January 23, 2017

HEALTH INSURANCE COVERAGE A GOLDEN BOON IN INDIA

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It is truly said that your health is in your hands. Just by having good food, drinking water and jogging on a regular basis, you cannot have a good health. You need to safeguard your family’s health in a systematic manner by taking the genuine health insurance. Many health insurance companies in India are offering health insurance coverage in a methodical and orderly fashion.

Moneymindz is equipped with the good financial advisors, giving personalized financial advice to customers in India, regarding health insurance.

Nature of the Health Insurance Coverage In India:

Critical illness: Health insurance coverage is offered by health insurance companies in India. The coverage of critical illness is chief one. Various critical illnesses are covered by health insurance in India. They are given below as follows:

«Heart Attack

«Multiple surgeries

«Kidney failure

«Bypass surgery

«Paralysis

«Stroke

«Replacement of heart valves

«Neuron diseases and so on.

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Cashless Treatment:  The major initiative of the health insurance is the cashless hospitalization.     Cost of healthcare has increased considerably and your salary is unable to match up to that level. One needs to get admitted to network hospital in order to avail this advantage. The coverage will be up-till the limit specified by insurance company. If you take patient outside network hospitals offering cashless hospitalization, then you does not qualify.

Pre and Post Hospitalization:  A good health insurance will consist of the coverage of post and pre-hospitalization. It is influenced by the type of health insurance plans/policies that are taken in India. 

Co-Pay Facilities:  The major feature of any health insurance plan is known as the co-pay facilities. Procedure, where in policyholder will pay some percentage of the amount from his/her pocket for health care related services. This play a major role in saving lot of money for the policyholder, as all medical expense/treatment expenses does not come on policyholder.

Family Floater Policies: One can go ahead and include your family members against multiple diseases under a single coverage. They offer, certain assured amount, that can be used, when your family members gets admitted to the hospital.

Room Rentals:  During the hospitalization, going in for the private room/single room/ shared rooms holds the key. Going in for private room/single room with higher end facilities is always good. It would be nice, if your policy covers the room rentals.

Renewable Insurance Policies: Duration of the health insurance policy is the foremost factor in taking up good health insurance policy in India. Your health can get worse, so make sure that health coverage, premium taken is very reasonable. You must renew the plan after one year by paying relevant premiums. Furthermore, one must go in for a plan, having renewal facilities and stick to the plan for some years to reap the benefits.

Hence, health insurance in India is coming with various types of coverage. You must try to select the proper health insurance coverage suiting you and your family. 

TO KNOW MORE ABOUT HEALTH INSURANCE:

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022 – 6211 6588

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MISTAKE TO EVADE WHILE UNDERTAKING TAX PLANNING IN 2017

MoneyMindz.com India's First Free Online / On-call Financial Advisory

MoneyMindz.com India’s First Free Online / On-call Financial Advisory

New Year has arrived, bringing happiness to one and all. The main part of tax planning, allows the tax payer to utilise various tax freedom, deduction, and the advantages to minimize tax liability in a particular financial year.  There is a saying by a famous personality “In this world nothing is certain, other than death and taxes”. 

Moneymindz is top in offering personalized financial guidance to customers in India. Our team of financial advisors are the best in India.

Many people are clueless about the danger of not doing tax planning in India. It is the key quality of the overhaul financial planning and must be planned in a logical fashion. When we are working in companies, we get email from finance department staring that some documents must be submitted to avoid getting taxed.  Some people respond to the query, and some ignore the email. 

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Common Mistakes Done By People Relating To Tax Planning in 2017

Disregard Expenses That Are Tax Exempted: Many people do not know that expenses incurred relating to children tuition fee, insurance premiums, house loan, house rent qualify as the main tax deductions. They do not submit the required bills and end up on the losing side.

Too Much Of Investments In Equities: Most of the investors/customers like to invest in the equity linked savings certificate, offered by mutual funds. This will qualify for tax deduction under Section 80C. The mistake done by the Investment In Equities are as follows:

« Huge investment of money at once.

«Wrong time in doing investment.

