Friday, 30 September 2011

AICPIN for the month of August 2011

AICPIN (All-India Consumer Price Index Numbers) for Industrial Workers on the Base 2001=100 for the month of August 2011 is 194 and it is only 1 point increase from the AICPIN of July 2011. The AICPIN for August, 2011 is published today by the Ministry of Labour & Employment. The AICPIN for the month of July 2011 was 193 points and June 2011 it was 189 & May 2011 was 187 points and now there is only an average rise of 1 point increase from the last month, July 2011.

 The Consumer price index is calculated on the basis of the difference in the price of necessary commodities like Rice, Wheat Atta, Fresh Milk, Onion, Vegetable & Fruit items, Tea, Kerosene Oil, Electricity Charges, and Medicine etc.  The maximum increase of 9 points recorded in Amritsar center and the maximum decrease of 3 points recorded in Giridih, Quilon and Kodarma centers

The indices in respect of the six major centers are as follows: in the order of July 2011 and June 2011.

Center                            Aug 2011          July 2011

Ahmadabad                –       191             –       188

2. Bangalore                 -        194             -        194

3. Chennai                    -        172             -        168

4. Delhi                         -        178             -        178

5. Kolkata                     -        192             -        186

6. Mumbai                    -        195             -        194

Bangalore and Delhi shows that there is no any change in Consumer price Index and other four centers shows an increase in consumer price index.

The All-India (General) point to point rate of inflation for the month of August, 2011 is 8.99%. In July, 2011 as compared to  8.43%  and 8.62% in June, 2011.The CPI-IW for September, 2011 will be released on the last working day of October, 2011.

When calculate the Dearness Allowance  for Government Employees, the average difference of All India Consumer Price Index Number for Industrial Workers (AICPIN-IW) will consider, which assumes  that the cost of living is increased up to a certain level. The recently declared D.A is 58% (7% Increase) w.e.f July 2011 on the basis of average AICPIN from January 2011 to June 2011.

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Thursday, 29 September 2011

FCS or Flexible Complementing Scheme

FCS or Flexible Complementing Scheme is a promotion policy for Scientists those who have specified merit records of research and as per the 6th Central Pay Commission recommendations. But there are certain confusions to be cleared about the implementation of FCS. The following are the Frequently Asked Questions (FAQs) regarding FCS. These FAQs and its answers are published by the Department of Personnel and Training Estt. (RR) Division. We are posting these FAQs for the convenience of our readers.


FREQUENTLY ASKED QUSTIONS


What is Flexible Complimenting Scheme (FCS)?


FCS is an in-situ promotion scheme for scientists for whom the criteria shall be proven merit and records of research. FCS as modified after 6th CPC recommendations is governed by DOPTOM No. AB 14017/37/2008-Estt. (RR) dated 10.09.2010.


What are the guidelines on FCS issued by DOPT?


DOPT after 5th,CPC issued comprehensive instructions on FCS in OM No.2/41/97-PIC dated 9.11.98. These have been further reviewed in the light of 6th CPC instructions and modified FCS guidelines issued in OM NO. AB 14017/37/2008-Estt.(RR) dated 10th September, 2010


To whom the instructions are applicable?


FCS is applicable to scientists and technologists holding Group A scientific posts in scientific and technology departments and who are engaged in scientific activities and services


What are the qualifications covered under FCS?


Master’s degree in Natural/Agricultural Sciences or Bachelor’s Degree in Engineering/Technology/Medicine.


Whether qualifications MCA, M.Sc.(IT), M.Sc.(Statistics), M.Sc.(Mathematics),M.A.(Operational Research) and M.Sc.(Total Quality Management) are covered under FCS?


No


From when the modified FCS after 6th CPC shall be applicable?


Assessment of Scientists from 01.01.2011 shall be done as per modified FCS after 6th CPC.


Whether promotion cases of Scientists becoming due w.e.f. 1.1.2011 may be processed as before or amend the RRs according to the latest guidelines?


The RRs are required to be amended as per the instructions.


What is the date of effect of MACP scheme for scientists under FCS?


10.09.2010 when the revised instructions have been issued



Whether the benefit of MACP shall be admissible if the officers could not be assessed for promotion under FCS due to various reasons viz. non-convening of assessment Boards on time, RRs becoming inoperative, etc.?


If Scientists have not got promotion under FCS, for whatever reasons, they shall be eligible for financial up gradation under the MACP scheme. The benefits shall be from 10.09.2010 when the revised FCS instructions have been issued


Whether the Scientists who are “screened-in” will have to appear for the interview in the second stage of screening /assessment under Modified FCS after 6th CPC?


The interview of the scientists as per OM dated 9.11.98 in the second level of screening shall continue under the revised assessment procedure for FCS issued in OM dated 10.9.2010


What would be the role of ACRs/APARs in promotion of Scientists under Modified FCS?


ACR/APAR grading shall be taken into account for the purpose of screening the Scientists at Level I.


Will there be any weightage of ACRs/APARs in terms of marks in promotion of Scientists under MFCS?


In Annexure I of guidelines dated 10.9.10, it has been clearly indicated that the Scientists who meet the benchmark of `Good’ for Scientists C and `Very Good’ for Scientists `D’ and above would be screened in.


What is the procedure to be followed for assessment, considering the specific role of ACRs/APARs, Annual Work Report and interview?


The ACR/APAR grading shall be taken into account for the purpose of screening the Scientists for Level II Screening. The Annual Work Report is to capture the scientific content of work performance. The Assessment Board is required to examine the specific content of the work done justifying the merit for consideration under FCS. The procedure to be followed has been detailed in Annexure I of OM dated 10.09.10.


Whether the Benchmark of “Good”/ “Very Good” is based on relevant period of AWRs for the same period?


For the purpose of screening the benchmarking shall be based on ACRs/APARs of the relevant period


Whether the procedure of assessment by the DPRC shall continue as before?


For promotion of Scientists to the grade of Scientist `F’ and `G’, the procedure of assessment by the DPRC shall continue as before


The stipulation in Part C of the Annual Work Report can be applied among the Scientists working in the same peer group which has a fairly large number of Scientists. How this can be applied when there could be a single or only 2-3 scientists working on a particular project or when scientists are working on different projects?


Part C of the Annual work Report shall consist of the internal Peer assessment even if the number of scientists being considered is single or only small number. For this purpose while the grading may not be possible, the entries on innovative content of the work done, highlights of the S&T content of the work done, etc. shall be considered


Whether the Ministries/ Departments can have a common format for APAR?


In Annexure I to the OM dated 10.9.2010 it is prescribed that the new format on Annual Work Report will not replace the regular system of recording ACR/APAR and would be filled up by the officer. As such the format for the ACR/APAR shall be as prescribed by DOPT from time to time


Whether the autonomous institutes can modify the ACR format to suit their specific requirements/job profiles. If so whether before doing so, consultation with the administrative Ministry/DOPT is necessary?


The organizations where FCS is applicable as per scheme of DOPT shall follow the instructions accordingly. For major deviations from the guidelines reference to DOPT with full justification shall be necessary


SOURCE-DOPT


Education loan – Think before educational Loan

Almost all banks offer education loan with attractive terms and conditions. They offer money for professional studies and higher studies. Students and parents can depend on this loan to get any professional degree. The repayment of loan should be started only after a fixed term such as one year or more and the term is considered as the period of getting a job after study. But is this education loan is helpful or harmful for the students and parents?

Payment of Interest from the beginning of Loan


Most of the banks allow a time span to start the loan repayment. But banks ask you to pay the interest from the starting of the loan itself and it will be a liability for the parents to pay back the loan interest soon after getting the loan. They are not ready to wait till the student get job to repay the interest part. The interest rate is also not low. The interest rate of education loan of a leading nationalized bank is as follows:- ( as on August 2011)

Education loan upto Rs.4 lacs the Interest rate is 13.75%

Above 4 Lakh but below 7.5 lackh the interest rate is 15.25%

Above 7.5 Lakh the interest rate is 14.25%

The parents should pay the interest, as per the above mentioned rate or according to the terms of the loan, from the very beginning of the loan. If the interest could not paid in time the banks may stop any further release of the loan amount and study may be discontinued due to the non availability of loan amount.

