Policyholders exiting traditional life insurance get more money back starting October 1, 2024. Irdai has asked the insurance companies to offer a higher special surrender value (SSV) for traditional endowment policies from October 1, 2024. The new 'special surrender value' rule mandates higher refunds, offering flexibility to switch plans.

Most victims from Karnataka are educated professionals, particularly techies from Bengaluru, who were duped after being enticed by fraudsters with promises of high returns or IPO allocation. And this has been a trend across the country when it comes to fake broking apps.

5 reasons health insurance claims get rejected

As per budget 2024 proposal you will now get a higher amount of payout from your life insurance policy as TDS rate has been reduced to 2%. “It is proposed that TDS under section 194DA of the Act be reduced from 5% to 2%” says explanatory memorandum of budget 2024.

The budget 2024 announced the removal of indexation benefit available on sale of property. Due to this many people who sell their property will now not be able to inflate their purchase price and reduce their capital gains.

No increase has been announced in the tax rebate under Section 87A of the Income-tax Act in the Budget 2024. Tax rebate under Section 87A makes tax payable zero if an individual's taxable income does not exceed the specified level.

The government-owned Life Insurance Corporation (LIC) is looking to foray into the health insurance sector, reports said on May 28. The insurer is currently assessing potential acquisition prospects.

The insurance regulator has made it compulsory for health insurance companies to reduce the maximum waiting period to get complete health insurance coverage in case of pre-existing diseases (PED) from 4 years to 3 years. The regulator modified the definition of pre-existing disease in its IRDAI (Insurance Products) Regulations, 2024, notified on April 1, 2024.

Insurance is one of the most effective ways to manage risks and secure assets; however, the insurance industry has been mainly susceptible to trust issues. Many people believe that insurers do not pay claims, but the data says otherwise; the industry has been paying claims and is bleeding.

The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus.

Life Insurance Corporation of India (LIC) launched a new unit-linked life insurance policy called LIC’s Index Plus this week. It is a non-participating, regular premium, individual life insurance plan which offers life insurance cover cum savings throughout the term of the policy.

The Central Board of Direct Taxes (CBDT) issued new guidelines on how tax-exempted maturity amount from a life insurance policy will be calculated in a financial year if the premium paid exceeds a specified level. As per the new guidelines, the maturity amount from life insurance policies bought on or after April 1, 2023, will not be fully tax-exempt.

LIC's Jeevan Azad is a non-linked, non-participating, individual, savings life insurance plan. This is a Limited Premium Endowment plan under which the Premium Payment Term (PPT) is equal to Policy Term minus 8 years.

The Covid-19 pandemic was a wake-up call for both health insurance companies and policyholders. While it exposed the vulnerabilities in the healthcare system, it also offered the regulator an opportunity to eliminate many lacunas and add new features that can offer enhanced and adequate protection to health insurance policy buyers.

Insurance is now being offered for what is called the ABCD illnesses. Depending on the stage or depending on how serious the disease is, they are offering day one cover, which basically means that right after you buy the policy,

"One has to be aware of the list of blacklisted hospitals. Second is the waiting period for specific illnesses. Third is the minimum time of hospitalization which is required for claiming a particular illness in your policy," says Ankit Agrawal, Founder & CEO, Insurance Dekho.

“If you are somebody who already has health insurance and are looking to bump up your cover at a very low cost, top up is a great option to go for. The detectable amount of that top up has to be equivalent to the sum insured that you already have,” says Siddharth Singhal, Business Head, Policybazaar.com

Irrespective of the insurer you buy a policy from, all health insurance plans have notable exclusions which you as a policyholder or buyer should be aware of. A careful scrutiny of such exclusions will save you from a nasty surprise later on.

Given the high inflation, especially in healthcare, many people who have a basic health insurance cover often consider buying a top-up plan. This is intended to ensure adequate financial protection even when medical expenses rise. However, will it work according to your plan? Not necessarily.

