All it took for inspiration to develop a painless injection was a mosquito bite. Yes, a mosquito uses a unique method to deliver a painless bite and researchers at IIT Kharagpur wondered if they could make an injection that mimicked the mechanical action involved. While most of us think that a mosquito bite hurts, in reality, the irritation is due to chemicals in its saliva. After three years of research, IIT-Kgp, along with the Tokai University of Japan, has invented this novel injection that uses a microneedle to extract blood or deliver drug painlessly by using the same suction-based pressure that a female mosquito uses to suck blood. The diameter of the needle is just 30 micro metre. Besides others, this injection will especially benefit diabetes mellitus patients as blood tests are critical for its diagnosis and management. These patients have to check their blood gl...
What is Life Insurance (LI)?
Life Insurance is a mutual arrangement between the Insurance company and a policyholder, which guarantees of compensation in the unfortunate event of the policy holder's demise in return for payment of a specified premium. In case of the unfortunate event nominee will receives the specified sum from the insurer, otherwise policy holder will receive.
Why to invest in Life Insurance (LI)?
Your loved ones is taken care of in case of any unfortunate event. Financial security enables Your loved ones to continue with life.
What is the return expected in Life Insurance (LI)?
4-6% (Guaranteed)
What is the claims paid ratio in Life Insurance (LI)?
Upto 98%
About Life Insurance (LI)
| Criteria | Value |
|---|---|
| Interest | 4-6% (Guaranteed) |
| Rate of Return (Appx) | 6% |
| Lock-in period | 5 (Years) |
| Account Holder | All |
| Account Opening Restriction | No Limits |
| Maximum Account Opening Age | None |
| Risk Percentage | Zero |
| Place of Purchase | LIC, Bank and Provider |
| Tax On Return | Tax Free |
| Investment Mode | Monthly, Quarterly, Half-Yearly, Yearly |
| Loan Against | Available after 3 years |
| Minimum Investment (PA) | ₹ 3037 |
| Maximum Investment (PA) | No Limits |
| Tax Exemption (PA) | ₹ 1.5 lakhs |
| Premature Withdrawal | Available after 3 years |
Life Insurance (LI) Types
| Policy Types | Purpose |
|---|---|
| Endowment Plans | Insurance+ Savings: Policyholder will receive a lump sum amount, in case if he survives until the date of maturity. Policies may offer bonuses on pre-specified periods. |
| Money Back Plans | Insurance with periodic(Monthly, Quarterly, Half-Yearly, Yearly) returns. |
| Term Plans | Risk cover: A term insurance plan offers a death cover for a specified time period. |
| Whole Life Insurance | Lifelong insurance coverage to the policy holder. |
| ULIPs | Insurance + Investment: It offers the benefits of life insurance and investment. Partly invested in market funds such as debts, equities, bonds and etc. |
| Child Plans | For Child: A child plan will help to build corpus for insured's child education and wedding. Child plans either provide installments on an annual basis or a one time payout, once the insured child turns 18. |
| Retirement Plans | Post retirement for financial independence: Retirement plan, also known as pension plan. Helps to accumulate a corpus for his/her retirement. Retirement plans either provide installments on an annual basis or a one time payout, once the insured turns 60. |
Pros of Life Insurance (LI):
- Fixed premiums.
- Guaranteed return.
- Borrow against or withdraw before death is possible.
- Lifelong coverage.
- No additional health assessments.
- You can surrender the policy and receive its cash value back from the insurer.
Cons of Life Insurance (LI):
- Low returns.
- Very complicated and difficult to understand.
- Expensive premiums.
Conclusion
Now you have the understanding of Life Insurance (LI). You can choose the best investment option which will fit for you. You can leave the comments if you have any queries. Thank you so much for reading and have a great day.
I invested my retirement gratuity + other in Axis muchual fund (elss) ₹ 10,00,000/- in Oct.2016 .
ReplyDeleteI get return ₹ 14,61,000 /- on Oct.2019 in my Axis Bank Account (savings)
I investe ₹ 10,00,000/-in Axis mutual fund (elss) Oct.2019 (for three years)
&
Remaining ₹ 4,61,000/-
Out of that
₹ 2,50,000 /- invest in
Axis Blue chip fund (for one year ) Oct.2019
₹ 2,50,000/- also investe in
Axis Multicap fund ( for one year ) Oct.2019
In the F.Y. 2019/20
Is it O. K. For tax planning ?
Next F. Y. 2020/21 what plan is suggested ?