Guide for Policy holders

Guide for policyholders Involve the family: Involve your spouse and other family members in financial decisions. At least make them aware of all your investments and policies. As of now, there are few who involve their spouse in the financial planning process, according to experts. “Some of our clients involve their wives at least on a half-yearly basis in update meetings with us so that they know the basic plan for the family,” said Varun Girilal, co-founder and executive director, Mitraz Investment Advisors. Organise documents: Ideally, you should make a file of all your investments and insurance policies and share it with your spouse. “A good practice is to share inventory or a dossier in one place with all relevant details such as contact number, amounts etc. with the spouse who is not actively involved in the finances,” said Girilal. Put in place a plan: There’s nothing better if you can chart out a plan, that your dependants can rely on after your death. But to do that, you need to have the right amount of sum assured. “A plan or asset allocation that can be followed, and a professional or family adviser to consult with should be suggested,” added Girilal. Read more at www.starhealthdevarajan.com/news/636 for Insurance related services U can always call 98401 77017 Devarajan

Measure Ur financial Health

HOW TO MEASURE YOUR FINANCIAL HEALTH? CHECK THESE SIX METRICS Your financial health is extremely important as it determines how well you will be able to achieve your goals and ambitions, and in turn improve your quality of life. You can determine whether you’re doing well, or need to pull up your socks by checking your progress with regards to certain metrics. Take a look at what these metrics are. Setting a budget This is a basic practice that you must follow, regardless of whether you are just starting your career or have been working for a while. In essence, it is simply a check you put in place to be sure that you are using your money judiciously, and not spending more than you can afford to. Consider it as the first step to good health, and if you aren’t doing this already, set a budget immediately! You can make it as detailed as you wish to. Setting financial goals Another important way in which you can assess your life basis your finances is by examining whether or not you have defined financial goals. It makes sure that your efforts are guided by a larger purpose and that you’re working towards a defined cause, instead of shooting arrows in the dark. To get started, set goals that cater to immediate as well as long-term ambitions. This way you will be able to save, invest and make money decisions in a more focused, driven manner. Read more at www.starhealthdevarajan.com/news/635 for Insurance related services, U can always call 98401 77017 Devarajan www.starhealthdevarajan.com

Retirment Planning

IS RS 1 CRORE GOOD ENOUGH FOR YOUR RETIREMENT? KEEP THESE 5 THINGS IN MIND Is Rs 1 crore enough for your retirement? This question is best answered with the old saying “more the merrier”. A greater amount of something is always better. This holds good even for your retirement corpus. While planning your cash flow strategy for the later years, you need to ask yourself if you are creating enough to last a lifetime? Will your money work for you over the next few decades? To be sure that you won’t run out of money, it’s best to retire with more than you actually need. Do you have a dream lifestyle that you want to live after retirement? All of us do! Living your sunset years the way you like involves planning for it much in advance and saving enough. The primary aspect of retirement planning is to think long term and to start immediately. The precise amount that you aim to save depends on your lifestyle. Here are a few points why more the merrier is the way to go while building your retirement corpus: Read more at http://starhealthdevarajan.com/news/634

Income Tax returns

NOT FILING YOUR INCOME TAX RETURNS ON TIME? YOU COULD BE PROSECUTED Not filing your income tax returns can lead to prosecution, even if you are entitled to a refund. In a recent decision, the Delhi High Court (HC) held the prosecution proceeding stands committed upon non-filing of income tax return within the prescribed due date under section 139 (1) of the Income-Tax Act. An individual taxpayer had failed to file his income tax return for the Assessment Year (AY) 2003-04 to 2005-06 within the time stipulated under section 139 (1) of the Act. In addition, he failed to abide by the notices issued under Section 142 (1) (requiring a taxpayer to furnish tax return and certain other information) for non-filing of returns. The assessing officer initiated the prosecution proceedings against the taxpayer as punishable under Section 276CC. After the lower court ruled against the taxpayer, he went to the high court. The taxpayer said in relation to AY 2004-05 and AY 2005-06, there was no tax due. Instead, he said he paid more tax than he was supposed to and would have got a refund. Read more at www.starhealthdevarajan.com/news/633

