Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

ICICI Bank launches ‘InstaFX’ mobile app for forex partners to help customers obtain ICICI Bank Forex Prepaid Card swiftly

·         The app allows authorised money changers to complete KYC verification of new customers digitally

·         All customers, even if they are not customers of ICICI Bank, can get the Bank’s forex card swiftly

·         First bank in the country to offer such facility 

Mumbai: ICICI Bank today announced the launch of a new mobile application for authorised money changers to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ swiftly. Called ‘InstaFX’, the app enables the authorised money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of upto two-days. ICICI Bank is the first bank in the country to offer such facility to money changers. 

Speaking on the initiative, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. In recent years, we have leveraged technology to introduce a slew of convenient and digital retail products that can be availed quicker than their available counterparts in the industry. This new app, ‘InstaFX’, is yet another addition to the series of such products and offerings.  

The app enhances convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast.”

Here are the key features of ‘InstaFX’: 

·         Real-time Permanent Account Number (PAN) validation: The app enables money changers to validate the customer’s PAN from NSDL, the customer’s name and date of birth from his/her PAN card as well as the status of the PAN card instantly

·         Real-time passport validation: The money changers can validate the customer’s passport instantly through the MRZ code and further against PAN data for name and DOB.

·         Instant photo: The customer’s live picture can be captured and validated against their passport photo. 

The ‘InstaFX’ app can be downloaded and operated from any android devices. 

Customers can avail the ‘ICICI Bank Forex Prepaid Card’ by visiting the partner money changer outlets in cities or at airports across the country.

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ICICI Bank ties up with Niyo to issue prepaid cards to MSMEs

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ICICI Bank ties up with Niyo to issue prepaid cards to MSMEs

Mumbai: ICICI Bank, a leading private sector bank in India and Niyo, a new age fintech today announced a tie-up to issue prepaid cards to workers of Micro, Small & Medium Enterprises (MSMEs). MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly under-banked. With this, MSMEs can upload the salaries of their workers on the card, which the workers can then utilise as per their need in a seamless manner. The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds upto Rs. 1 lakh into the card account. It offers convenience and safety of digital banking to the blue-collar workforce, while providing a state-of-the-art salary disbursement solution to the employers. 

This partnership with ICICI Bank is in line with Niyo’s mission to revolutionize banking experience for India’s blue-collar workforce. With this, Niyo has announced its goal of reaching 5 million blue-collar workers in the next 5 years with its flagship product Niyo Bharat. Niyo Bharat currently has over 1.7 million customers and relationships with over 7000 corporates, adding nearly 5000 customers every day. 

Speaking on the initiative, Mr. Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We at ICICI Bank constantly strive to introduce facilities that foster inclusivity and extend the reach of the formal banking ecosystem. In line with this, we are delighted to partner with Niyo for the ‘ICICI Bank Niyo Bharat Payroll Card’. This partnership is yet another initiative by us to make banking products easily accessible to the underbanked population. We believe that armed with this card, workers of MSMEs will be able to enjoy the convenience and safety of digital banking.”  

Niyo Co-founder and CEO Vinay Bagri said, “The Niyo Bharat Digital Salary Solution has the potential to bring millions of blue collared salaried workforces into the formal economy and also support the nation’s successful march towards Digital India. Our primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but also inculcate a long-term saving habit among them.” 

Any MSME can tie-up with Niyo to avail the prepaid card. After the tie-up, cards are issued to the workers at their workplace itself while their KYC verification is done simultaneously using a bio-metric device. Once activated, workers can use the card to withdraw funds at ATMs, make online transactions on e-commerce portals and make payment by swiping the card at Point of Sale (PoS) machines. 

To further facilitate the cardholders, Niyo offers a multilingual app called ‘Niyo Bharat Mobile app’. Workers can download this app from Google Play Store and register themselves. The app will enable them to transfer funds, pay bills or do recharges online. It also allows them to block/unblock the card which provides them control of their card security. The cardholders also get a free accidental death insurance cover.

Niyo’s robust 24 x 7 Customer Service Team caters to issues arising at any hour of the day via a multilingual captive call center facility. 

Darpan Sharma, Business Head-Niyo Bharat said, “Partnership with ICICI Bank is a milestone in our journey to provide best in class service to the underbanked blue collar segment. The partnership will create opportunity to provide all banking services to this segment across the length and breadth of the country” 

Leveraging technology for payroll, employee benefits, card based payments, credit and savings, Niyo provides an integrated solution comprising a digital account in addition to the Bharat mobile app supported by a comprehensive corporate portal, it assists organizations in digitizing the benefits and payroll process. It strives to deliver a frictionless employee experience. 

