Life insurance is for protection and to save for loan term goals

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

Life insurance products can be grouped under protection plans, education plans, wealth creation plans and retirement plans

THE formation of the Insurance Regulatory and Development Authority (IRDA) in 1999 followed by opening of the life insurance sector to private companies in 2000 went on to re-define the life insurance landscape in India.

For more than a decade now, Irda has managed the life insurance space proactively by protecting customer interests and making life insurance products more customer-friendly and easy to understand. Periodic changes have been made to keep pace with changing customer needs. The latest regulations introduced by the regulator, while requiring restructuring of products, will ensure that the ultimate proposition for the consumer becomes stronger and remains relevant.

Broadly speaking, life insurance products can be grouped under protection plans, education plans, wealth creation plans and retirement plans.

Traditional insurance plans are the oldest and have been the most commonly used means of saving towards long-term goals while protecting one's family in case of unforeseen events. The new regula tions make these plans more transparent enabling customers to make an informed buying decision. More importantly, these plans now offer a higher level of protection and the product design is likely to encourage disciplined long-term savings habit among customers and facilitate need-based selling by distribution intermediaries. Ultimately, a strong product proposition will enable the life insurance industry to significantly enhance penetration levels.

Irda has been constantly reviewing the regulatory framework with the core objectives of ensuring protection of customer interest and sustainable contribution of the sector to the economy. Since the entry of private players over a decade ago, the industry has embraced innovation to keep pace with changing customer needs. Private sector life insurers ushered in innovation in products, services as well as in distribution. Unit-linked insurance policies (Ulips) were one such innovation that provided customers protection as well the flexibility to manage their asset allocation in a transparent manner. This, in turn, enabled customers to develop well-rounded, goal-based plans and systematically build a corpus for their future financial obligations.

Life insurers today offer a bouquet of products that customers can choose from depending on their life-stage requirements. These products are designed to fulfill various long-term financial needs based on one's ability to save and their risk appetite. From a product or combination of products that can fund the dream home, finance a daughter's education or marriage to one that can take care of a person's financial requirements after retirement ­ insurance products cover a wide spectrum.

In a country such as ours, due to lack of social security or benefit schemes post retirement for the larger working force, an emphasis on retirement or pension products will enable the country's population to plan for their retirement. The dual benefits of capital guarantee and access to the retirement kitty in the form of regular income or annuity now make pension products even more relevant.

Increasing longevity and hence a longer post-retirement life make health insurance plans more and more relevant. Health insurance policies now need to be renewable for life. Customers can buy policies till the age of 65 years enabling senior citizens to buy health insurance and to be covered at higher ages, when they are more likely to need a health cover. Renewal of policies cannot be denied due to claims made in earlier years ensuring that existing customers are not discriminated against based on their health at the time of renewal.

Overall life insurance, as a part of the financial services industry today, is actively competing with other financial services products for a share of the customer's savings basket. However, the ability to offer protection, long-term goal-based saving and retirement solutions in a tax-efficient and cost-effective manner lend life insurance products a distinct positioning.

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 )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund