Tuesday, May 4, 2010
Thursday, April 29, 2010
Tuesday, April 27, 2010
New Income Tax Return Form SARAL II for Assessment Year 2010-11.
CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
Saturday, April 24, 2010
Now, more interest on your savings account!
IF you are the kind who leaves a lot of money idle in your savings accounts, this news is going to make you happier and richer!
The Reserve Bank of India (RBI) made a key announcement last year that there will be a change in method of calculation of interest on your savings account. This change is effective from 1 April 2010,
Till 31st March, 2010, banks calculated interest on your savings account as follows:
3.5 per cent per annum or 0.29 per cent per month on the minimum balance in your savings account between the 10th of the month and the end of the month.
What was a little unfair here was that interest is paid on the minimum balance in your account between the 10th of the month and the end of the month. But how many of us are left with large bank balances at the end of the month anyway!
While the rate of interest has been maintained at 3.5 per cent per annum, the good news is, that from 1st April 2010, interest will be calculated as follows:
3.5 per cent per annum or 0.0095 per cent per day on the daily balance in your savings account.
If you can't make sense of these numbers, allow us to explain.
Suppose your bank statement in April reads like this:
| Date | Deposit (Rs) | Withdrawal (Rs) | Balance (Rs) |
| 1 April | 5,000 | ||
| 2 April | 30,000 | 35,000 | |
| 3 April | 4,000 | 31,000 | |
| 5 April | 4,000 | 27,000 | |
| 10 April | 12,000 | 15,000 | |
| 13 April | 2,700 | 17,700 | |
| 18 April | 4,500 | 13,200 | |
| 25 April | 5,500 | 7,700 | |
| 30 April | 7,700 |
Before:
Under the old method, you would get an interest of Rs 22.46 for April, that is 0.29 per cent on Rs 7,700 (the minimum balance in your account between the 10th and the 30th of April).
Now:
Your interest would be a handsome Rs 48.82 for April. That is, 0.0095 per cent everyday on your balance of that day.
Common Mistakes by Investor
Some common mistakes made by Investor like:
- Confusing financial planning with investing.
- Investing only for the purpose of tax saving.
- Neglecting periodical review of the financial situation.
- Delaying the accumulation period.
- Setting unrealistic goals.
- Looking for quick-fix financial solutions instead of a long-term strategy.
- Making too tight an investment commitment to fulfill.
- Expecting unrealistic returns on investments.
- Not giving sufficient importance to insurance.
Thursday, April 22, 2010
Cheques with alteration/corrections will not be honoured from 1st July 2010
Banks have received RBI guidelines by virtue of which they are supposed to prohibit alterations / corrections on the cheque leaf. The details are as follows:
RBI has issued RBI Circular No. – DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010 states that no changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers.
This would help banks to identify and control fraudulent alterations.
Based on the above guidelines branch / clearing teams can return cheques which have any alteration in the
* Payee Name
* Amount in numbers
* Amount in words
The only alteration which is allowed is the alteration in the date. Refer to Page 4, point 1.8 of the Circular.
Note:
• The above change will be incorporated by change in the Terms and
Conditions on the cheque book issued by Banks.
• Where available, customers should be informed through a message in
the email as well as physical statement in April, May, June quarter
• Banks will start returning the cheques for cash payments across
the counter and clearing cheques effective 1st July 2010.
Download the circular from following link :
Tuesday, April 20, 2010
Achieve your Financial Goals through Mutual Funds
Download the below presentation and see how how mutual funds are helpful to achieve your financial goals :
Monday, April 19, 2010
New Pension Scheme
The scheme has been in the pipeline for at least five years but it finally took shape in 2007-08. Although the government was pushing for the scheme after a law providing statutory backing to the regulator was enacted, the Left parties, which were supporting the United Progressive Alliance government, did not allow the passage of the Bill.
So, last year, the government decided to go ahead by allowing the NPS Trust to enter management agreements with fund managers. What benefits does the NPS offer? Who is eligible?
Who can join the New Pension Scheme?
Subsequently tier-II accounts, which permit voluntary savings that can be withdrawn at any point of time, can be opened. But to be eligible to open a tier-II account, you need a tier-I account.
You will need to visit a point of presence (PoP), fill up the prescribed form with the required documents.
Once you are registered, the Central Recordkeeping Agency (CRA) will send you a Permanent Retirement Account Number (PRAN), along with telephone and internet passwords.
There is no investment ceiling. But the minimum investment limit has been fixed at Rs 500 a month or Rs 6,000 annually. Subscribers are required to contribute at least once a quarter but there is no ceiling on how many times you invest during the year.
What is the penalty for failure to make the minimum payment?
You will have to bear a penalty of Rs 100 per year of default and will need to pay it with the minimum amount to reactivate the account. Also, dormant accounts will be closed when the account value falls to zero.
| WHO'S WHO |
| REGULATOR: Pension Fund Regulatory & Development Authority |
| NPS TRUST: A trust, set up under the Indian Trusts Act, that is responsible for taking care of the funds under the New Pension Scheme (NPS) and protect subscriber interests |
| POINTS OF PRESENCE(PoPs): It is the first point of interaction. The 22 registered PoPs have authorised branches to act as collection points and extend services to customers |
| CENTRAL RECORDKEEPING AGENCY (CRA): The back office for maintaining records, administration and customer service functions. National Securities Depository Ltd has been designated the CRA |
| PENSION FUND MANAGERS: At present, there are six fund managers |
| TRUSTEE BANK: Bank of India is the designated agency to facilitate fund transfers across various entities such as subscribers, the fund managers and the annuity service providers |
No. There is no guarantee since NPS is a defined contribution scheme and the benefits depend on the amount contributed and the investment growth up to the time of exit.
How should I select my investment option?
You can choose the investment mix between equity or E (high risk but high returns), mainly fixed income instruments or C (that come with medium risk and returns) and pure fixed investment products or G (which offer low returns but have very low risks associated with them). Equity investment is capped at 50 per cent.
At present, the equity investment consists of index funds that replicate the Sensex or Nifty portfolio. The C segment includes liquid funds, corporate debt instruments, fixed deposits and public sector, municipal and infrastructure bonds. The pure fixed investment instruments include state and central government securities.
There is a trade-off between risk and returns, with a younger investor placed better to take risks.
If you are unable to decide the investment mix, the default option will kick in.
The default option, called auto choice lifecycle fund, will see the investment mix change according to the age of the subscriber. At the lowest entry age of 18 years, auto choice entails an investment of 50 per cent in E, 30 per cent in C and 20 per cent in G.
The ratios will remain unchanged till the subscriber turns 36, when the ratio of investment in E and C will decrease annually, while the proportion of G rises.
By the time the subscriber is 55 years, G will account for 80 per cent of the corpus, while the share of E and C will fall to 10 per cent each.
Who will decide the fund manager?
You have to select one fund manager at the time of deciding your investment option; later, PFRDA may allow subscribers to choose more than one fund manager.
Can I change my investment mix and the fund manager? You can shift from one fund manager to another from May 2010.
The PRAN remains the same and you can access a toll-free number (1-800-222080). The details of your PRAN and the statement of transactions will be available on the CRA website (www.npscra.nsdl.co.in).
How can I exit the scheme?
The normal retirement age has been fixed at 60 years. At 60, you will be required to use at least 40 per cent of your accumulated savings to buy a life annuity from an insurance company. A phased withdrawal is also allowed but the lump sum benefit has to be availed of before you turn 70 years.
For those looking to exit before turning 60, there is an option to withdraw 20 per cent of the accumulated savings but buy an annuity with the remaining 80 per cent.
If the subscriber dies before he or she turns 60, the nominee can receive the entire pension corpus. Alternatively, a subscriber can exit if the account value falls to zero or if the citizenship status changes.
The age of exit will be reviewed by PFRDA from time to time. There will also be the option to select an annuity that will pay a survivor pension to your spouse.
| Agency | Service | Charge | Mode |
| CRA | Account opening | Rs 50 | Through cancellation of units |
| Annual maintenance charge | Rs 350* | ||
| Per transaction | Rs 10* | ||
| PoP | Registration | Rs 40 | Upfront payment |
| Per transaction | Rs 20 | ||
| Trustee bank | Per transaction at RBI location | NIL | Through NAV deduction |
| Per transaction at non-RBI location | Rs 15 | ||
| Custodian | Asset servicing | Electronic segment: 0.0075% a year: | Through NAV deduction |
| Fund manager | Investment management | 0.0009% a year | Through NAV deduction |
| Service tax and other levies as applicable |
Are there tax benefits for NPS?
You can avoid paying tax by transferring the entire corpus to the annuity service provider. PFRDA has, however, approached the government to treat investment in NPS on a par with instruments like Employees Provident Fund and Public Provident Fund, for which no tax is levied at the investment, accumulation or withdrawal stage
FAQs on Reverse Mortgage
Q.1.What is reverse mortgage?
When you buy a house through a home loan, every EMI you pay towards servicing the loan increases your equity in the house. Once you payoff the loan in full, your equity in the house is 100 per cent. In reverse mortgage, exactly the opposite happens. When you pledge your house for reverse mortgage with a lending institution, your equity in your own house decreases with every disbursal that the lending institution makes to you.
Q.2 Which institutions offer reverse mortgage as a product in India?
Reverse mortgage as a product is fairly new to India. Dewan Housing Finance was the first institution in the country to come up with its reverse mortgage product-Saksham. Since then, most leading lending institutions have come up with their own reverse mortgage products.
Some of these are State Bank of India, Punjab National Bank, Bank of Baroda, Central Bank of India, Union Bank of India, LlC Housing Finance, Indian Bank, Andhra Bank, Corpora' -
and Canara Bank.
Q.3 What is the eligibility criteria for reverse mortgage?
First, Second you need to have 100 per cent equity in your should be more than 60 years of age. If your wife is a co-applicant, she should be above 58.
Q.4 How do I apply for reverse mortgage?
Once you decide to pledge your house for reverse gage, you should ideally go to the branch of the bank with which you have a banking relationship and fill up the necessary form--provided the bank offers reverse mortgage. If your bank does not offer reverse mortgage, then approach the nearest branch of a bank that does, and fill up the form. You will need to furnish your personal and financial details: details about The property, your legal heirs, and so on. To authenticate that you own that the property, you will also need to furnish property papers and a proof that the house that you are pledging is your residence.
Q.5 How does the lending institution arrive at the amount that would be disbursed under the reverse mortgage product?
The qualifying amount of loan will depend on the realisable value of your property after maintaining a margin. This margin covers the rate of interest on the loan and any possible fluctuations in the value of the property pledged for reverse mortgage. The value of the property is evaluated every 3-5 years, depending on the lender, and this will affect the amount
of funds being released to you as per the payment plan you choose.
Q.6 What are the payment options that lending institutions provide under reverse mortgage?
The money can be credited into your savings bank account or in a joint account-with the either or survivor option-in the same bank either on a monthly or quarterly basis, or as a one-time lump sum payment.
Q.7 What is the rate of interest on the amount that the bank sanctions under reverse mortgage?
The rate of interest on the reverse mortgage loan typically varies between 10 per cent and 12 per cent. However, you will not be required to pay this interest. Once you vacate the premises permanently, or in the event of your death, the lending institution will give the first option to the legal heirs of the property to settle the loan. If they are unable to settle the loan, the lending institution will sell the property and, from its proceeds take its share-principal, i.e., the total amount disbursed as loan and the interest on it-and give the to the legal heirs.
Q.8 Is there a processing fee?
Yes, There is a processing fee. This typically varies between 0.15 per cent and 1.50 per cent of the loan amount. In some cases, apart from specifying the percentage of loan amount as processing fee, they also have an upper limit as to how much they can charge as processing fee.
Q.9 What is the maximum payment tenure that a lending institution offers under reverse mortgage?
Most reverse mortgage loan products available have a maximum tenure of 15 years, with a minimum tenure of 10 years. However, RML products of central Bank of India and Bank of Baroda can be extended further, to the advance value of the property. In case of Central Bank of India, the loan can be further extended by another five years. Punjab National Bank is the only institution that offers RML for 20 years.
Q.10 Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?
Yes, you can prepay the loan along with the interest any time during the loan tenure. Typically, there is no pre-payment penalty.
