After withdrawing its annuity plan, Jeevan Akshay-IV, the Life Insurance Corporation of India (LIC) launched its new annuity plan- Jeevan Akshay-V on 20th September 2006.
Jeevan Akshay-V is a single premium immediate annuity plan for which the minimum entry age is 40 years. The maximum entry age for the policy is 79 years.

The various annuity options available underv the plan are annuity for life, annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter, annuity with return of purchase price, annuity for life increasing at a simple rate of 3% p.a. and annuity for life with a provision for 50% or 100% of the annuity to the spouse of the annuitant for life on death of the annuitant. On death during the guarantee period - annuity is paid to the nominee till the end of the guaranteed period.

After the roaring success of Bima Gold, which was introduced to coincide with the golden jubilee celebrations, the Life Insurance Corporation of India (LIC) has launched the policy once again under the name of-New Bima Gold. Bima Gold had become so popular that there was a growing demand from the policyholders for the continuation of the plan. The Corporation had sold over 1 crore policies under the close ended scheme within seven months’ time.

New Bima Gold is a moneyback plan, which offers the benefits of a regular flow of returns at specified duration. On the maturity of the policy, the policyholder will receive the entire premium paid by the policyholder excluding the rider premiums. An amount equal to Sum Assured is paid to the policyholder as maturity benefits. The minimum sum assured is Rs. 50,000 with no limit on maximum sum assured. The policy also offers loyalty additions and the auto cover facility through which the policyholder can keep the policy alive if he/she forgets to pay the premiums for any reason.

It is believed that parents shape the future of the child. Their decision is the basis of the child’s strong foundation. Just planning an educational degree is not sufficient anymore. With the changing trend we realise progressively that the focus is shifting more towards ‘quality’. Hence the kind of planning, which goes in for preparing a stronger future has changed drastically over the years.

As a conventional method, a stipulated amount is invested in the fixed deposit. Later on, as the need arises, these funds are encashed for various stages of the child’s life. Looking at the returns and the dipping interest rates, this method of securing future may now seem outdated. It would just confirm your worst fears when you realise the savings are marginal and is not in tandem with the rising inflation rate.

In today’s world the cost of pursuing higher studies in foreign universities, or for that matter management courses from any reputed institute comes at a hefty cost. If you have been following the conventional mode of investing, the amount garnered will not suffice your needs. So, what’s the best thing you can do?

To meet various needs, have multiple investment portfolios, which will help in creating enough capital to fund the various needs of the child. If it seems a tough job, take the help of a financial advisor who should be the ideal person to help you with the right planning for your child.

It may seem a tedious job for some to manage their money. Finding the right place to deposit your money with returns in mind may be confusing at times. There are a whole lot of choices to choose from and to find the right place to rest your money can be an arduous task. Take a quick glimpse at the tips given below. It may help you in managing your money effectively.

1. Make saving your habit: inculcate a habit to save a fixed amount every month. Even if it’s a minimum sum, it’s not bad for a start. Let’s say an individual earns a monthly income of Rs. 20,000. He/ she can save upto Rs. 3,000-4,000 every month. This amount may vary depending on factors like sole earner of the house, health expenses, etc. Anyone earning between Rs.10, 000-12,000 may not find it possible to save the sum that a Rs. 20,000 earner would feel comfortable saving. The amount may be small or big but developing a habit is of importance and it will help your money find the right place, the benefits of which you will reap later.

2. Asset allocation should help you: when you have made up your mind to form a habit of saving, you can begin exploring options. Choices are many like equity, which includes shares, mutual funds, etc. Investing in debt includes bonds, fixed deposits, public provident fund, national saving certificate, etc. Choose the debt investment option if you have a low risk profile or when you know you are not in a position to take risks. When you do not want to take any chances with your cash, stick to traditional modes of savings like bank deposits, postal savings, bonds, etc. If you want to make good returns, equities are what you should be considering. However, do note that investments in equities are subject to market risks.

3. Don’t put all your eggs in one basket: it may sound repetitive but the truth lies in diversifying your finances. That’s the best way to comfort your risks. Consider having a balanced investment in both equities and debts. Don’t put all your cash in equities, where it becomes unbearable to take it when the market performs disappointingly. On the contrary, you should diversify in such a way that you get the best of both equities and debt investments. You would be glad for having done that. It would be an assurance at the time of the downfall of the market.

4. Plan for your taxes in advance: if you fall under the taxable income bracket be ready to shell out cash to the taxman. If you have made investment in the following options mentioned below, then you can enjoy tax benefits upto a limit of Rs. 1,00,000 under section 80 C of the Income Tax Act, 1961.

The following investments qualify for tax benefits:

1. Provident Fund 2. Public Provident Fund 3. Life Insurance Premium 4. Pension Plans 5. Equity Linked Saving Schemes 6. Infrastructure Bonds 7. National Savings Certificate 8. Principal Amount of your Home Loans

Please note that for almost all types of investments, it is mandatory to have a Permanent Account Number (PAN). So, make sure you have it.

Dream big and achieve bigger. That’s probably the new mantra that people are following. It’s no longer impossible to posses a house or a car of your dreams. What once seemed unachievable is now within your reach.

What makes it an easy way of fulfilling one’s aspirations? Coming straight to the point, it is the easy availability of loans that acts as an effective solution to attain your aims.

Today, you can get a loan for practically every need that may arise. Home loan, personal loan, car loan, education loan, etc. are just to name a few. Loans enable you to not only make big purchases but also help you tide over phases of unexpected monetary crunch. Loans are a type of debt wherein the borrower receives the amount specified by him, which has to be paid back to the lender in regular installments. Definitely, it comes at a cost, commonly known as interest.

Out of all the loans available, personal loans are the most convenient one since the customer does not have to explain the reason. He can use it for whatever purpose he requires. Hence, the interest rates charged are as high as 18%.

Most of the loans mentioned above do not require any guarantor or collateral. However, that is subjective. Some banks even offer the loan amount in a short span of 2-3 days too! In some cases, you don't even need to have an account of the bank. However, it is essential to have a clear picture in mind before you approach a bank for loans. Read on to find out.

Technology plays an important role in an individual’s life. It has brought comfort and ease to people. What seemed a tedious task and took hours to complete is now just a few clicks away. For example, just punch in a few buttons and you can withdraw the amount you want from an Automated Teller Machine (ATM).