Life insurance rule change: From October 1, 2024, you will get higher refund when you surrender your life insurance policy

Policyholders exiting traditional life insurance get more money back starting October 1, 2024. Irdai has asked the insurance companies to offer a higher special surrender value (SSV) for traditional endowment policies from October 1, 2024. The new 'special surrender value' rule mandates higher refunds, offering flexibility to switch plans.

Karnataka online trading frauds: Losses skyrocket from Rs 23 crore in 2022 to Rs 903 crore by mid-2024

Most victims from Karnataka are educated professionals, particularly techies from Bengaluru, who were duped after being enticed by fraudsters with promises of high returns or IPO allocation. And this has been a trend across the country when it comes to fake broking apps.

5 reasons health insurance claims get rejected

5 reasons health insurance claims get rejected

Budget 2024 reduces TDS on life insurance policy payout from 5% to 2%, Now get a higher payout on these case

As per budget 2024 proposal you will now get a higher amount of payout from your life insurance policy as TDS rate has been reduced to 2%. “It is proposed that TDS under section 194DA of the Act be reduced from 5% to 2%” says explanatory memorandum of budget 2024.

Indexation benefit on sale of property removed; new LTCG rate of 12.5% announced for capital gains on sale of property

The budget 2024 announced the removal of indexation benefit available on sale of property. Due to this many people who sell their property will now not be able to inflate their purchase price and reduce their capital gains.

Has Section 87A tax rebate been increased in old, new tax regime in Budget 2024?

No increase has been announced in the tax rebate under Section 87A of the Income-tax Act in the Budget 2024. Tax rebate under Section 87A makes tax payable zero if an individual's taxable income does not exceed the specified level.

LIC thinking of diving into health insurance pool, eyeing acquisitions

The government-owned Life Insurance Corporation (LIC) is looking to foray into the health insurance sector, reports said on May 28. The insurer is currently assessing potential acquisition prospects.

3 changes in health insurance claim rules to help consumers: Reduced waiting period for pre-existing diseases, moratorium

The insurance regulator has made it compulsory for health insurance companies to reduce the maximum waiting period to get complete health insurance coverage in case of pre-existing diseases (PED) from 4 years to 3 years. The regulator modified the definition of pre-existing disease in its IRDAI (Insurance Products) Regulations, 2024, notified on April 1, 2024.

How technology is easing the life of insurance customers

Insurance is one of the most effective ways to manage risks and secure assets; however, the insurance industry has been mainly susceptible to trust issues. Many people believe that insurers do not pay claims, but the data says otherwise; the industry has been paying claims and is bleeding.

Bank of Japan ends negative rates, closing era of radical policy

The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus.

New LIC life insurance cover: 7 important details about LIC’s Index Plus policy

Life Insurance Corporation of India (LIC) launched a new unit-linked life insurance policy called LIC’s Index Plus this week. It is a non-participating, regular premium, individual life insurance plan which offers life insurance cover cum savings throughout the term of the policy.

Now, life insurance maturity money will not be fully tax-exempt: CBDT issues new tax rules

The Central Board of Direct Taxes (CBDT) issued new guidelines on how tax-exempted maturity amount from a life insurance policy will be calculated in a financial year if the premium paid exceeds a specified level. As per the new guidelines, the maturity amount from life insurance policies bought on or after April 1, 2023, will not be fully tax-exempt.

Important features of LIC's Jeevan Azad life insurance plan

LIC's Jeevan Azad is a non-linked, non-participating, individual, savings life insurance plan. This is a Limited Premium Endowment plan under which the Premium Payment Term (PPT) is equal to Policy Term minus 8 years.

How health insurance plans have changed since Covid 19: OPD, mental health, surrogacy, pay as you go and more

The Covid-19 pandemic was a wake-up call for both health insurance companies and policyholders. While it exposed the vulnerabilities in the healthcare system, it also offered the regulator an opportunity to eliminate many lacunas and add new features that can offer enhanced and adequate protection to health insurance policy buyers.

How has health insurance changed over time? When should you go to for riders??

Insurance is now being offered for what is called the ABCD illnesses. Depending on the stage or depending on how serious the disease is, they are offering day one cover, which basically means that right after you buy the policy,

3 things about health insurance you ought to be careful about

"One has to be aware of the list of blacklisted hospitals. Second is the waiting period for specific illnesses. Third is the minimum time of hospitalization which is required for claiming a particular illness in your policy," says Ankit Agrawal, Founder & CEO, Insurance Dekho.

Can’t decide what health insurance plan to buy? Here are some tips from Siddharth Singhal

“If you are somebody who already has health insurance and are looking to bump up your cover at a very low cost, top up is a great option to go for. The detectable amount of that top up has to be equivalent to the sum insured that you already have,” says Siddharth Singhal, Business Head, Policybazaar.com

Common exclusions in health insurance policy

Irrespective of the insurer you buy a policy from, all health insurance plans have notable exclusions which you as a policyholder or buyer should be aware of. A careful scrutiny of such exclusions will save you from a nasty surprise later on.

Is buying a top-up health insurance plan a dependable solution for all your future health expenses?

Given the high inflation, especially in healthcare, many people who have a basic health insurance cover often consider buying a top-up plan. This is intended to ensure adequate financial protection even when medical expenses rise. However, will it work according to your plan? Not necessarily.

Should you have more than one nominee in your term insurance?

The nomination process is crucial to protect the interests of the insured’s family. However, just appointing one nominee shouldn’t be done by default as many do.

Why people in their early 30s should consider buying health insurance SECTIONS

Today, health insurance is not just an option but a necessity that a person should inculcate in their habits. A good health insurance cover can help you and your family tide over a medical emergency with ease.

12 factors to consider before buying cancer health insurance

While buying a health insurance policy for protection against cancer here are the 12 factors you should consider

LIC launches benefit based health insurance plan Arogya Rakshak, know how it will work

The Life Insurance Corporation (LIC) of India has introduced a new health insurance plan called Arogya Rakshak, which is a non-linked, non-participating, regular premium, individual health insurance plan.

49.1% bank deposits are not under Rs 5 lakh insurance cover: Check if your deposit is protected

When a bank fails, the only respite a depositor has is the insurance cover offered by the DICGC. This cover was raised to Rs 5 lakh from Rs 1 lakh, effective from February 4, 2020.

PPF, Sukanya Samridhi, NSC interest rates may see further reduction from July 1

Industry experts say with state election results already announced the government will now take a decision on the rates.

LIC relaxes claim settlement requirements

Keeping in mind safety of its customers amid the second wave of the COVID-19 pandemic, state-run Life Insurance Corporation of India (LIC) Friday announced a slew of relaxations in claim settlement requirements, making the process easier and hassle free.

PF threshold limit raised to Rs 5 lakh for tax-free interest where there is no contribution by employer

Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget.

Gold price slips below Rs 45,000; silver cheaper by Rs 900

NEW DELHI: Gold and silver futures fell on Monday as Turkey replaced its central bank governor with a high interest rate critic led to investors flocking towards the safety of the dollar, on fears that the move would threaten other financial markets.