Repayment of Loan amount after specified term

The repayment of the principal loan amount should be started after one year of completing the course. Even if the student did not get a good job within one year of completing the course, he or she will be compelled to do any job which is not according to his/her qualification, to repay the loan amount.

Security is required for educational loan

Banks should ensure the repayment of loan. For this purpose they will ask any surety from the parents. The surety must be a mortgage of any property or personal surety. If the loan could not be paid back in time the mortgaged property may be taken over by the bank or the person who give surety must pay the amount. This is a normal procedure for any bank loan. But the student or parents should be ready to give any such security for getting the loan.

Investment experts may say to take an educational loan than paying the education expenses from the investments already hold by the parents such as Provident fund, pension fund etc. The reason is that the parents should suffer after their retirement and the students will be more responsible at the beginning of their employment, if they have to repay the loan amount. Think twice before taking an educational loan.

But we advise you if you have money, do not go for an educational loan. You can avoid the above mentioned problems and the hefty procedures for taking an educational loan. But better to take an educational loan than discontinued the study due to lack of fund.

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Wednesday, 28 September 2011

How to file Income Tax Return after due date

How to file income tax return, if the last date of filing income tax return is over and you are not filed your return in time. The last date of filing personal income tax return is 31st July every year. On or before 31st July, you should submit previous year’s income tax return. For example on or before 31st July, 2011 you had to submit the income tax return for the financial year 2010-11. In this case the financial year 2010-11 is known as previous year and the year 2011-12 is assessment year. Every 31st July you have to file the income tax return of the previous year. See the consequences of not filing IT return in time

You must be aware that you can file your income tax return even after 31st July of the assessment year. You can file your income tax return till the end of the assessment year. For 31st July, 2011 you can file the return till 31st March, 2013. But there are certain conditions and formalities to follow.

If you have no any tax dues

You have already paid the full tax and there are no any dues to be paid, you can file your income tax return till 31st March of the assessment year (This time it is 31st March, 2012) without any penalty. But if you overcome 31st March, 2012 you may be penalized by the assessing officer up to Rs. 5000/- You can file the return online free of cost through the income tax website. Find how e-file your IT Return

If you have tax dues

If you have any tax dues to be cleared and you could not file the income tax return on the due date of 31st July, you have to pay an interest for the tax dues @1% for each month after 31st Jul y till the time of paying tax and filing income tax return. If the tax liability is more than Rs. 10000 you were supposed to pay advance tax as per income tax rule and the interest must be paid from the advance tax period.

Error in TDS Certificate (Form 16)

IF you noticed any error in your TDS certificate issued by your employer in Form 16, you should file the return in time as per the TDS certificate and should approach the employer for a corrected Form16 and you could file a revised return without any penalty. If you could notice the error before filing your first return, you may file the correct details instead of filing wrong details.

The above matters can consider while filing income tax return after the due date, but remember to file the income tax return in time. If you are not able to file the return properly, please get help of any professionals and do not consider that the professional fee you are paying for filing your income tax return is a loss. You must remember that it is equally important to file the return in time just like paying income tax in time. You should not think that you have deposited all tax, then why should you take additional burden to file the return. As a responsible citizen of your beloved nation you must be aware that it is your duty to file the income tax return properly and in time.

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Tuesday, 27 September 2011

Life insurance, secure your family financially

Life insurance gives financial protection to the dependents of the insured from untimely death of the insured. This financial protection helps them to compensate the financial loss due to the untimely death of their bread earner.

We acquire different types of wealth in our life time, which includes, house, land, car, livestock, and business institutions etc. These assets may give us a regular income or convenient life. But these assets may be damaged or lost due to fire, theft, accident, natural calamities etc. Insurance does not give us protection against this type of damage or loss. An insurance company could not prevent these causalities. But an insurance company can give financial compensation against these loss or damage which will give a relief to the owner of the asset.

