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Budgeting and planning
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Dear Radhika_nandlal, Every indian bank offers Loan/overdraft facility against its own FDs. Normally overdraft facility is available on a FD interest rate + 1-1.5%. Interest Rate on OD against FD is calculated monthly but on daily reducing basis. So from ur cash flow point, u may plan to payback OD as per ur convenience.
From ur LIC policies, not all r eligible for Loan, but if u do have some policies which r eligible for loans, u should opt it as the interest rate is very competitive just 9% per annum & the silver lining is that this loan is also like OD, u don`t have to pay principal amount regularly, just pay 4.5% interest every 6 months.
Plz. visit ur nearest LIC office to know on which policies u`ll be able to get loan & how much?
apart from these, as dear PCS mentioned, u may also get Loan against securities from Icici.
thanks
Ashal...
In reply to:
Investment costs
Posted by :
radhika_nandlal
Yes i have no loans until now... i wanted to take a housing loan to build on top of my parents house..but i am not working so no loan will be given.. Will they give against policies i wonder.... i thought i should begin some business and the best place of course is the terrace of my parents home.. lets see..... nobody is giving loans against fixed deposits etc i think... now SBI is giving 11% interest onf FD.. 
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Dear Radhika Nandlal.
All Banks give Loan Against F.D.
ICICI Bank offers Overdraft Facility ( Better than Loan)against Following ( Called LAS Account )
Selected Shares
Equity & Debt Mutual Funds
FD
NSC
Kisan Vikas Patra.
ULIPS of ICICI / LIC
Best option is to Discontinue Premium Payment for Unwanted Insurance Policies or Sureender them( Considering Tax Implications & LOSS of Principal amount Paid)
ICICI & HDFC Banks also give Loan against GOLD
P.C.Sharma
...
In reply to:
Investment costs
Posted by : radhika_nandlal
Yes i have no loans until now... i wanted to take a housing loan to build on top of my parents house..but i am not working so no loan will be given.. Will they give against policies i wonder.... i thought i should begin some business and the best place of course is the terrace of my parents home.. lets see..... nobody is giving loans against fixed deposits etc i think... now SBI is giving 11% interest onf FD..
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Yes i have no loans until now... i wanted to take a housing loan to build on top of my parents house..but i am not working so no loan will be given.. Will they give against policies i wonder.... i thought i should begin some business and the best place of course is the terrace of my parents home.. lets see..... nobody is giving loans against fixed deposits etc i think... now SBI is giving 11% interest onf FD.....
In reply to:
Investment costs
Posted by : pcspune
Dear Radika Nandlal.
You should not Redeem any ULIP till next 1 year. Continue as PAID up( Insurance cover Continue without Paying Further Premium After 3 years if Insurance cover is high not 1-2 Lacs). If Insurance cover is less, Surrender the ULIPS after 1 year or so .
LIC Conventional Policies may be Redeemed after understanding the Losses ( These may not have Investments in Stock be Market ).
AVOID Loan against Conventional Policies.
P.C.Sharma
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Dear Radika Nandlal.
You should not Redeem any ULIP till next 1 year. Continue as PAID up( Insurance cover Continue without Paying Further Premium After 3 years if Insurance cover is high not 1-2 Lacs). If Insurance cover is less, Surrender the ULIPS after 1 year or so .
LIC Conventional Policies may be Redeemed after understanding the Losses ( These may not have Investments in Stock be Market ).
AVOID Loan against Conventional Policies.
P.C.Sharma...
In reply to:
Investment costs
Posted by : radhika_nandlal
khilji,
I think my hubby was afraid of my rash driving and bought lots of insurance. lol lol... now whats to be done, i am wondering if i should redeem them.. will they give loans against insurance so i can pay back the loan itself when stocks move up..... pss5588 too was mentoining the same thing.
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khilji,
I think my hubby was afraid of my rash driving and bought lots of insurance. lol lol... now whats to be done, i am wondering if i should redeem them.. will they give loans against insurance so i can pay back the loan itself when stocks move up..... pss5588 too was mentoining the same thing....
In reply to:
Investment costs
Posted by :
m_i_khilji
Dear radhika_nandlal,
Investment and Insurance are two completely different things.
One should not consider insurance policies as investment. Rather, one should go for top rated mutual funds, if looking for investment (for retirement, child`s marriage and/or education) etc.
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Dear radhika_nandlal,
Investment and Insurance are two completely different things.
One should not consider insurance policies as investment. Rather, one should go for top rated mutual funds, if looking for investment (for retirement, child`s marriage and/or education) etc....
In reply to:
Investment costs
Posted by : radhika_nandlal
Okay winwath... will take a look, thanks for the info. Abroad the insurance covers docs fee but here its impossible to find such a medical cover. However thanks and yes the returns are a dismal 2-5% and i feel investing in insurance is a waste... one should periodically redeem and reneter there too. LOL
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Okay winwath... will take a look, thanks for the info. Abroad the insurance covers docs fee but here its impossible to find such a medical cover. However thanks and yes the returns are a dismal 2-5% and i feel investing in insurance is a waste... one should periodically redeem and reneter there too. LOL...
In reply to:
Investment costs
Posted by : winwath
Suggest you take a look at Reliance`s major medical plan - Cost about 6K for my wifey and two kids - covers only hospitalization.
We write a check to the doctor or casual visits. A portion of this is deducted from our taxable income
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Suggest you take a look at Reliance`s major medical plan - Cost about 6K for my wifey and two kids - covers only hospitalization.
