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Budgeting and planning
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With banks only guaranteeing 1 lac of your bank deposits, what can we do to save out money...
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Thanks for detailed reply Radhikaji.
Actually I was not expecting so logical reply, thaks for that and also this gave me opportunity to write something on the board. But nothing much to right. Kind of frustation now a days... however no panic from myside as God has given me strenth to bear the pain of this bear market.
I will take this opportunity to clarify one thing or seek help from you rather. See , I entered the stock market sometime June last year when it was kind of peaking. that time, I invested some money around Rs 50000 in menny stockes like ( anartica and Dynacons). See now these stockes are down to approx one 10th of what I bought. Now I am thinking that before these comapnis close, shall I get out and at least get 10 K or wait for another 3 years whcih I can obviously do... I ma not bothered at other places where I am invested like unitech, powergrid etc...
Happy Dussera...
In reply to:
request for advise on portfolio advise
Posted by :
radhika_nandlal
Sellphish,
okay the chrisitans were originally Hindus and they converted coz they couldnt digest multiple gods or gods with tusks or gods dancing with women etc etc.... its okay, they dint convert under threat but they converetd of their own choice and when conversions happen that means freedom is increasing... the HINDU is more free than an average american. A Hindu can do what he wants to do. No one will question. The Hindu women have the most freedom, they even pooh poohed the atrocities on widows and modified their religion accordingly. So when conversions happen the Hindu should be happy, see how much freedom we give our own people.
But someone asked joetom if he is a convert or somethign to that effect and he got mad and quit the board. If i had been him, i would have said YES i got converted... now for instance in my own homestate of Udipi i am not supposed to hear some songs and i am supposed to follow some code of conduct, i am not supposed to be eating a dining table, but we all changed so we all got converted.. we are the converted madhwas from Udipi, its okay krsna is smiling and said yes be happy and do what you want NO FUNNY CODES OF CONDUCT please we said and converted... but why he should get upset i dont know.
However he does put out his views on a blog...
ww w.joetom1958.blogspot. com
Enjoy joetom there.
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Six months minimum interest is meant for loans on LIC policies.
...
In reply to:
Investment costs
Posted by : Leave it.
The loan availed is certain for six months and hence the loan should be repaid with six months interest, even if it is repaid on the next day. In bank OD on FDRS actual days are charge for interest. Corrections are invited.
v.krishnamoorthy
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The loan availed is certain for six months and hence the loan should be repaid with six months interest, even if it is repaid on the next day. In bank OD on FDRS actual days are charge for interest. Corrections are invited.
v.krishnamoorthy...
In reply to:
Investment costs
Posted by : ashalanshu
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
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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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