PERSONAL LOAN EMI CALCULATOR - URL link

Paisabazaar Personal Loan EMI Calculator helps you determine your Equated Monthly Installment (EMI) instantly. The online calculator will help you plan your loan better by telling you what would be your EMI outgos, on different interest rates, loan amounts and loan tenures.

https://www.paisabazaar.com/personal-loan-emi-calculator/

5 types of people who need life insurance most

Five primary types of people who need life insurance the most:

1. Individuals with financial dependents
2. Individuals who have entered into joint financial obligations with others
3. Individuals who have financial plans in place for the benefit others
4. Individuals who have a predisposition to adverse health conditions (due to heredity or genetics)
5. Individuals with dangerous jobs

Individuals with financial dependents

The first category of people who absolutely need life insurance are those with dependents of any kind. This includes some of your usual actors — married couples where one spouse is the breadwinner, or a single parent.

Another typical but less known candidate includes homemakers, as their untimely death can create unforeseen costs for childcare. Other candidates can be married or single family members who support elderly parents or other loved ones.

Lastly, candidates can include benefactors who consistently and significantly support causes and organizations that are dear to them. 

Individuals with joint financial obligations

Joint debts entered into by spouses are a prime example here. If you and your partner own a home together, get life insurance — it will cover your housing costs in the event of your partner's untimely death.

Individuals in this category can also include unmarried couples who jointly enter into leases, car financing arrangements, and even mortgages on a home or income-generating rental property. This same type of arrangement can also exist between a parent and a child, siblings, or close friends.

You should also get life insurance if you've cosigned for some other types of debt, like a student loan or consumer credit debt, to protect your cosigner from having to foot the whole bill.

Lastly, business loans personally guaranteed by an individual or among business partners can create joint liabilities.

Individuals who have financial plans for the benefit of others

This is where the concept of life insurance being utilized to "complete the plan" comes into play.

For example, when I sit down with clients to discuss college planning for their children, we'll discuss amongst other things the types of schools that the family is considering, the funds available for college saving, the investment vehicles available to execute the strategy (i.e. 529 plans, after-tax investments, etc.), and the timeline for investment. Then, we'll evaluate scenarios to determine the efficacy of one strategy versus another and choose a course of action.

Just when the client thinks that we're all set, I will bring up life insurance mainly to ensure that there's adequate coverage in place to fund the plan. If one or both of my clients die next week, life insurance means there will be funds forthcoming to ensure that college is paid for — or, in other words, the plan is completed.

The same deal would be contemplated with respect to retirement planning between spouses. The point is that if you have a financial plan that is for the benefit of someone other than yourself, having adequate insurance to fulfill your contributions to that goal is prudent to ensure that the plan is executed in the event of your untimely death.

Individuals who have an adverse genetic predisposition

Not mentioned often, but with a genetic counselor for a wife, I am "gently nudged" to make inquiries about the general health profile of not only the client, but their immediate family within one degree (i.e. children, siblings, and parents).

If certain illnesses, such as certain cancers (e.g. breast, ovarian, prostate) or medical conditions (hypertension, high cholesterol, or diabetes) are raised, I initiate a discussion about life insurance not only to address need, but also for the purposes of securing the client's "insurability," or ability to get and keep affordable insurance while they are healthy or haven't manifested any potential symptoms that may be indicative of such illnesses or conditions being inherited.

Individuals who have an inherently risky occupation

It should seem obvious, but it is way too often that I walk into the homes of police officers, firefighters, corrections officers, and emergency responders only to find that many of them are sorely underinsured. They perform extremely dangerous jobs where the prospect of not coming home at the end of a shift is very real. Having adequate coverage brings more peace of mind to not only the client as he or she walks out the door, but their family as well.  

7 financial mistakes you need to avoid at all costs

Financial planning is extremely important to ensure that you handle your money properly. Just earning a good amount is not enough, you need to know how to manage it properly so as to make the most out of it. One needs to understand that money can help you make more money. However, in order to do that you need to avoid some pitfalls. 

People often make some very common financial mistakes which stops them from creating wealth. Wealth creation takes time and if you keep making mistakes with your money, you make lose the time and opportunity to help your money grow. 

Here are 7 money mistakes that you need to avoid at all costs:

1. Excessive Spending: Overspending is one of the most common mistakes that people make with their money. One must remember that great fortunes are often lost one rupee at a time. Small expenses like a Rs 10 snacks packet or Rs 50 ramen cup a day may not seem like a big deal at the time, but every little item adds up. Rs 50 ramen cup every day for a month adds up to Rs 1,500 per month and Rs 18,000 per year. Just imagine, you could have saved or invested that Rs 18,000 to get handsome returns. If you're enduring financial hardship, avoiding this mistake matters. So, sit down and take note of unnecessary expenses that you make every month and you will be surprised by the amount that you could have saved. 