The nomination process is crucial to protect the interests of the insured’s family. However, just appointing one nominee shouldn’t be done by default as many do.

Today, health insurance is not just an option but a necessity that a person should inculcate in their habits. A good health insurance cover can help you and your family tide over a medical emergency with ease.

While buying a health insurance policy for protection against cancer here are the 12 factors you should consider

The Life Insurance Corporation (LIC) of India has introduced a new health insurance plan called Arogya Rakshak, which is a non-linked, non-participating, regular premium, individual health insurance plan.

When a bank fails, the only respite a depositor has is the insurance cover offered by the DICGC. This cover was raised to Rs 5 lakh from Rs 1 lakh, effective from February 4, 2020.

Industry experts say with state election results already announced the government will now take a decision on the rates.

Keeping in mind safety of its customers amid the second wave of the COVID-19 pandemic, state-run Life Insurance Corporation of India (LIC) Friday announced a slew of relaxations in claim settlement requirements, making the process easier and hassle free.

NEW DELHI: Gold and silver futures fell on Monday as Turkey replaced its central bank governor with a high interest rate critic led to investors flocking towards the safety of the dollar, on fears that the move would threaten other financial markets.

Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget.

MUMBAI: Indian banks have started pulling the plug on customers investing and trading in crypto assets as the spectre of government ban on cryptocurrency rises. The government recently said that it plans to introduce a law banning trade in all cryptocurrencies — except for those issued by the government itself.

The finance minister, Nirmala Sitharaman, has announced that in case a bank fails or withdrawals from the bank are stopped due to financial pressure on the bank, the depositors will be able to get immediate access to their deposits upto the deposit insurance amount of Rs 5 lakh, i.e.

This is the third time government has extended the deadline for taxpayers for whom the normal deadline is July 31. The government has also extended the date to submit the tax audit report to January 15, 2021. The last date of filing declaration under Vivad Se Vishwas Scheme has been extended to January 31, 2021.

Sort the paperwork and complete financial tasks without leaving any loose ends after the death of a family member. ET Wealth tells you about the documents needed to close accounts, transfer investments and make claims and the processes to complete these tasks.

Are Indians prepared for their retirement? Yet another survey result shows that they are not. Most participants of the survey said they did not have a retirement plan.

Barely one in five considers inflation while planning for retirement. Life insurance and bank FDs are top choices for those who plan for retirement, and this underlines the essential conservatism in most retirement plans.

Your very money traits and habits form the foundation for your children's money behaviour when they become adults. Find out about your money behaviour that may be causing stress in your children and how to stop yourself from doing so.

Borrowers who are facing salary cut/job loss due to the novel coronavirus pandemic situation and were looking for some reduction in their EMI burden will have to wait a little longer. However, no change in policy rates means good news for FDs investors as banks may go slow on cutting interest rates on FDs.

MR Kumar says the insurance behemoth may bring in outside fintechs and insurance techs to grow scale

Mumbai: The RBI on Thursday said it will provide a debt resolution window to enable lenders to implement a resolution plan in respect of eligible corporate exposures as well as personal loans, keeping the ownership unchanged, and without classifying them as non-performing loans.

There is a saying – “Don’t put all your eggs in one basket”. Similarly, in your investments too there is a need for diversification through investment in different product categories.

It is not just financial literacy but also behavioural skills that are common to investors who grow their wealth consistently. Here are some habits to emulate.

Data available with Ace equity showed LIC betted on at least 25 penny stocks.

The extension has been done to provide further relief to the taxpayer individuals

Short-term deposit rates are now very close to or even less than what savings accounts offer.

Loan defaults are bad news for people who have stood as guarantors to loans taken by friends and relatives. Most people know that a guarantor is liable to pay if the borrower defaults on the loan repayment. There are other risks that the guarantor is exposed to.

Policymakers are worried that the number of Covid claims is only 8,500 with a claim amount of Rs 135 cr.