After taxman, banks ring warning signals for customers investing, trading in cryptocurrency

MUMBAI: Indian banks have started pulling the plug on customers investing and trading in crypto assets as the spectre of government ban on cryptocurrency rises. The government recently said that it plans to introduce a law banning trade in all cryptocurrencies — except for those issued by the government itself.

If bank fails, Rs 5 lakh deposit insurance amount to be available immediately to depositors

The finance minister, Nirmala Sitharaman, has announced that in case a bank fails or withdrawals from the bank are stopped due to financial pressure on the bank, the depositors will be able to get immediate access to their deposits upto the deposit insurance amount of Rs 5 lakh, i.e.

ITR filing deadline extended from Dec 31 to January 10, 2021 for these taxpayers

This is the third time government has extended the deadline for taxpayers for whom the normal deadline is July 31. The government has also extended the date to submit the tax audit report to January 15, 2021. The last date of filing declaration under Vivad Se Vishwas Scheme has been extended to January 31, 2021.

Money tasks after death in family: How to close accounts, transfer investments, make claims and more

Sort the paperwork and complete financial tasks without leaving any loose ends after the death of a family member. ET Wealth tells you about the documents needed to close accounts, transfer investments and make claims and the processes to complete these tasks.

Most Indians do not have a retirement plan, shows PGIM India MF's retirement survey

Are Indians prepared for their retirement? Yet another survey result shows that they are not. Most participants of the survey said they did not have a retirement plan.

Just Rs 11.57 lakh to retire? Survey shows young Indians grossly unprepared for old age

Barely one in five considers inflation while planning for retirement. Life insurance and bank FDs are top choices for those who plan for retirement, and this underlines the essential conservatism in most retirement plans.

Money & relationships: 5 ways parents can pass on money-related anxiety to their children

Your very money traits and habits form the foundation for your children's money behaviour when they become adults. Find out about your money behaviour that may be causing stress in your children and how to stop yourself from doing so.

RBI leaves repo rate unchanged: What this means for home loan borrowers, FD investors

Borrowers who are facing salary cut/job loss due to the novel coronavirus pandemic situation and were looking for some reduction in their EMI burden will have to wait a little longer. However, no change in policy rates means good news for FDs investors as banks may go slow on cutting interest rates on FDs.

LIC made Rs 10,000 crore profit in equity since April 1: Chairman

MR Kumar says the insurance behemoth may bring in outside fintechs and insurance techs to grow scale

No extension of loan moratorium, but RBI introduces debt resolution plan for eligible borrowers

Mumbai: The RBI on Thursday said it will provide a debt resolution window to enable lenders to implement a resolution plan in respect of eligible corporate exposures as well as personal loans, keeping the ownership unchanged, and without classifying them as non-performing loans.

Can guaranteed insurance products ensure stability to your portfolio?

There is a saying – “Don’t put all your eggs in one basket”. Similarly, in your investments too there is a need for diversification through investment in different product categories.

Eight behavioural skills of successful investors you should follow

It is not just financial literacy but also behavioural skills that are common to investors who grow their wealth consistently. Here are some habits to emulate.

LIC equity investment soars 23% in Q1; these stocks delivered up to 17x return

Data available with Ace equity showed LIC betted on at least 25 penny stocks.

PAN-Aadhaar, Tax saving, Form 16, belated ITR filing deadlines extended again

The extension has been done to provide further relief to the taxpayer individuals

PPF rate may fall below 7% to a 46-year low

Short-term deposit rates are now very close to or even less than what savings accounts offer.

Risks of becoming a loan guarantor and what to do in case of loan repayment default

Loan defaults are bad news for people who have stood as guarantors to loans taken by friends and relatives. Most people know that a guarantor is liable to pay if the borrower defaults on the loan repayment. There are other risks that the guarantor is exposed to.

Less than 4% of Covid-19 patients in India have insurance

Policymakers are worried that the number of Covid claims is only 8,500 with a claim amount of Rs 135 cr.

Eight money related tasks to complete before June 30, 2020

The government has extended various financial deadlines from March 31, 2020, to June 30, 2020.

LIC policyholders can submit maturity claim documents online till June 30, 2020

The policyholders can send the maturity claims and survival benefit requirements by email. The mail should be sent to the servicing branch. Make sure that the mail ID is used only for sending the claim requirements and not for any other purpose.

Issue of RBI 7.75% bonds closes on May 28, 2020

The RBI bonds are attractive as they are currently offering a higher interest rate as compared to bank fixed deposits and other financial instruments offering an equal degree of safety.

RBI extends EMI moratorium for another three months on term loans. Here's what it means for borrowers

The earlier deadline of three-month EMI moratorium was ending at May 31, 2020

Covid-19 to dampen Indian real estate’s recovery over 6-12 months: Report

“With this recent pandemic outbreak, the real estate sector is likely to be handicapped in the short term, impacting over 250 related industries and economic sectors."

EPF contribution of private sector employers, employees cut to 10% for 3 months

Currently, an employee contributes 12% of his salary to the EPF account. The employer matches the contribution.

Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020

As per the announcement, "Due date for all income-tax return for FY 2019-20 will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from Sept ember 30, 2020 to 31st October 2020."

IT seeks changes in laws as work from home set to become norm

Industry body Nasscom is reviewing labour laws from WFH perspective and will submit a report next week.

5 reasons for rejection of EPF withdrawal claim and how to avoid it

Given below are five reasons why your EPF withdrawal claim can get rejected by the EPFO and what you should do to avoid the rejection of a claim.

Paytm Payments Bank crosses Rs 600 crore in fixed deposits

"During this period of volatility in other asset classes, a large number of PPB bank account holders are moving their savings into fixed deposits during the ongoing lockdown," stated Paytm Payments Bank.

How to choose health insurance in times of coronavirus pandemic

Times may seem bleak, but this too shall pass, and when it does, we will need to get ready for life to return to normalcy. Part of this normalcy will be finances, and for life to move on, it's crucial to make sure savings have not been eaten away through avoidable medical expenses.

Should you pay your rent using a credit card amid coronavirus lockdown?

Rent payment is one of the biggest monthly expenditures, especially for youngsters living away from parental homes. In the case of credit cards, accrual of interest gets tricky.

Eligible individuals can submit Form 15G, Form 15H to avoid TDS on dividend income too

Tax will be deducted from the dividend at the time of payment by the company/mutual fund house if the total amount of dividend being paid to the individual during the financial year is more than Rs 5,000 at the rate of 10%.

RBI cancels CKP Co-operative Bank's licence; depositors to get up to Rs 5 lakh

RBI reasoned that the financial position of the bank is highly adverse and unsustainable. There is no concrete revival plan or proposal for merger with another bank. Credible commitment towards revival from the management is not visible, observed the central bank.

Lockdown extended by 2 weeks, India split into red, green and orange zones

The extension will see some relaxations which will be regulated based on the spread of the virus in districts

LIC’s new policy volumes touch 6-year high

Additionally, LIC settled 20.3 million maturity and money back claims and annuities over the financial year, it said while settling 750,000 death claims in this period.

All you wanted to ask about your debt mutual funds after Franklin Templeton fiasco

Templeton has wound up $4.1 billion of debt funds after a liquidity crisis.

Survival strategies for businesses during COVID-19 lockdown

We are all in this together, so the ideal way is to stay transparent with your consumers about what your business is going through. Customers can empathize with companies facing a crisis, as long as the communication is transparent.

