5 ways they sell you wrong financial products
Plan your life-goals with the new age ULIP!
- < >EdelweissTokioLife- Wealth Ultima is bundled with insurance cover with investment options of equity, balanced and bond funds
Policy Term and Premium Paying Term as per your need:
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Policy Term ranges from 10 years to ‘till age 100’.
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Premium Paying Term* ranges from 5 years to ‘till the end of the policy term’
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Policyholders also have a choice to switch portfolio in funds o his/her own
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ULIP’s are a good choice as they allow an investor to choose market tools to invest in, and change their choice depending on how the market turns
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The approximate cost per year based on the tenure chosen
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Policy term – Minimum 10 years of maximum 100-entry age
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Entry age – Minimum 0 years to maximum 70 years
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Policy payment term – Minimum 5 years, maximum 70 –entry age or 100-entry age (depending on the policy chosen)The disciplined approach
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Systematic monthly (Investment) plan – This feature gives the investor the freedom to invest a pre-decided amount monthly in the plan. It helps to address the short-term volatility of the market and rupee cost averaging of the investment
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Systematic transfer plan – Based on requirement one may choose to protect their investment by systematically transferring the profit amount into less risky bond funds, which can be done with target profit booking/ life stage and remaining duration analysis, one also have a choice to self-manage the portfolio
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Withdrawal – Retirement planning through SWP – Often we are worried about accumulating wealth, seldom we think on how to manage and withdraw investments in a logical manner. SWP in #Wealth-Ultima gives an opportunity to the investor to choose SWP after 10 years of lock-in period, wherein investor can withdraw the specific number of units according to his choice (Monthly/quarterly/semi-annually/annually) to fund their sabbatical/ retirement or just a second income. This unlike pension products don’t attract tax enjoying the triple tax benefit under section 80cSpecial features of the products
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Double indemnity benefit under Little Champ benefit – Little champ benefit aiming to protect the future of a child is taken by one parent and can be started at ‘0 years’. In the case of the death of parent, the future premiums are waived but the plan continues for the child. Top-Ups – you may choose to top-up your investment flexibly
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Reduction / Increase in policy payment term allowed
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It pays to stay – “Additions to the fund”
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Loyalty additions – Loyalty Additions will be added to the Fund Value at the end of every Policy Year, starting from the end of sixth Policy Year till the end of the Premium Paying Term
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Booster additions – added to the Fund Value at the end of every fifth Policy Year starting from
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end of 10th Policy Year till the Maturity Date of the Policy
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Guaranteed additions – Guaranteed Additions are added to the Fund Value at the end of every Policy Year, starting from the end of sixth Policy Year till the Maturity Date of the policy
My take – I also introduced this product to Sheena and she found that ULIP is one of the most cost-effective investments cum insurance tool for a long term horizon. The product offers dual benefit of investment and insurance, which makes it a complex in nature. Also, the product demands long-term disciplined approach and commitment. Looking at the above two points, it is prudent to consult a financial advisor and insurance company to make an informed decision. You must ask the advisor about the product features, lock-in period, policy charges and all benefits.If the investment is made with thorough understanding, one can enjoy maximum benefit.Please visit the website and download the product brochure for better understanding.Thanks to Edelweiss Tokio Life Wealth Ultima, it gave Sheena a chance to fulfil her dreams!
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Save money smartly with digital wallets
Next read – Have you heard of peer2peer lending?
Packed for summer holidays? are you forex ready?
It is about time that travelers are set for summer holidays abroad. I am sure the destination, tentative itenary, and bookings must be done by now. Two important things for foreign travel you should carefully plan is a comprehensive travel insurance and arrangement of foreign currencies.
- It is the safest form to carry money
- It is PIN protected, hence safe and can have configurable spending limits
- Cards are accepted in establishments like Hotels, shopping centers, without any charges
- The cards usually offer better rates than travellers’ cheques (TC). Travellers’Cheques is a dying business with very few accepting establishments
- You can reload currency anytime
- Better than debit /credit cards which charges extra 2-5% for transaction. Also offers free ATM Transactions.
- Also, come with insurance cover, (Customers can buy online for lost baggage, trip cancellation, hospitiasation)
- 8 currencies available on card and cash. 16 currencies for wire transfer
Do share your experienes
Small and short term loans are new flavors of the season
What are the liquid mutual funds? who should Invest in liquid fund?
