Prajna Capital |
- Debt Mutual Funds with SIPs
- How to claim benefits of National Pension Scheme (NPS)?
- Motorcycle Insurance In India
| Posted: 27 Jan 2014 04:13 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How to claim benefits of National Pension Scheme (NPS)? Posted: 27 Jan 2014 03:13 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
Two ways to contribute
One of the ways in which an individual contributes to the NPS is when the employer ensures the enrolment as a part of the overall process that they have undertaken wherein all employees are covered under the requirements. This would mean that there is no provident fund that is actually present for the individual when they are actually working but the amount is actually going into the NPS account. This will result where the NPS is the main area for the funds being directed.
The other way is actually where the individual is running the account on their own so that there is no contribution as far as the employer is concerned because there is no employer in the picture. Here the entire contribution comes just from the individual and it could be that the person is not an employee somewhere but is self employed or a professional.
There are a lot of such people who would want to make use of the facility of the NPS.
Overall benefit
The first point to understand is that the benefit of the NPS consists of the deduction that is available to the individual when they make their own contribution to the fund. This is the basis on which the entire working is based so the individual will have to consider this factor when they are looking for the actual amount that they can claim. If it is the case where they are contributing an amount and so is the employer then they would need to see their own contribution and this should not exceed 10 per cent of their salary. If they are contributing just on their own then the figure that they are actually giving would need to be taken into account and this will meet their requirement. There is an overall limit of Rs 1 lakh for contributions under eligible investments for Section 80C, pension fund contributions (Section 80CCC) and contribution to NPS (Section 80CCD). The key point here is the amount that actually goes into the NPS would have to be brought into the calculations.
Actual calculation
The manner in which the actual benefits have to be considered is to actually look at the amount that is invested in the instrument during the year. This is a one time benefit in the sense that if say Rs 80,000 is invested then subject to the other limits this figure would be allowed as a deduction for the individual. There is earning on this amount that will be present after the investment and which will be added to the account over the life of the investment but this is not to be taxed at the present moment. This does not mean that the amount is tax free because the way in which this will be taxed is at the time of receipt. When the individual actually gets a pension from the account then the amount would be taken as income of the person and added to their income as required. This is the manner in which the entire taxation of the amounts takes place and this is different from the public provident fund where the interest is actually tax free. Here there is just deferment of the tax aspect till the amount is received. Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Jan 2014 01:54 AM PST Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
You must have heard the famous saying" A Four Wheeler Moves Your Body A Two Wheeler Moves Your Soul ". Haven't you heard of the trailblazers blazing their way across India? The legendary Harley Davidson Motor cycle has finally made its way into India. Bike enthusiasts in India are sent into joyous rhapsody on sighting of these bikes. Another famous bike used widely in India for those off road rides is the Royal Enfield. Imagine blazing your way across some of the most scenic sights in India on a Royal Enfield? The mountainous terrain or the off road trail of Leh, The hectic rush of Delhi, Lush green mountains of Manali ,Root bridges of Cherrapunji ,The beach roads of Goa or the beautiful scenic beach hugging coastal roads of Chennai and Pondicherry. Don't you fantasize about such joyous rides but they certainly come at a price. What if there is a boulder or a fallen tree when you make those sudden sharp turns around those bending and dipping curves?.What if that lovely bike of yours is stolen ?.What if you are involved in a nasty collision with another biker who wants to ride the wind?.What if you would have to bear the huge losses involved in a bike collision with another bike and you don't have sufficient funds to pay the injured person when you are at fault?.Two Wheeler insurance is your sole hope and rescue at this point of time
For further information on the topic you can CONTACT Prajna Capital on 94 8300 8300 by leaving a missed call.
What Is Two Wheeler Insurance All About?
As per Indian Law having an insurance policy for your two wheeler is compulsory. This serves to be very useful to you if your two wheeler is stolen or you are involved in a serious motor accident. Many college students in our country purchase two wheelers on loan and ride rashly. Who would pay the heavy damages and liability costs that would be incurred if they were involved in an accident?. You have the third party liability which is that portion of a two wheeler insurance policy that covers damage caused by you ,mainly bodily injury to another person or damage to another person's property. This policy would not cover the loss or damage suffered by your own two wheeler or injury to the pillion rider. A package policy is a comprehensive policy which covers loss and damage suffered by your two wheeler in addition to third party liability.
What Is Covered Under This Policy Governed By The India Motor Tariff Act 2002?
· Subject to the limits of liability the company will indemnify the insured against damage to his insured two wheeler including the accessories and also the property of the insured as well as the insured's family members and household caused by accidental external or visible means.
· The Company At its own discretion may repair, reinstate or replace the damaged two wheeler and accessories in cash to the extent of damage.
· Subject to the limits of liability the company will indemnify the insured against claims and damages to any person other than his household, family members and those in his service.
· Accidental damage to any Insured two wheeler held in the trust and custody and control of the insured.
· Accidental damage to any property not in control or custody of the insured.
What Is Not Covered Under This Policy Governed Under The India Motor Tariff Act 2002?
· The company is not obliged to pay for mechanical and electrical damages and breakdown, depreciation, wear and tear and failures and breakages.
· Damage to tyres due to punctures, sudden application of brakes, cuts and bursting of tyres.
· Any accidental damage caused by ionising radiation or contamination by radioactivity caused by nuclear waste or combustion of a nuclear fuel.