Around 78,000 unsold homes ready in top 7 cities; Mumbai, Pune account for 45%

Total 78,000 homes or around 12% of total unsold residential inventory across top seven property markets in India as on March end are ready to move in apartments.

FY2019-20 ITR filing deadline may be extended as Form 16 deadline put off to June 30

As per the chartered accountants, the deadline for employers to issue the TDS certificate i.e. Form 16 for FY2019-20 to employees has been extended to June 30, 2020, via the ordinance dated March 31, 2020.

LIC policyholders given 30 day relaxation for premiums due in March, April in wake of Covid-19 distress

A total of 16 death claims related to covid-19 processed till date, LIC said. All coronavirus deaths to be treated at par with other diseases for claim settlement. The insurer announced that it has announced five plans available online which customers can purchase from home during the lockdown.

How to withdraw from EPF if you need money due to coronavirus

The government has recently amended the EPF withdrawal rules which allow an EPF member to withdraw money in case of emergency due to COVID-19.

EMI moratorium fraud: Banks asking customers to be alert, not to share OTP with imposters

Asking customers to protect their financial details, Axis Bank said in an e-mail to customers said fraudsters have started a new modus operandi to gain access to banking details. Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts.

We are buying in this market on a daily basis, says LIC MD Vipin Anand

The IPO is a time-consuming thing, which is going to be there, says Vipin Anand.

New criteria for NRI status and how income will be taxed in India effective from FY 2020-21

At the stage of the passing of the Bill, the amendments originally proposed in the criteria determining 'residential status' in India of a person in the Finance Bill 2020 were relaxed. This change will directly impact the non-resident Indian.

SBI reduces savings account interest rate to 2.75%; MCLR cut by 35 bps

This is SBI's eleventh consecutive cut in MCLR in FY 2019-20. Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs. 24.00 per 1 lakh on a 30-year loan.

Covid-19: 10 things SMEs can do during lockdown

Attrition has a significant financial implication, hence, SMEs should strive to keep their important people in place during these times. Benefits and incentives can be structured based upon the period of service to increase employee stickiness.

World Bank approves $1 billion aid to India to fight Covid-19

This is the largest ever health sector support from the Bank to India.

Savers head to safer assets on shaky markets

Experts believe that the mutual fund industry is already seeing redemption pressures.

What 3 month moratorium on repayment of term loans means for borrowers

RBI has allowed lending institutions to offer a moratorium on loan repayments.

RBI cuts repo rate by 75 bps to 4.40% to mitigate Covid-19 impact

The rate cut was warranted by disruptive force of coronavirus, the central bank said.

FM Nirmala Sitharaman announces Rs 1.7 lakh crore relief package for poor

The FM announced a slew of measures to ease the burden on the poor who will be hit hard by the lockdown.

Big announcement for EPFO subscribers under PM Gareeb Kalyan Scheme, govt will pay workers' PF for 3 months

This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.

Tax filing dates extended, business rules eased, ATM, bank charges waived off in Covid relief measures. Here are key announcements by Nirmala Sitharaman

The FM announced that the Economic Task Force will soon announce an economic relief package.

GST Return filing date extended, relief from late fee, penalties

Firms which have less than Rs 5 crore turnover will not have to pay interest, late fee or fine.

FM Nirmala Sitharaman sets Rs 15 lakh income cap to tax NRIs

Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.

LIC declares relaxation for premium payments

"In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to April 15, 2020, wherever customers are unable to deposit online or otherwise," the life insurer said in a statement.

US Fed slashes rates to near zero to cushion coronavirus blow

Fed said it could increase bond-buying and use other tools to support market functioning.

Sensex crashes 2,713 points: Five factors that weighed on the sentiment

Market sentiment further deteriorated after the number of coronavirus cases in the country rose.

SBI Cards shares list at Rs 658, 13% discount to issue price of Rs 755

Analysts were expecting the stock to list at around Rs 780-800 a piece.

Monday mayhem marks worst day for Sensex: 5 factors causing this crash

The oil price crash is largely negative for India despite it depending heavily on imports

US Fed cuts interest rates by 50 bps in emergency move amid spreading virus

The vote for the emergency cut to a range of 1% to 1.25% was unanimous.

You may be fined Rs 10,000 if you don't link PAN with Aadhaar by the end of this month

An individual having an inoperative PAN may face trouble in several financial transactions.

Hurry! This LIC pension scheme that can provide Rs 10,000 a month will end March 31

Pradhan Mantri Vaya Vandana Yojana pension scheme, meant for senior citizens, is available only till March 31.

New tax regime allows deduction of interest on home loan on rental property

For taxpayers who have an on-going home loan, the interest paid on such loans helpsthem to lower their tax liability in the existing income tax structure. However, under the new income tax regime proposed in Budget 2020, the interest paid on housing loan is not available for deduction for self-occupied houses. But for taxpayers who have rented out their house property, there is good news.

Govt pensioners can submit life certificate at home by paying Rs 60

Government pensioners are required to submit their life certificate every year in the month of November to ensure that their pension is not stopped. The last date to submit life certificate to the pension disbursing bank is November 30 every year.

Budget 2020 should increase tax break under section 80C

Section 80C is at the core of tax-savings for all categories of individuals. Whether the individual is a government employee, privately employed or for that matter working in an NGO, use the section 80C basket to save on tax.

Budget 2020 should cut tax outgo by changing sec 80c, family pension laws

Deduction under section 80C is a deduction from gross total income which can be claimed for investment in specified avenues, expenditures up till a specified limit. The existing maximum deduction available under this section is Rs 1.5 lakh, set in 2014.

7 financial planning myths you shouldn't believe

The spread of financial literacy has made lay investors savvier than before. But some misplaced beliefs persist.

To avoid paying excess TDS submit tax saving proofs to your employer on time

Staff need to submit proof to back-up their investment declarations. These are papers you need to gather.

Quick tax-saving tips

Here are tax breaks you can claim on various incomes and expenditures under different sections of the Income-tax Act, 1961 that can reduce your tax outgo.

Financial changes needed when a child turns 18

For the child, this age is a turning point as he typically leaves home for higher studies and takes baby steps towards independence, financial and otherwise. He becomes to conduct financial transactions and acquire assets.

Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai to insurers

Irdai has issued guidelines on standard individual health insurance, asking insurers to cover basic health needs.

Don't have money in your bank account to pay LIC premium? You can use your credit card

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

Don't have money in your bank account to pay LIC premium? You can use your credit card

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

No depreciation for cars up to 3 yrs, sum insured based on on-road price: IRDAI proposal

The Working Group made various recommendations, after which it has been decided to work on the product design and draw up the proposed policy wordings, including the terms and conditions in plain language, keeping the large motor segment in mind.

How and where to check death claim settlement ratio of life insurers

Life insurers are required to show the details of individual and group death claims ratio on their websites separately. If they are showing a death claim ratio by clubbing the data for individual and group policies, they are violating IRDAI rules.

Hidden gems: LIC’s favourite stocks that posted over 50% Q2 profit growth

These companies are from across sectors such as paints, financials, cement, defence & pharma.