Niyo operates out of corporate offices in Bangalore, Mumbai and Delhi, and has sales presence in more than 20 states and union territories, currently serving a customer base of around 2 Mn end customers and 7,000 corporates. It employs around 800 people.

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5 Things to keep in mind Before Doing Forex Trading in 2021

Many opportunities provide the traders and investors with an array of options, and Forex trading is also fun to engage in and mentally stimulating and very simple to access. There are many growing larger numbers of forex traders and investors increasingly find it just hard to attain significant success or maintain any type of good outcomes in the forex trading business. A detailed  percentage of forex traders would wind up with more losses and less profit in the business market. 

Also, financial marketing is important and, learning to trade by no means a feat achievable in one month, and trading is one of the most important things, and investors and traders both play a significant role in this business. 

The traders and investors just place orders on financial markets. A trader should perform function and elements either as an independent trader or as a representative of financial entities such as investment banks, large banks, hedge funds, etc things. 

Traders are the employees or brokers who just buy and sell the share on behalf of their employer client but not with their own money and hence whatever gains or losses accrued from trading goes to the business firm and not to the trader at all.

Top 5 things to keep in mind before doing forex trading

Manage your Expectations:

If you are a beginner and new person in this industry, you will find it too simple to become ensnared in going after profits. This is often the beginning of most traders’ problems, and going after gain comes with an unhealthy level of stress and anxiety. Sometimes this leads to the losses of the business. 

As a forex trader, You should be careful and prepare strategy properly for business. Also,  the prospect of becoming rich in just a few trading sessions and deals is doubtful, and to put in plainly if you go out there with this mindset you are putting your capital and money at high risk and danger.  

Define your trading risk profile properly:

You should have a proper and good understanding of trading and the fundamental aspects and factors of the market, which is quite necessary before rushing into the commitments and responsibilities. You should also analyse the capital you have and check out testimonials by existing g traders to know what to expect. You need to only invest in what you can afford to lose, and also you should evaluate your risk factor correctly and properly.  

Choose a Trading strategy:

The trading business’s essential thing is an excellent strategy to make your business high and take your trading business on high reach. If you want to become successful trader forex, you should concretely attempt to align your trade strategy with your risk profile. 

You need to prepare a good market strategy for your business that can help you to expand the trading business. 

Keep your emotions in check and control them properly:

In this trading and financial market business and especially forex traders, emotions are the worst enemy that you can have in this business. You must trust your strategy and process and follow it properly. A trader should be clear in his/her head and always make the right and correct and profitable decisions and judgements. If you have a low capital then just don't intend to start the trading business and don't get sad and lose hope if you might fail in the business and apply the correct and smart strategy in the trade business. 

Keep up with the market:

You should have good knowledge about the market’s current scenario and what is happening in the market. 

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10 Advice How to Invest Money to Make Money

If you have a thousand bucks or less sitting in the pocket, itching for an investment, you better invest in something with value. It’s also possible to take out Payday Depot and invest in a bigger deal with borrowed money.

Besides, plenty of investors have relied on leveraged cash to get their first investment. The question is, what’s worth investing that will help you make even more money? Here, we will show you all the ways to make real cash from investments.

10 Investment Tips to Make Money

For an average investor, there all kinds of options to invest in. But, for a beginner, there is no room for an error. Doubling the cash from investments will be like a badge of honor. Here are a couple of quick ways on how to earn big time as a beginner.

1. Try Trading Peculiar Commodities

Silver and gold present a valuable opportunity, particularly when trading high-quality goods. The expert Commodity Trading Advisor believes this market is an ideal money-making opportunity.

2. Trade Cryptocurrency

In 2018, cryptocurrency market capitalization accounted for $100 billion. That’s more than the actual GDP in 127 different countries. It may seem like a risky opportunity, but it is possible to make a well-timed trade and earn big.

3 Make a Small Investment in Stocks

Even though it takes persistence and courage, the stock market is an enticing way to invest and make money. Assess the market, study the gains, and pay attention to the fluctuations. If played right, the potential is limitless.

4. Buy Raw Materials

Get raw materials, such as:





Any material that sells is worth the investment. If you have an option to process or trade them, they will become excellent commodities.

5. Play It Safe with Bonds

Based on reports, bonds are a less stressful way of doubling income. Don’t invest in the one that awards routine payments. Instead, pick the one that comes at a discount or is closer to maturity.

6. Invest in Courses to Broaden Knowledge

While this doesn’t account for an actual return-on-investment, it is worth it in the long haul. Remember, every penny is well spent if it goes on education. Think of it as a personal investment for the future.

7. Flipping a Real Estate Contract

Some people think that this is only a long-term possibility, but this market offers more than that. Instead of investing in house repairs and renovations, find estate sale flips worth the cash. Check for any distressed sellers, vacant residencies, or cash buyers.

8. Try Peer-to-Peer Lending

If you are willing to invest in potential entrepreneurs with a solid business idea, you can earn some interest from that.

9. Diversify the Cash

Diversifying the cash should be a top priority. Don’t limit the investments on a single stock. That way, it’s possible to get multiple opportunities.

10. Rely on Robo-Advisors

If it’s too difficult to handle the pressure, use Robo-advisors. They are financial advisors that rely on algorithms to assess every possible option for a good financial investment.


Investments aren’t the easiest way to make money. But, as long as you know where the money should go, you have a better chance of getting a solid fixed income. Try to use any of the options listed above before you spend that cash.

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Insuretech Companies Are The Latest Buzz In Finance

In the past few decades, technology advanced at a rate that nobody could have predicted. Nowadays, we see numerous groundbreaking advancements that transform industries with a huge industry. Basically, technology allows companies to think completely outside-the-box so that they can take a different approach to the business they do. 

One of the sectors were we clearly see how technology changes operations is Insurance. We now have access to really interesting deals, like Olive’s Audi extended warranty options. This is possible because the archaic processes of the insurance company were affected by innovation. While there are still numerous regulatory bodies and very strict compliance standards that have to be respected, the use of technology in insurance is growing. This will not change in the future.

Understanding Insuretech

Insuretech is practically the short version of insurance technology. This is a term that refers to the technology that is designed to actively enhance operations for the insurance industry and for the individual insurance firms. Basically, insurance companies now leverage advanced technologies like artificial intelligence, smartphone apps, consumer wearables, and big data in order to transform how business is done. 

One thing that many do not know is that Insuretech actually appeared 10 years ago. Friendsurance, a Berlin-based insurance company embraced technology then and was the first one to do so. At that point in time, the goal was to create a P2P (peer-to-peer) insurance community. The idea was inspired by a group of people. They wanted to support each other and needed a way to do it. 

Friendsurance created a P2P insurance model that incorporated smaller groups to create a large insurance pool. Claim-free deals and even cash back bonuses were thus created. After Friendsurance, we saw a constantly growing number of insurance companies that embraced insuretech. 

In the past decade, the entire insurance industry changed. There is now a clear demand for effective technology and we can say there are no bounds when it comes to what can be created. Consumers crave convenience, transparency, and speed. Due to this, we saw insuretech global investments that reached an impressive $4.15 billion during 2018. 

How Does It Work?

Buying an insurance policy was always something difficult, a completely dreaded experience. Sales agents were incentivized and really pushy, usually pushing things that were not in the best interests of the customer. Then, we had paperwork and really confusing jargon. In order to get the right policy, the consumer needed to spend a really long time learning the process so that the best possible decision can be made. 

Nowadays, insuretech offers a huge convenience. Businesses and individuals can quickly access insurance services and products. Time is saved and various age-old frustrations are eliminated. The customer has access to more insurance options and insurance coverage can even be built among individual needs. 

New benefits are offered by insurers under the form of auto-monitoring devices, wearable activity tracking, and apps. You can easily shop from various coverage types and an online form can be filled in just minutes, allowing quick policies to be researched and signed. 

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Mondelez India Extends Group Mediclaim Policy Benefits to Live-In Partners

Another progressive step after announcing the benefits to Same Sex Partners, earlier this year

Infographic - Group Mediclaim Policy - Live in partners - Sept 2020

Mondelez India Extends Group Mediclaim Policy Benefits to Live-In Partners

INDIA – September 28, 2020 – Mondelez India today, announced a progressive policy makeover by extending its group mediclaim policy to cover live-in partners with an objective to further elevate its existing diversity and inclusion initiatives. Effective January 2021 onwards, this latest policy will also cover the adoptive and dependent children of the domestic partners, further strengthening the company’s endeavor to build a more diverse, inclusive and equitable world for its multi-generational workforce through such enabling policies. In a continued effort of consistently evolving and adapting to social changes, the company extended its group mediclaim benefits to same-sex partners earlier this year.

Commenting on this new policy extension, Deepak Iyer, President – India, Mondelēz International, said, “At Mondelez India we are committed to building a diverse and inclusive workplace culture, that enables all colleagues to be themselves and achieve their full potential. We are constantly reflecting on the changing needs of our evolving workforce to further liberate and empower them, and the extension of our group mediclaim policy to cover live-in partners is a testimony to those efforts. We believe our long-standing commitment to our colleagues, culture and community will help deliver stronger business performance while enabling us to live our purpose, as we lead the future of snacking.”