What Claims Are You Generally Covered For Under These Two Wheeler Insurance Policies?
· You are covered for damages due to floods, earthquakes, cyclone, fire, explosion, landslides, frost, hurricane or a rockslide.
· Damages due to riots, terrorism, strikes, or malicious acts.
· Transit by rail, road, inland waterways, air transit, lifts and elevators.
· Theft of your two wheeler.
· Coverage of a lakh to the Owner/Insured while travelling, mounting and dismounting from the two wheeler as a personal accident cover.Add on covers can be extended to the damages to accessories, and a personal accident cover can be taken for the pillion rider on payment of an additional premium.
What Claims Are You Generally Not Covered For Under These Two Wheeler Policies?
· Damages caused outside the geographical boundaries of India.
· Losses and damages caused under conditions of intoxication due to consumption of liquor or drugs.
· Losses and damages caused due to accidents arising out of a person without a valid license riding your two wheeler.
· Two wheelers being used outside or above its specified restrictions.
· Any damages or accidental loss caused due to acts of war, invasion by a foreign enemy, civil war, mutiny, rebellion, military coup and enemy hostilities.
Factors Which Influence The Premium Charges Of Your Two Wheeler
Insured's Declared Value
The sum for which the two wheeler is insured is known as the Insured's Declared Value popularly called IDV. It is fixed by the insurance company and represents the current market value of the two wheeler. This remains constant throughout the term or time period of the policy. This value becomes very necessary when we want to evaluate the price of the two wheeler when it is stolen or damaged beyond repair. This value mainly depends on the manufacturer's listed selling price and the model of the two wheeler. Remember the age of the two wheeler also plays an important part in determining the IDV .This is mainly calculated after appropriate depreciation charges are applied.IDV is then bifurcated into two parts, own damage and third party liability for the purpose of premium calculations. Own damage section represents the two wheeler, accessories, side car, anti theft devices and also the non claim bonus.
Table Showing The Depreciation Deductions In Order To Obtain The Insured's Declared Value
Cubic Capacity Of The Two Wheeler
You have two wheelers cubic capacity defined under the India Motor Act as a minimum of 150 CC , 150-350 CC and above 350CC.The average insurance premiums range from INR 5000-INR 7000 depending the category it falls under.
Geographical Location
You have Zone A which includes Ahmedabad, Chennai, Delhi ,Mumbai,Kolkata,Bangalore ,Hyderabad and Pune where premiums charged are higher. Zone B includes the rest of India .Damage protection on your two wheeler can be extended even out of Indian Boundaries such as Bhutan, Nepal, Sri Lanka, Maldives, Pakistan, and Bangladesh on payment of an additional premium. However this does not apply when the two wheeler is in transit.
No Claim Bonus
You are eligible for the no claim bonus when there is no damage claim made during the tenure of the policy. You require a comprehensive two wheeler policy for this and you get covered for damages only to your own two wheeler irrespective of whether you are at fault. You are able to procure deductions in the range of 20-50% on the premiums paid under the own damages section.
Transfer Of Ownership
Let us consider that you purchased a second hand motorcycle from one of your friends. You have to make sure that the insurance policy of the motorcycle is also transferred to you. You the transferee has to write to the insurance agency within 14 days of receiving the policy with the details of the registration number, previous owner, date of transfer and date of the insurance policy so that a fresh certificate of insurance can be issued by the insurance agency, If you have a two wheeler insured under an insurance policy you can substitute it for another two wheeler provided they belong to the same class during the tenure of your policy. The premium would be adjusted on a pro rata basis. You need to note that the insurance policy of the two wheeler is divided into two parts. The first part covers the name, address, mobile number, policy number, Issued date of the insurance policy, term of the policy and the geographical area. The second part covers Registration details, Engine Number, Year Of Manufacture, IDV, Make of the two wheeler and so on.
How To Secure That Claim When You Need It?
Let us consider that your two wheeler has been involved in a nasty collision. You need to inform the insurance agency where your policy is in force .Your claim amount is based on the Total Loss/Constructive Total Loss. You have the IDV and if the claim amount exceeds 75% of the IDV then you have to calculate the Constructive Total Loss. You get the IDV minus the depreciation charges.
Rate of Depreciation Of All Parts Of The Two Wheeler
What If Your Two Wheeler Is Stolen
If your two wheeler is stolen the first thing you need to do is to register a First Information Report (FIR) at the Police Station and then inform your insurance company .You would need a copy of the FIR for the claims processing. If your two wheeler is not found within a specific time period then the insurance company will process your claim.
Points To Remember For That Two Wheeler Insurance Policy
· Make sure that your insurance policy has been renewed on time with all the relevant correct information in order to avoid any hassles during claim processing.
· When you renew that policy make sure that your two wheeler is in good condition so that you get a favourable inspection report. An unfavourable report can increase your two wheeler insurance premium.
· If your two wheeler is damaged in an accident give a correct assessment of the situation which led to the accident and make sure that the Insurance Agency has all the relevant facts.
· If you have no claim during a particular period make sure that it is noted and you get your No Claim Bonus.
I would like to end this article with the famous phrase "Be Safe Rather Than Sorry". Just as you always remember to wear that helmet when riding your Motorbike "Do Not Forget To Purchase That Two Wheeler Insurance Policy".
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
|
| You are subscribed to email updates from Prajna Capital - An Investment Guide To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment