Hello, can an NRI currently residing outside of INDIA AND SOON BE MOVING TO INDIA ON A PERMANENT BASIS BUY ABHICL SUPER TOP UP PLUS 95 L SI, 5L DEDUCTIBLE?

UPON READING PROSPECTUS for SUPER TOP UP POLICY ELIGIBILITY SECTION STATES NRIs working in INDIA CANNOT.

I need not look for a job in INDIA. I wish to build up my insurance kitty and seek to cover for myself SO THAT WHEN I LAND IN INDIA, I'M
SECURELY COVERED.

EMAILS SENT TO customer care AT ABHICL yielded no result.

THEY KEEP ASKING FOR POLICY NUMBER ON A REPITIVE BASIS. THEY SIMPLY LACK COMPREHENSION TO UNDERSTAND MY VERY BASIC QUESTION.

Thanks in advance for any help you may provide.

Ans: Hi,
It is better to stay in the same company for security. In any case, your company has promised to bring you back to your core area after 3 years.

Ans: Hi,
M.Sc. in Biotech is a post graduate course. It is suggested to go for a job after the course. On completion of a year or two on the job, you may look for another course depending on exposure and interest.

Ans: Hi,
For any kind of work sound behavior, sincerity and commitment are very important. Since you have already worked for Spare part distributor showroom, initially look for such jobs and on working for a year or two look for other opportunities.

Ans: Planning for your child's education is a thoughtful and long-term financial goal. Here's a step-by-step approach to help you achieve a corpus of 1 Cr for your 6-year-old daughter's education by the time she turns 18:

Determine the Current Cost of Education:

Research and estimate the current cost of the education you envision for your daughter. Consider tuition fees, living expenses, and any other potential costs like books, equipment, and extracurricular activities.
Assume an average annual inflation rate for education costs. Typically, education inflation is higher than general inflation.
Choose the Right Investment Vehicle:

Equity Mutual Funds: Given your long investment horizon (12 years), equity mutual funds can be a good choice. They offer the potential for higher returns compared to debt funds or fixed deposits.
SIPs (Systematic Investment Plans): Start a monthly SIP in diversified equity mutual funds. This approach allows for rupee-cost averaging and reduces the impact of market volatility.
Calculate Monthly Investment Required:

Using a financial calculator or online SIP calculator, determine the monthly SIP amount required to reach 1 Cr in 12 years, assuming an expected rate of return. The rate of return can vary, but a conservative estimate could be around 10-12% per annum for equity mutual funds.
Stay Consistent and Review Periodically:

Consistency is key. Make sure to invest the calculated SIP amount without fail each month.
Review your investment portfolio annually to ensure it's aligned with your financial goals and adjust if necessary.
Consider Additional Savings and Investments:

Apart from SIPs, look for additional avenues to save and invest. Consider recurring deposits, PPF (Public Provident Fund), or even direct equity investments if you have the expertise.
Encourage relatives to gift investments or contributions towards your daughter's education fund on special occasions.
Keep Emergency Funds Separate:

Always maintain a separate emergency fund to cover unexpected expenses. This ensures that you don't dip into your daughter's education fund in case of emergencies.
Tax Planning:

Opt for tax-efficient investments like ELSS (Equity Linked Savings Schemes) under Section 80C of the Income Tax Act. This will help in saving tax while building your daughter's education fund.
Remember, the key to achieving your goal is discipline, consistency, and staying invested for the long term. Periodically review and adjust your investment strategy as needed, considering changes in market conditions, your daughter's education costs, and your financial situation. It's also a good idea to consult with a financial advisor to tailor a plan that suits your specific needs and risk tolerance.

Ans: Hello,

First and foremost, thank you for getting in touch with us. I am glad to hear that your son is pursuing his Bachelor of Physiotherapy after which he intends pursuing his postgraduate (PG) studies in the USA. I would like to let you know that although pursuing higher studies overseas can be a fantastic opportunity, taking monetary considerations into account is crucial. As an answer to your question, mentioned below are some suggestions to locate economical options as well as the admissions procedure:

As the first step, your son should look into universities that provide affordable programs, or else, examine programs that offer monetary assistance or scholarships to overseas students. In comparison to others, a few universities might charge cheaper tuition fees. I would suggest that your son searches for public universities or ones that offer robust initiatives for financial assistance. Next, your son should make sure that the universities he is thinking about enrolling in are accredited by recognized accreditation agencies. This guarantees that educational criteria are fulfilled. If needed, your son should prepare beforehand for standardized tests viz., the GRE and TOEFL/IELTS. He can study with the help of various resources available online and in libraries. Remember that the application procedure and prerequisites differ between universities. Ensure that your son adheres to the guidelines set by each university and submits necessary documents viz., his academic marksheets, scores of standardized tests viz., the GRE, scores of English competency tests viz., the IELTS or TOEFL, personal statement, endorsement letters, as well as a CV or résumé. As part of financial planning, I would recommend that your son sets a realistic budget for pursuing higher studies abroad. He should consider the costs of living, tuition costs, medical insurance, as well as other additional expenditures. He should also look into the part-time employment opportunities for international students, and make sure that the work doesn’t hamper his studies. There are a number of scholarships available for international students that your son should look into. Scholarships based on merit or monetary support packages are offered by a number of universities. In addition, your son can explore external scholarship programs provided by governmental bodies, commercial businesses, or foundations. Besides conventional postgraduate programs, your son could look into other options viz., online programs, which may be comparatively cheaper and offer more flexibility. In order to acquire direction and assistance during the application procedure, your son can get in touch with the international student offices at the universities he’s considering. Not just that, he should speak with academic advisors or organizations with experience helping students study overseas.

