December 2016

Imagine you have got lot of wealth; however you do not know to manage it. Can be frustrating, but not to worry. Tax planning advice given at Moneymindz is good in getting you out of trouble.  Goodbye 2016, 2017 will be the year, where customers will do smart tax planning to save their hard earned money. Concept revolving analysis of your financial situation from customer’s point of view, to plan finances in a systematic manner is called Tax Planning.

Types of Tax Planning:

There are two kinds of tax planning making waves in India.

Tax Planning For Salaried Professionals:

Employees in India do not know to manage their finances. At this juncture, tax planning is the major tool to manage financial resources. Moneymindz offers priceless advice to executives, salaried professionals. Some of conditions for Section 80C reduction are as follows:

  • You must have public provident fund.
  • Should have National Savings Certificate.
  • Must have fixed deposit with banks/post office in India.
  • Paying tuition fees for education of child.
  • Having equity linked savings certificate (ELSS).

Tax Planning For Business/Elite Class:

Various tax planning services are available for the business/elite class in India. It consists of companies/organizations having elite ranks like MD, CEO, Vice Presidents, Business Magnets and others. Moneymindz offers valuable financial service and financial assistance. During this scenario, Certified Financial Planners are allotted to high profile clients on an exclusive basis.

Most of the Certified Financial Planners at Moneymindz are well trained and communicate using telephone/email/chat support, helping the esteemed clients with various tax related documents.

Certified Financial Planners are good in undertaking tasks like:

  • Tax planning
  • Research in investment and financial opportunities.
  • Regularly monitoring financial plans of clients.
  • Updating with changes in market.
  • Compliance and accounting requirements.

 Advantages of Tax Planning:

Tax planning is good for various reasons like:

  • Helps in reducing the tax liability.
  • Helps in good investment.
  • Encourages investment in a productive fashion.
  • Economic stability
  • Mitigate the risk component.
  • Helps in overcoming inflation.

Disadvantages of Tax Planning:

  • You will incur surrender charges.
  • Complicated to understand.
  • Illegal things take place in the name of tax planning.
  • Risk factor may/may not get covered.

Hence, I would say that Moneymindz is best place to get advice on tax planning in India.

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Your life is the gift of god. A unique contract done with the insurance company, in exchange for premium payment is life insurance. Best financial advisors@ Moneymindz, gives financial service in India about the concept of life insurance. Life is like a rainbow and you need family (sun) and rain (insurance) to see true colour of life.

Types of Life Insurance:

Life insurance is the major pillar of personal finance, and consists of:

Whole Life Insurance:  Coverage given to the person for his/her entire life term is known as the whole life insurance. Once policy gets matured, then you can borrow a part of policy amount.

Universal Life Insurance: A kind of insurance offering flexibility in premium is known as universal life insurance. Policyholder gets choice between paying minimum premium to insurance policy/paying money towards cash accumulation. Moneymindz educates the customer on universal life insurance.

Variable Life Insurance: Unique life insurance policy, consisting of offering permanent protection to beneficiary, during death of the policyholder. Premiums can change up and down depending on the nature of the insurance policy. Moneymindz offers quality advice on variable life insurance.

How Premium Of Your Policy is Calculated?

Well, it is simple. Most of the insurance companies take your age, gender, medical weakness, lifestyle, your family medical history in calculating the premium. If you are a smoker, then cost of premium will increase, as you are prone to various diseases. Talented Financial Advisors at Moneymindz comes into the picture in educating people of India regarding the life insurance policy.

Advantages Of Life Insurance:

Some of the major advantages of the life insurance in India are:

  • Helps in offering high risk cover keeping you/your family for longer duration.
  • It is good in securing a bright future for your family.
  • Get finest return on investment compared to other investment plans.
  • Comes with the remarkable tax benefits for the salaried person under section 80C/80D, Pension Superannuation Fund, Employee Provident Fund(EPF), National Savings Certificates (NSC) and public provident funds (PPF).
  • Fantastic additional benefits are added to life insurance policy.
  • One life insurance policy can be exchange for another life insurance policy.

Disadvantages Of Life Insurance:

Some of the cons of life insurance policies are as follows:

  • Premium rates will change, depending upon type of insurance.
  • Check, if insurance company is genuine
  • Do check, if insurance company is bankrupt or not.
  • Coverage offered only for fixed periods.
  • Policies are very expensive and beyond reach of common man in India.