Q.11 Is the rate of interest on the RML and the value of the house fixed for the entire tenure or are they revised at regular intervals?
Considering that real estate, like any other asset class, passes through cycles and the cost of funds for lending institutions also keep changing, most lending institutions have a reset clause in the their respective RMLs. This is to ensure that at no point during the loan tenure, the loan to value ratio exceeds the maximum unlock able value of the mortgaged property. However, this reset clause varies across institutions. While most lending institutions have a reset clause of five years, Central Bank of India and Dewan Housing Finance have a reset clause of three years.
So, after the scheduled period, both the value of the house as well as the rate of interest will be re-evalued and necessary adjustments will be made in your monthly payments.
Q.12 What if I outlive the tenure? Can I still stay in my house?
In case you outlive your loan tenure, you will continue to live in your house. However, the lending institution may stop the monthly payments to you if the unlock able value of the property has already been exhausted.
Q.13 When will the lending institution take my house?
After your death, or if you have permanently moved out of the property, the bank will first give your legal heirs an option to settle the loan. In case of a joint loan, it will become due for recovery and payable six months after death of the last surviving spouse,
Q.14 How does the lending institution recover the money that it has given me under reverse mortgage?
If your legal heirs cannot settle the reverse mortgage loan, then the property will be sold off and after realizing its money (total advances and the accumulated interest), the bank will pass on any surplus to your legal heirs.
Q.15When does it make sense to opt for reverse mortgage?
Reverse mortgage should ideally be used to augment one's income in the golden days in the retirement years. It should ideally be the last resort to make good of the shortfall in funds in your retirement years.
Friday, April 16, 2010
Investor’s Education on Mutual Funds
What is a Mutual Fund?
Mutual fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document.Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unitholders.
The profits or losses are shared by the investors in proportion to their investments. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A mutual fund is required to be registered with Securities and Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.
What is the history of Mutual Funds in India and role of SEBI in mutual funds industry?
Unit Trust of India was the first mutual fund set up in India in the year 1963. In early 1990s, Government allowed public sector banks and institutions to set up mutual funds.In the year 1992, Securities and exchange Board of India (SEBI) Act was passed. The objectives of SEBI are – to protect the interest of investors in securities and to promote the development of and to regulate the securities market.
As far as mutual funds are concerned, SEBI formulates policies and regulates the mutual funds to protect the interest of the investors. SEBI notified regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by private sector entities were allowed to enter the capital market. The regulations were fully revised in 1996 and have been amended thereafter from time to time. SEBI has also issued guidelines to the mutual funds from time to time to protect the interests of investors.
All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of Regulations. There is no distinction in regulatory requirements for these mutual funds and all are subject to monitoring and inspections by SEBI. The risks associated with the schemes launched by the mutual funds sponsored by these entities are of similar type. It may be mentioned here that Unit Trust of India (UTI) is not registered with SEBI as a mutual fund (as on January 15, 2002).
How is a mutual fund set up?
A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset management company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unitholders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund.SEBI Regulations require that at least two thirds of the directors of trustee company or board of trustees must be independent i.e. they should not be associated with the sponsors. Also, 50% of the directors of AMC must be independent. All mutual funds are required to be registered with SEBI before they launch any scheme. However, Unit Trust of India (UTI) is not registered with SEBI (as on January 15, 2002).
What is Net Asset Value (NAV) of a scheme?
The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV).Mutual funds invest the money collected from the investors in securities markets. In simple words, Net Asset Value is the market value of the securities held by the scheme. Since market value of securities changes every day, NAV of a scheme also varies on day to day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. For example, if the market value of securities of a mutual fund scheme is Rs. 200 lakhs and the mutual fund has issued 10 lakhs units of Rs.10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual funds on a regular basis – daily or weekly – depending on the type of scheme.
What are the different types of mutual fund schemes?
Schemes according to Maturity Period:
A mutual fund scheme can be classified into open-ended scheme or close-ended scheme depending on its maturity period.
Open-ended Fund/ Scheme
An open-ended fund or scheme is one that is available for subscription and repurchase on a continuous basis. These schemes do not have a fixed maturity period. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices which are declared on a daily basis. The key feature of open-ended schemes is liquidity.
Close-ended Fund/ Scheme
A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is open for subscription only during a specified period at the time of launch of the scheme. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the units are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor i.e. either repurchase facility or through listing on stock exchanges. These mutual funds schemes disclose NAV generally on weekly basis.
Schemes according to Investment Objective:
A scheme can also be classified as growth scheme, income scheme, or balanced scheme considering its investment objective. Such schemes may be open-ended or close-ended schemes as described earlier. Such schemes may be classified mainly as follows:
Growth / Equity Oriented Scheme
The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time.
Income / Debt Oriented Scheme
The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations.
Balanced Fund
The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. These are appropriate for investors looking for moderate growth. They generally invest 40-60% in equity and debt instruments. These funds are also affected because of fluctuations in share prices in the stock markets. However, NAVs of such funds are likely to be less volatile compared to pure equity funds.
Money Market or Liquid Fund
These funds are also income funds and their aim is to provide easy liquidity, preservation of capital and moderate income. These schemes invest exclusively in safer short-term instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money, government securities, etc. Returns on these schemes fluctuate much less compared to other funds. These funds are appropriate for corporate and individual investors as a means to park their surplus funds for short periods.
Gilt Fund
These funds invest exclusively in government securities. Government securities have no default risk. NAVs of these schemes also fluctuate due to change in interest rates and other economic factors as is the case with income or debt oriented schemes.
Index Funds
Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index, S&P NSE 50 index (Nifty), etc. These schemes invest in the securities in the same weightage comprising of an index. NAVs of such schemes would rise or fall in accordance with the rise or fall in the index, though not exactly by the same percentage due to some factors known as “tracking error” in technical terms. Necessary disclosures in this regard are made in the offer document of the mutual fund scheme.There are also exchange traded index funds launched by the mutual funds which are traded on the stock exchanges.
What are sector specific funds/schemes?
These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert.
What are Tax Saving Schemes?
These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax benefits. These schemes are growth oriented and invest pre-dominantly in equities. Their growth opportunities and risks associated are like any equity-oriented scheme.
