Investment, Financial Planning, Mutual Fund & Income Tax Queries

Which Health Insurance policy should I buy for my senior citizen parents

I want to buy a medical policy for my mother, father and me. I cannot decide whether to go for a health insurance or a medi-claim policy. I am looking for something that can help me cover hospital and major medical expenses. My parents are senior citizens (65yrs). I am getting very mixed reactions for the same. Please help me with: a) the difference between health insurance vs mediclaim, b) which one should I consider, considering my parents are senior citizens. Annual premium limit is not an issue. Please suggest?

Aug 3, 2016 by Priyanka, Mumbai | General Insurance

Many insurance agents uses the term health insurance and Mediclaim interchangeably leaving insurance buyers confused between the two types of medical insurance. Mediclaim is an indemnity product, or in... Read More

If I have to invest Rs one lakh in debt funds what would be the taxation before and after 3 years

If I have invested Rs. 100000/- in debt fund what would be the taxation if I withdraw before three years & after three years?

Aug 3, 2016 by Dinesh Parekh, Mumbai | Taxation

Gains arising out of your investments in debt fund if held for less than 3 years will be treated as short term capital gain and more than 3 years will be treated as long term capital gains. To know exact taxation... Read More

Where should I invest money and which MF plan is good

Please advise me where I am invest money and which plan of MF good returns giving For long term?

Aug 1, 2016 by Utkarsh, | Mutual Fund

Please note that each investment product comes with certain amount of risk. If you can take higher risk then you may get higher returns as well. Similarly, products with lower risk, like fixed deposits, will also bear... Read More

I have completed 3 years of LIC agency period with 26 lives and 435000 premium

I have completed 3 year's agency period with 26 lives and 435000 premium. Now my agency is live or not?

Aug 1, 2016 by Saravanan, | Life Insurance

Please note that continuation of your life insurance agency will depend on many factors, annual business being one of them. You should contact your branch manager for this. Meanwhile, please note that, if you... Read More

Is the benchmark uniform for all balanced funds or there is any other benchmark for balanced funds

Some balanced fund schemes mention benchmark as 'aggressive balanced fund index'. Is the benchmark uniform for all balanced funds or there is any other benchmark for balanced fund? (other than 'aggressive balanced fund index'). Kindly clarify?

Aug 1, 2016 by Ramesh B, Vadodara | Mutual Fund

Your query is about Hybrid equity oriented balanced funds. Yes, our research shows most of the funds in this category use CRISIL Balanced Fund Aggressive Index as their benchmark... Read More

Please let me know the exam to be passed for becoming advisor

Please let me know the exam to be passed for becoming advisor?

Aug 1, 2016 by Surendra S Puranik, | Mutual Fund

It seems your query is related to becoming a mutual fund advisor, right? Please read through the following wherein we have given the complete details... Read More

Query regarding Mutual Fund investment in SIP mode for US & Canada NRIs

I started SIP in SBI/ICICI/HDFC/IDFC and UTI mutual funds in 2013 while I was in India and still continuing. Today, my status has changed to NRI (US/Canada based). How should I reshuffle my SIPs so that I am legally invested and FATCA complied? As per the forum, UTI and SBI are accepting investors from US/Canada now. What should I do with ICICI/HDFC/IDFC funds which are already there in my portfolio? How do I update my NRI status in all the mutual fund house? Please suggest?

Aug 1, 2016 by Raju, | Mutual Fund

As your status has changed from resident individual investor to NRI (US/Canada), you should inform this to the respective AMCs. You will also have to submit revises KYC and FATCA forms. In the FATCA... Read More

In case if I have to redeem debt funds before 36months then will I have to pay tax

If I invest INR1000000 (Ten Lacs) in my sons name who is major studying in college, in one of the income funds for the expenses of his studies. In case if I have to redeem units before 36months then will he have to pay tax on short term capital gain. He is got no other source of income. Please advise?

Jul 27, 2016 by Nitin, Mumbai | Mutual Fund

Units held in debt mutual funds for less than 36 months will be treated as short term and will be taxed according to the income tax slab rate your son is falling in. Over and above this 15% surcharge and 3% Cess... Read More

Could you please advise me what should I do with the below ULIP policy which I took in Sep 2009

Could you please advise me what should I do with the below ULIP policy which I took in Sep 2009, without even understanding about it? Abosolute returns after almost 7yrs is ~38%, XIRR is ~9%, Product name ICIC Pru Life Stage Pension - Monthly premium Rs. 1250, Total Investment 1,03,750, Fund Value 1,43,417. From what I understand now, surrender value is 2% upto 6yrs and if 1% after 7-9yrs. Though its just a matter of 1-2 more months to complete 7yrs, I guess 1% does not make much of difference. However, the whole surrender value will be added to my annual income and will be fully taxable. Also from my discussion with one of the ICICI Pru executive, I was told that if I surrender the policy and reinvest the amount to any of their other investment options the whole process would work behind the curtains and I can save income tax on the surrender amount i.e they would not remit the surrender value to my bank account rather internally move it to any of my desired investment option. Therefore, I would appreciate if you can advise on how to proceed on this, also if you can suggest a MF or any other investing option by ICICI to choose from?

Jul 26, 2016 by Ajin Thomas, Ghaziabad | Life Insurance

ICICI Prudential LifeStage Pension Plan is a Unit Linked Pension Plan (ULPP). Unlike traditional insurance plans or Unit Linked Insurance Plans (ULIPs), the surrender proceeds of Unit Linked Pension Plans are... Read More

I have corpus of 45 Lakhs from which I need 30000 income per month with capital protection

I am taking sabbatical and have corpus of 45L, from which I need 30000 income per month at least for next 1 year, but at the same time my capital should be protected. Please suggests mutual funds to invest?

Jul 26, 2016 by Shunyam Teja, Thane | Mutual Fund

You may invest in liquid funds as you want capital protection. Ideally you should put Rs. 45,00,000 in a liquid fund and sign SWP mandate for the fixed monthly withdrawal amount... Read More