Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Rs. 2 Lakh Tax? How Much Premium Do I Need to Pay?

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 04, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Shailesh on Aug 01, 2024Hindi

Money

Agar muze Rs.200000 ka tax bharna he to muze kitna premium pay karna padega insurance plan me. Pls provided calculation

Ans: Under old tax regime you can save upto ? 1.5 Lacs by paying insurance premium also additional ? 50K can be saved by investing in NPS, based on surplus deduction available under 80CCD(1B)

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Ramalingam Kalirajan |7097 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 30, 2024

Question by Nripendra - Jun 11, 2024Hindi

Money

Namshkar sir Main ye jaanna chahta hu ki jaise kisi ne 5 lakh ka medical insurance le rkha hai aur us yakti ke pariwar main 4 log aur ha to kya har Pariwar ke sadsya ko 5 lakh ka medical insurance milega kripya krke margdarshan kre..

Ans: Coverage for All Family Members
In a family floater plan, the total sum insured is shared among all members. If your policy is for Rs. 5 lakhs, this amount is the maximum limit available for the entire family.

Distribution of Sum Insured
If one member uses Rs. 2 lakhs, the remaining Rs. 3 lakhs is available for the rest of the family within the policy year. The sum insured is not per person but for the family as a whole.

Advantages of Family Floater
Cost-Effective: It's generally more economical than individual policies for each family member.

Flexibility: The entire sum can be used by one member or shared among all.

Disadvantages to Consider
Limited Coverage: If one member uses a significant amount, less is available for others.
Additional Tips
Review Annually: Ensure the sum insured meets your family's needs.

Top-Up Plans: Consider top-up plans for additional coverage if required.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ramalingam Kalirajan |7097 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 25, 2024

Question by pepe - Jul 17, 2024Hindi

Money

Meri policy jeewan asha -2hai.ishe mene28-09-2003 me liya tha. Haff yearly premium 11992rs hai. Policy plan 131-25 hai. Mujhe 25 year tak premium dena hai. Mujhe policy mature hone par kitna amount milega.

Ans: Policy Details Overview
Policy Name: Jeevan Asha - 2
Start Date: 28-09-2003
Half-Yearly Premium: Rs 11,992
Policy Term: 25 years
Plan Number: 131-25
You are paying Rs 11,992 as a half-yearly premium, which amounts to Rs 23,984 annually. This policy has a term of 25 years.

Total Premium Paid
Total Premiums Paid Over 25 Years:
Annual Premium: Rs 23,984
Total Years: 25
Total Premium Paid: Rs 23,984 * 25 = Rs 5,99,600
Maturity Amount Estimation
The maturity amount for a Jeevan Asha - 2 policy can depend on various factors, including the sum assured, bonuses, and final additional bonuses (FAB). Since the specific sum assured and bonuses are not provided, we will give a general idea.

Sum Assured:

The sum assured is the guaranteed amount paid on maturity. Check your policy document for the exact sum assured amount.
Bonuses:

LIC policies often include reversionary bonuses declared annually. The bonus rate varies yearly. Historically, it has been around Rs 40 to Rs 50 per Rs 1,000 of the sum assured.
Final Additional Bonus (FAB):

An additional bonus may be declared at the end of the policy term. This depends on LIC's performance and policy duration.
Example Calculation
For an illustrative example, let's assume:

Sum Assured: Rs 3,00,000 (You need to check your policy for the exact sum assured)
Annual Bonus: Rs 45 per Rs 1,000 sum assured
FAB: Rs 25 per Rs 1,000 sum assured (if applicable)
Annual Bonus Calculation:

Sum Assured: Rs 3,00,000
Annual Bonus: Rs 45 per Rs 1,000 = Rs 13,500 per year
Total Bonuses Over 25 Years: Rs 13,500 * 25 = Rs 3,37,500
Final Additional Bonus (FAB):

Sum Assured: Rs 3,00,000
FAB: Rs 25 per Rs 1,000 = Rs 7,500
Total Maturity Amount:

Sum Assured: Rs 3,00,000

Total Bonuses: Rs 3,37,500

FAB: Rs 7,500

Total Maturity Amount: Rs 3,00,000 + Rs 3,37,500 + Rs 7,500 = Rs 6,45,000

Final Insights
The exact maturity amount can vary based on the sum assured and actual bonuses declared by LIC. It is advisable to consult your policy document or contact LIC for precise details.

