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

Milind Vadjikar |812 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.

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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 |7379 Answers |Ask -Follow

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

Question by pepe - Jul 17, 2024Hindi

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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

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Hello Advait. I have around lump sum 35 lacs to invest in stocks and or MF. please suggest the stocks or suitable MFS from retirement corpus perspective. I have around 15Y left for retirement. Also I am doing SIP of 90K in UTI Nifty 50 index fund, PPFAS flexi cap fund and Motilal Oswal Nifty 500 Index fund. I am risk averse and therefore don't do any investment in pure small or mid cap MFs. However you may suggest any Mid or small cap fund which has very good risk to reward ratio and I will start 25K SIP in it. Thank you in advance.

Ans: Diversification is the key Your portfolio is well-diversified across large-cap and flexi-cap funds. Adding quality mid-cap and small-cap funds enhances long-term growth potential.
Risk Management is required to Balance aggressive investments (mid/small caps) with conservative debt funds.
Tax Efficiency also needs to be considered if tax-saving is needed ELSS funds .
This strategy ensures you balance growth and stability for retirement over the next 15 years. Regularly review your portfolio to align with changing financial goals and market conditions. Nitin Narkhede , Founder Prosperity Lifestyle Hub Community.

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Took home loan in May 2022. House construction completed in June 2023. Sold old house in Dec 2024. Can I set off the captial gains by repaying my home loan?

Ans: Repaying a home loan does not qualify as a "purchase" or "construction" of a new residential property, so it won't help you claim the exemption. No, you cannot set off capital gains by repaying your home loan. Your Options are -
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I have 15 L in Icici blue chip fund and shifted my SIP of 25 K to Nippon large cap, I also have 5 K SIPs in Hdfc Mid cap opportunities and 5K in Nippon multicap? Is it the right investment for 35 K a month or need a change..I am 50 Yrs age.I am accumulating for 2 Cr corpus in next 7 years. I already have 45 L in my equity and debt funds. I also want to double SIP in next FY to 70 K a month in same ratio in above funds. Retirement goal is 2 Cr. Please advise

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Asked by Anonymous - Dec 29, 2024

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Hi , male happily married for 6 years . I find my ex collegue very attractive. Part of me is yearning to have some good sex with her. She is also married and a good human being, she likes me but still bit sure if she really wants to have sex with me. She loves being with me.

Ans: Dear Anonymous,
Do you have an open marriage? If so, I understand what you are saying. If not, do you understand what you are saying?

I am assuming that you have an open marriage- even so, if you are not sure about your colleague's feelings for you or have no idea about her marital arrangements, it would be a terrible idea to approach her with this. Moreover, she has never voiced her interest in you- “loves being with you” is not the same as she loves you romantically or lusts for you. Please tread very carefully.

I am saying all of these considering you have an open marriage. If that isn't the case, I don't think I have to tell you how wrong all of it is, and how much you should focus on your marriage and whatever is lacking in it; you can even try marriage counseling.

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Question by dakshesh - Dec 15, 2024

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there is a girl and i truly love her but apparently not vice verca, she is dating bad guys and getting hurt again and again but not giving a single chance to me , i truly love her and ready to do anything for her, i confessed my feelings multiple times in front of her but she is like let it be and let the god do whatever he wants also she ghosts me pushed me away and many more things but from the first day we are in a complicated situationship.

Ans: Dear Dakshesh,
I can't speak for her, but I can tell you that when a person, man or woman, is pushing you away and voicing their disinterest, it's best to give them their space. It can either be she is not interested in you romantically or she needs time to get there. But you cannot manipulate, push, or convince her to like you that way. If it happens organically, then good. Or else, you should respect her decision. Moreover, don't you think you deserve someone who likes you back the same way and chooses you over everyone else? I sure think you deserve better.
Please let her make her own choices and as for you, make better choices that are good for you. This toxicity and complicated relationship might be subconsciously exciting right now, but it won't be for long. You will get exhausted.

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Mujhe love me success kyu nahi milti

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Finding love takes time for most people. Sometimes we have no control over these things. I can suggest dating apps. You can add a bio that describes you well and also mention the kind of person you want. This way you will only attract people who are compatible with you. It can increase your chances of having a successful relationship. Nevertheless, everyone's love story happens at different paces. Don't worry. You will find yours too, in time.

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Question by Neha - Dec 30, 2024

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Mujhe love relationship me success nahi milti aisa kyu

Ans: Dear Neha,
Finding the right relationship takes time for most people. Sometimes we have no control over these things. I can suggest dating apps. You can add a bio that describes you well and also mention the kind of person you want. This way you will only attract people who are compatible with you. It can increase your chances of having a successful relationship. Nevertheless, everyone's love story happens at different paces. Don't worry. You will find yours too, in time.