Aviva Life faces IBC trial over ‘not paying landlord’

Aviva is facing proceedings under the IBC, for not meeting payment obligations to the Apeejay Group.

5 important points to remember while reading policy benefit illustration

The rates of return mentioned in the benefit illustration are not the upper or lower limits of what you may get in reality. You may get even higher gross yield of more than 8 percent per annum or lower than 4 percent per annum on your investment.

Vehicle owners may be able to self-claim 50% more on motor insurance

With proposed draft, consumers can claim upto Rs 75,000. And anything above this limit would have to be assessed by an insurance surveyor.

This Diwali, gift yourself a Home Insurance

Diwali, the festival of lights is celebrated by all as the occasion of homecoming of Lord Rama. Hence culturally it has been deemed auspicious to purchase a house at Diwali. A home is not just a structure, but also includes contents diligently acquired by the homeowner over the years.

You can save tax on up to Rs 17,000 savings account interest: Here's how

Post office savings interest up to Rs 3,500 is exempt for single a/cs and up to Rs 7,000 for joint a/cs.

Will you have enough money when you retire? Your 40s is the time to ask this question

Adequacy of income is easily tested by the assets that you have accumulated. If you are 40 and the only assets you possess are the home you live in and the PF and tax saving investments you have done, you may not be doing enough.

When health, motor, personal accident insurance are more needed than life cover

Insurance is a way to ensure that you make provisions to face eventualities. You would do well to first incur that expense which protects you. Read on to know when health, motor and personal accident insurance are more needed than life cover.

What is the sum assured in an insurance cover?

The sum assured depends upon the income of the person and typically a maximum of up to 10 times the annual income is allowed as the sum assured.

How safe do you think is your bank deposit?

The PMC Bank crisis saw a substantial portion of depositors’ money getting blocked with the bank. Many fear the worse is yet to come if the bank goes in for liquidation. So, how safe is your deposit in such a situation

How is the residential status of an individual determined for income tax

The income tax laws classify the residential status of an individual into three categories, depending on the individual's stay in India in the relevant financial year as well as his/her stay in the previous years. Here is a look at these categories.

Monthly premium for health insurance now allowed: Can you claim after paying for 2 months?

Till recently, health insurance policy premiums were only payable on annual basis.

LIC dominance of India's life insurance market nears three-fourth mark

LIC registered a business growth of 18 percent in September against last year, and a very robust 42 percent in the first half of the financial year between April and September, the latest data released by insurance regulators IRDAI showed.

RBI increases withdrawal limit for PMC Bank depositors from Rs 25,000 to Rs 40,000

The economic offences wing of Mumbai Police jaarrested Rakesh Wadhwan and his son Sarang Wadhwan, directors of HDIL.

RBI cuts repo rate by 25 bps to 5.15%, lowest since March 2010

It was in addition to a cumulative 110 bps rate cut that RBI has announced so far this year.

5 changes that will impact your personal finances from October 1

Starting today, all I-T notices, letters or other tax related correspondence will carry a unique number.

Gold is not a good investment. Here are reasons why

Gold makes sense for those who have no access to or no trust in the financial system, or expect to be in such a situation. It’s an alternate currency.

Why you should get a Cancer Insurance

A 2017 report by EY, a global advisory firm, highlighted that 75% of households in India have income less than baseline treatment costs for early-stage cancer.

Has your motor insurance cover lapsed? Here's all you need to know about renewing it

Understand the process before you dash off to renew a lapsed motor policy.

How will borrowers' EMIs be reset after RBI decision to link loans to external benchmarks?

From October 1, 2019, any loan taken will be linked to any one of the 4 external benchmarks specified by RBI.

How to financially support your parents after you are married

While children in India have been conditioned to support their parents in old age, times are changing. The rising number of nuclear families, higher cost of living and parents asserting their financial independence, means that the concept of kids as a retirement plan has taken a beating. So how should you support your parents after you have a family of your own?

You may not be able to use ATM twice a day if banks have their way

The report says that the banks want to allow just one transaction per a certain period, say 12 hours.

Got an income tax notice? Now you can check if it is real or not

Recently, CBDT had issued a circular according to which every income tax notice issued by the department will have a computer-generated Document Identification number.

TDS on salary: How it is calculated and deducted

Confused about how TDS is deducted from your salary? Here's everything you need to know about it

Significant rate cut would do a lot of good to the country, says Nirmala Sitharaman

The finance minister says CAG’s comments on fiscal deficit are being looked into seriously.

10 reasons why you may get a notice from the income tax department

Taxpayers are generally issued notices due to delay in filing income tax return (ITR), mis-calculation of LTCG gains from equity and so on. File your ITR using the correct tax return form to avoid getting notice of defective return.

Budget 2019 amendment: Individuals must deduct TDS on payment of brokerage, commission too

Individuals now have to deduct tax at source in multiple situations.

Retirement planning: How much will you need to retire?

No matter your age, work profile (salaried or consultant) or income level, these 9 easy questions will help you calculate the nest egg you need to build.

Budget 2019: Individuals must deduct TDS on these 3 types of payments now

While the government's aim is to widen and deepen the tax base through these steps, it increases the financial accounting liability for individuals impacted by these rules.

Economic Survey 2019: Health insurance plans need to be simplified to incentivise people to buy

There is asymmetrical information which often leads people to make health-related decisions, not in their best interests, said the survey.

Income tax return filing: Here's your step by step guide

To file ITR, you must first register yourself on the e-filing website of the income tax department.

ITR Filing: Tax dept will pre-fill your salary, FD interest, TDS details in ITR1

Salary, FD interest income and TDS were earlier manually entered by the individual in the ITR-1 form.

Government cuts interest rate on small savings schemes by 0.1%

Interest rates on small savings schemes is reset before each quarter and depends on government bond yields in the previous quarter.

How a smoker can buy health insurance

The insurability of smokers is determined by the seriousness of pre-existing lifestyle diseases like diabetes and hypertension.

Govt may have to extend ITR filing deadline for FY18-19; extends Form 16 issue date to July 10

The due date of filing of income-tax return for AY 2019-20 is 31st July 2019 CBDT has extended the due date of filing of Form 24Q, i.e., TDS return in respect of salary for the financial year 2018-19 from May 31, 2019 to June 30, 2019. The due date has been extended considering the latest changes made by the tax department in Form 24Q .

Money back policy: Is LIC amount received on maturity taxable?

It is important for one to be aware of when these proceeds are tax-free and when not, in order to take advantage of the tax benefit.

10 steps to calculate how much money you will need for retirement

Most people think that retirement planning is a complicated affair and use it as an excuse to avoid this critical exercise. However, retirement planning is not difficult.

4 mistakes that can hurt your retirement planning

Mistakes in dealing with other related areas can in fact derail otherwise careful retirement planning.

Can you claim motor insurance before getting permanent registration number for your car?

What if your newly purchased car, which just got out from the showroom with insurance but without registration, met with an accident? The incident could set you back financially. There can be many questions which can come to your mind, for instance, will you be getting the insurance claim from the insurer? Is your car really insured without registration?

Disabled can claim tax saving deductions up to Rs 1.25 lakh under sections 80DD, 80U

"The amount of deduction depends on the percentage of disability. The deduction claimed is fixed irrespective of the actual expenses."

