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Pension plans also known as retirement plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Even if a person has a good amount of savings, a pension plan is nevertheless crucial. Savings get exhausted very fast and are sometimes used in emergencies, so selecting the best pension scheme helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in pension plans, the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. A right pension scheme lets you plan for retirement in a phased manner. So it is advisable to choose a best pension plan that can act as a savior in your golden years.
Retirement planning can be described as the process to determine the retirement income goal by managing and planning the long-term and short-term finances in order to achieve these goals. Retirement planning involves identifying different income source, analyzing the financial objectives, estimating the expenses, implying savings program and managing risk and assets. It is important to estimate the future financial objectives in order to determine the retirement income goal.In today’s day and age, it is very important to have a proper retirement planning so that you can deal with the eventualities after retirement and maintain a good lifestyle in the retirement years. With the help of proper retirement planning, you can create a financial cushion for future so that you can live your golden days of retirement in a stress-free and hassle-free way.Once you start earning it is important to plan your financial future at the early stage of life. For most of the individuals, retirement planning is an old age thing to do. But planning for a secured financial future with a retirement plan in India while you are single and in the job is a wise thing to do.Though everyone has their own perspective when it comes to being financially independent, Retirement planning is an issue that needs deeper planning after considering the various choices available.Retirement plans in India are one such option that ensures a safe and tension free retirement. They are among the most popular choices made in context to the planning of one’s retirement. Since there are many different types of retirement plans in India, it is important to consider your own needs before you decide to choose one for yourself. Let’s take a look at the top 5 tips of retirement planning.
These plans are basically of two types, Unit Linked Insurance Plans or ULIPs that provide returns based on market performance, and traditional endowment plans that offer a lump sum or annuity pay-out at the end of the policy term when the life insurance policy matures. These types of saving schemes or investments offer life coverage and returns but differ in their construct.A sound investment plan with life coverage and returns invests the premium paid by policyholder in the market instruments and give market returns. These returns are comparatively volatile as they depend on the performance of the stock markets.Whereas, an endowment plan offers lower but safer returns. However, a customer does not get to know where they are saving money or it is being further used due to the opaque construct of endowment plans, unlike ULIPs where they know where their fund is being put. ULIPs offer customers the option to check the status of their investments through a figure called the Net Asset Value (NAV), among others.Nonetheless, endowment plans have their own benefits. Where ULIPs give the policyholder a lot more flexibility and transparency, endowment plans act as a guaranteed return investment plans option as they offer definite profits
Third Party car insurance provides cover against any legal liability to a third party caused when you are the at-fault driver. It covers damage/injury caused by you to another person/property. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act.
A comprehensive car insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability car insurance, a comprehensive car insurance policy offers extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident, collision, theft, etc. A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
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| S.no | Insurer | Third Party Cover | Cashless Network Garages | Add On Covers | Special Features | Exceptions |
|---|---|---|---|---|---|---|
| 1 | Table cell | Upto 7.5L for third party property damage | 4000 and more | Default: Roadside Assistance plan (RSA)* Key & Lock replacementOptional: Zero Depreciation (ZD) Engine Protector PA for Passenger Electrical and Non Electrical Accessories |
RSA and Lock & Key included in all policies by default Instant Policy Issuance Receive Instant Claims Assistance and SMS updates on your motor claim status through 24x7 call-centers. |
RSA cover available for vehicles upto 15 years old Lock & Key cover available for vehicles upto 10 years old ZD and Engine Protector available till 5 years old |
| 2 | Table cell | Upto 7.5L for third party property damage | 2300 and more | Zero Depreciation (ZD) Roadside Assistance plan (RSA) Consumables NCB Protector Hydrostatic Lock Cover Invoice Cover PA for Passenger |
Receive Instant Claims Assistance updates on your motor claim status through 24x7 call-centers. | ZD and RSA plans available for vehicles upto 5 years old Consumables, NCB Protector and Invoice Cover for upto 2 years old vehicles |
| 3 | Table cell | Upto 7.5L for third party property damage | 6800+ | Zero Depreciation (ZD) Roadside Assistance plan (RSA) Engine Protector PA for Passenger Electrical and Non Electrical Accessories |
Unlimited claims for ZD plan in a year! Occupation and Age discounts available Comprehensive support through our dedicated customer support team |
ZD plan available for vehicles upto 5 years old; require previous insurance also to have ZD Engine Protector is available for vehicles upto 2 years old |
A beginner can invest in the following investment instruments: Mutual funds with low-initial-investment Enroll in the retirement plan of the employer Invest in bonds or fixed income plans Investing in real estate.Before investing in these instruments, it is suggested to understand well about them.