We write a check to the doctor or casual visits. A portion of this is deducted from our taxable income
...
In reply to:
Investment costs
Posted by : radhika_nandlal
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems.
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This is a deffered annuity plan. Premium paid along with interest (which is pathetic) 3% if death occurs within 10yrs or 4% within 20yrs and 5% thereafter.
Premiums are discontinued in case of death of the insured. The annuity however will pay for the term assured.
A max of 25% of premium due can be collected lumpsum - tax free.
If this is not in force too long and you pay premiums monthly - discontinue and get a term life insurance
For a healthy 30 yr old male - the term ins for an amount of 30 lakhs is less than 20K per year.
Term life pays benefits only in case of death before the term expire. There is no cash value at the end of the term....
In reply to:
Investment costs
Posted by : radhika_nandlal
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems.
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Dear Radhika Nandlal,
I have not studied Jeevandhara & other Policies of LIC Except few ULIPS. Hence I can not comment on this.
Pension Plans should be Avoided due to Adverese Tax Laws & very LOW Returns of ANNUITY.
You may Discontinue Further Premium Payment after Carefully understanding Consequences & Possibility of Loss of Principal .
Equity Mutul Funds are the BEST Option. Invest by SIP & Opt for SWP after Retirement.
P.C.Sharma
...
In reply to:
Investment costs
Posted by : radhika_nandlal
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems.
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And pcspune, the amount of premium i pay every year towards this is 29K almost....
In reply to:
Investment costs
Posted by : radhika_nandlal
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems.
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Kindly tell me what this policy will give me at the end of its term. Thanks. ...
In reply to:
Investment costs
Posted by : radhika_nandlal
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems.
Tracked by: 0 Boarder
pcspune,
My hubby i feel bought a dumb insurance policy going by the name Jeevan Dhara... when i looked into its scheme i got the shock of my life.. no lump sum payment to my kids on my death and no lump sum payment to me when i am alive. Whats the use of such a policy and i dont understand how my hubby so shortsighted to buy this.. The details of the policy are
Jeevan Dhara plan
Term 15 years
notional cash option Rs 20 lakhs
Amount of annual annuity 2L
Is this a pension plan as i dont see anywhere mention of a bulk amount payable to me I am really not keen on pension plans as i would like to have bulk money.
Would you kindly recommedna health insurance for me, i dont have one as of now and i am 46 years old in good health wiht no BP or sugar or any chronic problems....
In reply to:
Investment costs
Posted by : pcspune
Dear drpbala,
Investment decisions should be taken on the Basis of likely Returns not on COST Basis.
If you are EXTRAORDINARY Intelligent & have sufficient Time & GREAT Patience, Investment in SHARES of Carefully Chosen 8-10 Companies are likely to Give Excellent Returns in 5 years provided you monitor Regularly & Book Profits whenever Target Price is Achieved.
Exchange traded Equity Funds may Cost minimum but unlikely to Give GOOD Returns.
Investment in Largecap Oriented and Multicap Diversified Equity Funds ( Carefully Chosen) are likely to give GOOD Returns.
P.C.Sharma
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Dear drpbala,
Investment decisions should be taken on the Basis of likely Returns not on COST Basis.
If you are EXTRAORDINARY Intelligent & have sufficient Time & GREAT Patience, Investment in SHARES of Carefully Chosen 8-10 Companies are likely to Give Excellent Returns in 5 years provided you monitor Regularly & Book Profits whenever Target Price is Achieved.
Exchange traded Equity Funds may Cost minimum but unlikely to Give GOOD Returns.
Investment in Largecap Oriented and Multicap Diversified Equity Funds ( Carefully Chosen) are likely to give GOOD Returns.
P.C.Sharma
...
In reply to:
Investment costs
Posted by :
drpbala
I would like to invest Rs 10,00,000 in the next 6 months time for very long term(more than 5 years). I would like to know the best investment options among the following considering the various costs involved and the expected returns.
1. Direct equity
2. Exchange traded index funds
3. Index related mutual funds(Direct investment)
4. Diversified mutual fund(Direct investment)
Each one of the above investments involves certain costs such as demat account charges, trading charges in case of direct equity and ETF's and fund maintenance charges in case of MF's.
Kindly advise which mode involves the least cost component.
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Dear drpbala
1.If you have sufficient knowldge about equity and sufficient time to analyse and study the equities you can go for direct equity. It will be certainly cheapest.
2.Exchange traded index funds are also a good option, because among Index funds Benchmark funds are best with least tracking error however you need to have a Demat account as you are aware.
3. This is same as option 2 however except the fact that u need not to have a Demat account for investing in these type of funds. As far as expense ratio is concerned it is more or less same.
4. In terms of cost this may be costliest even if you directinvestment but that will be offset if you are investing for more than five yrs.
Regds
Ashport...
In reply to:
Investment costs
Posted by : drpbala
I would like to invest Rs 10,00,000 in the next 6 months time for very long term(more than 5 years). I would like to know the best investment options among the following considering the various costs involved and the expected returns.
1. Direct equity
2. Exchange traded index funds
3. Index related mutual funds(Direct investment)
4. Diversified mutual fund(Direct investment)
Each one of the above investments involves certain costs such as demat account charges, trading charges in case of direct equity and ETF's and fund maintenance charges in case of MF's.
Kindly advise which mode involves the least cost component.
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