December 8, 2016

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Imagine you are working without any returns, can lead you nowhere. Not to worry, the money back policy is here to stay forever. During the untimely death of the policyholder/breadwinner in the family, entire amount mentioned in the sum assured section will be going to the nominee, irrespective of the various benefits, your family has received.

Suitability Of  The Money Back Policy:

Money back policy is way ahead of other policies in terms of protection. Ideal for middle class, lower middle class, poor families and ideal for people willing to have an insurance plan and maintain liquidity through out.  To be honest, the money back policy is ideal for one’s hard earned money.

Positive Aspects of Money Back Policy:

Some of the positive aspects of the money back policies are as under:

Reap Fruit Of Labour After Some Years:  Unique fact about the money back policy is that the returns accumulate after some year’s investment done by the policyholder. Insurance companies offer benefits in two formats namely

  • First Stage: Payment of first and last payout periods are equally spread over the entire policy For example: If a person takes up policy of 10 years, then benefits will be received every four years.
  • Second Stage: Final payout will be larger than previous payouts and survival benefits. Policyholders must note that survival benefits are offered to them only if the insured person is alive.

Worth Of Money Increases: With the help of the money back policy, the value of the money has increased considerably. Money back policies combine investments and savings.

Tremendous Flexibility:  Most of the policyholders will be offered tremendous flexibility in money back policy. It gives peace of mind and boosts confidence of the policyholder.

Supreme Coverage: Core objective of the money back policy is offering life cover for long duration.

Fine Execution:  Major aspect of the money back policy is plans like the children’s marriage; education, higher studies, purchase of car, house, setting up own company, can be executed in a good manner.

Provides Huge Amount:  Ideal for people living in cities and town, want to have huge amount will go for money back policy. Salaried executives, professionals like lawyers, doctors can follow this policy to satisfy long term financial security.

Hence money back policies are the major component of any person’s financial investment. Money back policies are here to stay in India for ever.

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After working hard for more than 15 or 20 years, people enter old age. At this juncture the concept of retirement comes to the fore. It is not a new phenomenon, where in the person; gets to relax after long duration of work.  Need for the retirement plans cannot be underestimated at this moment.

Significance of Retirement Plans:

Retirement is the next step for a person, after active work life. One has to go through this phase as well and you can lead your life with dignity, thanks to the availability of the retirement plans. The process of retirement will coincide with the employee ability to take up the retirement facilities like the company pension, and host of other concessions.


In India the retirement age has increased from 55 to 60 years for all professionals. However for the government doctors, the retirement plans has increased to 65. Some of the types of the retirement plans are given below as follows:

Deferred Annuity Plans:  A kind of retirement plan allows the person to build a retirement base for the final chapter in your illustrious life. One can pay premiums for limited period and enjoy absolute tax benefits.

Immediate Annuity Plans:  Immediate annuity plan is the one ideal for those individuals, starting their retirement planning after some time. You will pay the huge amount and annuities will start immediately. After the death of the policyholder, the nominee, mentioned in the plan will receive the money on behalf of the policyholder.

Retirement Plan With Cover and Without Cover:

There are two kinds of retirement plans namely with cover and without cover. In Retirement Plan with Cover, during the death of the policyholder, a huge sum is given to the family members.  In the Retirement Plan without Cover, means there is no life coverage. During the death of the policyholder, the nominee gets benefits till the date of death of the policyholder.

Life Annuity Retirement Plans:  During this plan, the pension amount will be paid to the policy holder for certain years. After death of the policyholder, the benefit will go to the nominee, mentioned in the form.

Guaranteed Period Of Annuity:  As per the guaranteed period, the pension is given        for policyholders taking policy for 5, 10, 15, 20 and 25 years. It depends whether, the policyholder survives that period.

National Pension Scheme:  Various retirement plans has been introduced by the government for the people. One can put the savings on a monthly quarterly or yearly basis and after some years one can withdraw approx 70% of the amount. Remaining 30% of the amount must be used in order to purchase and the maturity amount will be taxed.

Salient Features of Retirement Plans:

Some of the retirement plans available in India will come with some interesting features given below:

Enhanced Investment:  Good retirement planning will lead to increase investment and approx 12% of the salary will flow into your account.

Regular Income:  A fantastic retirement scheme will play a vital role in enhancing your income. Furthermore, you will earn regular income after retirement. Opting for more than a plan will be your key to have more income in the future.