How to buy life insurance under the Married Women's Property Act

The Married Women’s Property Act, 1874 protects the property of a wife if the proceeds of her husband’s life insurance policy is attached to pay for outstanding loans in the event of his death or bankruptcy.

7 lesser-known investments, expenditures eligible for tax breaks

ET Wealth decodes some of the lesser-known investments and expenditures that are eligible for tax breaks.

LIC pays Rs 2,430-crore dividend to government for 2017-18

MUMBAI: LIC Chairman V.K. Sharma on Friday handed over a cheque of Rs 2,430 crore as dividend for financial year 2017-18 to Finance Minister Arun Jaitley.

Diseases after health policy purchase should be covered: Irdai panel

Chronic diseases like Alzheimer's, Parkinson's, AIDs/HIV infection and Morbid obesity should be covered under medical cover if a person contracts such ailments after buying a health insurance policy, according to recommendations of a panel set up by Irdai.

Find out which annuity option suits you the best

The launch of LIC's annuity plan and rising interest rates have reignited interest in the space. The pension, general annuity and group fund assets under management (AUM) for LIC stand at Rs 6,06,017 crore, significantly higher than those of SBI Life, HDFC Life, and ICICI Prudential Life.

15% more correction in Nifty! D-Street veteran, brokerages see more pain ahead

NEW DELHI: If you thought the painful correction seen in domestic equities over the past few days has wiped off all the froth, you may be in for surprise. Market veteran Saurabh Mukherjea, often cited as among the few analysts who had predicted the 2008 global financial crisis, says the India market has 10-15 per cent more downside before it reaches fair value.

Rupee slips 30 paise, closes below 74 level for the first time

NEW DELHI: The rupee hit yet another record low on Monday as it closed at an all-time low of 74.07 against dollar by falling 30 paise, following unabated foreign fund outflows. The local currency opened the day at lower at 73.96 against Friday's closing level of 73.77.

‘Perfect storm’ may hit D-Street in 6 weeks, can sink stocks

An over 4,600-point fall in BSE Sensex in just 25 sessions may be feeling like disaster! But wait, the worst is yet to come. At least one analyst is predicting a ‘perfect storm’ on Dalal Street in less than six weeks, and citing solid reasons too!

Millennials prefer life insurance over other financial assets: Study

MUMBAI: A majority of millennials look at life insurance as a preferred financial instrument to invest in, to meet their financial goals, says a survey.

Mutual funds that destroyed most investor wealth in the September selloff

Net asset value, or NAV, of most equity funds witnessed a drop in September, as Dalal Street witnessed brisk selling in stocks amid soaring crude oil prices, falling rupee and rising bond yields.

Equity mutual fund investors lose up to 34% in past one year

Investors, who put money in equity mutual funds through systematic investment plans (SIPs) in the past one year, are sitting on losses because of the extended weakness in the stock market. Investors are losing money in 123 out of 147 actively managed equity schemes, as per data from Value Research. Small-cap funds have seen the highest fall followed followed by midcap funds and multicap funds.

Bank of Baroda, Vijaya Bank and Dena Bank to be merged

NEW DELHI: The government has announced that Bank Of Baroda NSE 0.63 % , Vijaya Bank NSE 0.93 % and Dena Bank NSE -0.31 % will be merged into a single bank which will become India's third largest bank. The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, a niche state-run lender for women.

HDFC bank most valuable indian brand, LIC follows

HDFC Bank is 2018’s most valuable Indian brand followed by one of the country’s oldest brands, LIC.

Missed the income tax return filing deadline? Here's what you can do

You can file belated return for FY2017-18 by March 31, 2019, i.e., before the end of the current AY.

LIC to enter 63rd year of operations

LIC is present in 14 countries through branch offices, wholly-owned subsidiaries and joint ventures in Fiji, Mauritius, England, Bahrain, Nepal, Sri Lanka, Singapore and Bangladesh, among others.

Rupee breaches the 70 mark: How it's bad, and how it's good

Indian rupee hit a record low of 70.07 a dollar on Tuesday. In its sharpest single-day fall since September 2013, the rupee had hit an all-time low of 69.93 on Monday despite the Reserve Bank of India's intervention as heavy sell-off in global currencies, including Turkish lira, fuelled demand for safe haven assets.

Sensex hits 38,000 for first time, Nifty50 nears 11,500

Frontline indices Sensex and Nifty scaled fresh lifetime peaks in the opening deals on Wednesday.

RBI bites the bullet, hikes repo rate by 25 bps for second time in a row

NEW DELHI: In line with market expectations, the monetary policy committee (MPC) of the Reserve Bank on Wednesday hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19. Repurchase rate, or repo, is the rate at which the RBIlends money to commercial banks in the event of any shortfall of funds.

No penalty on late filing of ITR if your income doesn't cross this limit

You just have a week left to file your income tax return (ITR). This year it becomes all the more important to file your return on time as you will be liable to pay a late fee for filing your ITR after the deadline of July 31, 2018 (unless the government extends it).

5 calculators that can make financial planning easy

If you are avoiding financial planning due to complicated calculations, be it determining the future value of goals or life cover needed, here are the formulae and calculators that will ease your task, says ET wealth.

How big should your life insurance cover be? These factors will help you decide

Is Rs 1 crore insurance cover sufficient to take care of your family's financial goals in case something untoward happens to you?

Income tax return filing for FY 2017-18: Here are all the links you need

The deadline to file your income tax return (ITR) for FY 2017-18 is July, 31, 2018 (unless the government decides to extend it). By filing your return on time, along with certain benefits such as carry forward of losses, you will not have to pay a late filing penalty. Remember, if you file your ITR after the deadline you will have to pay late filing fees of up to Rs 10,000.

Share market update: Over 200 stocks hit 52-week lows on NSE

NEW DELHI: Over 200 stocks, including Ambuja Cements, Andhra Bank, Atlas Cycles (Haryana), Bank of India and BHEL hit 52-week lows on NSE during Monday's session.

LIC board approves IDBI Bank buyout

NEW DELHI: The board of LIC, India's largest life insurer, on Monday approved the proposal to acquire a majority stake in IDBI BankNSE 1.15 %, ET Now reported.

Filing income tax return? Don't miss these 9 tax breaks

Many taxpayers are not aware of some deductions.Read on to see how you can maximise your tax breaks.

LIC bets on consumption stocks, junks PSU banks

LIC holds on an average 21.7 per cent in the consumer companies of the BSE 200, the second highest holding among all sectors after media.

How much do you need to save for retirement at different life stages?

ET Wealth reached out to financial planners to understand how much Indians need to save at various ages to ensure a comfortable retirement.

RBI hikes repo rate by 0.25%; home loans set to become costly

Borrowers who were hoping for respite from high interest rates will have to wait a little longer. In its bi-monthly monetary policy held on Wednesday, the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. With the announcement, the repo rate now stands at 6.25%. Along with this reserve repo rate has also been hiked to 6%.

Title insurance: Much-needed relief for home buyers

Indian insurance companies lack the underwriting expertise to offer title insurance products.

Which of the three pillars of retirement is most important for you?

To help with retirement savings, traditionally, in any country, there is a three-tier or three pillar retirement framework.