What is a Load or no-load Fund?
A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. The investors should take the loads into consideration while making investment as these affect their yields/returns. However, the investors should also consider the performance track record and service standards of the mutual fund which are more important. Efficient funds may give higher returns in spite of loads.A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.
Can a mutual fund impose fresh load or increase the load beyond the level mentioned in the offer documents?
Mutual funds cannot increase the load beyond the level mentioned in the offer document. Any change in the load will be applicable only to prospective investments and not to the original investments. In case of imposition of fresh loads or increase in existing loads, the mutual funds are required to amend their offer documents so that the new investors are aware of loads at the time of investments.
What is a sales or repurchase/redemption price?
The price or NAV a unitholder is charged while investing in an open-ended scheme is called sales price. It may include sales load, if applicable.Repurchase or redemption price is the price or NAV at which an open-ended scheme purchases or redeems its units from the unitholders. It may include exit load, if applicable.
What is an assured return scheme?
Assured return schemes are those schemes that assure a specific return to the unitholders irrespective of performance of the scheme.A scheme cannot promise returns unless such returns are fully guaranteed by the sponsor or AMC and this is required to be disclosed in the offer document.
Investors should carefully read the offer document whether return is assured for the entire period of the scheme or only for a certain period. Some schemes assure returns one year at a time and they review and change it at the beginning of the next year.
Can a mutual fund change the asset allocation while deploying funds of investors?
Considering the market trends, any prudent fund managers can change the asset allocation i.e. he can invest higher or lower percentage of the fund in equity or debt instruments compared to what is disclosed in the offer document. It can be done on a short term basis on defensive considerations i.e. to protect the NAV. Hence the fund managers are allowed certain flexibility in altering the asset allocation considering the interest of the investors. In case the mutual fund wants to change the asset allocation on a permanent basis, they are required to inform the unitholders and giving them option to exit the scheme at prevailing NAV without any load.
How to invest in a scheme of a mutual fund?
Mutual funds normally come out with an advertisement in newspapers publishing the date of launch of the new schemes. Investors can also contact the agents and distributors of mutual funds who are spread all over the country for necessary information and application forms. Forms can be deposited with mutual funds through the agents and distributors who provide such services. Now a days, the post offices and banks also distribute the units of mutual funds. However, the investors may please note that the mutual funds schemes being marketed by banks and post offices should not be taken as their own schemes and no assurance of returns is given by them. The only role of banks and post offices is to help in distribution of mutual funds schemes to the investors.Investors should not be carried away by commission/gifts given by agents/distributors for investing in a particular scheme. On the other hand they must consider the track record of the mutual fund and should take objective decisions.
Can non-resident Indians (NRIs) invest in mutual funds?
Yes, non-resident Indians can also invest in mutual funds. Necessary details in this respect are given in the offer documents of the schemes.
How much should one invest in debt or equity oriented schemes?
An investor should take into account his risk taking capacity, age factor, financial position, etc. As already mentioned, the schemes invest in different type of securities as disclosed in the offer documents and offer different returns and risks. Investors may also consult financial experts before taking decisions. Agents and distributors may also help in this regard.
How to fill up the application form of a mutual fund scheme?
An investor must mention clearly his name, address, number of units applied for and such other information as required in the application form. He must give his bank account number so as to avoid any fraudulent encashment of any cheque/draft issued by the mutual fund at a later date for the purpose of dividend or repurchase. Any changes in the address, bank account number, etc at a later date should be informed to the mutual fund immediately.
What should an investor look into an offer document?
An abridged offer document, which contains very useful information, is required to be given to the prospective investor by the mutual fund. The application form for subscription to a scheme is an integral part of the offer document. SEBI has prescribed minimum disclosures in the offer document. An investor, before investing in a scheme, should carefully read the offer document. Due care must be given to portions relating to main features of the scheme, risk factors, initial issue expenses and recurring expenses to be charged to the scheme, entry or exit loads, sponsor’s track record, educational qualification and work experience of key personnel including fund managers, performance of other schemes launched by the mutual fund in the past, pending litigations and penalties imposed, etc.
When will the investor get certificate or statement of account after investing in a mutual fund?
Mutual funds are required to dispatch certificates or statements of accounts within six weeks from the date of closure of the initial subscription of the scheme. In case of close-ended schemes, the investors would get either a demat account statement or unit certificates as these are traded in the stock exchanges. In case of open-ended schemes, a statement of account is issued by the mutual fund within 30 days from the date of closure of initial public offer of the scheme. The procedure of repurchase is mentioned in the offer document.
How long will it take for transfer of units after purchase from stock markets in case of close-ended schemes?
According to SEBI Regulations, transfer of units is required to be done within thirty days from the date of lodgment of certificates with the mutual fund.
As a unitholder, how much time will it take to receive dividends/repurchase proceeds?
A mutual fund is required to dispatch to the unitholders the dividend warrants within 30 days of the declaration of the dividend and the redemption or repurchase proceeds within 10 working days from the date of redemption or repurchase request made by the unitholder.In case of failures to dispatch the redemption/repurchase proceeds within the stipulated time period, Asset Management Company is liable to pay interest as specified by SEBI from time to time (15% at present).
Can a mutual fund change the nature of the scheme from the one specified in the offer document?
Yes. However, no change in the nature or terms of the scheme, known as fundamental attributes of the scheme e.g.structure, investment pattern, etc. can be carried out unless a written communication is sent to each unitholder and an advertisement is given in one English daily having nationwide circulation and in a newspaper published in the language of the region where the head office of the mutual fund is situated. The unitholders have the right to exit the scheme at the prevailing NAV without any exit load if they do not want to continue with the scheme. The mutual funds are also required to follow similar procedure while converting the scheme form close-ended to open-ended scheme and in case of change in sponsor.
How will an investor come to know about the changes, if any, which may occur in the mutual fund?
There may be changes from time to time in a mutual fund. The mutual funds are required to inform any material changes to their unitholders. Apart from it, many mutual funds send quarterly newsletters to their investors.At present, offer documents are required to be revised and updated at least once in two years. In the meantime, new investors are informed about the material changes by way of addendum to the offer document till the time offer document is revised and reprinted.
