Tag: Finance

Be Wise While Choosing Your Insurance Plan

Posted on by Aziz Ampanwala

Lately I have been talking about life insurance and mutual fund investments on my blog, my endeavour is to keep updating on the latest and most prominent information possible in the space of finance, investment and Insurance  to my knowledge of understanding, the purpose is to guide you accordingly to invest wisely or choose an Insurance plan.

Few days ago, I was discussing with my friends on life insurance rates and plans which are more than just conventional Life Insurance plan that could take care of investment as well with a decent return, while discussing one of my friend spoke about Edelweiss  Tokio  Insurance plans which are very beneficial when it comes to a combination of multifaceted Insurance cum Investment plan with added benefits.

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After knowing about the summary from my friend, I did a bit of research, here are the details of the Plan offered by –  Edelweiss Tokio Life, basically there are 3 Plans, which I shall be talking about :

  1. Wealth Ultima – ULIP (Unit Link Insurance Plan)
  2. GCAP (Guaranteed Return Plan)
  3. TotalSecure + (Comprehensive protection plan)

1 ) Wealth Ultima – ULIP (Unit Link Insurance Plan)

Firstly let’s talk about Wealth Ultima, This plan has 3 benefits a trio you can say, which are :

1.  SMP – Wealth accumulation

  • You can avail the option of paying your premium systematically on monthly basis, which allows you to safeguard from market fluctuations.
  • Tax Free Investment

2. STP – Wealth Preservation

In this there are few options available according to your appetite of risk:

  • Life Stage & duration based STP
  • Profit target based STP
  • Self Managed options are also available

3. Wealth Utilization :

  • Once the policy has completed 10 years , the policy holder can avail options to choose from like lumpsum amount or a set monthly installments -according to the years fixed, working as a pension plan after retirement.
  • Works as second income
  • The amount withdrawal would be Tax Free (so that’s again an added benefit)

A) Some other added benefits of this Wealth Ultima are:

  • Additions to the fund:
    • Loyalty Additions
    • Guaranteed Additions
    • Booster Additions
  • Little Champ Benefit:
    • In case of payer’s death, PV of future premiums will be funded by the Company.
    • Remaining benefits will continue as is
  • You can also change your preference of increasing or decreasing of PPT (Premium Paying Term)

2) GCAP (Guaranteed Return Plan)

The GCAP Plan insures that you get sure static return irrespective of the market behaviour, sounds tempting isn’t it.  This is a break though Plan by – Edelweiss Tokio, which is quite beneficial for people who want static return and do want to any risk involve in their investment.

Depending upon the no of years for which the plan are selected like 10, 20 or 30 years, the returns are subject to change accordingly marginally.

Listing few other rider  benefits which can be added with this plan:

  • Cover against accidents at small amounts of extra premium
  • Policy continues while eliminating the burden of premium payment in case of death, disease or disability
  • Provides income replacement to the family in your absence
  • Provides income replacement to family in incidence of critical illness

Optional with this GCAP Plan, which you can choose:

  • PWB (Payer waiver Benefit) which allows to help your child’s future, so even in your absence your child continues to enjoy the policy’s benefit without worrying about paying premium.

3) Total Secure+

TotalSecure+ is a comprehensive protection plan – Which means this is a Life Insurance with added features of choosing between Basic health cover (which covers 7 Critical Illness) and Comprehensive health cover (which covers 35 Critical Illness) so it works as a combo.

For instance if you take a life cover of 2 crores, you can choose – a Critical Illness plan of up to 1 Cr and avail the benefits.

The Premium amount will vary according to the Basic Health Cover and Comprehensive Health Cover plans.