By estimating the bonuses and sum assured, you can get an idea of the maturity amount.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Latest Questions

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 18, 2024Hindi

Money

Male, Age is 29, Salary of Rs. 22000/- p.m., my expenses 6-8k p.m. (Approx), Current Investments: Mutual Funds 2k monthly, 3k RD monthly for 3 Yrs, what is suitable Health/Life/Term Insurance? ROI option for same? or Other Investment options? I have my father who got his pension & he manages our household Expenses.

Ans: Hello;

Insurance is not a investment.

It is a protection which you buy to safeguard your dependents, financially, in case of any unfortunate event.

Pure term plan with riders for critical illness and accident benefit is optimal.

Ideal life cover should be 15X-20X your annual income.

If you are keen then you may check term plans that offer return of premiums paid(less tax) if you survive the policy maturity period.

Healthcare insurance should be from a company that has:
1. High number of network hospitals throughout the country.
2. Low waiting period for pre-existing conditions.
3. High claim settlement ratio and simple & fast claim settlement.
4. Covers maternity expenses for female members.
5. Sum assured restoration benefit.

Both life and healthcare insurance premium payments are deductible under old regime of income tax.

PPF, NPS, bank FDs are other investment options.

Best wishes;

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Question by Varinder - Nov 17, 2024Hindi

Money

With starting salary ?12000 CTC. At 5% increase in contribution annually. What will be way ahead at the time of pension with 15 years of career. and how much pension monthly will I get???

Ans: Hello;

Request you to kindly rephrase your question.

Thanks;

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Question by kiran - Nov 19, 2024Hindi

Money

I am 41 years old, having FD of 15 lacks , my package is 12L/Annum . Other than this i have polices and no savings. Can anyone suggest retirement plans and savings plan further

Ans: Hello;

You can invest in NPS for your retirement planning.

For your other goals you may invest in different type of mutual funds based on your risk appetite and time horizon.

Never mix insurance (pure protection)with investment.

Happy Investing;
X: @mars_invest

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 19, 2024Hindi

Money

I am 39 years working women my current salary is 25k due to multiple unsecured loan trap my emi is reached to 55k per month . Most of the loan 75% emi repayment done but 2 loans emi is very high and remining tenure is almost 1.5 year total outstsnding appx 4.5 lacs really dont know how can i get over from this . Please advice

Ans: Hello;

Sell any gold which you may have and repay the loan. Once the loan burden is over you can buy gold again later.

Check if you can port the loan to another lender with lesser rate of interest.

Borrow from your close relatives/employer, if possible, to get you over the loan and repay it later.

If the recovery agents are harassing you beyond due follow-up then report it to the Police/RBI.

Please be firm and positive to get over this difficult phase.

However if you feel depressed kindly consult a psychiatrist.

Best wishes;

Nayagam P P |3916 Answers |Ask -Follow

Career Counsellor - Answered on Nov 21, 2024

Question by yakub - Nov 21, 2024Hindi

Career

My daughter is in class 12th and preparing for her Jee. What course she should take up which will have great opportunities in future

Ans: Yakub Sir, It would be beneficial to have a conversation with your daughter regarding her interests, strengths, and career aspirations—whether she plans to continue her studies after her BTech or gain experience before pursuing her Masters, either in India or abroad. Certain fields have historically drawn a higher number of female students in India, influenced by societal views, considerations of work-life balance, and available career prospects. Here are a few suggestions: (1) Computer Science Engineering (Core) (2) Computer Science Engineering (Artificial Intelligence & Machine Learning) (3) Computer Science Engineering (Artificial Intelligence & Data Science) (4) Information Technology (5) Electronics and Communication Engineering & (6) Biotechnology / Bioinformatics. Please also make sure that she joins a Colleg where the placements records have been good during the last 3 years. All the BEST for Your Daughter's Prosperous Future, Sir.

To know more on ‘ Careers | Education | Jobs’, ask / follow Us here in RediffGURUS.

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Asked by Anonymous - Oct 10, 2024Hindi

Money

Hello Mr Shah How worth / meaningful will it be for a 55 yrs person to start investing in NPS. Yearly capability of investment around 3L, with investment horizon of 6-7 yrs. This option I’m weighing against couple of guaranteed return (yearly certain amount of fxd return till life) tax free insurance linked investments. Also let me know what is the minimum number of yrs one has to invest prior to withdrawal and how much max (%) can be withdrawn lump sum. Best! Regards

Ans: Hello;

6-7 year time horizon for NPS may not be optimal.

Also after 60, you may withdraw maximum of 60% of your investment value while the rest 40% has to compulsorily be utilised to buy an annuity.

