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Applying for loan with a co applicant has a lot of benefits. If your co-applicant has a steady income and a high CIBIL score, you can qualify for a bigger loan amount and more attractive personal loan interest rates. How do CIBIL scores work? The CIBIL Score plays a critical role in the loan application process. After an applicant fills out the application form and hands it over to the lender, the lender first checks the CIBIL Score and Report of the applicant. If the CIBIL Score is low, the lender may not even consider the application further and reject it at that point. If the CIBIL Score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy. The higher your score, the more your chances of securing a loan at favourable terms. How to select a co-applicant? Usually the spouse, parents, siblings or other family members are preferred choices for co-applicants. It is preferable to chose a applicant with good and substantial monthly income as the combined income is taken into consideration. This also works well with the CIBIL score point too as it will increase the chances for loan eligibility. If the co-applicant defaults on their share of the EMI payment, it will adversely affect future loan approval chances. Benefits and impact of your co-applicant’s CIBIL score Joint loan increases your eligibility it also distributes the liability of payment and impacts the credit history and credit score of both the borrowers. Therefore, it is vital for both the parties to understand their responsibilities towards the loan and its impact on their finances. If your co-applicant has a good CIBIL credit score, your loan application is more likely to get faster approval along with a lower rate of interest. From the lender’s perspective, a high CIBIL score translates into good repayment capacity. Co-applicant's Cibil Score is also checked by lenders before deciding on the loan application. If a co-applicant's score is low, it may negatively impact the loan application. Both the borrowers' credit history and score is impacted by a joint loan Do not default on monthly instalments Ensure that both applicant and co applicant have the most updated copies of these Know Your Customer (KYC) documents ready. Kindly keep in mind that if the responsible party does not pay on time or does not pay at all, this credit behaviour is reflected on the other party's credit report as well.

When we plan to purchase a house, usually the two options available are down payment or taking a loan to make the payment. The borrower takes money from the lender and keeps his/her property as a security against the loan amount taken. Equitable Mortgage Equitable mortgage also known as Mortgage by deposit of title deeds is created by the borrower in favour of the lender by deposit of title deed of immovable property as security to a lender until the loan is fully paid back. When the borrower agrees to the agreement that his property will be kept collateral and deposits the title deeds of that property with the lender, an equitable mortgage is created. The person borrowing and transferring his interest in an immovable property to the lender is the mortgagor and the lender is the mortgagee. How Equitable Mortgage is created ? The mortgage is created by mere deposit of title deeds (original ownership documents) and executing a memorandum of deposit of title deeds. When the mortgagor borrows money from a lender, the property documents remain with the lender. A memorandum of the title deeds is executed from the borrower’s side. This memorandum is a record of all the documents submitted to the bank, it also states that the borrower has voluntarily submitted all the home loan documents and stamp duty has been paid. Title Documents Title documents can be sale deeds, gift deeds, exchange deeds, partition deeds and succession certificates. These documents confirm the ownership of the property. Filing is done when the borrower sends a notice of intimation to the Sub-Registrar’s Office (SRO). The fee to be paid for stamp duty varies from 0.1% to 0.2% of the value of the home depending on the state you live in It is also mandatory to record MOD (Memorandum of Deposit) with an institution called CERSAI (Central Registry of Securities Asset Reconstruction and Security Interest). Upsides to equitable mortgage loans The stamp duty and other charges are comparatively low and more economical than a registered mortgage. Equitable mortgages are still more common than registered mortgages. The borrower and lender need not go to the SRO while creating an equitable mortgage.

This scheme is a relatively new financial instrument introduced to the Indian money market. Equity saving schemes are hybrid funds that invest in equity, debt and arbitrage securities. The fund's overall equity exposure is partially hedged, reducing its volatility as compared to an aggressive hybrid fund. Diversification of fund investment helps to neutralize the volatility related to the stock market to quite an extent. They aim to provide capital appreciation and income distribution to the investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments. These funds are suitable for those who cannot withstand too much volatility in the value of their investments and are content with moderate returns which are slightly higher than fixed income options. These funds can provide a moderate, but steady stream of income. Their diversification makes them an attractive option for investors with a moderate risk profile, who want capital appreciation and a steady income. Few of these funds also look to provide investors with dividend incomes on a regular basis, even though they are not mandated to do so. However, investor should remember that these funds are not substitute to equity fund investments and also that their investment horizon should be more than 12 months. The ideal investment horizon should actually be 2-3 years. Taxation of Equity Savings Fund is like Hybrid Equity Funds or Balanced Funds. If investors hold the funds for over 12 months, the returns from it below Rs. 1 Lakh are exempt from taxation. Long term capital gains (holding period of more than 12 months) in equity savings funds are tax free upto Rs 1 Lakh in a financial year. Gains over Rs 1 lakh are taxed at the rate of 10%. If the mutual fund units are sold within 1 year from the date of investment, entire amount of gain is taxed at the rate of 15%.

Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus from the date of acceptance of proposal. It is a joint-life Endowment Assurance in which one of the spouses is eligible for PLI policies. A maximum of Rs 50 lakh is assured under this scheme. In case of any queries and details, the interested individuals can login to the official website of India Post at indiapost.gov.in. It is a joint-life Endowment Assurance in which one of the spouses is eligible for PLI policies. Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus from the date of acceptance of proposal. Insurance cover is started from the date of acceptance. Minimum and maximum limit The minimum sum assured is Rs 20,000 and the maximum sum assured is Rs 50 lakh. Age limit The minimum and the maximum age limits at the entry of the spouses are 21 years and 45 years, respectively. The maximum age of the elder policy holder should not be more than 45 years and the couple should be between 21 years to 45 years. The minimum term of the policy is 5 years and the maximum term is 20 years. Loan facility and other details Loan facility will be available to them at the end of three years. It must be noted that one is not eligible for bonus if surrendered before completion of five years. Not eligible for bonus if surrendered before completion of 5 years Proportionate bonus on reduced sum assured is paid if policy is surrendered Death benefits are paid to either of the survivors in the event of death of spouse or main policy holder Last declared Bonus- ₹ 52/- per ₹ 1000 sum assured per year

State-owned Life Insurance Corporation of India (LIC) on Monday has launched a new non-linked, non-participating, individual savings life insurance plan called Dhan Rekha with effect from December 13, 2021. According to a press release issued by LIC on December 13, there are special premium rates for female lives and the plan is allowed to the third gender. LIC Dhan Rekha Plan details There are special premium rates for female lives. The plan is allowed to Third Gender. All Benefits under the plan are fully guaranteed. The policyholder will receive full sum assured without deducting the money-back amount along with accrued guaranteed additions. The minimum sum assured is Rs 2 lakh, with no upper restriction on the maximum sum assured. The minimum age at entry ranges from 90 days to eight years and the maximum age at the entry ranges from 35 years to 55 years, depending upon the chosen policy term. For single premium death, the sum assured is 125 percent of the basic sum assured plus guaranteed additions. The plan can be purchased both offline and online This plan also includes a loan facility to meet liquidity requirements. Optional riders are available under this plan for an extra price with some restrictions

Buying a life insurance policy online has a number of advantages: Cost savings: The most notable benefit of purchasing a life insurance policy online is the large cost savings on premiums. When a consumer purchases a life insurance policy online, the insurance company avoids intermediation costs such as commissions to agents and the costs of establishing and maintaining a network of offices. Insurance firms are delighted to pass on these advantages to their clients. Accessible Because the purchase is made online, One may do it at a time and location that is convenient for him. He isn't reliant on an agent making time to meet with him. He/She may also go to the websites of several life insurance providers and compare policies and features before making a final selection. In an offline situation, He/She would have to choose among the life insurance company's products that the agent represents. Increased coverage One can use reduced pricing to significantly increase his insurance coverage if he isn't concerned about cost reductions. In fact, he will likely obtain a bit more insurance cover if he buys his life insurance plan online for the same price as an offline plan. Making well-informed decisions Every life insurance policy comes with a slew of add-ons. Insurance firms are required by law to disclose all policy and rider information on their websites, according to prevailing legislation. He can research the facts on his own and determine whether or not to include riders in his strategy. Insurance firms are compared He/She may also look at the life insurance company's reputation in terms of customer service, claim settlement history, and processing speed, among other things. This will once again assist him in making an educated selection. This information is frequently published by the insurance regulation and is widely accessible in the public domain. He/She can determine the level of service given by several life insurance providers with a little investigation. There is a no-cost trial period He/She has 30 days from the time he chooses a life insurance plan to cancel it if he believes it is not right for him. This is known as the free-look period, and it is something that all insurance firms must provide to their consumers. During the free-look time, a representative from the firm will call the customer and discuss the characteristics of the product. He/She might take use of this chance to clarify any questions he might have regarding the product. This is beneficial since it is direct contact between the insurance company and the consumer.

A house fulfils a basic requirement: it provides a place to reside. It also creates a sense of financial stability because, in most circumstances, its value improves over time. Borrowers might also profit from tax advantages when they take out a house loan. Not to mention the psychological benefits of owning a house. These are some of the reasons why most individuals are ready to put money into a property and take up a long-term mortgage. Partially prepaying your house loan and being debt-free may, nevertheless, be a good idea at times. Consider the following factors before deciding whether or not to prepay your mortgage: The interest rate — The interest rate you are now paying on your home loan should be competitive and should not put you in a financial bind. Prepaying your house loan makes sense if you can save money on interest. A penny saved is a penny earned, after all! The length of time your house loan is due to be paid off - Check how many months or years are left until your house loan is due to be paid off. The larger the overall interest amount payable, the longer the remaining term of your house loan. Prepaying the house loan would be advantageous in this situation, especially because interest rates are going to rise in the economy. Prepaying the Home Loan, on the other hand, may not make sense if the term is only a few years or months long and interest rates are predicted to remain steady. The biggest benefit should be obvious from the interest savings that may be possible over the loan's remaining term. Other debts - If you have any other outstanding loans, such as a personal loan or credit card debt, it's a good idea to pay them off first because they have a higher interest rate than your Home Loan. The EMI load - When purchasing your dream house, many of you may exceed your budget in the hope that your salary will increase in the future, allowing you to cover greater EMIs with ease. However, if an unexpected event occurs, such as a job loss or a wage decrease, the EMI on your house loan (and other debts) may become a hardship. Prepaying a house loan in this circumstance might be difficult. However, if you have a strong job and receive annual raises, it makes sense to save and partially payback your house loan, lowering your debt load. Your overall loan EMIs should not be more than 40-50 percent of your Net Take Home (NTH) salary. How much can you make by investing the money saved - The entire cost of partially prepaying the house loan should be compared against the possible returns on the money saved by investing it. Prepayment may be advantageous if there is a chance to make a better return (post-tax) than the interest on the house loan you are paying, and interest rates are projected to rise, as long as the remaining loan term is long. If, on the other hand, you're approaching the end of your house loan term, interest rates are projected to remain stable, and there aren't any appealing investment prospects, prepaying the loan would be pointless, since you'd miss out on the tax advantage as well. Tax implications - The principle component of the house loan EMI is deductible under Section 80C up to a maximum of Rs 1.50 lakh per financial year. If the property is a Self-Occupied Property (SOP under Section 24(b)), the interest can be deducted up to $2 lakh. As a result, you must consider the tax benefit you would lose if you partially prepay your mortgage. Use Axis Bank's House Loan Tax Saving Calculator to estimate how much money you'll save on your taxes if you take out a home loan. Your other financial objectives - A house is only one of many financial goals, including saving for your child's school and wedding expenditures, a family trip, a car, and retirement. To achieve all of these objectives, you'll need to set aside funds. As a result, avoid sacrificing other aspirations in order to pay off your mortgage. Are there any fees associated with prepaying a portion of your house loan? The RBI's current guidelines state that a bank cannot levy a fee for part-prepayment or foreclosure of a Floating Rate Home Loan. If your loan is a Fixed Rate Home Loan, however, the bank will charge you a prepayment penalty of about 2%. When considering whether or not to partially prepay your house loan, consider all of the factors. In the end, the advantages should outweigh the costs of partial prepayment.

The Bima Jyoti Life Assurance Savings Plan from LIC is a non-linked, non-participating, individual Life Assurance Savings Plan. This plan will provide you with both safety and savings. Bima Jyoti Policy Eligibility and Sum Assured The plan's minimum basic sum assured is Rs. 1,000,000, and there is no cap on the maximum basic sum assured, which will be in multiples of Rs. 25,000. The policy term ranges from 15 to 20 years. The Policy Term will be 5 Years shorter than the Premium Paying Term. The policy's minimum age of admission is 90 days, while the maximum age of entry is 60 years. The Minimum Age of Maturity, on the other hand, is 18 years, while the Maximum Age of Maturity is 75 years. Bima Jyoti Plan calculation, assuming a policy duration of 15 years, yields a PPT of 10 years. Death Benefit: If the policyholder dies before the "Risk Commencement Date," the nominee will get a refund of all premiums paid. Any additional premiums or rider premiums will not be paid. If the policyholder passes away after the "Risk Commencement Date," the nominee will receive the Sum Assured on Death. The highest of the following is the Sum Assured on Death: 7 times the yearly premium 125 percent of the Basic Sum Assured + Guaranteed Additions totaled The Death Benefit shall never be less than 105 percent of the total amount paid in premiums. Taxes are not included in the premiums referred to in the Death Benefit. Option to receive Death Benefit in Instalments - Over a period of 5, 10, or 15 years, the policyholder can choose to make the death benefit accessible to the nominee monthly, quarterly, half-yearly, or annually. This is done to guarantee that the nominee receives a regular amount of money rather than a large payment. The Advantage of Maturity You will get Sum Assured + All Guaranteed Additions accrued to date when the contract matures. The Guaranteed Additions are added every year at a rate of Rs. 50 for 1,000 Sum Assured, as previously stated. Facility for Borrowing Once this insurance has a Surrender Value, you will be able to secure a loan against it. Only after three years of premiums have been paid does this plan receive a Surrender Value. The loan amount and interest rate will be determined by the market conditions at the time the loan is taken out. Other LIC Bima Jyoti Policy Optional Benefits The following riders are available for an extra fee: Rider for Accidental Death and Disability Benefits - In the event of an accident, the rider sum promised will be paid in addition to the base sum assured. The extra sum assured chosen is paid out in monthly instalments over a ten-year period in the event of incapacity due to an accident. Up to the extra sum assured decided, future premiums for the basic sum assured are likewise waived. Accident Benefit Rider - If the insured dies as a result of an accident, the rider sum assured will be paid in addition to the base sum assured. New Term Assurance Rider - If the policyholder dies, this rider will pay an additional amount of coverage as specified. New Critical Illness Benefit Rider - The Critical Illness Sum Assured will be paid out if the policyholder is diagnosed with any of the 15 Critical Illnesses covered in this plan. Premium Waiver Benefit Rider - all future premiums will be waived if the policyholder dies.

The NPS was not very tax friendly when it was first available to the general public ten years ago. It was also regulated by a set of strict regulations. However, in the last ten years, the government has increased tax breaks, eased investment restrictions, and made withdrawal requirements more forgiving. Despite this, investors are not rushing to invest in NPS. More than half of the 1.24 crore NPS members are federal and state workers who are required to participate in the programme. Another 44 lakh (or 35% of total members) are NPS Swavalamban investors, to whom the government provides a modest sum. Only approximately 17 lakh people in a country of 130 million have willingly enrolled in a scheme that meets all of the criteria for a decent retirement plan. Long-term data reveals that investing in equity-oriented and market-linked securities has the best chance of making you wealthy. As a result, mutual funds would be the natural choice. However, the NPS has relatively modest fees and provides large tax benefits under three separate parts of the Internal Revenue Code. NPS vs ELSS How much Taxable: Over the last year, the tax status of both ELSS and NPS has changed dramatically. Long-term capital gains from equities funds were formerly tax-free, but earnings of more than Rs 1 lakh in a financial year are now subject to a 10% tax. In the meantime, the NPS's taxability has shifted in the other way. Previously, only 40% of the corpus removed upon retirement was tax-free, while the remaining 20% was taxed at regular rates. The 60 percent is now tax-free in its whole. The pension from the remaining 40% invested in an annuity, on the other hand, will be fully taxed as income. In the case of ELSS, careful capital gains tax planning can help you save money. However, the NPS annuity tax is inevitable. Tax deductions are available for both ELSS and NPS. Section 80C allows you to deduct up to Rs 1.5 lakh in ELSS contributions. NPS contributions are also deductible under Section 80CCD(1), with a total limit of Rs 1.5 lakh under Section 80C. However, under a new Section 80CCD, NPS investors can claim an extra deduction of up to Rs 50,000. (1B). In the 30% tax rate, this translates to an extra Rs 15,600 in tax savings. ELSS and NPS provide tax advantages: NPS can help you save money on taxes in three ways. Up to 1.5 lakh rupees with Section 80CCE Up to 50,000 rupees with Section 80CCD(1B) Section 80CCD(2) : allows up to 10% of basic Section 80C allows ELSS to save up to Rs 1.5 lakh in tax. That's not all, though. Salaried people can deduct more if their employer contributes up to 10% of their base income to the NPS under Section 80CCD (2). This deduction has no upper limit. If your basic income is Rs 50,000 per month and you pay 30% tax, your tax liability will be reduced by roughly Rs 18,720 if your firm pays 10% of your basic salary to the NPS. How much Flexible: Withdrawals are possible with ELSS, and shifting is possible with NPS. ELSS funds invest solely in stocks, whereas NPS funds invest in a combination of equities, government securities, corporate bonds, and alternative assets. If investors are confident in their ability to make the best decision, they can determine their own asset mix. They can also choose lifecycle funds, which have a changing asset composition as the investor becomes older. Investors with varying risk appetites can choose from three lifecycle funds: aggressive, moderate, or cautious. The steady drop in equities exposure safeguards the corpus against volatility as the retirement date approaches for persons who are not well educated in market fluctuations. The lock-in period for ELSS funds is three years. You can't touch the money before three years, even if the fund is performing poorly or the market is shaky. However, NPS permits investors to adjust their asset allocation or migrate to a different pension fund, however only two such changes are permitted every financial year. A person can invest in as many ELSS funds as he or she like. The National Pension Scheme (NPS) does not allow for such variety. For his whole portfolio, the investor must choose only one pension fund. ELSS participants can invest in monthly driblets of Rs 100. However, if NPS investors invest a modest amount, they will end up paying a large transaction charge. The transaction cost is Rs 20 (0.25%) of the contribution amount. The transaction charge of Rs 20 will be 4% of the donation if you contribute Rs 500 every month. How much Returns: In the long term, ELSS can win. ELSS funds are pure equity funds that maintain a high level of equity exposure (above 90-95 percent) throughout their investment cycle. However, NPS investors can't put more than 75% of their money into equity funds. Even active investors' 75 percent stock investment eventually decreases as they become older. NPS's investment strategy Investors can choose their own asset mix using Active Choice. In the short term, the situation is different. In the past year, ELSS funds have only increased by 4%, whereas NPS stock funds have grown by double digits. This is due to the fact that ELSS funds invest in a variety of market areas. Small-cap and mid-cap equities account for around 10-15% of the corpus of even the most conservative ELSS fund manager. NPS equities funds, are heavily weighted toward large-cap stocks. NPS's Funds Returns: Debt funds have also performed well over time. When comparing NPS to ELSS, ELSS outperforms NPS in the long run, although NPS reduces fluctuations: ELSS funds with a multicap focus have a better chance of outperforming the market and generating alpha over time. NPS funds, on the other hand, invest in a constrained universe, with index stocks filling their portfolios. They have just lately been permitted to invest in futures and options . How much Liquidity: ELSS is locked in for three years; NPS is locked in till retirement. ELSS participants can withdraw their assets and even quit investing after the lock-in period is finished. The NPS has a significantly longer time horizon than the NPS. In most cases, you can withdraw only after you retire or reach the age of 60, whichever comes first. Only specified reasons, such as a child's further education and marriage, or the treatment of a grave disease, are permitted partial withdrawals. However, you may only do so three times throughout the subscription's lifetime and only if you've been a member of the NPS for three years. Only 60% of the corpus can be taken as a lump amount after retirement. The remaining 40% must be invested in an annuity in order to get a monthly income. The subscriber can only withdraw the full amount if the total corpus is less than or equal to Rs 2 lakh. If a subscriber's account has been active for ten years, he or she can opt out of the NPS. However, in such situation, the subscriber can only collect 20% of the lump payment, with the remaining 80% invested in an annuity to give a monthly income. Some analysts argue that the little liquidity given by NPS is really a favorable aspect. ELSS may build wealth only if you invest regularly and keep for the long term. Costings: NPS is significantly less expensive than ELSS Mutual funds have a rather straightforward pricing structure. The total expense ratio is a single value that represents this (TER). On a daily basis, the TER is subtracted from the fund's NAV. Regular ELSS funds have a TER of roughly 2.4 percent, while direct plans purchased without a distributor are around 75-100 basis points less expensive. NPS's Fees to Investors: While the NPS is India's cheapest investment programme, it comes with a slew of fees, including an entrance cost on every deposit. Even so, they can't match the NPS's ultra-low-cost structure. The NPS fund management charge is among the lowest for equity-linked securities, at 0.01 percent. However, the investor's expenses do not end there. NPS charges are layered, with one-time charges at the time of onboarding and a flat price required for each transaction. NPS investors, according to mutual fund distributors, should pay more attention to expenses.Despite the complicated network of costs and deductions, the NPS is still less expensive than ELSS funds' direct plans. What investors need to do? According to financial advisers, ELSS should be the principal vehicle for long-term wealth generation due to its substantial equity exposure. Those who haven't used up their Sec 80C limit of Rs 1.5 lakh should invest in ELSS first, then use the supplementary NPS window of up to Rs 50,000. It is important to remember that investment decisions should not be made solely on the basis of tax advantages. In addition, investors should think about how an instrument fits within their entire financial strategy, asset allocation, and risk profile, before making a purchase. NPS is a good option for investors who aren't confident in their ability to make their own financial decisions. Investors in lifecycle funds might benefit from the auto-selection option. NPS vs. ELSS isn't an either/or situation. Planners believe that both products can work together in a long-term investment portfolio. ELSS may be used as a tactical vehicle for short-term aims, NPS can be employed as a long-term strategy.