TotalSecure+ gives you the facility to choose how to receive your benefits by providing 3 options:

LUMSUM: Takes care of immediate requirements

Monthly: Acts as income replacement by taking care of monthly expense

Combo: Takes care of immediate requirements as well as monthly

Under monthly mode, customer has option to receive monthly income for:
– 36 months – 60 months – 120 months – 180 months
Further, monthly income can be:
• Level (same monthly income for chosen period), or
• Increasing (@5% per annum compounding)

SECURE YOUR RETIREMENT WITH ONLINE TERM PLANS FROM BAJAJ ALLIANZ

Posted on by Aziz Ampanwala

What is the most rewarding thing for your family after your retirement? This is the question you should ask yourself if you haven’t . Why should you ask yourself this question? Because after you retire the most important thing in your life apart from your family support is, the support of financial security so that you can continue living your life as you have lived or had desired and #JiyoBefikar. But what are the steps you should take to secure your retirement? The best answer to that is an online term plan.

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Yes, an online term plan is the best option considering the amount of flexibility it provides and specially if you start early, could be in your late 20’s or early 30’s. If I have to suggest you one right now, it has to Bajaj Allianz Life #eTouch Online Term Plan, a three-step process to secure your future. Yes, let me take you through the features of the very simple, pure term and health cover plan from Bajaj Allianz Life to make your retirement life #JiyoBefikar:

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The first step to securing your future is gauging your Premium or amount you want to secure as term plan, so in the Bajaj Allianz Life #eTouch Online Term Plan, you can start off with as low as 50 lakhs. Who can avail this plan? Well if you are earning an amount of Rs 25,000 per month, you are eligible. This is the most basic amount I am talking about.

You have to provide your basic details such as name, email id and phone no.
The third step will give you various variants of the Bajaj Allianz Life #eTouch online term plan such as:


Shield Benefits:

  • On unfortunate demise of the life assured (the person in whose name policy has been taken), the Sum Assured on death would be paid and the policy shall terminate.
  • On the occurrence of an Accidental Total Permanent Disability of the life assured the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

Shield Plus benefits:

  • In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-
    Sum assured (subject to a maximum of ₹ 2 crores) will be paid as ATPD benefit the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.
  • On unfortunate demise of the life assured, the Sum Assured on death would be paid and the policy will terminate. 

Shield Super benefits:

  • In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-

  • Sum Assured (subject to a maximum of Rs 2 crores) will be paid as ATPD benefit, the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

In case of death of the life assured due to accident, then,

  • Sum Assured on death plus an amount equal to the sum assured (subject to a maximum of ₹ 2 crores) will be paid as ADB and the policy will terminate
  • If cause of death is not an accident Sum Assured on death would be paid and the policy will terminate


Shield Supreme benefits:

  • If the life assured is diagnosed with a Critical Illness, the benefits payable would be as follows:
  • If the diagnosed CI requires Angioplasty, fixed ACI benefit of ₹ 5,00,000 will be paid. Waiver of premium (WOP) is not applicable, if Angioplasty is conducted for CI. No further ACI benefit will be paid for any future occurrence of Angioplasty. But, the policy will continue for other benefits, including remaining amount of ACI benefit for the remaining CIs covered, subject to payment of all due premium.
  1. If the Critical Illness is other than one requiring Angioplasty then,
  2. If ACI (Accelerated Critical Illness) benefit has been availed for Angioplasty, then, ACI benefit of 75% of Sum Assured, subject to maximum of ₹75,00,000, would be paid.
  3. If any prior ACI benefit for Angioplasty has been paid, then, the remaining ACI benefit would be paid, which is 75% of Sum Assured (subject to maximum of ₹75,00,000) minus ₹ 5,00,000 (paid earlier for Angioplasty)
  4. the remaining premiums under this policy will be waived off, while the other insurance benefits will continue
  • In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-
  • Sum Assured (subject to a maximum of Rs 2 Crores) will be paid as ATPD benefit
  • the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.
  • On unfortunate demise of the life assured the beneficiary would receive the following benefit and the policy will terminate:
  • If ACI benefit has been paid earlier, then, Sum Assured on death minus the amount of ACI benefit already paid would be payable.
  • If ACI benefit has not been paid earlier, then, Sum Assured on death would be paid

All of the above plans have a Premium amount which accelerates as per the plans features and additional benefits. You can choose the policy terms from as low as 10 years and upto 29 years  and premium payment modes as per your convenience of monthly, half yearly, quarterly or yearly. I think this is a very welcome move from Bajaj Allianz Life considering and researching the payment habits of the vast and diverse Indian population.