How to know the performance of a mutual fund scheme?
The performance of a scheme is reflected in its net asset value (NAV) which is disclosed on daily basis in case of open-ended schemes and on weekly basis in case of close-ended schemes. The NAVs of mutual funds are required to be published in newspapers. The NAVs are also available on the web sites of mutual funds. All mutual funds are also required to put their NAVs on the web site of Association of Mutual Funds in India (AMFI) http://www.amfiindia.com and thus the investors can access NAVs of all mutual funds at one placeThe mutual funds are also required to publish their performance in the form of half-yearly results which also include their returns/yields over a period of time i.e. last six months, 1 year, 3 years, 5 years and since inception of schemes. Investors can also look into other details like percentage of expenses of total assets as these have an affect on the yield and other useful information in the same half-yearly format.
The mutual funds are also required to send annual report or abridged annual report to the unitholders at the end of the year.
Various studies on mutual fund schemes including yields of different schemes are being published by the financial newspapers on a weekly basis. Apart from these, many research agencies also publish research reports on performance of mutual funds including the ranking of various schemes in terms of their performance. Investors should study these reports and keep themselves informed about the performance of various schemes of different mutual funds.
Investors can compare the performance of their schemes with those of other mutual funds under the same category. They can also compare the performance of equity oriented schemes with the benchmarks like BSE Sensitive Index, S&P CNX Nifty, etc.
On the basis of performance of the mutual funds, the investors should decide when to enter or exit from a mutual fund scheme.
How to know where the mutual fund scheme has invested money mobilised from the investors?
The mutual funds are required to disclose full portfolios of all of their schemes on half-yearly basis which are published in the newspapers. Some mutual funds send the portfolios to their unitholders.The scheme portfolio shows investment made in each security i.e. equity, debentures, money market instruments, government securities, etc. and their quantity, market value and % to NAV. These portfolio statements also required to disclose illiquid securities in the portfolio, investment made in rated and unrated debt securities, non-performing assets (NPAs), etc.
Some of the mutual funds send newsletters to the unitholders on quarterly basis which also contain portfolios of the schemes.
Is there any difference between investing in a mutual fund and in an initial public offering (IPO) of a company?
Yes, there is a difference. IPOs of companies may open at lower or higher price than the issue price depending on market sentiment and perception of investors. However, in the case of mutual funds, the par value of the units may not rise or fall immediately after allotment. A mutual fund scheme takes some time to make investment in securities. NAV of the scheme depends on the value of securities in which the funds have been deployed.
If schemes in the same category of different mutual funds are available, should one choose a scheme with lower NAV?
Some of the investors have the tendency to prefer a scheme that is available at lower NAV compared to the one available at higher NAV. Sometimes, they prefer a new scheme which is issuing units at Rs. 10 whereas the existing schemes in the same category are available at much higher NAVs. Investors may please note that in case of mutual funds schemes, lower or higher NAVs of similar type schemes of different mutual funds have no relevance. On the other hand, investors should choose a scheme based on its merit considering performance track record of the mutual fund, service standards, professional management, etc. This is explained in an example given below.Suppose scheme A is available at a NAV of Rs.15 and another scheme B at Rs.90. Both schemes are diversified equity oriented schemes. Investor has put Rs. 9,000 in each of the two schemes. He would get 600 units (9000/15) in scheme A and 100 units (9000/90) in scheme B. Assuming that the markets go up by 10 per cent and both the schemes perform equally good and it is reflected in their NAVs. NAV of scheme A would go up to Rs. 16.50 and that of scheme B to Rs. 99. Thus, the market value of investments would be Rs. 9,900 (600* 16.50) in scheme A and it would be the same amount of Rs. 9900 in scheme B (100*99). The investor would get the same return of 10% on his investment in each of the schemes. Thus, lower or higher NAV of the schemes and allotment of higher or lower number of units within the amount an investor is willing to invest, should not be the factors for making investment decision. Likewise, if a new equity oriented scheme is being offered at Rs.10 and an existing scheme is available for Rs. 90, should not be a factor for decision making by the investor. Similar is the case with income or debt-oriented schemes.
On the other hand, it is likely that the better managed scheme with higher NAV may give higher returns compared to a scheme which is available at lower NAV but is not managed efficiently. Similar is the case of fall in NAVs. Efficiently managed scheme at higher NAV may not fall as much as inefficiently managed scheme with lower NAV. Therefore, the investor should give more weightage to the professional management of a scheme instead of lower NAV of any scheme. He may get much higher number of units at lower NAV, but the scheme may not give higher returns if it is not managed efficiently.
How to choose a scheme for investment from a number of schemes available?
As already mentioned, the investors must read the offer document of the mutual fund scheme very carefully. They may also look into the past track record of performance of the scheme or other schemes of the same mutual fund. They may also compare the performance with other schemes having similar investment objectives. Though past performance of a scheme is not an indicator of its future performance and good performance in the past may or may not be sustained in the future, this is one of the important factors for making investment decision. In case of debt oriented schemes, apart from looking into past returns, the investors should also see the quality of debt instruments which is reflected in their rating. A scheme with lower rate of return but having investments in better rated instruments may be safer. Similarly, in equities schemes also, investors may look for quality of portfolio. They may also seek advice of experts.
Are the companies having names like mutual benefit the same as mutual funds schemes?
Investors should not assume some companies having the name “mutual benefit” as mutual funds. These companies do not come under the purview of SEBI. On the other hand, mutual funds can mobilise funds from the investors by launching schemes only after getting registered with SEBI as mutual funds.
Is the higher net worth of the sponsor a guarantee for better returns?
In the offer document of any mutual fund scheme, financial performance including the net worth of the sponsor for a period of three years is required to be given. The only purpose is that the investors should know the track record of the company which has sponsored the mutual fund. However, higher net worth of the sponsor does not mean that the scheme would give better returns or the sponsor would compensate in case the NAV falls.
Where can an investor look out for information on mutual funds?