So why to worry regarding your life? Moneymindz is good in offering honest advice on Life Insurance and secure your family’s future.

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A loan taken to create and enhance your business potentials is the Business loans. Come 2017, People in India will go for business loans, as they want to be self reliant. Moneymindz offers great financial advice on business loans.

Document For Business Loans:

Generally, banks/private money lenders ask for documents like:

  • Income and expenditure documents.
  • Cost of the property.
  • Credit history of the person.
  • Previous track record of repayment.

Factors Influencing Business Loans:

Various factors influence business loans like:

  • Interest rates
  • Processing fees
  • Payment conditions
  • Payment/Credit history
  • Your revenue
  • Assets

Various Kinds Of Business Loans:

There are various business loans available in India like:

Term Loans:

A unique kind of loan introduced in order to deal with valuable assets like building, land and machinery. Term loan will have a fixed repayment and it will be monthly/ quarterly basis. Assets financed by the term loans consist of building construction, land/building, renovation, establishing infrastructure, expand business, small/heavy machinery and others.

Loans Against Property:  

Loans against property:

can be used for creating working capital, set up/expand new business, purchase land/business houses, providing salary/medical treatment to the staff, advertising, research/development, and others. Moneymindz offer financial advice for taking up loans against property.

Gold Loans:

Loan given to an individual against gold jewellery, gold coins, gold bars is the gold loans. Moneymindz offer financial advice in gold loans. Market value of gold is increasing and gold can be pledged in banks/financial institutions.

Start Up Loans:

loan offered to set up small business houses in India, in exchange of securities is the start up loans. 2017 will see rise of many start-ups and Moneymindz will offer financial assistance in start up loans.

Acquisition Loans:

Loans taken from bank/investors to take over company is acquisition loan. Moneymindz gives expert guidance for acquisition loans.

Loan Against Shares/Financial Securities:

Various loans are given against financial securities like Demat accounts/shares, exchange traded funds, mutual funds, fixed maturity plans, insurance policies and savings bonds. Moneymindz gives expert guidance for all shares/financial securities.

Letter Of Credit:  

A unique letter, where in bank guarantees, seller receives payment on various conditions is letter of Credit. If buyer is unable to make payment for purchase, bank will take outstanding amount. It is used in national and international transactions.

Hence Moneymindz, offers financial assistance, and advice, to customers in taking up business loans.

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There is no such place better than home in entire universe, where your loved ones rejoice. In 2017, go for a new home insurance to provide protection to your house in India. People at Moneymindz guides customer to get home insurance in adding value to your home.

A house without insurance is like a tree without leaves. Insurance available in order to protect your house from any kind of natural/manmade calamities is the home insurance.  

Why Home Insurance?

Home insurance is the major type of insurance available and India is the land, where socio-political environment always changes. Incidents in India like riots; changes in climate, burglary, flood, earthquake, landslides, and cyclones are very common in India.

Hence, the home insurance plays a unique role in offering protection to goods/appliances/antique pieces in a systematic manner.

Classes Of Home Insurance In India:

Home Insurance is created to protect the various needs of customers in India. Some of the types of the home insurance are as follows:

Standard Home Insurance: A unique home insurance, offering coverage against any hazards. Sum insured is land value of the plot/cost of constructing the house. It is Ideal for houses, flats, row-houses and others.

Building Insurance: It is a unique form of insurance, where in protection is offered against risks. It consists of the kitchen, bathroom, buildings, ceiling, garages and others. Huge buildings come under this bracket.

Item Insurance: A good house has good items like TV, radio, fan, computer, printer, beds, sofas, fridge, Jewellery, fish tank, cupboards and others are covered. It helps in replacing above items with ease during natural/manmade calamities.

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“Let’s say goodbye to the year 2016. New Year 2017 is waiting, where one can embark on a long, healthy and happy life.

Health Insurance comes into the picture, because changing your health related habits, no matter, how good or bad you are is impossible.  Remember, your mind and body is not a commodity, it is a temple and must be worshipped.