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An another welcome move from Bajaj Allianz is an app to take care of your fitness, the B-Fitness Wellness app helps users to set and track their fitness goals along with incentives to adopt health lifestyle. Equipped with features like a food guide for Indian cuisine, a health score tracker, expert recommendations basis health score and personalized health articles curated to the user’s interests to make the app engaging. Providing a multitude of other exciting services, B-Fit is an assured and reliable app to help one achieve one’s fitness goals.

Life’s Uncertainty No More – Interesting Plans Coming Up from Bajaj Allianz

Posted on by Aziz Ampanwala

Life is full of uncertainties and even planning doesn’t work sometimes, for instance if you plan that tomorrow evening you want to go for dinner with your family, but due to some unforeseen reasons you are not able to act on the plan, that doesn’t mean your plan failed, it did because of  unforeseen reason you had to hold back, which are #IfsOfLife, similarly we should plan for ourselves or our family’s future in advance when it comes to monetarily support after we are not there for them or we have reached our retirement and are no longer earning.
There are end no of possibilities to what can be done to achieve the goal of being financial stable after 20, 30, 40 or even more years considering the #IfsOfLife, however the basic perception when it comes to securing funds for future is by saving from earning or maybe investing in gold, however there are better and more rewarding option available which are systematic and more rewarding in the longer run, any guesses? Well I am talking about LIFE INSURANCE, yes! Life insurance are well structured and have a systematic approach to meet the goal of making your family’s life secure after you are not there for them or after your retirement days.
For instance let’s talk about a lifestyle necessity such as tooth brush, right now a tooth brush costs INR 25, there are 4 member in your family and it is required to be changed after 1 month, considering that INR 100 is the cost per month, and INR 1200 annually, but have you ever thought what would be the cost of this same tooth brush after 30, 40 or 50 years? Considering the Market fluctuations and the ever growing inflation at a steady increase of 8 to 10% yearly  is observed. Considering the inflation rate the price of that tooth brush after 30 years would be, any guess? That same tooth Brush would cost you close to INR 21000. Little surprised to see these figures, aren’t you?

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Concluding from above points, I am excited to tell you that I shall be talking about Bajaj Allianz Life Insurance new Online Term Plan, this Online Term Plan is going to be launched on the 23rd of December, It is going to be a game changer in the Insurance space in the coming day, these plans wont only cover life insurance but also against disability or dreaded diseases.
Please visit @BajajAllianzLIC for updates on their upcoming product which is due to launch on 23rd December 2016.
Stay tuned for more details on my blog, for any queries please message me on the comment section below for further discussion.

Mutual Fund Investment Made Simple with Edelweiss Guided Portfolio

Posted on by Aziz Ampanwala

Life is constantly moving at a very fast pace and there is limited time for anything considering the options we are spoiled with, for instance question commonly hovering over our head whenever we sit to decide on something would be what to choose? Where to choose? How to choose? What would be the best option that would yield optimum returns? The never-ending quest to get the best sometimes takes a toll and we end up making haste decisions.

So, why am I discussing all this? Ok, let me reveal the suspense of the topic, I am talking about mutual funds investment, though I have been speaking about it quite often these days on my blog, still I strive to provide you with the best I can from the market updates.  Recently in this quest to find some information about investing in Mutual Funds, I came across Edelweiss GPS through a recommendation of a JAFX ECN broker friend. Now you may ask me what is Edelweiss GPS? Edelweiss Guided Portfolio Service is an algorithm based intelligent system which designs mutual fund portfolios for investors and guides them towards their financial goals through systematic investments, you may ask me why am I highlighting a specific service provider to showcase right? But I would be happy to let you know that once I take you through the sheer features of Edelweiss GPS even you would want to start talking about it, well this is what I feel.

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Design: The Edelweiss Guided Portfolio online page will simply surprise you with the simplicity of the design which is clean, cluster free and pop up free, which lets you focus on the features of the website and allows you to better understand the complexity which is well disguised within their online page design.

