BUSINESS
Salaried taxpayer? Know how to pick the right ITR form, avoid common errors
If your employer has computed your taxes under the new tax regime and you wish to claim tax deductions by switching to the old tax regime, expect queries from the I-T department on a Form 16-ITR mismatch. Also, if you do not have sufficient documentary proof to support your tax deduction claim, you should not avail of the deduction while filing your return, say tax experts.
BUSINESS
Election results: Retail investors not in panic mode, dial MF distributors to buy on stock market plunge
The mammoth 6 percent fall in benchmark stock indices Sensex and Nifty50 did not send all retail investors into panic mode; surprisingly, many called to ask if they should deploy lump-sum amounts into equity mutual funds now, say mutual fund distributors
BUSINESS
IRDAI's higher surrender value proposal may again find stiff resistance from life insurers
If IRDAI’s new draft norm on surrender value is implemented, it will effectively mean higher payouts. in the form of a Special Surrender Value, to policyholders on premature exit from the first year itself.
BUSINESS
Stay calm, don’t get swayed by election results, say financial planners
Ahead of the Lok Sabha election results on June 4, top financial advisors are advising investors to avoid speculative bets and knee-jerk reactions to market movements, and instead focus on their long-term goals and asset allocation
BUSINESS
Decoded: IRDAI's new health insurance rules on quick cashless approvals, higher penalties for non-compliance
The insurance regulator has asked non-life and health insurance companies to decide on cashless requests in an hour and allow release of mortal remains from hospitals immediately. It has also directed them to provide policyholders an option to either pick higher sum insured or discount on renewal premium in cases where they are eligible for no-claim or cumulative bonuses.
BUSINESS
Day care procedures: How health insurers pay for major surgeries that don't need hospitalisation
Thanks to rapid advancements in the field of medicine, the list of procedures that do not need hospitalisation has grown over the years. Likewise, the number of treatment procedures covered by health insurance policies has also increased.
BUSINESS
Explained: How to make withdrawals under National Pension System
Under NPS, you can make partial withdrawal of up to 25 percent of you contributions after completing five years, while premature withdrawals are not as simple – you can withdraw up to 20 percent as lump-sum after five years, but the rest has to be used to buy annuities. Then, at the time of final exit, there is the option of staggered, instead of one-time, withdrawal of the lump-sum component at maturity.
BUSINESS
How not disclosing pre-existing ailments can affect your claim, policy renewal
IRDAI’s new PED definition, shorter waiting and moratorium periods have made health insurance friendlier for health insurance policyholders since April 1, but It is best to be transparent while disclosing your health history in your health insurance proposal form.
BUSINESS
Foreign university insurance, overseas student travel policies or both: How to take your pick
Study abroad: Overseas student travel insurance is a must to make sure any sudden hospitalisation costs are covered. Your university abroad might not accept overseas student travel insurance covers sold by Indian insurance companies. But having one as a top-up cover helps.
BUSINESS
Will ICICI Pru Life Platinum ULIP’s trail-based commissions curb mis-selling?
The plan will pay commissions to distributors through the policyholder’s term, instead of paying them upfront. While the product’s low-cost structure is a plus, the mandatory five-year lock-in period remains a limitation.
BUSINESS
Investing to create your child’s overseas studies corpus? Start early to beat 11-12% education inflation | Simply Save
Besides diversified equity mutual funds, parent with young kids can also consider investing in emerging avenues such as direct investments in overseas equities and ETFs to take care of the exchange rate risk. Likewise, they can invest in international mutual funds offered by Indian asset management companies. Moneycontrol spoke to Eela Dubey, Co-founder of Edufund, an advisory firm that provides education and loan counselling besides advice on investing for children’s education overseas.
BUSINESS
Individual health cover along with corporate health cover more beneficial
Many employees bank solely on their employer-funded group health insurance covers. However, this is not a wise approach. It is best to have an independent cover in place for yourself and also, a separate one for your parents.