Happy Investing;

Radheshyam Zanwar |1054 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 21, 2024Hindi

Career

Hello, I am 3 yr neet dropper.in 2025 it will be my third attempt... I'm trying my best to crack neet ...i don't know what will happen will i score good marks or not ... please help me in suggesting good career options if not crack neet .....there are many options through neet marks also like bhms , veterinary...etc. i will also give entrance exam also like cuet ,gbpuat ,....but i want that what to choose which course will be best for me ...i want to make my life good and happy... having a good degree, good job ,...

Ans: Hello.
Have you analyzed your failure in 2 successive attempts in the NEET examination? If yes, then the question is what you have done for improvement and not then again the question arises why not? Here, I would like to suggest you focus now only on the NEET examination which is your 3rd attempt. Don't think about any other options right now till May 2025. After the NEET exam is over, you have ample time to explore the options available. Depending on your score in NEET 2025, we will guide you at that time. But yet, if you are confused, then looking towards your question and anxiety, you need personal counseling where you can express yourself face-to-face. Only after the NEET exam is over, you contact a counsellor for one-to-one counseling. Till then, keep mum and focus only on NEET. Take this exam as your mission and project. Work on this project, apply forces from all sides, success is there which is waiting for you eagerly.
Best of luck for your bright future.

Some tips: (1) Analyse separately Phy, Che, Bio (2) Prepare a list of hard topics (3) First focus more on the topics which are easy for you and then try to excel in hard topics (4) Appear more and more online/offline examinations (4) Prepare your short-cut file for all subjects (5) Prepare a file for each subject having only synopsis of all chapters (6) Try to solve the problems at the lightening speed and observe the period on regular basis (7) Create your time table to revise the topics on regular basis (8) Do not hesitate to ask your difficulties to your teachers, if you have joined to offline classes (9) Keep the habit of marking the answers which you know 100%. Don't guess the answers and mark them, as there is -ve marking scheme. (10) Be calm, quite, and smiling all the time to release the tension and always have a healthy chat with your friends.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Samraat Jadhav |2095 Answers |Ask -Follow

Stock Market Expert - Answered on Nov 21, 2024

Question by RAGUL - Nov 17, 2024Hindi

Money

I am a new and first time investor (not a trader) right now I see market correction as a good entry for me and I got fet questions, 1.how long do we foresee this correction to happen (in weeks or months)? 2. Should I take entry in small steps across potential stocks so that I can average out? 3. I think this is the right time for this question - what potential stocks can give me 40 to 50% returns in next 12 to 15 months and 70 to 80% in next 24 months (this is a very optimistic number as I already see some good stocks had come down by 20 to 30%)

Ans: 1) Corrections are always temporary, and the growth is real for long term so now the downside is limited.
2) Yes, if you have Rs. 100 start investing Rs.25 and keep adding 25 in every fall.
3) All Blue Chips and then Mid Cap Companies. (Choose quality always)

Milind Vadjikar |672 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 20, 2024Hindi

Money

Hello Sir, I am 55 and plan to retire. I will get 85 lakhs after retirement from provident fund and will get 45k monthly pension which will increase twice with increase of Dearness Allowance as per Central Govt rules. I will also get 9k as rentals. I have no loans and have own house to live. Can I survive with family of three(myself, wife and mother aged 74years)

Ans: Hello;

What is the approx monthly household expenses as on today?

What kind of healthcare benefit will you and your wife get from your employer after retirement?

Do you have a separate healthcare insurance policy for both of you as well as your Mother?

Kindly provide response on the above points so as to recommend suitably.

Thanks;

Pradeep Pramanik |186 Answers |Ask -Follow

Career And Placement Consultant - Answered on Nov 21, 2024

Asked by Anonymous - Aug 14, 2024Hindi

Career

My Director interviewed me for 3 times in 6 months and then took me after cautious decision. When i joined five months ago i kept working dedicatedly but after 4 months he suddenly asked me to resign on intercom and by calling me to his room without any reason of non performance or integrity or behaviour or anything No allegations were there and allegation was shared as well Finally i had to quit as he threatened of sacking if i dont quit Hence i had to first send several e mails of request and then when he didn't agree i sent a 2 line resignation While i had already assured him of improvise the performance of his loss making organization to break even in at least 50% operations but he didn't budge. My ctc in my organization was highest and i am not sharing my contact number because he may try to harm me in my finding a job 1. How do i remain in touch with this Expert Advice always 2. How can i personally talk one to one 3. How do i know what to do next as such unthoughtful appointments leave is in lurch and very very painful Regards

Ans: Dear Once you have resigned under pressure , It is not advisable to request for any consideration. Better to move on if you are capable.

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x