Tax Advantages:  Tax benefits are an integral and minute part of the retirement. One must do proper ground work and research regarding the plan/policies and do effective retirement calculations in a logical fashion.  

Need of a good retirement plan is undeniable. If you want to have a sweet life after active work, plan now or repent later.

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The ULIP child insurance is the major type of child insurance and it means “Unit Linked Insurance Plan”.  It is ideal in offering supreme risk cover with various investment options. Furthermore, one can go ahead and invest in stocks, bonds and the mutual funds.

Must To Have Children’s Insurance Plan:

Children’s Insurance Plan is one of the major components of any family life. If you are a caring parent, you will have some dreams for your loved ones. Most of the children’s plan is used in order to take care of your needs and the needs of the family members.

Furthermore, most of our plans are very flexible, as it is for your loved ones. So ahead and enjoy your kid growing up.

Advantages Of ULIP Children’s Insurance Plan:

Various children’s Insurance plan is available at present and some of the important components relating to the Children’s Insurance Plan are:

1. Maturity Benefits:  During the regular plan, the amount will be paid to the parents of the child, and will get the benefits.

2. Benefits Relating To Taxes:  Child insurance plan is the major plan, where in tax benefits is given to the parents, upon unforeseen circumstances.

3. Security:  One can go ahead and give protection to the child in a proper way. Furthermore, child insurance can be ideal way to stabilize your future.

Liquidity Factor:  One can go ahead and can liquidate plan in a systematic manner through partial withdrawals.

4. Exemption From Taxes: Policyholder will get the tax deduction for the premium, that is paid according to the Section 80C and any income of the plan will be free according to the section 10(10) D of the Income Tax Act.

5. Extra Provisions:  You can go ahead and purchase extra facilities, like the Income Benefits, Death Benefits and the Critical illness Benefits.

Documents Required For ULIP Child Insurance Plans:

Some of the vital documents ideal for taking up the Child Insurance plans are given below as follows:

1. Address Proof: Various documents relating to the address proof like the phone bills, water bills, electricity bills, Aadhar cards, driving license, ration cards, ESI cards, and passports of parents can be used.

2. Income Proof:  Documents relating to the income of the parents and company working is important for taking up child insurance.

3. Age Proof: Various documents relating to the age proof of parents must be provided like the birth certificate, passport, driving license and others. Documents recognized by the Government of India will be given recognitions.

So, owing a ULIP Child Insurance is having lot of positive points, and helps us to figure our plans in a systematic manner.

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Children are the future of our society and it is very important that parents take initiative in securing the future of the children. One of the major goals will be to make sure that the children will have a fantastic future and lead good lives.

Need For Traditional Child Insurance:

A successful planning is the core of any insurance policy and child insurance is no exception. Cost of essential commodities/services has been sky-rocketing. At this juncture, if you do not have proper insurance schemes, then your child’s future will not be bright. According to a survey done by a leading advertising agency, an Indian dies in accident every 90 seconds.

Advantages Of Child Insurance:

Some of the advantages of the child insurance are given below as follows:

  • Save on the medical bills: A good child insurance will play a supreme role in saving your medical bills and get rid of unnecessary expenses.

  • Easy Conversion: Supreme child insurance is important for child and parents, as the children insurance plan can be converted into adult insurance plan after child reaches 18 years.

  • Flexible: Good child insurance offers the flexibility to choose various kinds of child insurance plans in a systematic manner.

  • Good Pay Outs: A child insurance plan is ideal to have a bright future for your star kid. After schooling, when your child goes for college, lot of financial help is required. Parents can make sure that sufficient funds are transferred from child insurance plan to fund the studies.

Disadvantages Of Child Insurance:

Child Insurance is the major part of the insurance plan required and some of the disadvantages of the child insurance are:

  • Poor Ratings: Child Insurance plans are not productive, in terms of ratings and investments

  • Genuine Plan: Most of the children plans are not genuine and hence corrupt practices will come into the picture

  • Full of Complications: Most of the situations, the child health cannot be stable and very tough to ascertain, the amount of coverage your child requires

  • Higher Benefits and Higher Cost: Due to the changes in the benefits offered, and the schemes, the cost of premium has increased considerably.