How to do financial planning for a child with special needs

For budgeting, they have to take into account all costs related to child with special needs, including tutoring, transportation and therapies.

Why women need to save more than men for a secure retirement

If you are a 25-year-old working woman, retirement planning is probably the least of your priorities. Yet, it should be the topmost. Not just because it’s a crucial goal but also because you are a woman.

Only 30% investors hold equity mutual fund schemes for over two years

Mutual funds may have gained currency after demonetisation, but most investors still look at mutual funds only as a short-term bet. According to an AMFI report, only 30.40 per cent investors in equity mutual funds stay invested for more than two years. This data is as on March 31, 2018. AMFI releases this report every quarter.

LIC's first-year premium income jumps 13.5% to record Rs 1.34 lakh crore in FY18

National insurer Life Insurance Corporation has registered a 13.46 per cent rise in first-year premium (FYP) income, collecting an all-time high income of Rs 1,34,551.68 crore in FY18, and ending the year with a market share of 69.40 per cent, the company said today.

Avoid these 8 mistakes while writing a will to ensure your assets are passed onto your heirs

Where there’s a will, there’s usually someone ready to contest it. Where there’s none, someone is ready to fight over the inheritance anyway.

30 stocks where LIC raised stakes during March quarter

India’s biggest domestic institutional investor Life Insurance Corporation (LIC) was on a major shopping spree on Dalal Street this March quarter, even as the broader market weakened thanks to a series on domestic as well as global headwinds.

55% of senior citizens say they haven't saved enough: Report

A study of 1,000 senior citizens conducted by LendEDU in the US reveals the biggest regret among elders is not saving enough for retirement.

Missed the March 31 deadline to file income tax return? Here's what you can do

March 31, 2018 was the deadline to file income tax returns (ITR) for the financial year 2015-16 and 2016-17. In case you haven't filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore.

How your financial life is going to change completely from April 1

From tomorrow, a large number of Indians will see significant changes in their financial life. April 1 is the first day of the next financial year, 2018-19. The Budget proposals for the new financial year, announced on February 1, will come into force from tomorrow. Below are the key changes which are going to affect individuals as well as companies:

Forgot to submit tax-saving proofs to your employer? You can still claim the benefit for these

For many companies the last date that employees can submit their investment proofs, so that excess tax is not cut, is March 10. Those who miss this deadline will find that more tax is deducted at source (TDS) from their March salaries. However, if you are among those who have not yet provided your investment proofs, there is a way out.

Don't buy term insurance just to save tax, make sure it is the right cover for you

Life insurance is a necessity for anyone who has financial dependents.

How life insurance policy under MWP Act safeguards women's interest

The primary purpose of having a life insurance cover is to help the surviving family members maintain the same standard of living after one's death. This would require adequate protection to the nominees so that they are financially secure even after the bread earner's death.

Opinion: Why it is must to have car insurance in India

With so many car insurance companies around us, one has to wisely pick up the best policy that balances premiums against coverage.

Rs 2 lakh crore gone from investor wealth: 5 reasons why Sensex plunged 430 points

NEW DELHI: Fag-end selling in domestic equity market wiped off nearly Rs 2 lakh crore in investor wealth on Tuesday. The BSE Sensex tanked 429.58 points, or 1.27 per cent, to 33,317.20, while NSE index Nifty50 plunged 109.60 points, or 1.06 per cent, to 10,249.

SBI reports surprise Q3 loss at Rs 2,416 crore, gross NPAs rise to Rs 1.99 lakh crore

MUMBAI: The country’s largest lender State Bank of India shocked the Street when it reported a massive quarterly loss on the back of spike in provisions due to bad loan divergences and hardening of bond yields which led to treasury losses.

Budget 2018 hikes cess on income tax to 4 per cent from 3 per cent: Here's how much more you will pay

Budget 2018 has proposed to hike cess on income tax from 3% to 4% thereby increasing the tax payable by all categories of tax payers.

Budget 2018: How income tax slabs have changed over the years and the way forward

From a mind boggling 97.75 per cent as the highest tax rate and 11 tax slabs, to 30 per cent as the highest rate and three slabs, India and its taxpayers have come a long way since Independence.

LIC on shopping spree: Stakes go up in these 45 stocks in Q3

Overall, LIC hiked its stake in 40 companies in Q3.

Budget 2018 reinstating standard deduction? Here's how it could help you save tax

A limit for standard deduction was set at Rs 20,000 for those earning above Rs 5 lakh.

Modi government has bad news for Indians dreaming of easy money via bitcoins

Bitcoin, the cryptocurrency that has become the craze all over the world, is a hit with a lot of Indians too. More than $3.5 billion worth of transactions in the cryptocurrency have been conducted in India over a 17-month period, according to the income tax department.

New home launches plunge 78% in 2017 from 2010 peaks

MUMBAI: Reforms like the Rera and GST and also the note-bank impact led to a steep decline in home launches in 2017, which plunged a full 78 per cent, say a survey.

5 financial resolutions to help you save more and spend wisely in 2018

Make a resolution this year to improve your spending habits and save more.

Irda asks insurers to ensure easy availability of motor cover

Also, insurers are asked to ensure the easy availability of Motor TP Insurance and in no case can a request for a TP cover be denied.

LIC launches LIC's Jeevan Shiromani for HNIs

MUMBAI: State-owned Life Insurance Corporation (LIC) today launched 'LIC's Jeevan Shiromani', a non-linked, with profit, limited premium payment money back life insurance plan especially designed for the high net-worth individuals segment.

Why you should get a standalone cancer insurance plan

You have finally bought a term insurance plan to secure your family's future in case something happens to you. You have also covered the entire family with a comprehensive health plan to take care of their medical expenses. But have you prepared yourself for the worst?

Insurance company to pay even if accident not in India: High Court

Punjab and Haryana high court has ruled that if a vehicle registered and insured in India meets with an accident in another country, the insurance company would be liable to pay the claim.

LIC to pull plug on cash cow Jeevan Akshay

LIC has seen massive inflows into this product, which offers returns that are half a percentage points more than the 10-year government securities.

LIC minting money with both hands: 15 stocks it holds surged up to 320% this year

Country’s biggest institutional investor Life Insurance Corporation of India (LIC) has been busy through this year booking humongous profits on its equity portfolio.

Jeevan Akshay VI closes on December 1: Should you invest?

Jeevan Akshay VI is a debt product and suits conservative investors looking for predictable returns for their entire lifetime.

EPFO may lower interest rate for 2017-18

NEW DELHI: Retirement fund body EPFO may lower interest rate on provident fund deposits this fiscal compared to 8.65 per cent provided to its 4.5 crore members for 2016-17, a labour ministry official said.

Railways may put 30,000 km of power lines on the block through borrowing from LIC

NEW DELHI: In a major disinvestment initiative that follows New Delhi’s decision to dilute its Air India ownership, the Centre is considering a proposal to put on the block about 30,000 km of Indian Railways power lines, potentially fetching the national transporter Rs 1 crore for each kilometre of infrastructure.

NRIs, PIOs don't need to link bank a/c, PAN with Aadhaar, UIDAI clarifies

UIDAI instructed implementation agencies to work out a mechanism to verify if those NRIs and PIOs are actually what they claim they are.