Just like other assets the life of a person also can consider as an asset which gives regular financial sources from his work or business. Life insurance is based on this assumption that every person is an asset which gives a regular financial benefit. The asset value of each person differs from person to person as per their job, ability, education etc. These abilities may be lost or decreased due to any illness, death or accident. When an untimely death of a person occurred, the financial source from such person is over and the dependents of the person could not survive without enough money to satisfy their needs.

Through life insurance we can cover the financial loss of an untimely death or disability of a person. The dependents will get money to compensate the life of their patron. The value of each person should determine themselves, when you join a life insurance policy. He may determine it as 5 Lakh, 10 Lakh, 25 Lakh, 50 Lakh etc. But this money should cover all the financial needs of his dependents. They should complete all their financial goals just like the insured is alive. So it is important to determine the sum assured and the insurance cover.

You may have to buy a house, complete the study of your children, marriage of your children etc. etc. Determine all your financial needs and assure that all these goals will be satisfied, even if your death happened unexpectedly. So fix the sum assured, the amount at which your dependents should get at the time of the untimely death of you.

Join a good term insurance policy with a good insurance company and ensure that your dependents will get the desired amount in time, if any miss happenings occurred to you. Term insurance gives high life insurance cover with low premium.

Join the insurance as early as possible and upgrade the sum assured when you feel that the sum assured is not enough to satisfy the above mentioned financial goals.

Take the insurance policy till your retirement or till the time at which you can earn a regular income to support your dependents.

Reveal all required information’s to the insurance company to ensure the claim would not be refused or delayed.

Totally through life insurance policy you can protect your family even after your death. So do it wisely.

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Monday, 26 September 2011

Employment News Job Highlights 24 Sept 2011

Job highlights of Employment News (24 SEPTEMBER 2011 - 30 SEPTEMBER 2011) Job shows below for the convenience of our readers those who wish to get good government job. Employment News is weekly which is published government job vacancies. These job highlights help you to know about the vacancies and if you wish to apply for any of these government jobs please refer the concerned edition of employment news.

Union Public Service Commission invites applications for various posts.

National Green Tribunal at New Delhi and benches at Bhopal, Chennai, Pune & Kolkata invites applications for various posts.

Indian Audit and Accounts Department requires Multi Tasking Staff (MTS).

25 Ammunition Company, C/o 56 APO invites applications for the posts of Mazdoors.

Central Ordnance Depot, Jabalpur invites applications for the posts of Laborers and Messengers.

Bharat Heavy Electricals Limited requires Engineers Trainees in 2012-13 in the disciplines of Mechanicals, Electrical Electronics through GATE-2012.

Staff Selection Commission, (Eastern Region) invites applications for various posts.

Staff Selection Commission notifies Junior Translators (CSOLS)/Junior Hindi Translators (in Subordinate Offices) and Hindi Pradhyapak (Central Hindi Training Institute) etc. Examination, 2011.

Nuclear Power Corporation of India Limited, Narora requires Nurse-‘A', Pharmacist-‘C 1', Dental Hygienist and Pathology Lab Technicians.

Air India Air Transport Services Limited, Mumbai requires Junior Executives Technical.

Indian Navy invites applications from unmarried Male and Female candidates for grant of Short Service Commission in Executive Branch (General Services) and Technical Branches.

Indian Navy invites applications from unmarried Male candidates for enrolment as Sailors-Sports Quota Entry 1/2012 Batch.

Those who are interested to apply for any of the abovementioned job should refer the employment news magazine for further details.

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Saturday, 24 September 2011

High Income from safe and secure investments

Investors are looking for getting high income from their investments and at the same time the investment must be safe and secure. This is the right time to invest your hard earned money in safe high income investments.

The Reserve Bank of India is controlling the money market to control inflation; the banks are trying to get maximum benefit out of it. They are increasing the interest rate. But the common man who has taken bank loans such as home loans, personal loans etc. are really in trouble form the increasing EMI (Equated Monthly Installments) or extending number of installments of their loan repayment.

But when the bank rate is increasing the interest rate of bank investments including fixed deposits also will be increased and this is a good chance to the investors those who like to invest in safe investments. Bank fixed deposits are the safest and secure deposits which can earn a good interest income at present.