The top investments with high returns are: Direct Equity Equity Funds: Small and Mid Cap Plans Initial Public Offering Equity Linked Savings Scheme Peer - to - peer platforms Real Estate
Some of the best investment plans in India are: National Pension Scheme UTI Retirement Solutions HDFC Pension Fund SBI Pension Fund Fixed Income Plans National Savings Certificate Pradhan Mantri Vaya Vandana Yojana Senior Citizen Savings Scheme FDs from Bank Mutual Fund Investment Plans HDFC Small Cap Fund L&T Midcap Fund SBI Small Cap Fund Aditya Birla Frontline Equity Axis Bluechip Fund PPFAS Long Term Equity HDFC Balanced Advantage Fund L&T Hybrid Equity Fund ICICI Balanced Advantage Fund Tax-Saving Mutual Fund Plans Mirae Asset Tax Saver Fund Axis Long Term Equity Fund Aditya Birla Sun Life Tax Relief 96 Although law mandates insurance policy for 3rd party only but it is strongly advised to buy a comprehensive insurance policy that protects your vehicle from man-made or natural calamities. With comprehensive cover, you can claim from your insurer for accidents or damages caused to your vehicle. In the absence of comprehensive cover, you need to foot the entire bill on your own. Thus, with comprehensive insurance policy on your side, you get complete peace of mind that whatever happens to your vehicle on the road, your insurance company will share your financial losses.
The steps to learning investment are given below: Step 1: Get Finances in Order: Before jumping into an investment, it is suggested to first analyze your finances and get them sorted. Step 2: Know the Basics of Investment: It does not require any special skills to start investment; however, it is suggested to learn some basic terminologies of this field. Knowing the terms of investment help you to take an informed decision. Step 3: Set the Goals: After understanding your investment budget and after learning about the basics, the next step is to set your goals. Having a goal helps you to take the most suitable decision about investment. Step 4: Understand Your Risk Tolerance: Would a small loss of money via investment make you weak? Would you be able to bear some loss of your invested money without much effect? These are some of the questions that you can ask yourself in order to access your risk tolerance. Since investment can be risky as well as advantageous. Moreover, the investment with more risk offers more benefits in contrast with the investments that are of low risk. In this way, select your risk appetite accordingly. Step 5: Get to Know Your Investment Style: As you know and understand your investment goals and risk tolerance power, it is time for you to know your investment style. For example, if you are an aggressive investor, then you will like to invest your money in equities. So, find an investment style that best suits you. Step 6: Know the Investment Cost: It is important to know the investment cost. This is because some investment cost cut down the return of the investment. Step 7: You Can Take the Help of an Advisor or Broker: The type of the broker needed by you depends on the amount of time that you are willing to give to your investment as well as your risk tolerance. However, before choosing a financial advisor, it is suggested to know his/her reputation in the market and his/her performance. Step 8: Select Investment Type: Now this step is interesting because here you choose your investment type. However, it depends on the above factors, but if you are a conservative investor, then you should go for low-risk investment options like money market funds. Step 9: Keep the Emotions Far Away: Never let the greed or fear inflate the losses or limit the returns. It is suggested to keep your emotions far away from your investment. Step 10: Review Your Portfolio and Adjust Accordingly: The final step in the investment journey is to review your investment portfolio from time to time. This is because after some time you may want to rebalance your investment in order to get the best returns.
Car insurance companies offer a discount on the premium for installing anti-theft devices approved by Automobile Research Association of India/ARAI. It enhances the security and reduces the chances of making the claim and for this reason, discount is provided on the premium.
Car insurance companies give 50% discount on the own damage premium for handicapped people, provided the vehicle has been modified for their use.
Total loss means accidental damage to a vehicle where insurance company’s share is more than 75% of the IDV.
If you have LPG or CNG fitted in your, you have to get it endorsed in your Registration book or RC. Then, inform your insurer about the change to get it endorsed in your car insurance policy. As the cost of premium will differ basis on the fuel type of your car.
Break in renewal policy is one of the simplest options available in the market to renew your lapsed policy. It means you can renew your expired policy without any inspection and documentation. It is not only hassle free but also a great money saver technique.
A compulsory excess is an amount that your four wheeler insurance company has decided that you will pay at the time of claim settlement. The amount varies on the basis of cubic capacity of the vehicle. For sub 1500 cc vehicles, it is Rs 1000, for vehicles above 1500CC it is Rs 2000.