Mahalakshmi R., Director – Human Resources, Mondelez India added, “At Mondelez India, Diversity & Inclusion has always been at the heart of our policy evolution and today, we are very proud to take yet another progressive step and roll-out the extension of our group mediclaim policy for live-in partners in addition to adoptive and dependent children of the domestic partners. This comes after we announced a similar policy re-modeling for same-sex partners earlier this year. This further encourages colleagues to bring their true colours to work and respects everyone’s diverse perspectives #MAKEITUniquelyYours.”   

Mondelez India is one of the few companies that voluntarily adopted a gender diversity policy even before liberalization in 1980s and continues to be a resilient driver of change and equality in today's time. The expanded benefits of the policy are the latest in a series of enhancements over the past year, wherein Mondelez India for the first time moved to a Family Floater Model, thereby widening the benefit umbrella for its colleagues, and strengthening the company’s diverse and inclusive culture.

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Stocks Vs Mutual Funds: Where Should You Invest To Become Rich?

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Stocks Vs Mutual Funds: Where Should You Invest To Become Rich?

The options of investment are in plenty today. However, what would suit an investor depends on the number of factors that may vary from one investor to another. Two of the most popular modes of investments for a long time have been stocks and mutual funds. Most of the investors take either one medium or the other to grow rich. But, at the same time, there are many investors or potential investors who are unsure about which mode of investment is best for them. Since the personal circumstances of each individual investor may not be the same, therefore the answer to this lies in the objective knowledge of these two modes of investment. Only by understanding the basics of stocks and mutual funds and comparing the two with one another can an individual investor decide for himself which of the two are most compatible with him. 

Understanding Demat Account

Before learning about both stocks and mutual funds it is important to know about Demat Account. The reason Demat Account is important is that in this account both stocks and mutual funds can be stored in an electronic form. The name Demat is a derivative of dematerialization: a process that converts physical shares and mutual fund units into the digital non-material form. Investors would do well to open Demat Account for both shares and mutual funds. The step by step procedure for opening account guides investors to open Demat Account for investing in shares or mutual funds is very easy.  

Once an investor understands what a Demat Account is and how to open Demat Account it follows that he should look at the definition of stocks and mutual funds.

Definition Of Stocks And Mutual Funds

Stocks refer to a proportional amount of claim an investor has on the assets and profits of a corporation. Stock is part of the amount of capital a company raises. A unit of stock is called shares. In simple terms, stocks represent how much part an investor owns in a company.

Mutual funds are a common platform of investment where different investors pool their money into them to invest in stocks, bonds, money instruments, etc. 

When investors open Demat Account, they can easily store either or both of them in their account. 

Expected Return 

The two forms of investment differ in the proportion of returns. A look at each of their performances will help in understanding this better. 

Mutual Funds

Fund Name

3 Years Return

5 Years Return

10 Years Return

SBI Magnum Multicap




ICICI Prudential Bluechip Fund




SBI Bluechip Fund




Kotak Standard Multicap Fund




HDFC Hybrid Equity Fund





Stock Name

3-Year Return (%)

5-Year Return (%)

10-Year Return (%)

Hindustan Unilever 








HDFC Bank Ltd.




Ultratech Cement




Maruti Suzuki 




It can be inferred from the above-mentioned tables that the rate of returns is much higher in companies with stocks than compared to those with mutual funds. 

Risk Factor

The form of investment in mutual funds is such that the portfolio of an investor is diversified by the professional money managers. This implies that the investment of an individual in mutual funds is never limited to one company. Even if a corporation is performing poorly, an investor will not bear the brunt of the total loss of stocks as profits from other corporations will compensate for the loss.

In the case of stocks, the situation is not similar. Stocks are highly subject to market speculations and fluctuations is part and parcel in such a form of investment. Stocks bought in a single company which is not performing well can not be compensated by stocks from other companies which are performing well.

Stocks Vs Mutual Funds: Where Should You Invest To Become Rich?

The fluctuations in stocks are greater than they are in mutual funds.

Once an investor opts to open Demat Account, he can see for himself how differently both the modes of investment fluctuate. 

Investment Cost

The cost of investment in mutual funds involves paying a fee to the professional money manager. Apart from that, mutual funds also include many other forms of charges such as operational charges, administration charges, etc.

As Demat Account is mandatory in the case of stocks, one has to pay an account opening charge to open Demat Account and annual maintenance charge (AMC) post open Demat Account to the depository participant who manages the investor’s Demat account. 

From what follows it can be surmised that the investment cost incurred in mutual funds are relatively higher than in stocks. 

