How to revive a Lapsed Insurance Policy

Failure to pay the premium of a life insurance policy before the due date results in the policy lapse you can revive lapsed insurance policy. The cover ceases to be available once the policy lapses. It is possible to revive a lapsed life insurance policy subject to fulfillment of conditions. Life insurers also come up with special campaigns for the revival of lapsed policies with concession or waiver of penalties. Time A lapsed policy can be revived only if it has not crossed a certain period from the date on which the policy lapsed. This period is typically specified by the insurance company. Eligibility to revive a policy also depends upon the type of policy. Visit insurer branch The policyholder should visit the insurance company’s branch and get a revival quote. The revival quote will be typically a sum of all premiums due on the policy. This amount needs to be paid to the insurance company to revive the policy. Medical report Depending on the age of the policyholder and policy amount, a declaration of good health needs to be submitted. In case the policyholder has a medical history or is mandated to do a checkup, a medical report will have […]

Continue Reading

What is Post Office Monthly Income Scheme ( POMIS )

What is Post Office Monthly Income Scheme? 1. Post Office Monthly Income Scheme Post office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income. You can invest up to Rs. 4.5 lakhs individually or Rs. 9 lakhs jointly, and the investment period is 5 years. Capital protection is its primary objective. For instance, if Sharma has invested Rs. 5 lakhs in the post office monthly investment scheme for 5 years. As mentioned above, the interest rate is 7.3%. His monthly income will be Rs. 3250 for that period. Postmaturity, he can withdraw his 5 lakhs, either from any post office or get it to his savings account via Electronic Clearance Service. 2. Features & Benefits of Post Office Monthly Income Scheme Capital protection: Your money is safe until maturity as this is a government-backed scheme. Tenure: The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount when the scheme matures or reinvest it. Low-risk investment: As a fixed income scheme, the money you invested is not subject to market risks and is quite safe. Start small: You can start […]

Continue Reading

Zero Balance Savings Account From Top Indian Banks: A Comparison

A Zero Balance Savings Account, also known as a basic savings bank deposit (BSBD) account does not obligate the customer to hold a minimum running balance every month as prescribed by the bank. These also come with debit/ATM card and net banking facilities. If you are looking at options to open such an account, here is a comparison on features of 4 leading public and private banks that provide their customers with BSBD account facility. State Bank of India (SBI) A BSBD account can be opened at an SBI branch as a single or joint account holder. A basic RuPay Debit/ATM card will be provided as a part of the banking facilities, free of charge. Receiving an amount through electronic internet transfer, depositing cheques issued by the central/state government, reactivation of inoperative accounts and closure of accounts is free of charge. Interest earned on these accounts will be the same as a regular savings account, that is 3.5 percent per annum for deposits up to Rs 1 crore. HDFC Bank An HDFC Bank BSBD account comes with a free Rupay debit/ATM card and passbook facility. Cash and cheque deposit facility at the bank’s branches and ATM are also not charged with a […]

Continue Reading

PNB Customers: you would Not Be Able To Transact Via Non-CTS Cheques soon

If you have an account with state-run lender Punjab National Bank (PNB) and deal frequently in cheques then you should pay heed to this news piece promptly. As customers who still possess Punjab National Bank non CTS cheques will not be able to make payments via such cheques after December 31, 2018. PNB Customers: You Will Not Be Able To Transact Via Non CTS Cheques The apex bank RBI has asked the banking fraternity to do away with Non-CTS cheques as the newly introduced CTS-compliant cheques are safe and easier when it comes to making payments using them. So, the bank has asked its customers to get their Non-CTS compliant cheque book replaced immediately. This is due to the fact that these cheques will not be honored for clearance in the system with effect from January next year. Banks have been directed by the RBI to issue only CTS-2010 standard cheques to their customers. Also, the central bank has said, “Banks shall not charge their savings bank account customers for issuance of CTS-2010 standard cheques when they are issued for the first time”. The guidelines for issuance of CTS-2010 standard cheques were notified way back in the year 2010. It is […]

Continue Reading
Master - How to Pay Taxes Online and Offline

How to Pay Taxes Online and Offline

Pay Taxes Online and Offline The income you earn is taxed in three ways, How to Pay Taxes Online and Offline, namely, a) Tax deducted at source (TDS), b) Advance tax payments and c) Self- assessment taxes paid before filing your income tax return (ITR). You are liable to pay advance tax if your estimated income meets the criteria as stated in the current income tax laws. Abhishek Soni, CEO, Tax2win, an ITR filing company says, “Normally, an individual whose total tax liability exceeds Rs 10,000 in a financial year is liable to pay advance tax. However, as salary received by employees is subject to TDS, in that case, they are not mandatorily required to pay advance tax on salary income. However, if you have income from other sources such as interest income or capital gains that are taxable which are not reported to your employer, then you are liable to pay advance tax on such sources of income.” Apart from advance tax, before you start filing your ITR, you are required to calculate your total tax liability on the income earned during the previous financial year and deposit any balance tax payable as self-assessment tax. Mistakes to avoid while […]

Continue Reading