The government has extended various financial deadlines from March 31, 2020, to June 30, 2020.

The policyholders can send the maturity claims and survival benefit requirements by email. The mail should be sent to the servicing branch. Make sure that the mail ID is used only for sending the claim requirements and not for any other purpose.

The RBI bonds are attractive as they are currently offering a higher interest rate as compared to bank fixed deposits and other financial instruments offering an equal degree of safety.

The earlier deadline of three-month EMI moratorium was ending at May 31, 2020

“With this recent pandemic outbreak, the real estate sector is likely to be handicapped in the short term, impacting over 250 related industries and economic sectors."

Currently, an employee contributes 12% of his salary to the EPF account. The employer matches the contribution.

As per the announcement, "Due date for all income-tax return for FY 2019-20 will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from Sept ember 30, 2020 to 31st October 2020."

Industry body Nasscom is reviewing labour laws from WFH perspective and will submit a report next week.

Given below are five reasons why your EPF withdrawal claim can get rejected by the EPFO and what you should do to avoid the rejection of a claim.

"During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown," stated Paytm Payments Bank.

Times may seem bleak, but this too shall pass, and when it does, we will need to get ready for life to return to normalcy. Part of this normalcy will be finances, and for life to move on, it's crucial to make sure savings have not been eaten away through avoidable medical expenses.

Rent payment is one of the biggest monthly expenditures, especially for youngsters living away from parental homes. In the case of credit cards, accrual of interest gets tricky.

Tax will be deducted from the dividend at the time of payment by the company/mutual fund house if the total amount of dividend being paid to the individual during the financial year is more than Rs 5,000 at the rate of 10%.

RBI reasoned that the financial position of the bank is highly adverse and unsustainable. There is no concrete revival plan or proposal for merger with another bank. Credible commitment towards revival from the management is not visible, observed the central bank.

The extension will see some relaxations which will be regulated based on the spread of the virus in districts

Additionally, LIC settled 20.3 million maturity and money back claims and annuities over the financial year, it said while settling 750,000 death claims in this period.

Templeton has wound up $4.1 billion of debt funds after a liquidity crisis.

We are all in this together, so the ideal way is to stay transparent with your consumers about what your business is going through. Customers can empathize with companies facing a crisis, as long as the communication is transparent.

Total 78,000 homes or around 12% of total unsold residential inventory across top seven property markets in India as on March end are ready to move in apartments.

As per the chartered accountants, the deadline for employers to issue the TDS certificate i.e. Form 16 for FY2019-20 to employees has been extended to June 30, 2020, via the ordinance dated March 31, 2020.

A total of 16 death claims related to covid-19 processed till date, LIC said. All coronavirus deaths to be treated at par with other diseases for claim settlement. The insurer announced that it has announced five plans available online which customers can purchase from home during the lockdown.

Asking customers to protect their financial details, Axis Bank said in an e-mail to customers said fraudsters have started a new modus operandi to gain access to banking details. Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts.

The government has recently amended the EPF withdrawal rules which allow an EPF member to withdraw money in case of emergency due to COVID-19.

The IPO is a time-consuming thing, which is going to be there, says Vipin Anand.

At the stage of the passing of the Bill, the amendments originally proposed in the criteria determining 'residential status' in India of a person in the Finance Bill 2020 were relaxed. This change will directly impact the non-resident Indian.

This is SBI's eleventh consecutive cut in MCLR in FY 2019-20. Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs. 24.00 per 1 lakh on a 30-year loan.

Attrition has a significant financial implication, hence, SMEs should strive to keep their important people in place during these times. Benefits and incentives can be structured based upon the period of service to increase employee stickiness.

This is the largest ever health sector support from the Bank to India.

Experts believe that the mutual fund industry is already seeing redemption pressures.

RBI has allowed lending institutions to offer a moratorium on loan repayments.

The rate cut was warranted by disruptive force of coronavirus, the central bank said.