2: Never-Ending Payments: With credit cards becoming increasingly popular, people nowadays buy stuff that they don't even need just because they know that they do not have to pay for the expenses immediately. Also, if you ask yourself whether you really need all the items that you keep paying for every month like cable television, music services or fancy gym memberships etc., you will find that you can do without these and it can help you stop paying unceasingly. Rather than having never-ending bills, subscription charges, it is better to save more. Creating a leaner lifestyle help you increase your savings.

3: Surviving on borrowed money: Borrowing money in times of crisis is normal. However, living and surviving on borrowed money could be the biggest mistake you make. Using credit cards to buy essentials has become somewhat normal. However,  paying interest on fuel, groceries and a host of other essential items that are gone long before the bill is paid in full, is a stupid choice. Getting personal loans for unnecessary things is something you need to avoid because while you may get the money instantly, the high interest will stop you from saving any money and, in turn, will stop you from creating wealth

4: Buying a car without need: Millions of new cars are sold each year. However, only a few buyers can afford to pay for them in cash. Most car buyers lean on car loans to finance their car purchase. A lot of people consider having a car a status symbol so they try to buy one even if they do not need it. Some people go out of their way to buy a car which is way out of their budget. 

Do not buy a car if you do not need it as the burden of car loan EMIs is not worth it. If you really have to buy one, evaluate your requirement and budget and stick to it. Also, remember that buying a car is not a one-time expense. You will have to bear other expenses that come with it like insurance cost, maintenance, fuel and repair charges etc.

5. Spending too much on your house: Note that when it comes to buying a house, bigger is not necessarily always better. A bigger house requires more maintenance, more furniture etc which increases the cost. So, unless you have a large family, choosing an extremely large house will only mean more expenses like taxes, maintenance, and utilities etc. Also, make sure to spend a reasonable amount on paint, woodwork, etc. Make a budget and stick to it so as to avoid unnecessary expenses on your house.

6. Living Paycheck to Paycheck: If you are someone who lives from paycheck to paycheck, you are in serious trouble because this means that you are not saving. If you are one of those people who no matter how much they plan their expenses, nothing is left of their previous salary by the time the next month salary comes into their account then you need to evaluate asap. Some might ask that what is so wrong about living paycheck to paycheck as long as you are living comfortably. Yes, for the time being, it might not seem like such a bad thing but when you think about the fact that you are neither saving nor investing then it should worry you. 

You receive monthly paychecks today but you will retire one day and if you have not saved anything then you will have trouble in future. Also, if you lose your job or end up in a financial crisis, you will have no funds to fall back on and this will be problematic.  

7. Not Investing: People often park their money in a savings account and leave it at that. However, savings account returns are not much and inflation will eat away your savings. If you do not get your money working for you through investment, you are making a mistake. Make sure to invest based on your financial goals, risk appetite and investment horizon. Making monthly contributions to designated retirement saving scheme is essential for a comfortable retirement. You can take advantage of the tax benefits offered to investors. Understand the time your investments will have to grow and how much risk you can tolerate.

Top 5 reasons to buy Accidental Insurance policy now

Accidental Insurance Policy: It's easy to find people having a life insurance plan and a medical insurance plan but still, in India accidental insurance plan holders are very few. There are various reasons for this. One of the major reasons for this is lack of awareness amongst investors and insurance agents showing lesser interest in selling pure accidental insurance plans as commission in pure accidental plans are quite low in comparison to life insurance or medical or health insurance plans. Apart from this, the majority of the medical expenses are already covered under the medical or health plan. That's why people show lesser interest in buying a pure accidental plan and insurers also don't make people aware of the importance of a pure accidental plan.

On why insurance agents don't sell pure accidental plans, Jitendra Solanki, a SEBI registered investment guru said, "Premium for a pure accidental insurance plan is very low. For around Rs 5-10 lakh accidental cover, the premium is around Rs 1000 while for health insurance or medical insurance the premium is around 6-7 times higher. Since the commission of the insurance agent is the same in health, medical and pure accidental insurance agents either bundle accidental insurance with any of their health or medical plans or dump the idea of selling a pure accidental insurance plan." Solanki said that there are some other benefits that make pure accidental insurance a must.

Here are the following top 5 reasons that Solanki listed out that makes pure accident insurance plan an important investment of an individual:

1] Benefit post-disability: Under a pure accidental insurance plan, a policyholder can claim compensation for various kinds of disability, which neither his or her medical insurance or life insurance covers.

2] Hospitalisation expenses: Generally, people avoid a pure accidental insurance plan as hospitalisation expenses post-accident is already covered under medical insurance or health insurance plan. But, what in case the hospital bill shoots beyond the limit of their health insurance plan? An accidental insurance policy will be useful in such scenario.

3] Home/Vehicle adaptation: An accident may lead to a kind of disability that forced adaptation or alteration in your home and the vehicle that you use. For example, suppose you can't move your feet post-accident and you need a wheelchair to move. In such a case, you need to make some alteration at your home and some alterations in your vehicle. If one has a pure accidental insurance plan, these alterations at home and vehicle are covered.