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Dating, Relationships Expert - Answered on Dec 31, 2024

Asked by Anonymous - Dec 31, 2024

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I’m feeling really lost right now. I’ve been with my boyfriend for about a year, and things started out great. We have a lot in common, and we both enjoy going out with friends. But recently, I've noticed something that’s been bothering me. He works as a bartender, and every time I go to his bar, he gets upset about my friends being there. It feels like he’s trying to push me away from them, and I don’t know how to deal with it. Last weekend, we went out, and after a few drinks, I mentioned how uncomfortable it made me that he talked badly about my friends when they come to his bar. I thought I was being calm about it, but he just flipped out. He started yelling at me in the car, and I was so scared because he was driving way too fast and swerving. I told him I was going to call the cops, but he didn’t listen. Eventually, he pulled over, got out of the car, and started screaming and running around. It all felt so intense and out of control. When he came back to the car, things got physical. I slapped him in an attempt to make him stop, which I regret because I’ve never done that before. In the heat of the moment, he slapped me back and pushed me into a bush. The next day, I had bruises, and I just couldn’t stop thinking about everything that happened. Now, he’s been trying to buy me things and even booked a trip for us, begging me to stay. But I feel so unsure of what to do. I keep telling him that I need space, but it feels like he’s not really understanding the severity of what happened. I’m torn between wanting to make it work and realizing that this situation isn’t healthy. What should I do? Should I give him another chance or listen to my instincts and walk away for good?

Ans: Dear Anonymous,
First of all, physical violence is never the answer to any problem. I think you already know that. Coming to your main query, I think you should take the chain of events that followed after you confronted him very seriously. It's not healthy to slap and be slapped back and pushed into a bush. I am sure he regrets it just like you, but it can become a pattern. I would strongly urge you to rethink this relationship. If you are keen on keeping it going, I recommend either having an open discussion about what happened to make sure it is never repeated, or even better, consulting a therapist to work through the issues. You can have concerns and queries as to why he doesn't like it when your friends are around- that does not warrant such a harsh reaction.

I hope this helps.

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Asked by Anonymous - Dec 25, 2024Hindi

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Sir I am 39 years old. I want to retire at age 50.Now I have 60 lacs in fd in different banks and post office. I have 3.5 lacs in Mutual Fund. I have different properties including home valuing approximately 3.5 Cr.I have no loan.What is my financial position exactly now.How should I plan to get 1 lac monthly after retirement.

Ans: You have a solid financial foundation , Having static property is good to have, unless it is creating any income, otherwise it will be consuming expenses for maintenance. about plan to get 1 lac monthly after retirement at 50 you need to plan certain investments, for 12L(1L per month) per year you need corpus of 3 CR . Retirement Corpus Allocation: Plan to Achieve Your Goal:
1. Maximize FD Efficiency- Shift ?30 lakhs from FDs to debt mutual funds or balanced advantage funds for better post-tax returns (~7-8%). Keep ?30 lakhs in FDs/post office for emergencies and stable returns. 2. Grow Mutual Fund Investments:
Increase equity exposure to at least ?50 lakhs by systematic investments of ?50,000/month in equity mutual funds (e.g., index funds, large-cap funds). By doing this your Expected returns: 10-12% over 10 years, growing the corpus to ~?1.2 crore.
3. Utilize Properties- Explore rental income or liquidate one property closer to retirement to add to your corpus.
If one property generates ?50,000 monthly, you’ll need a smaller investment corpus for the remaining ?50,000.
At retirement allocate-50% in debt funds/FDs for stability and regular income. 50% in equity mutual funds for growth and inflation adjustment. Build an Emergency Fund: Maintain ?10-15 lakhs for unforeseen expenses post-retirement.
Regards, Nitin Narkhede , Founder Prosperity Lifestyle Hub Community.

Nitin Narkhede |43 Answers |Ask -Follow

MF, PF Expert - Answered on Dec 31, 2024

Question by Joy - Dec 28, 2024Hindi

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Sir, I am a group d railway employee .My total income in hand is 40000. I distribute my money as personal loan emi 14702 (3 years left) Fridge emi 1700 (2 left) For marriage purpose 10000/month Investment mf 5500 (just started 5 months) My expense 4000 Family 5000 Now I have to marriage in January 2026 ,try to arrange money 2 lakhs, I know that's not enough but still I try to make up, after marriage I live in rent of 7000, then my marriage purpose 10000 break into rent and my expense. I bought a land 2 years ago, after 2 years of my marriage I want build my home and then I think I have 2.5 lakh in mf and rest I should take a home loan... Am I right path? Please suggest a proper roadmap for my current financial situation.

Ans: Dear Jay, Its good to see that you are sensitive about the future and concerned about how to achieve it, sere are some suggestions, 1. Savings for Marriage: Target: ?2,00,000 by January 2026-Your current savings approach of ?10,000/month is excellent. By January 2026 (approximately 15 months), you’ll save ?1,50,000. Add the maturity value of your MF investments (?5,500/month for 15 months = ~?82,500 assuming 10% returns). Together, this will bring you close to your target.
2. Post-Marriage (From January 2026)- Adjust Budget for Rent:- Allocate ?7,000/month from the ?10,000 set aside for marriage savings. About Expenses: Consolidate other expenses into ?6,000–?7,000. Continue Investing in Mutual Funds: maintain your SIP. 3. Home Construction Planning (2028)-Assess how much additional funds you’ll need beyond the projected ?2.5 lakh from MFs.lan to take a home loan while ensuring your EMIs remain below 40% of your monthly income (~?16,000). 4. Start building an emergency fund of ?50,000–?1,00,000 gradually to handle unexpected expenses without disrupting other goals. By staying disciplined and regularly reviewing your financial plan. Regards, Nitin Narkhede Mentor, Prosperity Lifestyle Hub,

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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.

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