The FM announced a slew of measures to ease the burden on the poor who will be hit hard by the lockdown.

This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.

The FM announced that the Economic Task Force will soon announce an economic relief package.

Firms which have less than Rs 5 crore turnover will not have to pay interest, late fee or fine.

Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.

"In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to April 15, 2020, wherever customers are unable to deposit online or otherwise," the life insurer said in a statement.

Market sentiment further deteriorated after the number of coronavirus cases in the country rose.

Analysts were expecting the stock to list at around Rs 780-800 a piece.

Fed said it could increase bond-buying and use other tools to support market functioning.

The oil price crash is largely negative for India despite it depending heavily on imports

The vote for the emergency cut to a range of 1% to 1.25% was unanimous.

An individual having an inoperative PAN may face trouble in several financial transactions.

Pradhan Mantri Vaya Vandana Yojana pension scheme, meant for senior citizens, is available only till March 31.

For taxpayers who have an on-going home loan, the interest paid on such loans helpsthem to lower their tax liability in the existing income tax structure. However, under the new income tax regime proposed in Budget 2020, the interest paid on housing loan is not available for deduction for self-occupied houses. But for taxpayers who have rented out their house property, there is good news.

Government pensioners are required to submit their life certificate every year in the month of November to ensure that their pension is not stopped. The last date to submit life certificate to the pension disbursing bank is November 30 every year.

Section 80C is at the core of tax-savings for all categories of individuals. Whether the individual is a government employee, privately employed or for that matter working in an NGO, use the section 80C basket to save on tax.

Deduction under section 80C is a deduction from gross total income which can be claimed for investment in specified avenues, expenditures up till a specified limit. The existing maximum deduction available under this section is Rs 1.5 lakh, set in 2014.

The spread of financial literacy has made lay investors savvier than before. But some misplaced beliefs persist.

Staff need to submit proof to back-up their investment declarations. These are papers you need to gather.

Here are tax breaks you can claim on various incomes and expenditures under different sections of the Income-tax Act, 1961 that can reduce your tax outgo.

For the child, this age is a turning point as he typically leaves home for higher studies and takes baby steps towards independence, financial and otherwise. He becomes to conduct financial transactions and acquire assets.

Irdai has issued guidelines on standard individual health insurance, asking insurers to cover basic health needs.

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

The Working Group made various recommendations, after which it has been decided to work on the product design and draw up the proposed policy wordings, including the terms and conditions in plain language, keeping the large motor segment in mind.

Life insurers are required to show the details of individual and group death claims ratio on their websites separately. If they are showing a death claim ratio by clubbing the data for individual and group policies, they are violating IRDAI rules.

These companies are from across sectors such as paints, financials, cement, defence & pharma.

Aviva is facing proceedings under the IBC, for not meeting payment obligations to the Apeejay Group.

The rates of return mentioned in the benefit illustration are not the upper or lower limits of what you may get in reality. You may get even higher gross yield of more than 8 percent per annum or lower than 4 percent per annum on your investment.

With proposed draft, consumers can claim upto Rs 75,000. And anything above this limit would have to be assessed by an insurance surveyor.

Diwali, the festival of lights is celebrated by all as the occasion of homecoming of Lord Rama. Hence culturally it has been deemed auspicious to purchase a house at Diwali. A home is not just a structure, but also includes contents diligently acquired by the homeowner over the years.

Post office savings interest up to Rs 3,500 is exempt for single a/cs and up to Rs 7,000 for joint a/cs.

The sum assured depends upon the income of the person and typically a maximum of up to 10 times the annual income is allowed as the sum assured.

Insurance is a way to ensure that you make provisions to face eventualities. You would do well to first incur that expense which protects you. Read on to know when health, motor and personal accident insurance are more needed than life cover.

Adequacy of income is easily tested by the assets that you have accumulated. If you are 40 and the only assets you possess are the home you live in and the PF and tax saving investments you have done, you may not be doing enough.

