You need to be admitted to a hospital for 24 hours to receive health insurance coverage under individual health plans (IHP). Suggested video Tip: Health Insurance And Duration Of Hospitalisation ...
For every year, you don’t make a claim in an individual health plan (IHP), most insurance companies typically provide an additional insurance coverage of 5 per cent of the sum insured. Suggested video Tip: Get Health Insurance No Claim Bonus ...
Pre-existing diseases typically get covered in health insurance plans after 48 months of buying the policy. Suggested video Tip: When Health Insurance Covers Pre-existing Diseases ...
Buy a health insurance plan when young. In early work life, you typically don’t have savings to absorb financial shocks from medical emergencies. Suggested video Tip: Why Buy Health Insurance When Young ...
You benefit from paying a low premium on buying a life insurance plan early in life. What’s more, you pay the same premium for the next 20-30 years of the term. Suggested video Tip: Why Buy Life Insurance When Young ...
Go for a top up SIP from mutual funds, early in your work life. Or, opt for them after important life milestones such as marriage and birth of children. Suggested video Tip: When To For A Top-Up SIP? ...
When going for a loan, ensure that EMIs for all your loans don’t exceed 50% of your take home pay. Suggested video Tip: How To Not Borrow Too Much ...
Family floater health insurance plans are cheaper than individual health plans (IHP). Buy both categories of health plans so that you have adequate insurance even during times when more than one family member needs health insurance coverage. Suggested video Tip: Why Buy Both Individual &...
Contrary to popular misconception, systematic investment plans (SIPs) are available for not just for equity funds but for other mutual fund categories such as debt and liquid funds. Use SIPs to meet such needs too in orders to get the most out of mutual fund SIPs. Suggested video Tip: SIP For...
Returns from mutual fund systematic investment plans (SIPs) and lump sum investments typically differ as SIP and lump sum investment amounts get different time periods to grow. ...
That’s right. You can get started investing for your child’s future by starting a systematic investment plan (SIP) in the name of your new born child. Suggested video Tip: An SIP For A New Born Child...
Opt for the growth option in liquid mutual funds if you are in the lower tax slabs. Choose dividend re-investment option in case of highest tax slab.Suggested video Tip: Which Liquid Fund Option To Choose?...
Fixed Maturity Plans (FMP) invest in government securities, corporate debt and money market investments and hold them till maturity. This helps them provide fairly stable returns. Suggested video Tip: Why FMP Returns Are Mostly Stable...
Two to three years before you need the money, gradually shift your money from higher risk, higher growth investments like equity funds to debt funds. This will secure the gains you have made over time and help use them for major needs like children’s higher education. Suggested video Tip: S...
The useful life of a building in India is typically 50 years. Avoid properties that are more than 25 years old. This is more so if you intend to take a 20-year home loan. Suggested video Tip: Avoid An Old Building When Buying a Home...
A consistently outperforming equity linked savings scheme (ELSS) need not declare dividends but handsomely reward you in the long-run. Buy ELSS for long term growth of your money and benefits of annual tax deductions. Suggested video Tip: Don’t Buy an ELSS for Dividend ...
Compare your scheme’s performance with its benchmark and peer schemes over one-, three- and five-years. Ensure comparisons with the right benchmark and peer schemes. For instance, compare a large-cap equity fund’s performance with other large-cap equity funds and appropriate benchmarks....
Much depends on whether you have a regular income and whether you can save regularly. However, annual life insurance premiums are typically lesser than quarterly and monthly premiums....
When investing in a mutual fund through a systematic investment plan (SIP), choose an SIP date when your bank account is likely to have appropriate balance....
Choose different SIP dates Opt for different SIP dates for you and your spouse even when investing in the same scheme. Then, both of you get more opportunities to buy more units when the markets is down and less when the market is up. This ensures that your average cost of buying the unit is...
Ensure that you buy a term plan from a life insurance company after you take any loan be it a home loan or car loan. This life insurance coverage will protect your family from repayment obligations in your absence by covering the outstanding loan....
Typically, 3-6 months of family expenses in liquid investments like savings account and liquid mutual funds, should suffice. Have more if the need be if there are specific requirements like a family member with a chronic medical condition....
Check whether outpatient department costs (OPD) are covered by your health insurance plan before buying it. OPD expense claim is one of the main reasons for health insurance claim rejection....
Opt for growth option of equity funds to save more major future needs like child’s higher education...
Remember, the last ELSS SIP instalment stays locked in for 3 years from the date of investment...
Travel insurance policies typically cover individuals from 6 months to 70 years. Some policies extend the coverage to 75 years....
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