4] Family transportation during hospitalisation: Post-accident, it's not necessary that one would be hospitalised in a hospital, which is at a walking distance from his or her home. The hospitalisation depends on various variables like the place of accident and type of accident and which hospital suits that kind of accident, etc. So, a policyholder's family may not be able to choose the hospital where the policyholder would be hospitalised, at least immediately post-accident. In that case, the family members of the policyholder will have to commute a long distance leading to a large amount being spent on transportation. But, these expenses can be claimed under a pure accidental insurance plan.

5] Death claim: In case the policyholder fails to survive the accident, the family members would be eligible for claiming the death cover in a pure accidental insurance plan. This would be in addition to the death cover under his or her life insurance plan and life cover.

Therefore, these top five reasons make pure accidental insurance a must for anybody's investment portfolio.

PAN card holders alert! A single mistake may lead to a whopping Rs 10,000 penalty

Permanent Account Number or PAN Card use has become mandatory for most banking transactions. In fact, like Aadhaar Card, the 10-digit number card is mandatory for availing various welfare measures being run by the government. However, it is important to know that one should fill PAN details very carefully as giving wrong information can lead to an up to Rs 10,000 penalty. In fact, those who have more than one PAN card are also advised to surrender the one that is not in use because it also leads to heavy penalties.

As per the Income Tax Act 1962, the Section 272(B) permits the Income Tax Department to impose penalty of up to Rs 10,000 on the person who has given wrong PAN card information. The Income Tax Department may cancel PAN card for giving wrong information. Even an error in the name is not permitted. So, check each and every detail very minutely after filling your PAN Card details. So, if you are going to file your Income Tax Return (ITR), you are advised to fill your 10-digit PAN details carefully and avoid any kind of penalty.

It has been found that people apply for the PAN Card and after the completion of the whole process, it gets delayed due to the postage problems. In such a scenario, people apply for another PAN card instead of trying to find out one's PAN card status. Such incidents lead to more than one PAN card being issued to the same person. In such a scenario, the PAN card holder is advised to surrender one's PAN card to the Income Tax Department.

How to surrender a PAN Card?

One can surrender a PAN card both online and offline. For surrender of PAN card, the individual is advised to log in at the Income Tax Department official website — incometaxindiaefiling.gov.in. After logging in at the home page, one needs to click at 'Request For New PAN Card Or/ And Changes Or Correction in PAN Data' to download the form. After filling up the form, one can submit that form and the second PAN Card at any of the NSDL offices. For online, one can submit the filled form and the scan copy of the second PAN Card.

Source: https://www.zeebiz.com/personal-finance/news-pan-card-holders-alert-a-single-mistake-may-lead-to-a-whopping-rs-10000-penalty-128914

SBI Card showers benefits on credit card applicants; here are top 5, details on sbicard.com

SBI Card: Credit card is the kind of business that a majority of banks are focusing on aggressively. Being the largest Indian Commercial bank, State Bank of India (SBI) is not a laggard in this banking business.

SBI Card: Credit card is the kind of business that a majority of Indian banks are focusing on aggressively. Being the largest Indian Commercial bank, State Bank of India (SBI) is not a laggard in this banking business. During the COVID-19 lockdown, people have understood the value to be derived from delayed payment as around 25 per cent loan takers have availed the EMI moratorium offered by the Reserve Bank of India (RBI) - delaying EMI is not recommended unless there is a financial emergency as the one caused by coronavirus lokdown currently. 

Credit cards give the facility to buy today and pay later, and for those who are disciplined in their expenses, this can be a good friend in the rainy days.

Therefore, realising the huge potential of the credit card business segment during the lockdown, SBI Card has come out with various attractive offers. These offers range from 10 times reward points on payments at a particular point of sale (PoS), special reward points in the first 60 days of card issue, etc. SBI card is also offering an annual SBI credit card fee waiver provided the SBI credit card holder has done purchases up to Rs 90,000 or above in a particular financial year.

1] Reward Points: 10 times reward point on dining, movie, departmental and grocery spends. As Unlock 1.0 is implemented, people are expected to spend on movies and dining. So, this offer is eye catching.

2] Bonus Reward Points: SBI card is offering 2000 Bonus Reward Point for Rs 2000 spent in first 60 days post-issue.

3] Fuel Surcharge Waiver: An SBI credit card holder is eligible for 1 per cent fuel surcharge waiver across all petrol pumps. As digital India is gaining traction during lockdown, payments at petrol pumps through digital gateway is advisable. But, you are an SBI Credit Card holder, you are eligible for 1 per cent fuel surcharge waiver.

4] Annual Fee Waiver: SBI card is offering annual fee reversal in case the credit card users has made Rs 90,000 of above payments through the SBI credit card in one financial year.

5] e-Gift: For ELITE cards, the welcome e-gift voucher is worth Rs 5,000 on joining.

Multibagger Stocks

Multibagger stocks are equity shares of a company which generate returns multiple times higher than its associated cost of acquisition. These stocks were first invented by Peter Lynch, published in his book 'One Up on Wall Street'.