The PMC Bank crisis saw a substantial portion of depositors’ money getting blocked with the bank. Many fear the worse is yet to come if the bank goes in for liquidation. So, how safe is your deposit in such a situation

Till recently, health insurance policy premiums were only payable on annual basis.

The income tax laws classify the residential status of an individual into three categories, depending on the individual's stay in India in the relevant financial year as well as his/her stay in the previous years. Here is a look at these categories.

LIC registered a business growth of 18 percent in September against last year, and a very robust 42 percent in the first half of the financial year between April and September, the latest data released by insurance regulators IRDAI showed.

The economic offences wing of Mumbai Police jaarrested Rakesh Wadhwan and his son Sarang Wadhwan, directors of HDIL.

It was in addition to a cumulative 110 bps rate cut that RBI has announced so far this year.

Starting today, all I-T notices, letters or other tax related correspondence will carry a unique number.

Gold makes sense for those who have no access to or no trust in the financial system, or expect to be in such a situation. It’s an alternate currency.

A 2017 report by EY, a global advisory firm, highlighted that 75% of households in India have income less than baseline treatment costs for early-stage cancer.

Understand the process before you dash off to renew a lapsed motor policy.

From October 1, 2019, any loan taken will be linked to any one of the 4 external benchmarks specified by RBI.

While children in India have been conditioned to support their parents in old age, times are changing. The rising number of nuclear families, higher cost of living and parents asserting their financial independence, means that the concept of kids as a retirement plan has taken a beating. So how should you support your parents after you have a family of your own?

The report says that the banks want to allow just one transaction per a certain period, say 12 hours.

Recently, CBDT had issued a circular according to which every income tax notice issued by the department will have a computer-generated Document Identification number.

Confused about how TDS is deducted from your salary? Here's everything you need to know about it

The finance minister says CAG’s comments on fiscal deficit are being looked into seriously.

Taxpayers are generally issued notices due to delay in filing income tax return (ITR), mis-calculation of LTCG gains from equity and so on. File your ITR using the correct tax return form to avoid getting notice of defective return.

Individuals now have to deduct tax at source in multiple situations.

No matter your age, work profile (salaried or consultant) or income level, these 9 easy questions will help you calculate the nest egg you need to build.

While the government's aim is to widen and deepen the tax base through these steps, it increases the financial accounting liability for individuals impacted by these rules.

There is asymmetrical information which often leads people to make health-related decisions, not in their best interests, said the survey.

To file ITR, you must first register yourself on the e-filing website of the income tax department.

Salary, FD interest income and TDS were earlier manually entered by the individual in the ITR-1 form.

Interest rates on small savings schemes is reset before each quarter and depends on government bond yields in the previous quarter.

The insurability of smokers is determined by the seriousness of pre-existing lifestyle diseases like diabetes and hypertension.

The due date of filing of income-tax return for AY 2019-20 is 31st July 2019 CBDT has extended the due date of filing of Form 24Q, i.e., TDS return in respect of salary for the financial year 2018-19 from May 31, 2019 to June 30, 2019. The due date has been extended considering the latest changes made by the tax department in Form 24Q .

It is important for one to be aware of when these proceeds are tax-free and when not, in order to take advantage of the tax benefit.

Most people think that retirement planning is a complicated affair and use it as an excuse to avoid this critical exercise. However, retirement planning is not difficult.

Mistakes in dealing with other related areas can in fact derail otherwise careful retirement planning.

What if your newly purchased car, which just got out from the showroom with insurance but without registration, met with an accident? The incident could set you back financially. There can be many questions which can come to your mind, for instance, will you be getting the insurance claim from the insurer? Is your car really insured without registration?

"The amount of deduction depends on the percentage of disability. The deduction claimed is fixed irrespective of the actual expenses."

The Married Women’s Property Act, 1874 protects the property of a wife if the proceeds of her husband’s life insurance policy is attached to pay for outstanding loans in the event of his death or bankruptcy.