Also, in the case of an investor with a Demat Account, he will have to pay dematerialization charges for the conversion of both physical stocks and mutual fund units into electronic form. 

Monitoring Investment 

Investors who have opted for stocks would have to regularly keep monitoring their fluctuations. Since he has to manage his stocks on his own, it will involve the regular monitoring of his investments. However, if he got to open Demat Account the process of monitoring will be relatively easier with the Demat software application. 

With mutual funds, a great load of responsibility is shifted from investor to the professional money manager. This enables less involvement of the mutual fund investor on a day to day basis. 

Minimum Investment

In mutual funds, investments can be made on a very small amount. With the advantage of Systematic Investment Plan or SIP, an investor can make a minimum deposit of Rs. 500 each month which will keep compounding for the longer run. 

Stocks Vs Mutual Funds: Where Should You Invest To Become Rich?

Investment in mutual funds leads to gradual and moderate growth. 

There is no such thing as SIP in stock investment. Whatever the investor buys will be his stock. Also, it is important to open a Demat Account if an investor wants to buy or sell shares. 

Depending on these factors, it can be hoped that an investor, to some degree, can be certain about which form of investment would be best for him. Stocks give high returns and will greatly to the assets but also involve higher risk. For an investor who is willing to take such risks, he should open Demat Account and start investing in stocks. On the other hand, if one wants to play safe with a moderate but more than sufficient returns in the future, mutual funds would be a good option. As far as getting rich is concerned, the prospect lies more to the side of stocks than mutual funds. However, one should not overlook the terms and conditions of these modes of investment before coming to the right decision. Also, investors who open Demat Account can balance out the two by investing a part of their money in stocks and another part in mutual funds and can manage to keep track of both through the same platform.

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Asian Granito India Ltd eyes robust sales growth from 'Bharat' markets

Company's strong presence & Green shoots in demand from Rural, Semi-Urban, Tier II and III towns post unlocking of the economy to drive the sales


Rural, Semi-urban, Tier II & III towns contributed over 70% of company sales in FY20

With a focus on Vocal For Local, company has launched "ATMANIRBHAR PROGRAM” with an objective to drive sales in semi-urban and rural markets

Company is planning to increase its retail touch points from 6,500 to 10,000 plus in next 1-2 years

Anti-China sentiments, Reduction in gas price, strong export orders to drive business for the sector

Asian Granito India Ltd eyes robust sales growth from 'Bharat' markets

September 25, 2020: Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brand is banking big on the 'Bharat' markets to drive the sales growth post unlocking of the economy. Company is confident to drive the volume growth on the back of its strong presence and demand recovery in the rural and semi-urban markets. Lower spread of COVID in rural areas, improvement in repairs and renovation activities, good monsoon and better sowing of Kharif crops, agriculture reforms are likely to drive the growth. 

Rural, Semi-Urban, Tier II, and Tier III towns contributed over 70% of the company's sales in FY20. Company expects sales from these markets to improve further in the current fiscal year to offset the slack in demand from metros and mega cities. Metros and Mega cities contributes less than 30% of company's sales.

Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "Despite challenging economic and business environment company delivered good performance. Company's strong presence in the rural and tier II cities, focused on the progressive middle class of the country and good export demand helped the company. While demand from metros and mega cities have taken a hit post COVID, demand from rural and semi-urban markets have remain intact. Post COVID, there is a new demand emerging from rural market as migration of labours from urban to rural resulted in need for home repairs and renovation. We have observed that budget and economic tiles seen good demand with construction and repair activity taking full pace in the rural market. Green shoots are visible in the demand especially from rural & semi-urban markets, fewer cases in the rural areas, better employment prospects have further brighten up the prospects of the recovery in rural markets."

Company has taken many initiatives aimed at strengthening its team including worker & employees and their families, dealer-distributor network, business partners.  

With a focus on Vocal for Local, company has recently launched "ATMANIRBHAR PROGRAM' to further strengthen its presence in the rural and semi urban markets. "For the first time in India that such a digital marketing campaign was launched by a ceramic company. Through this AGL has taken this new initiative to let people earn by working from home and become its business partners for growth. The program is aimed at reducing marketing cost and increase profitability while generating employment opportunities in rural India. Pilot project was launched in Idar and Bhavnagar in Gujarat and company aims to launch this pan India in the coming time", said Mr. Mukesh Patel, Managing Director, Asian Granito India Ltd.

Anti-China sentiments and reduction in the gas prices are likely to be game-changer for the Indian ceramic industry. China dominates in the World ceramics market covering about 55-60 percent of the global market. India ranks second and produces 12.90% of the global ceramic tiles output.