Almost all the mutual funds have their own web sites. Investors can also access the NAVs, half-yearly results and portfolios of all mutual funds at the web site of Association of mutual funds in India (AMFI) http://www.amfiindia.com/. AMFI has also published useful literature for the investors.Investors can log on to the web site of SEBI http://www.sebi.gov.in/ and go to “Mutual Funds” section for information on SEBI regulations and guidelines, data on mutual funds, draft offer documents filed by mutual funds, addresses of mutual funds, etc. Also, in the annual reports of SEBI available on the web site, a lot of information on mutual funds is given.
There are a number of other web sites which give a lot of information of various schemes of mutual funds including yields over a period of time. Many newspapers also publish useful information on mutual funds on daily and weekly basis. Investors may approach their agents and distributors to guide them in this regard.
If mutual fund scheme is wound up, what happens to money invested?
In case of winding up of a scheme, the mutual funds pay a sum based on prevailing NAV after adjustment of expenses. Unitholders are entitled to receive a report on winding up from the mutual funds which gives all necessary details.
How can the investors redress their complaints?
Investors would find the name of contact person in the offer document of the mutual fund scheme whom they may approach in case of any query, complaints or grievances. Trustees of a mutual fund monitor the activities of the mutual fund. The names of the directors of asset management company and trustees are also given in the offer documents. Investors can also approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter with the concerned mutual fund and follows up with them till the matter is resolved. Investors may send their complaints to:
Securities and Exchange Board of India,
SEBI Bhavan, G Block,
Near Bank of India,
Bandra Kurla Complex,
Bandra (East), Mumbai 400 051.
Types of Insurance Plan
Life insurance comes in a variety of plans to suit the needs of different individuals. Each insurer claims to offer its customers unique plans. Most of these are designed around some basic plans with add-on features. Here are some basic plans offered by most life insurance companies.
Unit Linked Investment Plan: A unit linked insurance plan (ULIP) is a financial product that offers you life insurance as well as an investment. Part of the premium you pay goes towards insurance and the balance will be invested in a fund of your choice—equity, fixed-return or a mixture of both. The investment portion of the ULIP works in a manner similar to a mutual fund. ULIPs have become very popular due to their flexibility and the dual flavour of insurance and investment.
Children’s Plans: Children’s plans are used for savings for the child’s future. Children’s insurance plans can be of two types: cover for the child and cover for the parent. You can buy a children’s insurance policy that will cover your child’s life either now or commencing sometime in the future. You can also buy a policy that covers the parent’s life but provides benefits for the child.
The investment portion of the policy can be designed to coincide with milestones in a child’s life such as graduation, higher education requirements, marriage, etc.
Term Insurance: Term insurance is perhaps the simplest form of life insurance as it offers only risk cover; there is no element of savings. This policy provides protection for a period between 5 and 30 years. Term insurance for a large sum assured can be purchased for a relatively small premium.
Whole Life Policy: An insurance policy that provides coverage for an individual’s whole life (or an expected life expectancy of, say, 80 or 85 years), rather than a specified term, is called a whole life policy. A savings component, called cash value, builds over time and can be used for wealth accumulation.
Endowment Policy: Endowment plans are insurance-cum-savings plans for a fixed term. The insured amount is payable either at the end of a specified number of years or upon the death of the insured person, whichever is earlier, along with bonuses, if that option is exercised. Endowment plan is a broad category; it has various options for individuals based on their insurance needs and objectives.
Money Back Policy: Money back policies are similar to endowment plans.
However, unlike endowment plans, in money back policies, the policyholder gets periodic sums during the term of the policy and a lump sum on surviving the term. In the event of death during the term of the policy, the beneficiary gets the sum assured.
Pension Plans: A pension plan is a means for retirement planning. It aims at providing you with a steady income when you retire. Pension plans have two stages: accumulation phase and annuity phase. At the accumulation stage, you contribute to the corpus of the plan. The premium (net of expenses) is invested by the insurance company in various instruments to earn returns and build a corpus over the term of the policy.
In the annuity phase, you can purchase an annuity from the insurer to receive regular income. Annuities are sometimes described as the opposite of life insurance because annuities protect you against the possibility of living too long and outliving your resources.
Pension plans can have an insurance cover option as well. If you choose to have an insurance cover, then, along with the savings portion, you will be paying an additional amount towards the premium for the life cover amount you choose.
Technorati Tags: Child Plan,Financial Planning,Insurance,Insurance Plan,Pension Plan,Term Plan,ULIP,Whole Life Plan
Thursday, April 15, 2010
SYSTEMATIC TRANSFER PLAN (STP)
What is STP?
Mutual funds not only manage our money but also offer us various easy to use tools that are aimed at improving our investment experience. Most of us know systematic investment plan, where we invest at regular intervals. But few are aware of systematic transfer plan (STP). Under STP, at regular intervals, an amount you opt for is transferred from one mutual fund scheme to another of your choice. Typically, a minimum of six such transfers are to be agreed on by investors. You can get into a weekly, monthly or a quarterly transfer plan, as per your needs. You may choose to transfer a fixed sum from one scheme to another. The mutual fund will reduce the number of units equal to the amount you have specified from the scheme you intend to transfer money. At the same time, the amount such transferred will be utilised to buy the units of the scheme you intend to transfer money into, at the applicable NAV. Some fund houses allow you to transfer only the capital appreciation to be transferred at regular intervals.
How is it useful?
STP is a useful tool to take a step by step exposure into equities or to reduce exposure over a period of time. Say you have Rs 10 lakh to invest in equity over a period of time. You could put this amount in the liquid fund of a mutual fund or a short-term bond fund. This gives an opportunity to earn a better than saving bank account rate of return. You than start an STP where every month a predetermined amount will be invested into an equity fund. This helps in deploying funds at regular intervals in equities with minimum timing risk.
Liquidating equity assets
Say, you have accumulated large savings in equity and you want to cash out when you retire. Exiting the market at one moment exposes investors with timing risks. In such circumstances, you can transfer funds from equity schemes to liquid funds and then take the money out as and when you need it. Those who need money for consumption purposes, however, can go for systematic withdrawal plans.
For tax-saving purpose
If you have been investing in equities using diversified equity funds and now keen to do some tax-saving investments. You can initiate an STP from the diversified fund to an ELSS of the same fund house. This ensures that you are saved on the transactions front. Instead of selling units of equity mutual fund first and then waiting for the proceeds before investing again, STP makes a smooth transfer of money from one fund to another.