  • Insurance Companies Go Bankrupt: One need to check the status of the insurance companies and also need to check on amount that one is guaranteed upon. Credibility of the insurance companies must be thoroughly verified.

Hence as a result, one can go ahead and pick reliable plan and invest today.

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Financial products are the main aspect of any economy and India is no different. Our economy being a mixed economy gets a terrific boost with financial products. Some of the major role of the financial products would be as follows:

  • Most of the above mentioned financial products will have all the transactions on the mobile phones.

  • People will save money through the online accounts, mutual account, Demat accounts, stocks, shares, bonds, debentures and others.

  • Sale of the smart phones will increase and many banks will revolve their activity around upgrading mobile applications.

  • Banks will eye for finest level of the customer service in promoting various financial products under the sun.

  • Customer will be the vital force in providing the money management to number of service providers.

  • Furthermore, one can set process of auto updating the financial portfolio with your preferences.

  • Banks would use the information regarding to various financial products and offer it to customers like loans, insurance, credit extensions and others.

  • Mushrooming of various financial service providers will take place in India

  • Financial products will find their way in social media like LinkedIn, Facebook, Pinterest, Google plus, Tumblr, Instagram, Bebo, Elixio and others

Benefits of Investing In Financial Products

Various benefits of investing in the financial products are given below as follows:

  • Helps in accessing various diversified portfolios containing various asset and industry segments

  • Reduce the investment risk level by zero, thereby overcoming poor performance by the companies

  • Cost effective investment, where in one can start with small amount

  • A well organized financial product assists you in generating more wealth

  • You will have proper exposure to the products/services; understand its pros and cons.

Risks of Investing in financial Products

Various disadvantages of investing in the financial products are

  • Extremely careful in selection of financial production

  • Can be torturous for rural citizens

  • Products/Services difficult to understand

  • Monthly payments are always high

  • Conditions can be confusing at times

  • Lack of financial knowledge

So, the financial products are the inseparable component of our economy, and decide on the economic growth.

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About Financial Products:

A financial product is a unique facility through which a person can make a financial investment, manage and control the risk, make non cash payments in a logical fashion. These are the mechanism helps a person to save, invest, go in for the insurance and mortgages. Most of the products are issued by the banks, stock firms, brokerage firms, credit card agencies and government assisted entities.

Kinds of Financial Products:

Various kinds of financial products are available and are branded according to the size, volatility, risk and returns. Some of the financial products that are available like the

Money Market Financial Products:

Financial products used in the money market consist of

Capital Market Financial Products:

Capital Markets has got various financial products available below as follows:

Fund Based Financial Products:

Some of the fund based financial products available in the markets would be

Charge Based Financial Products:

Various fee based financial products given below would consist of the following components.

Financial products relating to Banks:

Banks will have various financial products that are available like Corporate and retail segments. Under the corporate segment, would consist of the following like

Deposits Offered By The Bank:

Deposits offered by the bank would consist of the following

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About Demonetization:

Demonetization is the process of removing the old currency units and replacing them with new notes. Whenever, there is a change of currency, old currency and notes will be replaced with the new currency notes and denominations. The first demonetization has taken place in the year 1978 under the guided leadership of the Janata Government. The currencies that were phased out were the INR 1000, 5000 and 10,000 notes. India has experienced the demonetization from early times and one can always take the development in a very positive way.

Cause For Demonetization

Demonetization is the bold move done by the government of Mr. Narendra Modi on November 8, to counter the flow of black money, counter tax evasion, and eliminate counterfeit currencies, corruption and smuggling in the economy. Impact of demonetization has been very good after INR 500 and 1000 were withdrawn with immediate effect on Nov 8, 2016. The move has been welcomed by people from various walks of life ranging from common man, executives, IT professionals and businessman.

 Impact Of Demonetization For The Future:

  • Demonetisation has got a very positive response from people from various walks of life.
  • However it also comes with the pain, people are angry, agitated, losing temper, fighting and devastated with the demonetization drive.
  • Supreme Court intervened and ordered the government to phase out the old cash immediately, replace with the new ones and recalibrate the ATM’s.
  • The positive approach to this bold move will lower the inflation making the products available to the common man at reasonable price.
  • All black money transactions will be under the scrutiny of IT departments

The use of debit/credit cards, mobile banking, net banking and online payments has increased rapidly, thereby reducing the queues to a great extent. Online applications has come to the picture like

According to one official from ICICI Bank, “Online transactions have increased by 80% and this is a good sign.” People who use cash based financial transaction in India are more compared to people using the debit and credit cards. The cash based transactions have come to an end. At present the government is struggling to print and replace new notes. Duplicate currencies are being made by note printing press in Pakistan and demonetization has put an end to that. Services like the Medical facilities, Healthcare, Higher Education, Fruits and vegetables, Groceries become dearer and the common man will be hit.  Consumption of various commodities will also be hit in India.