Remember that there are several renowned universities in the USA and some other nations that are regarded for the robust Physiotherapy programs they offer. In the USA, your son can apply to universities viz., University of Southern California, Emory University, University of Iowa, University of Pittsburgh, and University of Delaware. In Australia, University of Sydney, University of Queensland, and University of Melbourne are well-known for their postgraduate programs in Physiotherapy. Universities viz., King's College London, Queen Margaret University, Edinburgh, University of Southampton, University of Nottingham, University of Birmingham, University of Manchester, and University of East Anglia in the UK are known for their postgraduate studies in Physiotherapy. Your son can consider applying to any of these universities. Your son can also apply to any of these Canadian universities viz., University of British Columbia, University of Alberta, McGill University, University of Toronto, and McMaster University that are well-regarded for their Physiotherapy postgraduate programs. These universities are well-known for their top-notch instruction, hands-on learning, and research possibilities in Physiotherapy. In order to ascertain which program best resonates with his interests, monetary situation, and professional objectives, I would recommend that your son conducts more research on each program. Besides, when selecting, he should also take into account variables viz., the location, amenities, experience of the faculty members, and alumni network.

For more information, you can visit our website.

Ans: It is Mandatory to file ITR - GTI > minimum exemption limit (Before 54 series exemption) - Deposit > 1 Cr in Current A/c - Expense > 2 L for Foreign Travel - Expense > 1 L for Electricity - Sales > 60 L - Gross receipt profession > 10 L - TDS/ TCS > 25K ( 50K senior citizen) - Deposit > 50 L in Saving A/c

Ans: As per income tax provisions, a person who contributes money for the acquisition of money; will be considered as owner of property and required to deduct TDS at the time of payment of consideration to the seller.

Ans: It is difficult to predict the exact corpus amount you will accumulate by 2034 due to the following reasons:

• Market Fluctuations: Equity mutual funds invest in stocks, and the stock market fluctuates over time. This means that the actual returns you will get can be higher or lower than the estimated range of 8-12%.
• Fund Performance: The performance of each mutual fund you have chosen can vary. Some funds may outperform the average market return, while others may underperform.

However, I can provide you with an estimated range of corpus amounts based on your SIP amount, investment period, and expected return rate. Here's how you can calculate it:

SIP Calculator: You can use an SIP calculator available online or provided by your mutual fund provider. These calculators take into account your monthly investment amount, investment tenure, and expected return rate to estimate the maturity amount.

Manual Calculation (Simplified):

• Total Investment: Multiply your monthly SIP amount (Rs 75,000) by the number of months you will invest (10 years * 12 months/year) = Rs 9,000,000
• CAGR (Compound Annual Growth Rate): This is the average annual return you expect on your investment. Since you expect a range of 8-12%, consider different CAGRs within this range (e.g., 8%, 10%, 12%)
• Future Value Formula: Use the Future Value (FV) formula to calculate the estimated corpus amount for each CAGR. You can find the FV formula online or in finance textbooks.

Example:

Let's say you calculate the future value for a CAGR of 10% using the FV formula:

FV = P * [(1 + r)^n - 1 ] / r

Where:

• FV = Future Value
• P = Monthly Investment (Rs 75,000) * Investment Tenure (120 months) = Rs 9,000,000
• r = Expected Return Rate (as a decimal) = 10% / 100 = 0.1
• n = Number of compounding periods (monthly in this case) = 120 months

Estimated Corpus with 10% CAGR:

FV = Rs 9,000,000 * [(1 + 0.1)^120 - 1 ] / 0.1 ≈ Rs 69,531,106

Repeat the FV calculation for other CAGR values (8% and 12%) to get a range of possible corpus amounts.

Important Note: These are just estimates, and the actual corpus amount you will get may be different.

Here are some additional points to consider:

• Diversification: You have chosen a good mix of funds across different categories (large-cap, mid-cap, flexi-cap, and sectoral). This helps diversify your investment and potentially reduce risk.
• Review your SIPs: Periodically review the performance of your mutual funds and adjust your SIP allocation if necessary.

I hope this helps!

Ans: Possible. You can substantiate your work experience with some degrees. XLRI has part time / correspondence courses where you need to go to college just once in 6 months or a year. XLRI is also known to be a college best for HR. They also have 1 year full time Executive MBA program called GM which you can do if you have 5+ years of work experience. Can look at these options for enhancing your qualification.