Telangana : In a company, the group health insurance policy provides protection up to Rs 5 lakh. Should an employee take another policy? Or is the top-up enough? Group health insurance is just an additional protection. It is useful while on the job. It should not be seen as a primary policy. So, take a policy of your own. Try taking a top-up policy on it.
A 45-year-old person took a Rs 50 lakh term insurance policy online four years ago. Now, can he take another policy up to Rs 50 lakh? He is getting Rs 75,000 per month. Insurance companies usually provide coverage ranging from 10-22 times the annual income, depending on the age of the policyholder. Looking at this calculation, there is no problem in taking another Rs 50 lakh policy.
Make sure to have insurance for 10-12 times your annual income. While taking a new policy, the old policy details, income and health information should be given. Premium refund policies are quite expensive. So, take a regular term insurance policy instead. Get an insurance policy from a company with a good payment history.
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A girl is 10 years old. Her parents want to invest up to Rs 15,000 per month in her name. Are there any suitable schemes to invest for 10 years? How much will have to be deposited? Currently education inflation is high. Wherever you invest, make sure you get more returns to meet inflationary costs. Diversified equity mutual funds can be chosen for this. If you invest at the rate of Rs 15 thousand per month for 10 years with an average return of 12 percent, it is likely to be around Rs 31,58,772. Before investing, ensure adequate protection for baby's future needs. Take a term policy for this.
A family wants to take a home loan up to Rs 50 lakh in two years. Until then, the idea is to invest Rs. 80 thousand per month. What kind of schemes to choose for this? They should not invest in risky schemes as there is only two years duration. Ensure that the investment is safe. For this it is better to choose a recurring deposit in the bank. Don't forget loan cover insurance while taking a home loan.
Can a small trader opt for safe schemes like Public Provident Fund, Post Office Monthly Savings Schemes? They want to invest up to Rs 5 thousand per month. What should be done to invest for at least 15 years? Along with the safe schemes, the ones with a little risk of loss should be examined. Deposit Rs 3 thousand out of Rs 5 thousand in Public Provident Fund (PPF). Deposit the remaining Rs 2 thousand in diversified mutual funds. If you invest like this for 15 years, it is possible to get Rs 19,06,348 with an average return of 10 percent.
