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Best life insurance companies in India

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How can you decide which life insurance is the best? There are multiple parameters that must be considered while choosing a life insurance product. But Claims to Settlement ratio is one of most important factors that must be taken into the account. Claim settlement ratio is calculated as number of claims processed and settled against the number of claims submitted. Insurnace Top 10 Life Insurance providers In India IRDA Insurance Regulatory Development Authority (IRDA) releases a detailed report about the claim settlement ratios for all insurance companies in India. and based on the report for 2018-19 the top 10 life insurance companies are: Life Insurance Company Claim settlement ratio Number of claims received Tata AIA   99.07% 2700 HDFC Life 99.04% 12946 Max Life 98.74% 15087 ICICI Life 98.58% 10826 LIC 97.79%

Life Insurance: Are you covered?

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I’m sure you have thought about this question multiple times, but did you ever act on it? All of us are aware about the importance of having life and health insurance but not many have taken the necessary steps to invest time and efforts to buy one for themselves and their families. Do you know that there are different types of Life Insurance Products available in the market today and they come with different benefits and values? But before that lets understand if you need a life insurance or not. Do you need a life Insurance? Ideally not everyone needs a life insurance, but almost all needs one! Why do I say so? If you have no dependants, don’t have any liabilities/debts, have your own house/property, have a regular source of income (probably for your life time) to cover your day-to-day and incidental expenses; probably you may not need a life insurance. If you don’t fall into the above category, then you must consider having a life as well as health insurance. “I

Planning for Home Loan Prepayments

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In the last post we have discussed the importance on making loan prepayment early on, as “ Nearly 75%-80% of the EMI goes towards purely towards the interest during the first 3-5 years of your loan ”. But the main question how to plan for prepayments when you are already paying the home loan EMI?  Be Smart, plan for it! While there is no direct answer to this question, but there definitely are a few ways in which it can be achieved. 1.        Create a RD towards accumulating the prepayment amount You must have heard about Recurring Deposit which is commonly known as RD. RD is a unique term deposit offered by all the banks which offers flexibility and ease of investment to users. Most of the banks offers RD for a term of a few months to 10 years. You can invest even smaller amounts like 1000 Rs to start with and it also allows premature withdrawals if required. I suggest creating a RD for a period of 12 months’ worth a maturity value that is equal to or more than

Home Loan(er) to Home Home Owner!

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Have you ever wondered while paying home loan EMIs,  “Are you the owner of your house or a loaner?”    Do you know how much you end up paying over the years in EMIs to your bank for the loan you have taken? Isn’t there anything you can do about it?  Home Owner Lets understand this trivia which is simply called as  “Home Loan or Mortgage!" Do you know, how much you are paying? Have you ever imagined; how much you will end up paying for a loan taken to buy your dream home over a period of 20 years?  How much you are paying? There are many EMI calculators available online. I have used the one available on  www.moneycontrol.com  to calculate the amount one will end up paying for a loan amount of ₹ 50,00,000/- @ 9.00% interest for a term of 20 years. And the results are Loan Amount ROI Term (Years) ₹ 50,00,000 9.00% 20 Total Payment* Interest & Charges EMI ₹ 1,12,29,160 ₹ 62,29,160