BUSINESS
Deadline for choosing higher pension option extended to June 26: Your key questions answered
While higher pension is desirable, numerous rules and grey areas make the decision-making process a complex affair. Here is a list of things you need to be aware of.
BUSINESS
EPF e-passbook facility remains under the weather
All other online services, including the UMANG app, have been restored, says the social security organisation. The EPFO e-passbook facility is very popular as users frequently access it to ascertain their EPF balance and the status of interest credit for the financial year.
MCMINIS
What is NPS’ scheme A?
This scheme invests in assets such as real estate investment trusts (REITs), InvITs and mortgage-backed securities
BUSINESS
Akshaya Tritiya 2023: Looking to invest in gold ? You can still bank on gold ETFs’ shimmer
Despite the LTCG tax setback, gold ETFs and gold fund-of-funds score over physical gold when it comes to liquidity, ease of purchase, storage and purity, say experts.
BUSINESS
Gold loans: Banks and NBFCs that offer the lowest interest rates
Central Bank of India, Union Bank of India offer the cheapest gold loans at interest rates of 8.45-8.65 percent per annum
BUSINESS
Endowment plans looking attractive post-debt funds tax mess? Think again
Maturity proceeds of endowment plans with aggregate annual premiums of less than Rs 5 lakh are tax-free, but returns of 4-6 percent per annum, a long lock-in period and recurring premium commitments blunt the tax edge over debt mutual funds
MCMINIS
Decoded: Age-wise health insurance premium bands
As you grow older, the chances of contracting lifestyle and other diseases go up too and insurers cover this risk by charging higher premiums even if your health parameters remain the same.
BUSINESS
Nearly 20 new insurance companies in the pipeline: IRDAI chief Debasish Panda
The IRDAI chairman also asked insurers to expedite work on Bima Sugam and state lead insurer mechanism
BUSINESS
Will policyholders benefit from IRDAI’s nudge on 'direct plans'?
The regulator has asked companies to disclose the discounts they can offer on direct purchases since they involve no commission. Direct modes exist even now. All that IRDAI has now mandated is a bit more transparency. That doesn’t mean insurers are mandated to offer direct plans, unlike MFs
BUSINESS
Insurers plan action against hospitals for fraudulent claims, overcharging
Insurance companies will act through the General Insurance Council to flag cases of overcharging and fraud, and deny cashless and reimbursement claims by hospitals engaging in misconduct
BUSINESS
Financial and tax planning 2023-24: How to choose the most suitable tax regime | Simply Save
In this edition of the Simply Save podcast, Moneycontrol's Preeti Kulkarni speaks to Bhavesh Shah, senior partner with Mumbai-based chartered accountancy firm Hasmukh Shah & Co to understand why it is important to commence tax planning process early and how you should pick the tax regime most suitable to you. Tune in for more
BUSINESS
Now, claim compensation for delay in rectifying errors in credit reports
RBI has announced measures to let borrowers seek compensation for delay in updation or rectification of credit reports, improve transparency in credit information companies’ disclosures
BUSINESS
New IRDAI rules: Insurance commissions to stay high, but backdoor incentives to agents could cease; insurance penetration to deepen
As per IRDAI’s latest notifications, life and general insurers do not have to adhere to any specific cap on commissions as long as they stay within the overall expenses of management limits.
BUSINESS
NPS Tier-II investment account: Lucrative option, but lack of clarity on capital gains taxation a dampener
Tax treatment for gains made on investments through NPS Tier-II accounts ought to be similar to that of mutual funds, but remains a grey area in the absence of a formal government notification, say tax experts
BUSINESS
Higher insurance agent commissions to continue, but IRDAI asks insurers to adhere to EoM caps
Commission payouts in the insurance sector are high, especially when compared to other financial sector segments such as mutual funds where expense ratios have been trending downwards.
MCMINIS
Explained: Lock-in periods for 80C instruments
All section 80C instruments come with lock-in periods.
BUSINESS
World Health Day | Health insurance gets a face-lift: Companies roll out premium lock-in, unlimited sum insured, coverage for diabetics
Health insurance companies have launched a host of products with new or enhanced features such as additional cumulative bonus for claim-free years, worldwide coverage and insurance despite pre-existing diseases.
MCMINIS
What are conversion charges in home loans?
BUSINESS
Four last minute tax-planning mistakes that can cost you heavily
March 31 is the last date to plan income-tax savings. In this rush, many taxpayers make costly mistakes, like combining insurance with investment, or not looking at existing and ongoing investments.
BUSINESS
Insurance cover on the cards for mental health, disabilities and HIV/AIDS
The new product will be on the lines of other standardised products launched earlier, such as Aarogya Sanjeevani, Corona Rakshak, and Corona Kavach. The flipside: pricing has been left to the insurers, which will be one of the key differentiators while choosing the product.
BUSINESS
Health, inflation, spouse’s well-being top retirees’ concerns: ICICI Pru Life Insurance study
On an average, Indians say Rs 65.4 lakh is an ideal retirement corpus. Not surprisingly, Indians prefer to bank on assured return instruments and those that promise regular income post-retirement.
BUSINESS
Spending on health insurance tilts towards the family’s breadwinner, traditionally male, but that is changing: New India Assurance Chief
Female customers make up 45-48 percent of those covered by New India Assurance’s health insurance policies today, says Neerja Kapur, Chairperson and Managing Director.
BUSINESS
LIC’s Jeevan Azad: Should you buy a traditional endowment policy with assured returns?
Guaranteed, tax-free maturity proceeds may sound inviting but low rate of return is a dampener for Jeevan Azad, as is the case with most non-participating, guaranteed endowment plans
MCMINIS
Decoded: IRDAI’s diktat on mental health coverage