Life insurers report 21.1% growth in new biz income in April-October

The first-year premium, or premium earned by selling new policies by state-run LIC grew by 24.2 per cent to Rs 77,978 crore from bulk of business written in group and single premium space.

How NRIs can avoid tax troubles

One way NRIs can avoid the high TDS is by being the second holder in joint investments.

Why the NPS is not a good investment

Read the offer documents carefully There is a reason why ads for financial products come with the disclaimer that you should read the offer documents carefully before investing. One product that many people invest in without giving proper thought is the National Pension System (NPS). The tax savings offered by the scheme seem so attractive that people ignore all other aspects.

You may have life insurance, but get your perspective right

There are only few who are educated about the importance of financially protecting their dependents when they are no more available or are incapable of providing for the dependents.

India's pension system ranked near bottom among major economies

India’s pension system is ranked 28 out of the 30 countries, highlighting the inadequacy of the nation’s retirement program in the world’s second most populous nation.

LIC dumped banks, top metal stocks in Q2; raised bets in 35

The country’s largest institutional investor has just gone light on most bank stocks and top metal firms, shifting its focus to what appeared to be the rural theme and the FMCG sector.

Income tax department launches 'online chat' service to answer taxpayers' queries

NEW DELHI: The Income Tax Department has launched an 'online chat' service for taxpayers so that they can seek answers to their basic queries and doubts relating to direct tax issues.

Government plans to ease Aadhaar-mobile linking

NEW DELHI: There is relief on the way for mobile phone users, particularly senior citizens, facing difficulties in complying with the Supreme Court's order linking Aadhaar with mobiles as proxy authorisation may soon be permitted for the purpose.

Why your cashless health insurance claim could be denied

A health insurance policyholder pays his annual premiums diligently with the hope that in case of hospitalisation, the insurance company will bear the costs up to the limit of the policy's sum insured amount. As part of the contract, the insurance company is liable to pay the claim to the hospital on behalf of the insured.

Aadhaar now a must for post office deposits, PPF, KVP

The government has insisted on quoting Aadhaar for bank deposits, obtaining mobile phone and several other utilities to weed out benami deals and black money.

LIC Valuation Surplus 2016-2017

LIC's surplus payout to government up 15.8% at Rs 2,207 crore in FY17

How to check income tax return status

Once you've filed your income tax return and verified it, the Income Tax (I-T) Department starts processing your return. Refund, if any is due, is issued only after processing is complete. Normally, after verification the 'status' of your ITR would be 'Successfully Verified' or 'Successfully e-Verified'. After processing is complete, the status would be 'ITR Processed'.

LIC pumps Rs 29,000 crore in equities so far in FY18: Sources

NEW DELHI: Life Insurance Corporation of India (LIC), country’s largest institutional investor, has pumped in Rs 29,000 crore in equity markets in the ongoing financial year so far, according to a report by ET Now. Investments of LIC in equities to be around Rs 50,000 crore in FY18, according to sources. LIC also expected to surpass Rs 20,000 crore profits booked in last fiscal.

Life insurers will no longer be able to manipulate claim settlement data in ads

To maintain uniformity in the industry, life insurers can now only publish annual figures of death claims paid ratios based on the number of policies.

Should you buy annuities when rates are high? These 6 factors will help you decide

In an unusual move, the Insurance Regulatory Authority of India (Irdai) has asked LIC to review the return on its flagship immediate annuity product Jeevan Akshay, because it is too high. The regulator wants the insurance company to ensure that returns are in line with yield on LIC’s investments.

LIC's contrarian bets help it outperform Sensex, BSE 100

Life Insurance Corporation of India (LIC) might be one of the country's smartest domestic institutional investors. The stock portfolio of the public sector insurer, which is also the country's largest institutional investor, has outperformed the benchmark index in the last three years as well as in the current calendar year by a wide margin.

Here is why Indians are retiring poor with more debt and no pension

Although 73%of families in India have financial assets like cash, bank accounts and pension accounts, but they hold very small amounts adding up to just 5% of total wealth.

No inconsistency in number of tax payers: CBDT

In 2015, 2 crore e-returns were received. This meant that 23 lakh additional tax payers filed returns in 2016.

Life insurers' new business premium up 47% to Rs 20,428 cr in July

Comparatively, all the 24 life insurers in the country had earned Rs 13,854.44 crore as insurance premium from new business in July 2016.

Rupee holds two-year high level, gains 11 paise against dollar

The dollar index, which measures the greenback's value against a basket of six major currencies, rose about 0.20 per cent to 92.87.

Income tax return filing deadline extended to August 5, 2017

NEW DELHI: The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017. The extension is a welcome relief for a large number of tax payers struggling to meet the deadline in the face of various problems.

LIC profit jumps 145% in Q1 on sale of equity investment

LIC made a profit of Rs 6,100 crore in the April- June quarter through sale of equities from Rs 2,489 crore in the year-ago period.

All about Jeevan Umang policy

ET digs deep into whole-life products and finds out who should buy it.

Aadhaar or PAN compulsory for new registration on LIC website

The policyholders looking to register for online services will now have to either provide PAN or Aadhaar number.

If you earned no-claim bonus abroad, you can avail it while buying a car in India

It is not necessary that you take insurance from the same insurer with whom you were insured abroad

GST comes into force after 17 years of debate

India's biggest tax reform formally launched

Struggling to get answers to your GST queries? Here is your 100-point guide

Now that Goods and Services Tax (GST) has come into force, business people have made a beeline for chartered accountants due to the complex nature of the new tax regime. Often, even the CAs cannot answer a query immediately.

PAN without Aadhaar is valid till further notice: CBDT

“There is no need for any panic. PAN will not become invalid after June 30,” Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT) told.

LIC corners 38.67% of SBI's Rs 15,000 crore QIP

The insurance behemoth bought 38.67 per cent of shares put on the block via QIP by the country's largest bank earlier this month

LIC sets record on claims front, settles 99.92 per cent cases

MUMBAI: The Life Insurance Corporation(LIC) has pulled off a record claim performance by settling 99.92 per cent of death claims in 2016-17 as against industry average of 95 per cent

Life Insurance AUM grows 18 per cent to Rs 30 lakh crore in FY 17

Life insurance industry saw 17.78 per cent increase in asset under management during the financial year 2016-17, aided the good growth in the equity market and inflows post demonetisation.

Here are SBI's new service charges that kick in from today.

All cash withdrawals through ATM-by customers of its mobile wallet State Bank Buddy-will now be charged at Rs 25 per transaction.

9 stocks that powered LIC’s stellar show on D-St in FY17

As of March 31, 2017, LIC was holding nearly 197 crore worth of ITC shares, with a market value of Rs 55,668 crore.

Health Insurance: Should sum insured be increased every year or got comprehensive coverage? All you need to know

Healthcare costs are rising as treatment protocol has become more sophisticated and the cost of medicines has gone up. Instead of increasing sum insured annually, it is advisable to opt for a health plan with comprehensive coverage of Rs 10-15 lakh

India's retirement savings gap to rise to $85 trillion in 2050: World Economic Forum

The savings gap resembles the amount of money required in each country (including contributions from governments, individuals and employers) to provide each person with a retirement income equal to 70 per cent of their pre-retirement income.

