Author: Naresh Saini

From October 1, 2024, new rules from the Insurance Regulatory and Development Authority of India (IRDAI) have come into effect, changing how life insurance policyholders can surrender their policies. The changes are designed to provide more benefits to policyholders, including a higher refund even if the policy is surrendered within the first year. Let’s take a closer look at what these new rules mean for policyholders. Guaranteed Refund from First Year Under the new guidelines, policyholders will now receive a guaranteed surrender value from the first year of paying their premiums. Previously, policyholders had to wait until the second year…

The government has introduced significant changes to the Public Provident Fund (PPF) scheme, with new rules coming into effect from October 1, 2024. These changes are aimed at making it easier to manage PPF accounts, especially for minors, multiple account holders, and non-resident Indians (NRIs). Let’s break down the key updates and how they may impact you. PPF Accounts for Minors: New Interest Rules One of the most important updates relates to PPF accounts opened in the name of minors. Under the new rules, these accounts will earn Post Office Savings Account (POSA) interest rates until the minor turns 18.…

The idea of earning a monthly pension of Rs 1 crore may sound unrealistic to many, but is it really impossible? While it’s true that traditional pension schemes in India may not typically offer such large sums, with the right planning, financial discipline, and long-term investment strategies, it’s not entirely out of reach for a select few. Let’s break down how some individuals might work towards achieving this goal and whether it could be a possibility for you. Why a Rs 1 Crore Monthly Pension Seems Out of Reach for Most For the average investor, a monthly pension of Rs…

The government has announced that the interest rates for popular small savings schemes like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), and others will remain the same for the October-December 2024 quarter. This means that from October 1, 2024, to December 31, 2024, investors will continue earning the same interest as in the second quarter of the financial year. These schemes are widely used by people to save for the future, offering safe returns and tax benefits. The government reviews the interest rates for these schemes every quarter but has decided not to…

The National Pension System (NPS) is a popular retirement savings plan in India that helps individuals build a secure fund for their post-retirement years. Once you retire, NPS requires you to invest a portion of your accumulated corpus into an annuity plan. This provides you with regular income throughout your retirement. Choosing the right annuity plan is crucial to ensure that you get the most out of your NPS investment. Here’s a simplified guide on how to pick the best annuity plan in NPS and the different options available to maximize your retirement benefits. What is an Annuity Plan in…

Starting October 1, 2024, life insurance policyholders in India will benefit from new rules that increase the amount they receive when surrendering a policy. This change comes as the Insurance Regulatory and Development Authority of India (IRDAI) introduces a regulation requiring insurance companies to offer a higher Special Surrender Value (SSV). The move is expected to bring more financial relief to policyholders who choose to end their insurance contracts early. Here’s a breakdown of what these new changes mean and how policyholders can benefit. Higher Refunds on Policy Surrender Under the existing rules, if you surrendered your life insurance policy…

The power of compounding in investments is like magic for long-term wealth creation. Even a slight difference in return rates or investment duration can significantly affect your retirement savings. In simpler words, compounding means earning returns on your returns, and its effect on long-term investments is huge. This is why starting your retirement planning early can make a big difference. Let’s break down how adding just two more years to your investment and getting a 2% higher return can double your retirement fund. What is Compounding and Why Does it Matter? Compounding happens when your investments generate returns, and those…

The Sukanya Samriddhi Yojana (SSY) is a popular government-backed savings scheme designed to help parents build a bright future for their daughters. Launched to empower girls through financial stability, this scheme supports their education and marriage, ensuring they do not face any financial obstacles in the future. The best part? You can start investing with just Rs. 250, making it accessible for every family. Here’s a detailed look at how this scheme works and why it’s a smart choice for your daughter’s future. Who Can Open an SSY Account? According to the guidelines provided by India Post, the Sukanya Samriddhi…

When thinking of investing in precious assets, gold and diamonds often come to mind. These two have been considered symbols of wealth for centuries, but which is better when it comes to long-term investment? Both gold and diamonds are beautiful, valuable, and have their own distinct advantages. But as investments, they offer different benefits. Let’s take a closer look at the factors that set them apart and help you decide which one fits your investment goals better. Value Retention: Gold Holds Its Own Gold has long been recognized as a secure store of value. Over the centuries, gold has been…

Investment options in real estate usually revolve around residential, commercial, or office properties, but experts believe that agricultural land is an underrated but highly profitable option. Land prices are rising steadily, especially in tier-two and tier-three cities, making this a promising area for long-term growth. Investing in agricultural land provides several benefits and diverse income opportunities beyond traditional farming. Income Potential from Agricultural Land One of the key advantages of investing in agricultural land is that you are not limited to traditional farming. If you’re interested in agriculture, you can explore the cultivation of high-demand products such as flowers or…