The Employees Provident Fund Organization (EPFO) subscribers can change their nominee by registering a new PF account nominee EPFO is one of the World's largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members. Steps to Change EPF Nomination Online Here are the steps through which an EPF nomination can be changed online: Visit EPFO’s official website – epfindia.gov.in Go to ‘Service’ and click on ‘For Employees’ tab in drop down Log in at the UAN portal through the link http://uanmembers.epfoservices.in using the UAN (Universal Account Number) and password. This can be done under the ‘Manage’ tab On the UAN dashboard, the facility to change details can be accessed under the ‘Profile’ tab through “Edit Nomination Details”. Click on ‘E-Nomination’ under ‘Manage’ tab Click ‘Yes’ to update your family declaration. The only editable data on this page are Permanent Address and Present Address. To update any of these addresses click ‘Update’. On clicking Update, you can enter the details, and assign the corpus along with the KYC. After declaration, click at ‘Save EPF Nomination’. After filling all the needed details, click on ‘Submit’ to save the nomination declaration. The printout of the updated form can be submitted to the employer for records

EPFO members can use their EPF balance to pay the premium for their insurance policy with Life Insurance Corporation (LIC) provided certain requirements are met. If you are experiencing a temporary cash problem and are unable to pay the premium on your LIC insurance, you may consider using EPFO's service. It's worth noting that this service is also available for obtaining a new LIC policy. This service is offered by filling out Form 14, which may be found on the EPFO website. By completing Form 14, you can direct EPFO to pay your LIC premium at the time of purchase or at any time following the initial premium payment. Form 14 is an application for LIC to finance a life insurance policy using your EPF contributions. This link will take you to Form 14: https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form14.pdf Once your application is processed, your LIC premium will be deducted from your EPF account on or before the due date Who is eligible to use this service? The subscriber's EPF balance must be at least equivalent to two years' worth of LIC premium payments to qualify for this benefit. In EPFO Form 14, the subscriber must state the number of months he or she has been a member of EPFO as well as the amount credited to his EPF account. You must also state that the funds in your account are adequate to cover two years of your policy's premiums. Form 14 must also include information about your annual donation. Aside from the above information, the EPF account holder must also provide information about the policy for which he wishes to pay premiums, such as the address of the Life Insurance Corporation branch office or unit where the policy account will be maintained, the Policy/proposal number and date, the sum assured, and the likely date of purchase of the policy.

A person's financial path is more than just about making money. You must also develop sound financial habits, such as saving and investing, to ensure a secure future. These schemes, of course, offer a slew of well-documented advantages. Over time, the collected money will provide protection against unforeseen financial difficulties. Remember that saving money is necessary to cover major costs, minimise debt, reduce financial stress during retirement, and leave a financial legacy. Let's take a closer look at the savings and investment possibilities: Safeguarding the family You may be making a lot of money right now, but you can't forecast your future. At any one time, the value of your assets is unpredictable. Consider how you'll get through the financial storms if you don't have any savings. How will you contribute to your retirement if you don't have any investments? As a result, you should learn to manage and arrange your savings. Individuals may now choose from a variety of Fixed Deposit Schemes to meet their needs. Simply choose the one that best suits your needs. Assisting with future objectives You must take efforts toward achieving your long-term financial objectives. Nobody knows what awaits them in the future. Perhaps you'll need a huge sum of money to fund your dream project. It may be anything from buying a house and a vehicle to getting married and travelling in an exotic location, as well as your child's schooling and marriage. If you don't have any savings plans, you're more likely to overspend. It is preferable to invest in Mutual Fund SIPs on a monthly basis rather than in a lump-sum amount. The initial instalment amount might be as low as Rs. 500, with substantial returns. Emergencies in finances Unexpected financial crises will occur in your life, and this is unavoidable. During this time, money will be extremely important. For example, you may require finances to address a medical emergency or your vehicle may have been damaged in an accident. You will avoid adding financial stress to your life if you have a reasonable figure. As a result, keeping an emergency fund in place is critical. Furthermore, investing in Insurance Plans is the greatest way to avoid a disaster in these circumstances. Benefits in Taxes Do you realise that Individual Investment Plans can help you save money on taxes? Yes, many Investment Plans qualify for income tax exemption under Section 80C, in addition to the favourable returns generated through interest. PPF, ULIP, National Savings Certificate, Senior Citizen Scheme, Sukanya Samriddhi Yojana, and more schemes are available. You may invest in ELSS to obtain tax benefits among India's Mutual Fund Schemes. You'll feel more financially liberated if you save and invest consistently. There are several plans on the market, but you must choose one that fits your financial needs.