review NPS for government employees will look at improving the pension system further.
BUSINESS
Minimum assured return on the cards, rollout in the near future: PFRDA chief
The scheme is required as per the PFRDA Act and is in the works, but the cost, too, will go up due to the element of guarantee, says PFRDA chairman Deepak Mohanty
BUSINESS
MC Exclusive: Govt-appointed panel will explore how NPS can be improved for its employees: PFRDA Chairman Deepak Mohanty
Enhancing pension literacy and awareness, growing the corporate sector, individual National Pension System (NPS) and Atal Pension Yojana (APY) subscriber base will be among the key objectives of the PFRDA chairman this year.
BUSINESS
Odisha train crash: Insurers must expedite, ease claim settlement process for victims, says IRDAI
IRDAI asks insurers to settle Odisha train accident claims proactively, publish claims-related information on their website on a daily basis for a week, and later, on a weekly basis for a month.
BUSINESS
Odisha train accident: FinMin urges insurance companies to expedite claim settlement
In a message sent to insurance companies through the General Insurance Council, the finance ministry has sought updates on measures taken to identify Odisha train accident victims covered under Pradhan Mantri Suraksha Bima Yojana and IRCTC travel insurance, and settle their claims faster.
BUSINESS
Aegon Life launches life insurance covers for surrogate mothers, egg donors
The launch comes after insurance regulator IRDAI asked companies to roll out such product in line with the Surrogacy Act and Surrogacy Regulations
BUSINESS
PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation
PAN-Aadhaar linking: Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks. You can seed your Aadhaar with PAN through the income tax e-filing website. You will, however, pay a late fee of Rs 1,000 before commencing the process. If you happen to miss this deadline, you can make your PAN operative again within 30 days by seeding your Aadhaar and paying a penalty of Rs 1,000.
BUSINESS
ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23
The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.
BUSINESS
Now, a term life insurance policy for people with diabetes; encourages lifestyle changes with conditional discounts
Bajaj Allianz Life Insurance has launched a pure protection term cover targeted specifically at diabetics with hbA1C levels of up to 8. It also offers a 10 percent discount on renewal premiums for those who are able to lower their average blood sugar levels.
BUSINESS
Don’t see health insurance premiums rising this year, says SBI General Insurance CEO & MD
Retail health and motor premiums won’t go up due to rise in global reinsurance rates as these are retained by insurers themselves, but fire and engineering might climb due to rise in reinsurance premiums, says Kishore Kumar Poludasu.
MCMINIS
Explained: Debt investments through NPS
BUSINESS
Bima Sugam a UPI moment for insurance space, will not lead to job losses in distribution space: IRDAI chief Panda
The Bima ‘trinity’ – Bima Sugam, along with Bima Vistaar and Bima Vaahak – will be a game-changer for the insurance sector and help create more jobs, IRDAI chairman Debasish Panda has said
BUSINESS
Insurers selling mutual funds positive for both; can increase compliance burden
Investors now go to multiple entities for meeting different financial requirements. They also have to check whether they (the distributors) are certified by the capital market and insurance regulators. The insurance regulator’s planned move will act as a one-stop solution to their needs.
BUSINESS
NPS also invests in equities. Here’s how
BUSINESS
Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis
International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.
BUSINESS
Win-win deal?: Now, save on health insurance premiums, even as your smartwatch or fitness band helps you maintain good health
Health insurance products that offer discounts on renewal premiums based on physical activity levels help policyholders maintain good health and assist insurers in reducing claims. However, not adhering to the prescribed regimen will mean losing out on discounts in the subsequent year.