LIC earns 72% more profit on equity bet: Check out the 120 stocks it owns

It seems most of the key holdings in LIC's portfolio delivered handsome returns during the year.

LIC investment income at Rs 1,80,117 crore in 2016-17

Insurance behemoth Life Insurance Corporation (LIC) of India earned a total investment income of Rs 1,80,117 crore during the financial year 2016-17.

LIC to pay 40% more dividend, bonus in 2016-17

Due to higher profits, LIC to pay 40 per cent higher bonuses to the govt and its customers.

LIC's profit from markets soars 72% to Rs 19,000 crore in FY17

The continuing rally in the markets has had the nation's largest financial investor LIC booking a whopping 72 per cent more profit at Rs 19,000 crore from its equity play in FY17.

How much life insurance do you need?

Arriving at the amount of life insurance cover needed is not rocket science. You must stay logical and follow the steps.

Rupee zooms to new 21-month peak of 64.11, up 15 paise

MUMBAI: In line with a spectacular rally in equities, the rupee today surged by another 15 paise to close near a fresh 21-month high of 64.11, the third straight session of gains, energised by positive global cues.

Your SIP investments might not fetch higher returns

Everyone knows that starting a Systematic Investment Plan (SIP) in an equity mutual fund scheme is the best way to achieve long-term financial goals. However, the strategy is likely to be tested in the coming days if the market scales new highs every week as some experts are predicting.

Life insurers see 26% rise in new business income

According to the latest data collated by the Life Insurance Council, new business premium for the industry was at Rs 1.75 lakh crore in FY17, up from Rs 1.35 lakh crore in the previous financial year.

LIC to pay 40% more dividend, bonus in 2016-17

Due to higher profits, LIC to pay 40 per cent higher bonuses to the govt and its customers.

How to download EPF passbook

Once details are entered and submitted, an authentication pin is sent to the registered mobile to complete the registration process.

LIC to soon get bankers on board for managing lending operations

Insurance behemoth LIC will soon obtain services of retired bankers to strengthen its lending operations and ensure that NPAs are kept at the minimum.

Here's what will happen when you go to a petrol pump from next month

State oil companies today confirmed their plan to review rates daily.

Fake rent receipt won't help you lower tax burden anymore

For as long as anyone can remember, producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it was a minor transgression. Perhaps, not anymore.

LIC agents to go digital; to get PoS for premium collection

To begin with, LIC plans to provide PoS machines to about 1.5 lakh agents that would be ramped up in the future, the official added.

LIC's total assets cross Rs 24 lakh crore as on December 2016

The new business income performance for the nine month period ended December 2016 saw an impressive increase of 40.11% in first year premium.

LIC booked profit in SBI, GAIL, DRL & others, when you were lining up at ATMs

NEW DELHI: Life Insurance Corporation of India (LIC), which holds roughly 5 per cent stake worth $66 billion in the BSE200 companies, was seen booking profits in state-run GAILBSE -0.35 %, SBI, HPCLBSE 3.21 %, IOCBSE -1.16 % and Indraprastha GasBSE -0.14 %

Oriental Insurance, National Insurance and United India Insurance likely to be merged to fetch better valuations

Consolidation in state-run companies is being explored across all sectors. In insurance, it is necessary that we have presence of staterun entities as they serve the larger purpose of financial inclusion and also to ensure there is there is enough competition," he said.

India's General insurance industry grows to Rs 1.03 lakh crore

According to the data from the insurance regulator, during the first 10 months of the financial year, the industry earned premium income of Rs 1.04 lakh crore, a growth of 32 per cent from Rs 78,709 crore in April-January of the previous year.

Better days ahead for Indian general insurance companies

Lloyd's of London is the most revered name in global insurance. It doesn't like controls like any dyed in the wool financial services giant from the capitalist world. But when it comes to India, it is willing to take what's on offer from the government and do business even if it means kicking and screaming.

60% of vehicles on Indian roads don’t have insurance

The situation was similar in 2012-13, when the total number of vehicles, including two-wheelers, cars and heavy vehicles, registered in the country stood at 15 crore, of which only 6.02 crore were insured.

Cabinet approves Varishtha Pension Bima Yojana 2017 with guaranteed 8% return

Varishtha Pension Bima Yojana 2017 is a part of government's commitment for financial inclusion and social security.

IRDAI slaps Rs 15 lakh fine on HDFC Standard Life Insurance

On scrutiny of the documents pertaining to the observation, it is found that the employees of the brokers were sponsored for foreign trips in the name of training, Irdai said in its order.

9 things people overlook while buying life insurance

Finmin seeks report on malpractices by bank officials

RBI introduces Interest Rate Option, effective from New Year

Here's how you can save tax on health insurance premium

A taxpayer can maximize tax benefit under section 80D to a total of Rs 55,000 if his age is below 60 while parents age is above 60.

Life Insurers' new biz premium doubles at Rs 16,061 crore in November

Life insurers' new premium collection more than doubled at Rs 16,061.40 crore in November, marking the fastest pace of growth in a month this fiscal so far.

Investors rush to put money in insurance, MF as deposit rates fall

Note ban fallout: LIC extends grace period for premium payment

Renewal premium of policies, where grace period ends between November 9 and 30, can now be paid without penal interest if payment is made before November 30, LIC said.

Flash notice prominently against fake calls: IRDAI to insurers

All life insurers will flash on their homepage of their websites, the public notice issued by the Insurance Regulatory and Development Authority of India.

LIC’s stake in Tata Group slumped under Cyrus Mistry’s term

MUMBAI: Life Insurance Corporation, the biggest Indian institutional investor, may be the second biggest owner of stakes in Tata Group companies valued at about Rs 35,000 crore, but the overall ownership has fallen during the time of Cyrus Mistry at the helm. Data shows that LIC reduced holding in Tata Chemicals, Tata Steel, Tata SpongeBSE -0.36 % and other companies.

Ratan Tata meets LIC Chairman

Amidst rising worries about the plunging value of Tata Group companies after Cyrus Mistry was shown the door earlier in the week, interim chairman Ratan Tata today met V K Sharma, the acting chairman of LIC which is one of the major investors in Tata companies.

Irda asks LIC to get board nod for SUUTI stake buy

Insurance regulator has put a spoke in the Life Insurance Corp’s bid to buy out SUUTI’s stake in engineering firm Larsen & Toubro and cigarette maker ITCBSE -0.31 % where it is already the single largest stakeholder possibly to ensure that its board takes responsibility for the risk it would be taking, said two people familiar with the development.

LIC Mutual Fund Asset Management and Karnataka Bank tie up For LIC's MF products

LIC Mutual Fund Asset Management Company today announced its tie-up with Karnataka BankBSE 1.33 % for distribution of its mutual fund products. The AMC will now be able to carry its distribution through more than 730 branches of the bank.

VK Sharma replaces SK Roy as LIC chairman

The government has replaced SK Roy as chairman of state-owned Life Insurance Corporation of India with Managing Director VK Sharma The change was announced late on Friday. The finance ministry is said to have initiated a departmental enquiry against Roy, allegedly over investments made by LIC in real estate firm Unitech in 2008-09.