Unclaimed bank deposits stand over Rs 67,000 Crore. Does family know about all your bank accounts?
What use is your Term insurance, if your family is not aware of them or is not even nominated?
Do you know that families of people having ESOP in US Companies can face Estate tax of as high as 40%?
Our Copyrighted Assets information provides a one stop place to capture information about assets, insurance policies, and bank accounts ensures that they their family can manage affairs smoothly after their passing. Without this information, loved ones will not understand the full scope of the family’s financial situation—often leading to unnecessary stress, delays, or even loss of rightful funds. Recording this information is a simple yet responsible act of foresight that spares children and spouses emotional and financial hardship during an already difficult time.
Below are some tips for Financial Assets. For detailed consultation, contact our Financial Advisor.
Health Insurance
1. It makes sense to buy a Health insurance policy of Rs 10 Lakh in your forties, even if you are covered by corporate insurance as once a medical condition (Diabetes, Angioplasty occurs) you will either not get an insurance or get a very high rate
2. Hospital bills seldom cross ten lakh, but there can be diseases or events which leads to long hospitalization. Buy a top up policy of 1 Crore which comes as low as Rs 20000 per year instead of increasing the insurance amount of your base policy beyond 10 Lakh
Term Insurance
1. Purpose of Term insurance is to offer financial safety to your family after your demise. It should be substantial enough to provide financial support. One should buy a policy which allows to increase cover at important life milestones- birth of children, purchase of house etc.
2. Consider claim settlement ratio and insurer’s presence in your country and reliability.
Mutual Funds and Stocks
1. Buy Direct mutual funds: Between buying a fund delivering 12% CAGR over 10 years, directly vs through distributor, latter will have 9% lesser corpus.
2. By investing in ETF, one can do passive investing with much lesser costs than investing via Mutual funds.
ESOPS
1. While transferring money from sale of ESOPS, one can save substantial exchange fees if you get money in a public sector back account vs a private bank.
2. All ESOP and transactions in them-sale, dividends etc. have to be mandatory declared at the time of income tax filing to avoid hefty penalties.