Features:

e-KYC: KYC document requirements are always a task, with multiples forms and signatures and photos and what not, but wait, if you happen to have a Aadhar card that is all you need to open an account with the Edelweiss Guided Portfolio, hassle free within second registration.

Investing made simple: “I want to invest —– Rs. I’m —- years old, and prefer select a risk profile” like does it get any simpler then this? Once you fill this quick form, the backend algorithm calculates your preferred risk and show you mutual fund portfolios accordingly.

Simplicity in diversity: The dashboard is a prominent feature of the Edelweiss Guided Portfolio, which is very minimalistic in design, though the details of mutual funds invested in and market watch feature are a commendable achievement they have managed to sync in.

DATA: We all love data, we want well researched data guiding us through the market hic ups or providing details about emerging trends in mutual funds or even indicating any recent updates on where to invest, this is well taken care of in their research page with blog post across different market trends and updates, a must check feature.

I can go on and on with the features, but I want you all to discover the features all by yourself and indulge in some cluster free, highly informative and systematic mutual fund investment and let your money grow multi folds.

Revolutionize Banking with DBS Bank

Posted on by Aziz Ampanwala

Banking globally has seen remarkable and significant turnaround when we talk about how banking is done these days, especially in this era of technology. I am myself a digital banker when it comes to core banking like money transfer thought IMPS or RTGS, atm withdrawal, issuing of account statement or maybe paying my bills. Now that everything is online and on the go, why waste time visiting the bank and waiting in long queue, when you are provided with the same service through online banking or app based banking.

On a contrary, one fine day, you decide to open a bank account to secure your hard earn money or save for you dream vacation, car or maybe a house, and once you know of the paper work and hassle involved in opening an account, you start to think otherwise, why is that so? I feel that in India to what I know and through past experiences, opening a bank account is not that easy, considering the technological advances, banking in India still lacks in adopting the technological advances when it comes to the KYC (Know your customer) process. For instance in a typical situation if you want to open an account, you will require to:

  • Fill a good 4 page form
  • 2 photos
  • 1 photo identity
  • pan card copy
  • 1 residential proof

So in all, a good time is occupied in doing all the formalities and paperwork, which can be fast tracked through loads of different technological advances which are adopted by other Asian countries.

Guess what! Recently I was searching for a Bank where I can open an account which had “no minimum balance maintenance” quarterly charges, and had all the banking core services included at no extra cost, though it was long struggle to find any, finally I came across DBS Bank, yes!

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DBS Bank  which is  Singapore’s best, Asia’s Safest titled, has been in the banking industry for around 4 decades and it has evolved with time and been adopting future ready banking technology with times.

With DBS bank’s new digibank program, opening “no minimum balance maintenance account” is possible, apart from that the star feature of DBS Digibank is that you can open a saving accounts hassle free and conveniently from where you are, the first step involves registering for the DBS e-wallet, now what this e-wallet does is makes paying much more easier, may it be phone/electricity bills to making a recharge to online shopping. After the e-wallet registration you can convert you e-wallet into a digital account without paperwork or signatures! Yes, you heard me right  for authentication   all you need is your Aadhaar no., PAN CARD and biometric for authentication, after that visit one of their many partner stores or call them to meet you at a place of your convenience.  It truly is a live more, Bank Less moment, once you have completed the simple process and start enjoying the bounty of banking services which they have to offer.

Digor the Dinosaurs (which is the DBS digibank Mascot)  survived extinction and embraced digibank by DBS Bank, which not only allows him to bank virtually 24X7, it also provides many bounties like 7% interest on saving a/c and host of freebies and coupons for online shopping sites.

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Apart from that we will be seeing our own legendary cricketer Sachin Tendulkar associated as brand champion with DBS Bank’s Digibanking program.

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A significant top up in security is their feature where no OTP (One time password) is required, thou   a better security is assured which is powered by automated authentication, safer than OTPs. So rest assured, the money is in safe hands.

To add some topping to all the above, they are also offering a 7% interest on saving and 10% cashback on shopping from a wide range of online merchants.