If you have a question on should you invest in Debt Fund? This is the place to begin. Liquid Fund is considered to be safest, and most liquid fund, with easy investment and withdrawal options.
Beginners’ guide to Liquid Funds
• What is a liquid fund?
In financial terms, “Liquid” means asset which is as good as hard cash. Liquid Fund is a debt fund – mutual fund which invests in money market instruments, (Money market – Market for short term lending and borrowing – Commercial papers, Company bonds, treasury bills etc.) with maturity less than a year. This fund can be redeemed in as less as 24 hours.
• Why would you invest in liquid funds?
o No entry/ No Exit load (if not withdrawn within the lock-in period )
o Annual fee 0.30 to 0.70%
o Better tax benefits than FDs (Interest is taxable according to the tax bracket of the investor) [In the dividend option returns are tax free at the hand of investor]
o The return on liquid funds is generally 50 – 100 basis points more than savings account interest
o Maximum of 10 per cent or less mark-to-market component, indicating a lower interest rate risk
• How to invest in liquid funds?
Every Mutual Fund house have liquid fund. You can check a few, also may compare in Moneycontrol/ Valueresearchonline. You can invest in these funds through online easily through the mutual funds website or CAMS app/ Karvy app or normal offline procedures.
Liquid funds are good way to get introduced to the mutual funds – for the first timers. You can SIP in this fund to create a contingency fund/ emergency fund. This Debt fund is ideal for short term goals/ purposes like 6 months – 1 year tenure.
*When we put our money in Fixed deposit, that is also investing in debt.
i2ifunding – UBER for a quick loan and high fixed returns!
- Registration– A simple form needs to filled including personal details
- Register as an Investor – Upload profession details, and upload address proof and PAN Card for verification purposes
- Review pre–approved loan projects – #i2iFunding only reflect the loan projects which ae pre-verified by the team basis the borrower profile and requirement. The loan request of the borrowers are verified by proprietary credit-score model and recommend interest rate
- Wallet – The investor can start investing from Rs. 5000 and multiple of 5000 upto Rs. 5 lakhs
- Physical verification and documentation– Once the loan approved by the borrower, i2i funding does a physical verification followed by signing a legal contract. Investor has to provide undated cheque equal to EMI amount for each investor. #I2ifunding shares the digital copy to each investor.
- Transfer funds and receive payments from next month – After all the legal formalities, investor needs to transfer funds directly to borrower’s account, and repayment starts next month onwards.
- Building a portfolio – Investors can give multiple loans and as per his risk appetite and earn monthly returns. ‘My Account’ section helps track investment details
- Diversify portfolio with high fixed income
- Freedom to chose loan projects based on risk apetite and return expectations
- Cap on funding each borrower at 20% of the loan amount, reducing over-exposure, concentration and mitigating risk
- Capital protection guarantee for the investors subject to the risk profiles of the borrower’s of the loan projects (investing in loan projects of cat A borrower has highest protection)
- Create a borrower account – Register with your personal details, income detail, employment status etc
- Loan assessment by i2i – 40 parameters including education background, CIBIL Score
- Make loan live on i2i funding website – Post the assessment, make your loan live on i2i platform
- Get funding commitment from Investors – Registered invetors across India can see your requirement and apply
- Physical verification and documentation – i2ifunding will do verification of original documents, you also have to share 3 EMI cheques for investors to hand over
- Loan disbursal and repayment – Once the verification done, lenders will directly transfer the money in borrower’s account and borrower need to start repaying from next month
- Low Interest rates
- Quick hassle free process
- No pre-payment penalty
- Funding in few days
Charges
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Investor
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Borrower
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Registration
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Nil
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Nil
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Create a borrower account
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N/A
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Rs 100
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Create an investor account
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Rs 500
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N/A
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Increase in the wallet
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– Nil up to first Rs 50,000
– 1% for additional increase
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N/A
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For Salaried Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
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–
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For Self employed Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
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Investor
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Borrower
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In case of prepayment
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–
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No Charge
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In case of change in loan amount before receiving any funding commitment post listing
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–
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Rs 100
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In case of change of bank account details
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Rs 200
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Rs 200
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Shout out to HR Teams – Save some tax for your employees with Zeta Optima
HR TEAM needs to look at this –