ET Wealth decodes some of the lesser-known investments and expenditures that are eligible for tax breaks.

MUMBAI: LIC Chairman V.K. Sharma on Friday handed over a cheque of Rs 2,430 crore as dividend for financial year 2017-18 to Finance Minister Arun Jaitley.

Chronic diseases like Alzheimer's, Parkinson's, AIDs/HIV infection and Morbid obesity should be covered under medical cover if a person contracts such ailments after buying a health insurance policy, according to recommendations of a panel set up by Irdai.

The launch of LIC's annuity plan and rising interest rates have reignited interest in the space. The pension, general annuity and group fund assets under management (AUM) for LIC stand at Rs 6,06,017 crore, significantly higher than those of SBI Life, HDFC Life, and ICICI Prudential Life.

NEW DELHI: If you thought the painful correction seen in domestic equities over the past few days has wiped off all the froth, you may be in for surprise. Market veteran Saurabh Mukherjea, often cited as among the few analysts who had predicted the 2008 global financial crisis, says the India market has 10-15 per cent more downside before it reaches fair value.

NEW DELHI: The rupee hit yet another record low on Monday as it closed at an all-time low of 74.07 against dollar by falling 30 paise, following unabated foreign fund outflows. The local currency opened the day at lower at 73.96 against Friday's closing level of 73.77.

An over 4,600-point fall in BSE Sensex in just 25 sessions may be feeling like disaster! But wait, the worst is yet to come. At least one analyst is predicting a ‘perfect storm’ on Dalal Street in less than six weeks, and citing solid reasons too!

MUMBAI: A majority of millennials look at life insurance as a preferred financial instrument to invest in, to meet their financial goals, says a survey.

Net asset value, or NAV, of most equity funds witnessed a drop in September, as Dalal Street witnessed brisk selling in stocks amid soaring crude oil prices, falling rupee and rising bond yields.

Investors, who put money in equity mutual funds through systematic investment plans (SIPs) in the past one year, are sitting on losses because of the extended weakness in the stock market. Investors are losing money in 123 out of 147 actively managed equity schemes, as per data from Value Research. Small-cap funds have seen the highest fall followed followed by midcap funds and multicap funds.

NEW DELHI: The government has announced that Bank Of Baroda NSE 0.63 % , Vijaya Bank NSE 0.93 % and Dena Bank NSE -0.31 % will be merged into a single bank which will become India's third largest bank. The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, a niche state-run lender for women.

HDFC Bank is 2018’s most valuable Indian brand followed by one of the country’s oldest brands, LIC.

You can file belated return for FY2017-18 by March 31, 2019, i.e., before the end of the current AY.

LIC is present in 14 countries through branch offices, wholly-owned subsidiaries and joint ventures in Fiji, Mauritius, England, Bahrain, Nepal, Sri Lanka, Singapore and Bangladesh, among others.

Indian rupee hit a record low of 70.07 a dollar on Tuesday. In its sharpest single-day fall since September 2013, the rupee had hit an all-time low of 69.93 on Monday despite the Reserve Bank of India's intervention as heavy sell-off in global currencies, including Turkish lira, fuelled demand for safe haven assets.

Frontline indices Sensex and Nifty scaled fresh lifetime peaks in the opening deals on Wednesday.

NEW DELHI: In line with market expectations, the monetary policy committee (MPC) of the Reserve Bank on Wednesday hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19. Repurchase rate, or repo, is the rate at which the RBIlends money to commercial banks in the event of any shortfall of funds.

You just have a week left to file your income tax return (ITR). This year it becomes all the more important to file your return on time as you will be liable to pay a late fee for filing your ITR after the deadline of July 31, 2018 (unless the government extends it).

If you are avoiding financial planning due to complicated calculations, be it determining the future value of goals or life cover needed, here are the formulae and calculators that will ease your task, says ET wealth.