Kinds of Health Insurance:

Insurance taken up to protect the policyholder from health issues is Health insurance. It can be categorized into many types like:

Individual Health Insurance: Hospital in India is offering good medical facilities. Due to increase in facilities, cost of healthcare has risen. Moneymindz gives valuable advice to customers in India, making sure you take health insurance and be financially prepared for any situation.

Family Health Insurance:  A unique policy, covering entire family and cheaper than individual insurance. Moneymindz gives personalized financial guidance to customers in India take up quality health insurance. It covers the entire expense like surgical cost, pre-post hospitalization, expense, and others.

Unit Linked Health Plan (ULHP):

A sweet combination of health insurance and market linked plans. ULHP does consider age, gender, health, disease and others.

Returns from the ULHP will be paid at the end of the policy term. Moneymindz give advice to customers in India relating to health insurance.

Challenge Your Health New Year Resolution With Some Creative Steps:

The major Health insurance New Year resolutions @Moneymindz is given below:

  • Challenge Your Insurance Premiums by saying no to smoking: A Policyholder (smoker) will need to pay, more premium compared to non smoker, because of health related issues. Moneymindz guides policyholder to take up genuine health insurance.
  • Goodbye To Stress : Money mindz gives personalised guidance @health insurance for people in India. They take health insurance and say goodbye to stress, insomnia, heart disease, poor diet and others.
  • Kick out Alcohol: People in India face health related issues due to binge drinking (People consuming 5 /more in a day) is on high. Money mindz offer good advice to customers in India to take up health insurance and get rid of worries.

                   So be healthy mindz with Health Insurance advice from Moneymindz.

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      India's First Free Online Financial Advisors

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                  2017 New Year Resolution On Financial Investment To Save Your Future

In 2016, you were travelling by bus. Imagine you purchased a car on Christmas Eve, using all your hard earned money. You have spent lakhs on your car and would love to protect your vehicle. This inflates your ego and deflates the neighbours.

Process of protecting vehicle/automobile against any damages, like the accidents/calamities are known as Auto Insurance.

Comprehensive advices on the auto insurance packages are offered by Moneymindz.

Types Of Auto Insurance:

There are various kinds of auto insurance available and types of auto insurance are as follows:

Liability Insurance: Insurance dealing with cost of repairing the car, damaged in the crash with buildings/other vehicles is known as Liability Insurance.

Collision Insurance: A unique kind of insurance where in, once you have an accident, the insurance company pays for your repairs. The payout of the insurance company do not consider the new vehicle.

Comprehensive Insurance: Good insurance cover offering protection to the owner of a car/automobile against the damages not related to collision is Comprehensive Insurance.

Damages like

  • Fire
  • Vandalism
  • Theft
  • Scratch on the vehicle
  • Damage done by animals
  • Riots leading to damage of car

Will be covered by the comprehensive insurance.

Uninsured Motorist Insurance: A valuable insurance offering assistance to driver, not insured in overcoming expense regarding accidents is uninsured motorist insurance.

Medical Injury Protection:  Unique auto insurance offering protection to driver/co-passengers from any accident is Medical Injury Protection. It helps in covering your medical/bills and other medical claims.

No-Fault Insurance: An insurance cover covering injuries/damage to property, no matter who is responsible for accident is known as No-fault insurance.

Gap Insurance: A kind of insurance, in which owner has not cleared the complete payment of their automobile/car is known as the Gap Insurance.       

Pros of the Auto Insurance

Some of the advantages of the auto insurance are:

  • It offers various benefits to driver and co-passengers.
  • Covers repairs, relating to damage caused by the accidents.
  • Helps in replacing your car, if it is stolen.
  • Covers all damages manmade and natural.
  • Covers the legal suits and issues.
  • Gives benefits to the survivors after death of the insured person.

Cons of the Auto Insurance:

Some of the disadvantages of the auto insurance are:

  • It is very expensive and impossible to bear.
  • Most of the policies are over hyped.
  • Will include extra features, where buyers need to make payment.
  • Paying premium on monthly basis is very disgusting.

Auto insurance is the major non human insurance mechanism and you must enquire properly before going for it.