BUSINESS
Term insurance: A delay in buying can cost you dearly
Buying early will mean locking in lower premiums throughout the tenure, but more importantly, will lower the chances of steep premium loading or worse, policy application being rejected altogether
BUSINESS
Bima Vistaar: How this all-in-one insurance policy can offer you multi-risk coverage
Bima Vistaar is a composite insurance policy offering life, health, accident and property coverage, primarily targeted at rural India. Vistaar, along with Bima Sugam, the online insurance marketplace and Bima Vaahak, the distribution channel, could transform insurance in India.
BUSINESS
Income-tax filing: Should you file your returns in April or wait until July 31?
ITR filing: Quicker return-filing will mean faster processing and tax refunds. However, only a few categories of tax-payers will be able to file their returns now, as most will have to wait for their forms-16 that their banks and employers will start issuing May 31 onwards.
BUSINESS
No, IRDAI has not eliminated any 65-year-age regulatory cap on issuing health policies to senior citizens. Here’s what the norms mean
IRDAI skipped mention of the 65-year entry age provision in its regulations effective April 1, but this does not mean it has eliminated any ‘cap’ that existed until March 31. Contrary to the chatter, some insurers are actually reducing the maximum entry age under their regular health policies. Senior citizens who are rejoicing should watch out for this googly.
BUSINESS
New health insurance claims rule: Shorter wait for pre-existing illnesses, no disputes after five years of policy coverage
April onwards, claims that you make five years after buying your health policies will become incontestable as your insurer cannot reject them citing non-disclosure of health conditions at the time of policy purchase. IRDAI omitting the mention of 65 years (maximum age until which insurers had to mandatorily offer policies) would mean little relief for senior citizens as insurers were never barred from offering policies to those over this age-limit and the primary barrier has always been exorbitant premiums that insurers tend to quote for the elderly.
BUSINESS
New IRDAI rules: Now, health insurers cannot reject claims citing non-disclosure of pre-existing conditions after five years: Niva Bupa underwriting head | Simply Save
The IRDAI has reduced the moratorium period that makes claims incontestable on the grounds of failure to disclose pre-existing diseases from eight years to five years, effective April 1. Likewise, shorter waiting period for pre-existing illnesses means that policyholders will have to wait for three, instead of four, years for their declared pre-existing conditions such as diabetes or hypertension to be covered, says Bhabatosh Mishra, Director, Claims, Underwriting and Product Niva Bupa Health Insurance. Tune in to Simply Save for details.
BUSINESS
Trip cancelled due to Israel-Iran conflict? Here’s what your travel insurance company will say
War and war-like situations are excluded in travel insurance policies, which means that your insurer will not reimburse the loss that you may incur due to flight or trip cancellations. But there are exceptions.
BUSINESS
Operation Clean-up: April is when you should set your personal finances in order
Delaying the exercise can not only lead to wrong choice of instruments that come with long lock-in periods and do not add any value to your goal-based planning. it can also lead to cashflow pressures while investing in one go at the end of year.
BUSINESS
World Health Day: What is the ideal health insurance cover amount?
The right sum insured depends on multiple factors such as your place of residence, your expectations in terms of hospital rooms, age and health history, but a minimum base health cover of Rs 10 lakh to start with is a must.
BUSINESS
Policyholders' early exits can lead to asset-liability management issues for insurers, says Aditya Birla Sunlife CEO | Simply Save
There must be provisions against mis-selling – for instance, measures to say that a 10-year premium payment policy cannot be sold to someone over the age of 60 years. If there is mis-selling, then there should be a mechanism to give the entire premium back to policyholders, says Kamlesh Rao, MD and CEO, Aditya Birla Sunlife Insurance. Tune into Simply Save for details.
PERSONAL-FINANCE
New insurance policies will be issued only in electronic format from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for insurers to issue fresh policies digitally. This would ensure easier access to policies and make keeping track of policies across companies and segments simpler.
BUSINESS
Disappointed that our suggestions on strengthening policyholder protection framework were not considered, says insurance brokers’ association chief | Simply Save
The Insurance Brokers’ Association of India (IBAI) president Sumit Bohra is hopeful that their recommendations on making the grievance definition more robust, strengthening anti-mis-selling provisions and allowing intermediaries to represent policyholders at grievance redressal forums will be accommodated when IRDAI issues master circulars on these regulations in future. He also bats for trail-based commissions model, which can help curb mis-selling in this interaction with Moneycontrol. Tune into Simply Save for more.
