At what age you will get better returns by investing in life insurance, know everything related to insurance
We all want to invest in insurance plans. While we save our money by investing here on one side, it also gives us financial security. But many times we do not understand when to take insurance? At what age should we take insurance so that we have to pay a lower premium and get risk cover for a longer period of time?
Adhil Setty, CEO, BankBazaar.com says, “If we take financial cover at an early age, it will be very beneficial for us. This will also reduce our premium. ‘ Setty explains, ‘If you are 45 years old and you buy 1 crore rupees insurance for 20 years, then you have to pay a premium of Rs 30 thousand every month. But if you are 30 years old and take this insurance for 35 years, then you will have to pay a premium of Rs 10,000. In such a situation, you can gift risk plan to your family at a very young age.
He further explains, “Besides premium, if you buy insurance early, it will be very beneficial in future. Responsibility increases with us over time. ‘ Also, there is an exemption of 1.5 lakhs under the Income Tax Act 80C on insurance. If you have not yet invested in tax saving this year, then life insurance can be a good option.
Now you can save tax even without fixed deposit and insurance, learn 4 easy ways
This is the last month of the financial year. In such a situation, everyone’s effort is to save tax by investing as much as possible. There are a large number of people who invest in fixed deposits, EPF, home loans, insurance. Different investments are exempted under Rule 80C of Income Tax. But even if you do not want to invest, there are many ways through which you can save tax.
On children’s education
There is also a huge discount on loans for the education of children. You can get a rebate under 80E on payment of interest rate for 8 years from the start. Also you can save money by giving tax free loan to your children.
If the wife invests the husband’s earnings in tax-free resources like PPF. Then you can save tax. Also, another way is that the husband can give a tax free loan to his wife. This is one way to save tax.
Investing on behalf of family
Tax can also be saved through PPF, Mutual Fund, Insurance policy in the name of children. It should be noted that it will be linked with your income and then taxed accordingly. If you can save interest under 10 (32) by opening your children’s savings account.
You can also save money by paying parents’ rent
If your parents are living separately from you. And even if you are renting them, you can save tax. Just keep in mind that the agreement paper, housing details are correct.
Insurance became the most preferred financial product after Kovid-19, with 30 percent buying life insurance for the first time
Insurance has become the most preferred financial product for families to relieve health-related emergencies after the Corona epidemic. According to a survey by Tata AIA Life Insurance, more number of people are now preparing to invest in insurance products in the next six months.
This consumer confidence survey was conducted by research agency Nielsen. Through this, an attempt has been made to find out what effect the Kovid-19 has on the confidence of consumers. Life insurance has emerged as the most preferred financial product in the survey. This not only provides financial security to the families, but also removes their concern about emergency medical expenses.
51 percent of people invested in insurance
According to the survey, most consumers are planning to buy life insurance products during the next six months as part of their investment plan. The survey was conducted at 1,369 people in nine centers. The survey has revealed the fact that 51 percent of the people invested in insurance during the epidemic. At the same time, 48 percent people invested in health-related insurance solutions. This is much higher than other financial asset classes.
40 percent interested in health insurance
50 percent of the people surveyed said that there was a positive change in their views about life insurance during the epidemic. 49 percent said they would like to invest in life insurance cover during the next six months. At the same time, 40 percent expressed their intention to invest in health insurance. The survey also revealed the fact that 30 percent of the people invested in life insurance for the first time during the epidemic. At the same time 26 percent of the people invested in health related insurance solutions for the first time.
61 percent worried about family
Financial security is a major priority for people regarding medical emergencies and medical expenses. 62 percent mentioned it in the survey. At the same time, 84 percent said that they are concerned about the safety of themselves and family due to the corona virus. 61 per cent said that they are worried about their family and their biggest worry at this time is economic slowdown.