What does it cost?
Each mutual fund scheme has loads attached to it to curb traffic. Though mutual funds have done away with entry loads, there are exit loads in place. Investors must pay the exit load applicable on the scheme from which the funds are transferred when they opt for STP. The taxation is also important here. Transfer of funds from one scheme to another is treated as sale for the purpose of taxation and you may have to pay the taxes applicable. Hence, investors using STP should keep the post-tax returns in mind before they invest.
Expense Ratio
What is expense ratio?
It is a charge paid by an investor to an asset management company for managing his money. It is an ongoing expense and charged as a percentage of net assets of the fund. SEBI regulations permit equity funds to charge a maximum of 2.5% as expense ratio, while in the case of debt funds, the maximum is 2.25%. On an average, most equity funds have a expense ratio between 1.5% and 2%. In case of index funds, it could be lower, in the range of 1-1.5%. The expense ratio is disclosed by a fund house once every six months, ie, every March and September.
What are the constituents of expense ratio? 1) Management fee — CEOs, fund managers, and sales and distribution personnel in a fund house are well qualified and bring with them much experience of the financial markets. While the sales and distribution team is responsible for bringing in money, good performance from the fund management team helps retain it. Being a people-intensive business, fund houses pay higher salaries and fat bonuses for attracting and retaining the best talent. 2) Administrative costs — These include expenses incurred for custodian charges, legal and audit fees, marketing and selling expenses, dispatch of statement and other miscellaneous charges. 3) Trail fee is the commission that a distributor gets from the fund house till the money is invested with the fund house. It is usually paid on a quarterly basis and is generally 0.5% of the asset value.
How does expense ratio impact investors?
Put simply, expense ratio for an investor is the cost he pays towards the services he avails of from mutual funds. Expense ratio decides the returns of schemes. It is more than important in debt schemes where the rate of return is not high. Especially, when the average debt funds deliver returns to the extent of 8-10% per annum, a 50-100 basis points difference in expense ratios of schemes could make a huge difference. This is more important in a rising interest rate scenario where lower the expense, greater the benefits for investors as low expense ratios boost the returns available for investors. In case of equity mutual funds, as we have seen rising markets for some time now, expense ratio may not be an important factor to consider for investors. However, it must be noted that as markets mature and alpha — outperformance (of the fund) over the index — goes down, it becomes imperative to pay heed to expenses. Investors prefer index over equity funds as markets get depth. For index fund investors, expenses matters the most. The performance of an index fund depends on tracking error and expenses ratio. Lower tracking error and expense ratio ensure that index funds meet the objective of offering returns in sync with the underlying index. A look at all this makes one believe that the expense ratio is an important factor when you chose a fund. But beware, it is not the only factor when you chose a fund to invest your hard-earned money.
DEPOSIT INSURANCE
What is deposit insurance?
It is a limited level of protection provided by the government to depositors against bank failures; every bank is mandatorily covered under the level of Deposit Guarantee and Insurance Corporation of India. It is particularly relevant in countries like India where financial literacy is very low. At a macro-level, its objective is to contribute to the stability of the financial system.
Which entities are covered under deposit insurance in India?
All commercial banks, including the branches of foreign banks functioning in India, local area banks and regional rural banks are covered under the deposit insurance scheme. Even co-operative banks are
Covered. The scheme is, however, does not cover deposits with NBFCs and company fixed deposits.
What is the amount covered and how is the premium charged?
Under the provisions of the DICGC Act, the insurance cover deposits tip to Rs 100,000 are covered under the deposit insurance. The premia to be paid by the insured banks are computed on the size of their deposits. Insured banks pay advance insurance premia to the Corporation semi-annually
Within two months from the beginning of each financial half year, based on its deposits at the end of previous half year. The premium is currently pegged at Re 1for every Rs 1,000 of the deposits.
What types of deposits are covered under the scheme?
The Corporation insures all bank deposits, such as savings, fixed, current, recurring, etc., except deposits of foreign governments; deposits of central/state governments, deposits of state land development
Banks with the state co-operative banks; inter-bank deposits, deposits received outside India. .
How are the claims settled?
In the event of the winding up or liquidation of an insured bank every depositor is entitled to payment of an amount equal to the deposits held by him at all the branches of that bank as on the date of cancellation of registration i.e. the date of cancellation of license or order for winding up or liquidation, subject to set-off his dues to the bank, if any. However, the payment to each depositor is subject to the limit of the insurance coverage fixed from time to time.
क्या आप सेवा निर्वित के लिए तैयार है?
आपका जवाब अक्सर यही होगा -अरे यार अभी क्या जल्दी है? अभी तो बहुत समय पड़ा है है। पहले आज के खर्चे तो संभाल ले। पी फ तो है न । मेरी तो सरकारी नौकरी है,मेरी तो पेंशन पक्की है । बच्चे क्या हमारा ध्यान नहीं रखेंगे ? इत्यादि
पर सच तो यह है की यदि आप अपने जीवन को इस सुनहरे तरीके से जीना चाहते है तो तेयारी आज से ही कर लेनी चाहिए ।
मैं ये नहीं कह रही की आपके बच्चे आपका ध्यान नहीं रखेंगे या आपकी पेंशन अथवा आपका पी एफ काफी नहीं है ,बल्कि मैं आपसे इस बदलती हुई महंगाई में आपकी सेवा निर्वित को सुनिश्चित कर लेने को कह रही हूँ।
आइये इस सब को हम इस उदाहरण से समझे :-
श्री मान सिंह जो ४५ वर्ष के है ६० वर्ष की आयु में रिटायर होना चाहते है वो अपनी आयु का अनुमान ७५ वर्ष लगा रहे है । आज उनका मासिक खर्च २०,००० रूपये प्रति माह है और वो ये मानते है की स्वास्थ्य के खर्चो को देकते हुए रिटायरमेंट के बाद भी खर्चो में कमी नहीं आने वाली।
वो ये मानते है की रिटायरमेंट के समय उन्हें ४० लाख रूपये पी एफ इत्यादि से मिल जायेंगे ।
श्री मान सिंह अपनी रिटायरमेंट पूंजी से खुश है।
आइये देखे उनकी ये पूंजी उनका कितना साथ निभाएगी ।
१५ वर्ष पश्चात् उनका मासिक खर्च जो आज २०,००० रूपये है ५% वार्षिक मुद्रा सफिती की दर से ४१,५७८ रूपये प्रति माह हो चुका होगा जो उनकी रिटायर्ड जिन्दगी में भी बढता ही रहेगा ।
इस प्रकार उनकी ये जमा पूंजी केवल ९ वर्ष १ महीना ही साथ निभाएगी (निवेश पर ब्याज ८%, मुद्रा सफिती ५%,वास्तविक वृद्धि दर २.८५%)
इस प्रकार श्री मान सिंह यदि सेवा निर्वित के पश्चात पुरे १५ साल यानि ७५ वर्ष की आयु तक अपना खर्च चलाना चाहते है तो उन्हें आज से ४१५८ रूपये महिना बचत करनी पड़ेगी
परन्तु यदि श्री मान सिंह ने यह बचत ५ पहले शुरू की होती तो केवल २०९९ रूपये प्रति महा में काम चल सकता है (ब्याज दर १२% प्रति वर्ष मानी गई है)
आइए समझे
नाम- श्री मान सिंह
आयु- ४५ वर्ष
मासिक खर्च= २०,००० रूपये
१५ वर्ष बाद मासिक खर्च= ४१५७८ रूपये
६० से ७५ वर्ष की आयु तक ४१५७८ प्रति महा प्राप्त करने के लिए आवश्यक पूंजी =६०९८५२७
सेवा निर्वित पर मिलने वाली पूंजी =४०,००,०००
आवश्यकता =६०९८५२७-४०,००,०००
=२०९८५२७
२०९८५२७ इकट्ठा करने के लिए मासिक बचत=४१५८
यदि श्री सिंह ने ५ वर्ष पहले बचत प्रारम्भ की होती तो मासिक बचत=२०९९
यदि श्री सिंह ने १० वर्ष पहले बचत प्रारंभ की होती तो मासिक बचत =११०५ रूपये
अब तो आप समझ ही गए होंगे की मेरे प्रश्न के उत्तर में दिए गए आपके जवाब को एक बार फिर गौर करने की जरूरत है .
क्या है आपके जीवन का मूल्य ?
जीवन अनमोल है। ये सच्चाई तो हम सब जानते है। परन्तु यदि यमराज हमसे फिर भी यह पूछे की आखिर तुम अपने जीवन का क्या मूल्य लगाओगे, जो मूल्य तुम लगायोगे उतना मूल्य तुम्हारे परिवार को दे दिया जायेगा तो एक पल के लिए तो हम शायद पलक भी न झपका पाए और उस समय हमारी जो हालत होगी उसकी कल्पना तो हम कर ही सकते है।
जिन्दगी की सबसे बड़ी सच्चाई ही है जिन्दगी को छोड़कर जाना। जो आया है वो जायेगा,परन्तु यदि वह जाने से पहले अपने परिवार का भविष्य सुरक्षित कर ले तो शायद नहीं बल्कि निश्चित तोर पर इस चिंता से मुक्त हो कर वह ज्यादा जी पायेगा । अथार्त हम सबको अपने जीवन का मूल्य पहले से ही लगा लेना चाहिय अब तो आप समझ गए होंगे की मैं यहाँ जीवन बीमा की बात कर रही हू।
आज आपके न जाने कितने दोस्त व् रिश्तेदार आपसे कितनी बार कह चुके है की आप उनसे बीमा करवा ले और कुछ से तो आप यह करवा भी चुके होंगे । परन्तु याद कीजिये उनके शब्द "---- रुपये तीन साल देना फिर पांच या दस साल बाद ----मिल जायेगा "। आप खुद ही सोचिये इस सवांद मैं जीवन बीमे का जिक्र कहा हुआ है ? मान लीजिये आप २०,००० रूपये सालाना प्रीमियम भरते है और यदि मैं आपसे पुछु की आपका जीवन बीमा कितना है तो शायद आप कहे ३ लाख ,५ लाख या हो सकता है की आप कहे पता नहीं ।
जी हां यही सच्चाई है । आपने अपने जीवन का मूल्य इतना ही आँका है । अब मैं आपको समझाती हू की जीवन का सही मूल्य कैसे आँका जाना चाहिए ।
पहला तरीका - अपनी आय का जो भाग आप अपने परिवार को घर चलाने के लिए देते है उसकी गणना प्रतिवर्ष कर ले। अब जितनी आयु तक आप काम करने वाले है उस आयु का आज की आयु से घटा कर बचे हुए वर्षो का इस वार्षिक खर्च से गुना करके आप अपने जीवन का मूल्य लगा सकते है
उदहारण के तोर पर श्रीमान अ जो ३० साल के है प्रति महा अपने परिवार को १५,००० रूपये देते है तो वार्षिक हुआ १,८०,००० रूपये और उनकी सेवा निर्वित आयु ५८ वर्ष है अथार्त उनके जीवन का मूल्य (५८-३०)२८*१,८०,०००= ५०,४०,००० हुआ।
दूसरा तरीका - जो खर्च आप प्रति माह अपने परिवार को देते है ,यह पता लगाये की कितनी पूंजी से कितना ब्याज प्रति महा आपका परिवार आराम से प्राप्त कर सके अथार्त आप अपने परिवार का जीवन यापन आसानी से कर पाए
उदहारण के तोर पर श्री मान अ प्रति महा अपने परिवार को १५,००० रूपये देते है तो वार्षिक हुआ १,८०,००० रूपये और यदि ब्याज की दर ७% वार्षिक हो तो कम से कम यदि २५,७१,४२८ रूपये उनके परिवार के पास हो तो उस परिवार का जीवन यापन ठीक से हो जायेगा । अथार्त आप खुद पता लगाये की कितना जीवन बीमा आपको करवाना चाहिए ।
याद रखिये जीवन बीमा ऐसा उत्पाद है जो बिना जरूरत के ही ख़रीदा जाता है ,आवश्यकता पड़ने पर इसे कोई व्यक्ति किसी भी कीमत पर नहीं खरीद सकता।
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