Financial Health

HOW TO MEASURE YOUR FINANCIAL HEALTH? CHECK THESE SIX METRICS Your financial health is extremely important as it determines how well you will be able to achieve your goals and ambitions, and in turn improve your quality of life. You can determine whether you’re doing well, or need to pull up your socks by checking your progress with regards to certain metrics. Take a look at what these metrics are. Setting a budget This is a basic practice that you must follow, regardless of whether you are just starting your career or have been working for a while. In essence, it is simply a check you put in place to be sure that you are using your money judiciously, and not spending more than you can afford to. Consider it as the first step to good health, and if you aren’t doing this already, set a budget immediately! You can make it as detailed as you wish to. Setting financial goals Another important way in which you can assess your life basis your finances is by examining whether or not you have defined financial goals. It makes sure that your efforts are guided by a larger purpose and that you’re working towards a defined cause, instead of shooting arrows in the dark. To get started, set goals that cater to immediate as well as long-term ambitions. This way you will be able to save, invest and make money decisions in a more focused, driven manner Read more at www.starhealthdevarajan.com/news/635 www.licdevarajan.com for Insurance Services, U can always call us at 98401 7017 Devarajan https://www.facebook.com/myfamilyagent

Health Insurance

HERE'S HOW YOU CAN AVOID AN INSURANCE CLAIM REJECTION Insurance is basically a contract between the insurer and policyholder based on principles of good faith. If the policyholder fails to exercise complete honesty and accuracy while providing the information to the insurer, the insurer might reject the claim stating it as the reason for its rejection. You need to be aware of the following reasons for rejection before you file claim papers. Below listed are some of the common reasons for claim rejection: Non-disclosure or incorrect disclosure of the facts Giving inappropriate or wrong information about policyholder is one of the most common reasons for claim rejection. If there is any wrong information or discrepancy in the information provided to the insurer, then the insurer has the full authority to reject the claim raised under the policy by the policyholder. As a responsible buyer, it is obligatory for the policyholder to give the right information required by the insurer. There can be a possibility that the insurer may add the wrong detail by mistake, so it is advisable to check the policy documents precisely as soon as you receive it and inform the insurer in case of any mismatch Read more at http://starhealthdevarajan.com/news/625 for Insurance Related Services, U can always call 98401 77017 Devarajan https://www.facebook.com/myfamilyagent www.licdevarajan.com

Motor Insurance

10 FACTORS WHICH CAN AFFECT YOUR MOTOR INSURANCE CLAIM Buying a motor vehicle is one of the most essential parts of owning a car. It gives you a sense of safety while driving your vehicle. However, if your vehicle gets involved in a mishap, it can drain you emotionally and financially. In India, it is compulsory to have third party car insurance but normally, people buy a comprehensive insurance policy because damage to one’s own vehicle can also be a very expensive proposition and it is simply a practical thing to do while getting your vehicle insured every year. Most of us think that you can easily get claim if your vehicle is insured. However, in reality, it is not as simple how it looks like. As per IRDAI's new circulation on increased Personal Accident cover with respect to claims, insurance companies will confirm whether there was any fault from the owner-driver in relation to the accident. Therefore, it is important for the owner-driver to be careful while going out for a drive. Here are ten reasons why your insurance claims can get rejected: == Ideally, the insured should inform the insurance company within 48 hours to 72 hours after your car meets an accident. Failing this, your claim may be rejected. == The insurance claim will get rejected if you use your private vehicle as a commercial vehicle. Read more at http://starhealthdevarajan.com/news/624 for Insurance Related Services, U can always call 98401 77017 Devarajan https://www.facebook.com/myfamilyagent www.licdevarajan.com