Mr. Prafulla Gattani, Executive Director, AGL Global Trade Pvt Ltd said, "Currently many countries are avoiding purchases from China such as US, European countries, Middle Eastern countries and they are turning to India. With anti-china sentiments across the World and USA imposing heavy duties on tiles from China we anticipate huge export potential for Indian companies. The recent reduction in the gas price will also make Indian tiles more competitive in the World market and will be a major catalyst in export business. The move will reduce the total costs by 3-5% and help improve the profitability of the overall sector in a challenging environment".

Asian Granito India Ltd offers wide range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble & Quartz, etc. Further to leverage the synergies, the company has entered in sanitary ware and recently, the company had launched the CP Fittings and Faucets division to provide 'Complete Bathroom Solutions' under brand AGL. Company has set a target to increase its touch points to over 10,000 from 6,500 currently, expand the network of exclusive showrooms to 500. The company expects higher sales in the coming quarters due to its dominance in B&C class cities and focused penetration in the market. 

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Here’s How Life Insurance Can Be Your Best Friend

Everybody has a best friend on whom you rely during tough times. It doesn’t happen every time that your best friend helps financially, and you must take care of it beforehand. Life may be a bed of roses sometimes, but it also has a series of unfortunate events where you can be challenged financially. For such scenarios, life insurance can become your fiscal friend in need.

Here’s How Life Insurance Can Be Your Best Friend
Image Courtesy: Shutterstock

At each phase of life, you must be financially prepared to ensure you enjoy and cherish every special moment in life without worrying. So, ensure you are prepared for all the requirements of life stages and that your family is well protected against unfortunate events. Life insurance plays an integral part in serving as financial security. You can build a corpus for your life’s milestones over time, depending upon the chosen policy. If you buy life insurance online, you can also avail of various tax-investment benefits according to the IT Act 1961.

Here are some features to consider when you buy life insurance online:

1. Death benefits

Death in a family is the most tragic event. It becomes a worst-case scenario when the only bread earner of the family is lost untimely. Your family may suffer financially for the most extended period until they find other income sources. If you buy life insurance online, you can save them from the pain that occurred due to your unfortunate demise as they will get financial help in the form of a lumpsum amount. A Death benefit is typically covered under the term insurance plan where your family or nominee receives the sum assured after your demise.

2. Critical illness cover

When you buy life insurance online, one of the features the policy offers are to add riders for covering significant diseases. Some of the critical illnesses covered are cancer, kidney failure, strokes, and paralysis. The critical illness cover can be added to term insurance, where you can also get tax-investment benefits under the IT Act 1961.

Here’s How Life Insurance Can Be Your Best Friend
Image Courtesy: Shutterstock

3. Dedicated officer support

Many reputed insurance companies offer dedicated officer support to its customers for easy process navigation and resolving problems. The facility is provided when you buy life insurance online.
Quick claim settlement

Reputable companies like Max Life Insurance offer quick claim settlement, especially for its term insurance customers, where the claim settlement ratio is 98.74%. If you choose to buy life insurance online from such companies, you are sure to receive the best services and benefits under one roof. It will also help you give peace of mind as your family will go through a hassle-free process with dedicated support.

4. Monthly payout option

There is also an ease of payout options available if you buy a life insurance plan online. Your beneficiary can get the sum assured in different variants of monthly income. The payout which your family or nominee receives is tax-free.

Purchasing term insurance or any other life insurance comes with several tax-investment benefits. It is advisable to buy life insurance online only from reputable insurers like Max Life Insurance that offers one of the best claim-settlement ratios. It also provides an online term insurance calculator where you can get an idea of the lump sum to make better decisions. Max Life Insurance offers various benefits under a variety of insurance plans, where you can also enhance the gains by adding riders for critical illnesses, accidental death benefits, and similar others. Smart Term Plan offered by Max Life Insurance is a customizable plan that provides comprehensive insurance coverage against critical illnesses, disability, and death. It also gives you the option of getting back all the premium you have paid over the years, if you survive the term, under its TROP plan.

You must conduct thorough research before you buy life insurance online and collect details of the plan benefits. Purchasing policies also come with tax-investment benefits under the IT Act 1961. 
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How to Stop Living Paycheck to Paycheck

How to Stop Living Paycheck to Paycheck

If you’re one of the millions of Americans living paycheck to paycheck, you probably feel like there’s no way out, and you’ll never obtain that coveted financial freedom that we’re all seeking. From California to The Big Apple, people everywhere are feeling trapped by their wages. Living paycheck to paycheck doesn’t have to be crippling; in fact, there are plenty of ways to rearrange expenses and spending to put aside more of what you earn and begin making your way to financial independence. Here’s how to stop living paycheck to paycheck.

Track Your Spending; Every Penny!

Your first step should be to sit down with your bank/credit card statements and track everything you spent money on in the last 30 days. Chances are, you’ll be amazed at where your money actually goes during the month. Start separating your spending into categories like food, living expenses, vehicle expenses (including insurance), etc. Once you’ve got your expenses organized into categories, you can take a look at which of them impacts your income the most.

What are your fixed and variable expenses? Fixed expenses don’t change on a month-to-month basis, so things like rent and car payments tend to fall in this category. Utilities, credit card bills, and other changing expenses will be considered variable. They’ll carry a different amount each month, making them a little more difficult to track and budget.

Variable expenses aren’t likely to change (have you ever tried negotiating rent?) anytime soon, so they should be immediately deducted from your monthly income. When it comes to variable expenses, however, there’s usually a way to save money on them. Credit cards, for example, can be paid down and only used sparingly to avoid interest fees, late fees, and the overall cost of using credit to buy items that don’t hold their value.

Although your variable expenses will fluctuate, they probably fall somewhere within a certain amount every time. It’s a good idea to place a fixed spending ceiling for these expenses, effectively making them fixed expenses when you’re creating your budget. This will act as a hard limit that you can deduct from your expenses each month. If you don’t reach the spending limit, set aside any extra money you accounted for but didn’t spend.

Do You Really Need That?

Impulse buys are easy to make because they’re an “in the moment” reaction to something we really want. We’ll make all kinds of excuses for how we can possibly afford it right now, and even with the tiny financially-savvy voice in the back of our heads screaming “put it down!”, we still end up making the purchase.

Impulse buying is a problem for many people; especially with the effectiveness of ad campaigns, relatively easy access to products and services, and things like credit cards to give us a false sense of the amount of spending money we actually have available.

Cue the 24-hour rule. This helpful “rule” for spending only has one simple stipulation; you wait 24 hours before you decide to buy anything. That’s it-just one full day before you make a final decision. A few hours may pass, and you’ll forget all about the item, or you might still want it the next day. This rule is helpful for minimizing impulse purchases and keeping you within your spending limits for the month. It can also help reduce credit card debt by reducing the amount of credit you utilize on impulse buys.

Pay off Debt Entirely 

Debt-free is truly the new wealthy. By living without debt, you’ll have access to the majority of your income after expenses are accounted for, and your monthly budget will be much more flexible without things like car payments and credit card debt.

Paying off debt can be daunting, especially if you owe tens of thousands of dollars. But don’t let the fear get in the way of the journey, let it motivate you to move ahead. Who wants to live in fear of something the rest of their life anyway? Debt can be crippling; keeping you from truly experiencing the joys of life and holding you back from reaching savings goals and other financial goals.

Focus a percentage of your leftover income each month to minimizing your debt as much as possible. Start with the smallest debt first (the snowball effect) and move up to your bigger debts. Paying off small debts will give you a confidence boost to tackle the larger ones, effectively rallying you against the enemy of your financial freedom. Don’t take on new debt to pay off old debt, as this only serves to dig a bigger financial hole.

Keep chipping away at your debt, and hire a financial advisor or planner to help you better plan out your finances for maximum effectiveness. You’ll be amazed at what an extra set of (professional) eyes can show you. You can compare financial advisors on to ensure you’re hiring the right person for the job.

Save First, Spend Later 

You should be saving money anywhere you possibly can, but if you’re not great at manually putting away money, you can set up automatic savings withdrawals with most banks. On a fixed date of each money, the bank will automatically move a pre-determined amount from checking to savings; which means you don’t have to do anything to save money at the end of each month.

This type of automatic savings takes the worry out of saving, making it a simple automated process. Once you pay down some of your debt, you can put the money you would have spent on monthly payments into your savings. Imagine your $300 car payment going straight into your savings account each month!

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5 times when you can avail tax benefits on personal loan

A personal loan is an unsecured open-ended loan that can be used to secure funds at short notice and bailout during an urgent situation. Since it’s not imperative for the borrower to disclose the purpose of availing a personal loan, it becomes all the easier to obtain as compared to other loans. Personal loans come handy in umpteen situations like medical emergency, up-gradation of home amenities, higher education, vacation expenses, debt consolidation, etc. However, home loans have an edge over personal loans when it comes to offering tax deductions and benefits because personal loans are generally used to meet contingencies, and take cover when the going gets tough.

5 times when you can avail tax benefits on personal loan

With proper knowledge, you can avail several tax benefits on a personal loan.
Source: Economic Times

Advantages of a personal loan:

  • Easy availability: Almost all banks and NBFCs provide personal loans for their customers. These loans are not much expensive and are available at cheap interest rates which makes them a lucrative option for many.
  • Minimal documentation: Higher your credit score, easier it is for you to avail a personal loan. Another striking feature of this loan is that it requires minimal documentation and is relatively less time-consuming.

Despite the instant relief and abatement of pressing emergencies, loans have to be repaid in due time with the allotted rate of interest, which is a quite cumbersome activity. Here comes the importance of tax benefits on personal loans. Before delving deeper into tax benefits, let us take a look at the financial tax slab for the current fiscal year.

Annual Income Range
Tax Rate
Up to Rs. 2.5 lakhs
No Tax
Above Rs. 2.5 lakhs to Rs. 5 lakhs
5% + 4% cess
Above Rs. 5 lakhs to Rs. 10 lakhs
20% + 4% cess
Above Rs. 10 lakhs to Rs. 50 lakhs
30% + 4% cess
Above Rs. 50 lakhs to Rs. 1 crore
30% + 10% surcharge + 4% cess
Above Rs. 1 crore
30% +15% surcharge + 4% cess

Is personal loan taxable in our country?

As per the general protocol, the principal amount and interest charges cannot be deducted for tax exemptions and are non-taxable, i.e., it does not make its way into the taxable income while filing your income tax returns, provided, that it is borrowed from a valid lender like banks, NBFCs, etc.
When we apply for personal loan from informal sources like friends or unknown vendors, then it is considered as a part of our income and becomes taxable.

Tax benefits offered in personal loans in India- 

A person availing a personal loan is not completely aloof to benefits on the repayment of the loan. The Income Tax Act does not mention any specific section for tax benefits on personal loans. On the contrary, the purpose of the loan is taken into consideration while determining the applicability of tax benefits.

As per the Act, one can enjoy income tax deductions on the interest charges if the amount is used for any of the following reasons:

- Personal loan for renovation or improvement of residential property: 

Let us consider that your residence needs repairs or renovations like the building of a new balcony, adding a room or a floor to your house, extending existing rooms, painting of the house, relaying of tiles, and you avail a personal loan for meeting the expenses. In such cases, you can enjoy tax deductions on the interest component of your personal loan. Under this section, the maximum limit for a claim for deduction is Rs. 30,000 a year for self-occupied properties and Rs. 2,00,000 a year for a let-out property. Make sure to store and produce all your receipts and bills as definitive proof showing that the loan amount has been allocated for home renovation. The principal amount of personal loan taken for the home renovation is eligible for a tax deduction under Section 80C of this act.

- Personal loan for construction of residential property:

If you avail a personal loan for covering the expenses of construction or purchase of residential property then the interest component of the loan can be claimed for tax deductions under Section 24. It is a common misconception that only home loans qualify for this type of tax reduction. The maximum amount allowed for deduction is Rs. 2,00,000 if the property is self-occupied. There is no limit in case the property is on rent. However, this tax benefit is applicable only if you reside in the house you constructed.

- Personal loan for business purpose:

One can borrow a personal loan to meet fund requirements for business purposes like stock inventory, paying salaries, purchasing pieces of equipment, expansion of the scope of the company, etc. The interest component in such cases is considered a business expense and can be deducted from the gross profit of your business. This reduces your tax liabilities, and there is not even an upper limit on the amount of exemption.

- Personal loan for the purchase of any asset:

One can also take advantage of tax benefits while purchasing an immovable asset like property, land or jewellery. In such purchases, the interest paid for the personal loan is added to the total cost of purchasing the asset. One only enjoys tax deductions at the time of selling the asset and not during the purchase. This leads to the overall reduction of capital gains liability and taxes. There is no upper limit on the amount of tax exemption in this case too.

Important points while availing tax benefits on personal loans:

Personal loans are quite easy to obtain provided the customer is aware of some basic procedures and protocols and follows them religiously. The below points are important to bear in mind while opting personal loans:

  • A personal loan is non-taxable as the amount is not a part of your regular income.
  • If you want to reap the tax benefits on the interest paid then you need to submit adequate proof to the income tax department to support your claim.
  • The following documents must be kept handy at all times:
  1. Sanction letter
  2. Auditor’s report
  3. Expense vouchers
  4. Bank certificate
  5. Necessary receipts and bills.

Although a personal loan is not a tax-saving instrument as such, one becomes eligible for tax reductions based on the purpose of availing the loan. One must make efforts to educate oneself with the rules and norms laid down by the government, and the latest facts and figures to reap the maximum out of a formidable situation. Nowadays online forums provide updated information and assure the borrower of a hassle-free, quick, and user-friendly interface with their range of myriad personal loan plans.

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