The worst hit will be the daily wage earners, as they will not receive the new notes and will go to the banks to exchange the old INR 500 and 1000 notes.  The major challenge will be the recalibration of the ATM machines all over the country. Maharashtra and Gujarat has 80 banks for approx 100 villages in India and states like West Bengal, Bihar, UP, Orissa has ten banks for approx 100 villages. Banks, both private and public will have to take lot of initiative and make a pan India presence to make demonetization drive of the NDA government a grand success.

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Imagine, you are not having the job and needs to fulfil the family commitments. At this juncture, one will go ahead and borrow the money. Our economy is mixed economy and no wonder; people will borrow to satisfy their aspirations.

What is Debt?

The process of taking money from one person to achieve your means and end is known as the Debt. A borrower could be a person, company or government.

Debt—One’s Person’s Liability and Other Person’s Asset

Money is the core issue leading to conflict between the individuals and nations. If you are taking the money from someone, you must also have the capacity to repay the amount. If the debt is bad, then there is no point, taking new loans to pay back the old ones. Various ways have been introduced in order to get rid of the debt and some of them are as under:

  • You must control your expenditure and think of ways to improve income
  • One must make a budget to spend on necessary items, utilities like gas and electricity bills
  • Set the financial goals for yourself regarding expenditure and try to bring it down
  • You must figure out the highest debt and think out the means to clear that debt
  • Please make some sacrifices in your daily life to bring down your debt to an end
  • Think about your skills and experience that you would use in a systematic manner to enhance your savings

New Strategies

You may feel that you are reducing the debt. However, the things seem to be not working, not to worry. One can follow certain strategies in a logical fashion. Some of them are:

1. Manage Debts

One needs to be very careful in managing your debts in a logical fashion.  You need to take statement summary, amount owed, monthly payments relating to your accounts.

2.Combine The Debts

This is another procedure, dealing with organizing your debts in a logical fashion. It helps you to pay debts at one shot, lowering your previous monthly payments. Furthermore, after deciding the way to pay the debt, you must decide, on how much debt you can pay.

3.Prioritize Your Payment

Clear the debt that has the minimum value to give you the confidence that you can clear the debts. This will help you to save money and help you to reduce the debt. Please examine your monthly budgets, to see, where one can reduce expenses, and clear the debts. So, be debt free and live life full of happiness and confidence.

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India Becoming Cashless In Future:

Our economy is mixed economy and till date people are using the cash based transactions. The demonetization drive under taken by Our Prime Minister Narendra Modi government on Nov 8 will have far reaching consequences from the year 2017 onwards. Many nations in the western world are using the plastic money. India will steadily venture into the cashless world from next year onwards. However, it is not going to be an easy task, as most of Indians live in villages.

Effects Of Being Cashless In The Future:

Some of the impact of moving towards the cashless economy is very interesting:

  • Common man and people living in rural areas will feel the pain

  • Credit card/debit card will be in more demand

  • Country not equipped for cashless transactions

  • Everybody not open to cashless transactions

  • Farmers and traders are still having INR 500 and INR 1000 rupee notes

  • Daily wage earners/labourers do not know to use the debit/credit card

  • Non banking establishments are offering the payment services and will take time to make pan India presence

  • People doing small transactions will be hit

  • Many traders/merchants feel that online payments are very complicated

  • Internet banking is fast creating waves in the market

  • Every citizen of India will definitely have a bank account

  • ATM are not present near each and every branch of the bank

  • Retail locations and POS terminals are not closer to carry out the online transactions.

Digital currency is the vital topic of heated debate over the coming years and Indian government is pushing towards online transactions and the card based transactions. Various initiatives has been done since past year and concept like e-payment, cashless payments, plastic transactions will be the new mantra for the growth and development of Indian economy.

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