«Investing huge amount at end of year.

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Hence, it is advisable to distribute the investment through the entire year. 

Investment For Saving Tax:  You want to save lot of money to save the tax in India. Sometimes, you will take inappropriate judgements and it impacts the tax planning. You must be careful in making the investment in Mutual Funds, Insurance Plans, Shares, Stocks and other financial products.

Investment In Endowment: When you go to bank during tax seasons (April—March) the executives try to sell financial products. Most of the people, do not understand that schemes like the endowment plan is a long term financial plan, having maturity of 10-20 years. Some part of the endowment plan goes towards mortality charges and distributor commission.

Investment Done On Advice:  One hears a lot of advice from your friends/colleagues regarding financial products. People like financial advisors, certified financial planners, mutual fund advisors, money managers, insurance agents, relationship managers will sell financial products. Furthermore, they attract customers and most of them take financial products not knowing pros and cons. This is matter of great concern and must be resolved.

Investing In Incompetent Scheme:  The people in India make the error of investing in long term fixed deposits, insurance, National Savings Certificates (NSC). The interest earned on the Fixed Deposits and NSC is very taxable. One must always go in for the products like the Investment in PPF (Public Provident Fund) that comes under tax deductions and the interest earned is tax free.

So, please be well-organized and have lot of data, to avoid the mistakes, while investing to save tax.

TO OVERCOME MISTAKE WHILE UNDERTAKING TAX PLANNING:

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DIFFERENT FACTS TO GLANCE ABOUT PENSION SCHEMES 

MoneyMindz.com India's First Free Online / On-call Financial Advisory

MoneyMindz.com India’s First Free Online / On-call Financial Advisory

Imagine you are working hard in a company for many years. You earned lot of money and then one fine day, the retirement day comes. At this juncture, you need the protection from unforeseen situations. The pension schemes do come into the picture.

Factors like the enhanced life expectancy, increase in the cost, nonexistence of social security system; nuclear family system has made the retirement planning in India very important.

Various factors are responsible, while taking into account the pension schemes in India. Moneymindz is best in offering personalized financial guidance to customers in India. 

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Phases About The Pension Schemes In India

Various features play a crucial role in selection of the pension schemes in India and they are given below as follows:

Accumulation Phase: It is the chief part of the life, where in you invest in certain pension plan on a regular basis. You will try to invest in ULIP, Mutual Funds, Direct Stocks and others.

Distribution Phase: An exclusive situation, where in one start withdrawing money from wealth accumulated.

 Features of Pension Schemes In India:

Long Term Protection: A major feature of the pension scheme in India is to offer the extended term protection to citizen till the person lives.

Premium Options: The chief part of the pension plan is to opt for the premium option to suit various needs of the customers in a logical fashion. Some plans will have higher premium and some will have lower premiums. You need to be careful in selecting correct plan with reasonable premium option.

Death Benefits: After the death of the policyholder, while policy is in force, the nominees will receive sum assured, fund related values and a huge percentage of premium paid by policyholder.

Life Time Income Plan: A good pension scheme in India offers regular income to the policyholder after the retirement. Pension can be received by person on a monthly, quarterly, half-yearly and yearly basis.

Effective Insurance Benefits: You must select a proper pension plan, offering good insurance benefits, to get high taxation.

Superior Tax Benefits: A good tax rebate will play a vital role in getting financial relief. This will also play essential role in planning your retirement life in a good manner.

Fundamental Concepts You Must Know Relating To Pension Schemes:

Vesting Age: It is the age, where one starts receiving the pension.

Annuity: It is a regular monthly pension payment, available to a person, after you reach a particular age.

Sum Assured: The amount received by the nominee, during the death of the insured person.

Accumulation Period: A place, where in you pay the premium to gather the funds for retirement purposes.

Surrender Charges:  A type of charge introduced by insurance company, if you stop policy before vesting age.

The pension schemes are the first-class option to give you peace of mind during old age. 

TO KNOW MORE ABOUT PENSION SCHEME:

Give Missed Call on

022 – 6211 6588

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