Secret Formula for Wealth Creation: Financially settled and successful people suggest knowing the difference between being rich and being wealthy. A rich person earns and spends, while a wealthy person earns, saves, and plans to grow their wealth. The critical difference lies in the wealth secret formula of working with money. A wealthy person understands … Read more
Before obtaining large loans from the bank or co-signing for someone else, you should realize the seriousness of the situation. When you co-sign a loan, you are legally responsible for repaying it. Under Section 126 of the Indian Contract Act 1872, the co-signer is equally liable for the loan. If the primary borrower encounters difficulties … Read more
Health insurance protects unaffordable medical expenses and unexpected accidents. It has become an essential part of financial planning. Some companies offer policies to young individuals without requiring medical tests, as they are less likely to develop chronic health problems. Taking an insurance policy early can help secure a lower premium and minimize the financial burden … Read more
The State Bank of India, the country’s largest government bank, offers various savings and deposit schemes tailored to its customers’ needs. One option is the Annuity Deposit Scheme, which provides a steady income through a monthly pension. Participating in this scheme allows individuals to receive a monthly pension, making it especially beneficial for retirees. The … Read more
Why is it important for women to have a bank account? A recent report revealed that 35% of women’s bank accounts in the country are inactive, indicating a widespread lack of financial independence among women. Many women lose their jobs for various reasons, including leaving the workforce to raise children. This often leads them to … Read more
Owning a home is a common desire. However, the expenses involved in purchasing a home, such as registration costs, stamp duty, and property tax, can be pretty high. Financial experts suggest buying the house in the wife’s name to reduce these costs. The Indian government is committed to promoting women’s participation in various fields and … Read more
The government has announced a significant employee benefit, providing insurance coverage from Rs. 10 lakh to Rs. 1 crore without any premium cost. The Assam Chief Minister, Himanta Biswa Sharma, revealed a comprehensive insurance policy for state government employees. The scheme offers life and accidental insurance coverage without any premium cost, aiming to enhance the … Read more
Compensation within 15 days: IRDAI has updated life insurance norms. If the life insurance policyholder dies without investigation, the insurance company must pay the compensation within 15 days of receiving the claim application. The Insurance Regulatory and Development Authority of India (IRDAI) has specified that an investigation should be completed within 45 days if required. … Read more
The way people take out loans has evolved. Loans are now available for various purposes, making it easier to access funding. Previously, individuals had to visit multiple banks to secure a home loan. However, banks have recognized the demand for home loans and streamlined the process. With the growing number of people seeking car loans, … Read more
When filing income tax, employees paying house rent must take several precautions. Making house rent payments partially in cash and partially online can lead to issues. In such cases, the house owner might not provide a rent receipt or may not declare the rent payment in their income tax returns to avoid taxes. This could … Read more