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Insurance Intermediaries

  • Insurance is a complex product representing a promise to compensate the insured or third party according to specified terms and conditions in the event of the occurrence of a covered contingency. In most insurance transactions there is usually an intermediary – an insurance agent (individual or corporate) or an insurance broker.
  • Insurance intermediaries serve as a bridge between consumers (seeking to buy insurance policies) and insurance companies (seeking to sell those policies).
  • Insurance brokers are licensed by the IRDA and governed by the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002. Individual insurance agents and corporate agents are also licensed by the IRDA and governed by the Insurance Regulatory and Development Authority (licensing of Individual Insurance Agents) Regulations, 2000 and the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002, respectively. These Regulations lay down the Code of Conduct for the respective intermediaries.
  • An intermediary has a distinct role to play in the entire life cycle of a product, from the point of sale through policy servicing, up to claim servicing. An intermediary shall provide all material information with respect to a proposed cover to enable the prospect to decide on the best one. The intermediary is expected to advise the prospect with complete disclosures and transparency.. After the sale is effected, the intermediary must coordinate effectively between the customer and the insurer for policy servicing as well as claim servicing.
  • IRDA has prescribed regulations for protecting the interests of policyholders casting obligations not only on Insurers but also Intermediaries. These prescribe obligations at the point of sale as well as policy servicing and claims servicing.

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1. Professional Management

Mutual Funds provide the services of experienced and skilled professionals, backed by a dedicated investment research team that analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme.

2. Diversification

Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own.

3. Convenient Administration

Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient.

4. Return Potential

Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities.

5. Low Costs

Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors.

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One has surely heard the popular saying “The only thing predictable about life is its unpredictability”. Emergency needs are the norm in life. Renovation of one’s home and emergency hospitalisation expenses have to be borne at the right time and personal loans help to tide over the crisis. Personal loans are just the right loan at the right time.

What is a personal loan?

Personal loans are unsecured loans given by banks and non banking financial institutions which allow the borrower to obtain funds without offering any security as a guarantee. These loans are available for both the salaried and the self employed. These kinds of loans as they are unsecured in nature offer a higher degree of risk to the lender. To compensate this risk the lender charges a higher rate of interest. A good credit history is a must in order to get these loans sanctioned. These kinds of loans are mainly used for foreign travel, marriage expenses, emergency hospitalisation expenses, educational expenses and so on.

What is the criteria for obtaining a personal loan?

  • This type of loan is generally availed by salaried individuals, self employed professionals such as doctors, engineers, chartered accountants, contractors and self employed non professionals.
  • The minimum age for obtaining a personal loan is 21 years and the maximum age is around 58-60 years for a salaried employee. For a self employed individual the maximum age can extend up to 65 years.
  • The minimum monthly income necessary to avail these loans from banks is in the range of INR 10000-15000.Some banks have a higher income criteria in the range of INR 20000-25000.The minimum monthly income is similar for both salaried and the self employed.
  • The borrower needs to be in his or her current residence for at least a year. Certain banks specify a requirement of 2 years
  • A salaried employee is sanctioned an amount in the range of INR 50000-INR 20 Lakhs. For a self employed individual the loan amount sanctioned is around INR 1 Lakh-INR 20 Lakhs. Loans will be dispersed in a time frame of 4-7 days.
  • The tenure of a personal loan can be around 1-7 years.
  • The processing fee is around 2-2.5% of the loan amount sanctioned. Pre payment charges are 4-5% of the principal amount outstanding and also depends on the lender, loan amount and the time period.
  • A salaried employee should hold his current job for a period of 1-2 years. Certain banks ask for a confirmed employee status. The self employed individual should be in the current business for a minimum time frame of 1-2 years.
  • The documents required for a salaried employee are an identity proof, photograph, pan card, residence proof, salary slip and form 16.For the self employed the last 2 years ITR,6 months bank statement ,proof of business, business profile, degree certificate,3 years CA audited balance sheet and a profit and loss account.

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India is a nation consisting of people from the poor/middle class and hence will be careful in spending their hard earned money. Simply earning is not good enough; you must also know to effectively channelize your savings in a logical fashion.  

Financial Advisors @ Moneymindz is unique, as it is India’s top financial advisory company assisting people of India in offering financial freedom and advisory mobile applications. Moneymindz is India’s largest financial search engine offering free advices. Many people have been educated @ Moneymindz, regarding financial concepts and financial products under one roof.

An unbelievable financial advice can make a vast difference in your life. Pick up your mobile and give a missed call at 022-62116588.

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