The volatile stock market and uncertain mutual funds confuse the investors and at the same time they reduce the wealth of investors. But here in bank fixed deposits, there is no such volatility and uncertainty. You will get the same interest they offered at the time of opening a fixed deposit. At present the rate of fixed deposit is very high and you can enjoy maximum benefit from your investments.

Long term fixed deposits offer highest interest rate and one can deposit for a long term to get maximum benefit for your investments. Retired persons and serving people can get benefit from the current situation. IF you are a person who get a regular income like salary or rent also can start a recurring deposit with bank and can get benefit from this situation. If you invest Rs. 500 per month in recurring deposit for 10 years you can make around Rs. 1 lakh from the total amount of Rs. 6000 you have deposited in 120 months.

Both this recurring deposits and fixed deposits have liquidity also. Whenever you need money, you can withdraw these deposits with a small percentage of penal interest or reduced interest rate. You need not wait to raise the market.

Interest from bank fixed deposit it taxable and if the interest is Rs. 10000 or more, bank will deduct TDS (Tax deducted at source). If you have not taxable income for the financial year (income of Rs. 180000 for gents, Rs. 190000 for Ladies, Rs. 250000 for senior citizens- 60 years and above and Rs. 500000 for Very Senior Citizens – 80 years and above) you should submit Form 15H or Form 15Hg as the case maybe form not deducting TDS from your interest income.

This time of increasing bank rate avail maximum benefit from this special situation by investing in bank deposits.

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Friday, 23 September 2011

Buy DSP BlackRock - Series 13 - 3M

DSP BlackRock Mutual Fund launched DSP BlackRock - Series 13 - 3M on 22nd September, 2011. This elite mutual fund is a close ended income fund. The primary investment objective of the Scheme is to seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Scheme.

The offer price of one unit is Rs. 50 and the minimum reqfixed uired investment is Rs. 5000 and multiples or Re. 1 thereafter. The New Fund Offer will be closed on 26th September, 2011.

There is no Entry load or exit load. The exit load is not applicable because the scheme is a close ended scheme and the investor will get back the NAV at the time of maturity after three months on 26th December, 2011.

The DSP BlackRock - Series 13 - 3M will invest only in such securities which will be matured or could be encashed before the maturity date of the Mutual Fund. The New Fund Offer allows two options to its investors as growth option or dividend payout option. The scheme is supposed to be listed in Bombay Stock Exchange.

You can buy this mutual fund, if the scheme is suitable for your financial goals.

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Thursday, 22 September 2011

Claim 20000 Tax Exemptions with IFCI Bond

First Infrastructure bond in this financial year, attracts Income Tax exemption under section 80CCF claimed exclusively by Industrial Finance Corporation of India (IFCI). This is just after the report regarding the issue of Infrastructure bond by the Economic Times.  The report said that as per the direction of the Finance Ministry this financial year each issuers of infrastructure bond can issue 25% more volume that of last financial year (2010-11).

The issue of IFCI Infrastructure bond opened on 20th September, 2011 and the issue will be closed on 14th November, 2011. The date of closing may be extended or pre closed with 24 hours notice by the issuer. The date of allotment of the infrastructure bond is 12th December, 2011. The investor can claim Income Tax Exemption for Rs. 20000 in infrastructure bond under section 80CCF in addition to Rs. 100000 exemption under section 80C.

There are 4 options in the infrastructure bond as per the payment of interest and maturity date. The investor can choose the maturity after 10 years and 15 years. There is cumulative interest option and annual interest payment option in both 10 years and 15 years bond.

The Face value of one unit is Rs. 5000 in all options and the minimum required investment is one bond of Rs. 5000. The rate of interest for 10 years bond is 8.5% and for 15 years bond is 8.75%. If cumulative option you will get Rs. 11305 and Rs. 17596 at maturity respectively for 10 years and 15 years bond on 12th December, 2021 (for 10 years bond) and 12th December, 2026 (for 15 years bond). For annual interest payment option the Coupon payment date of interest is 12th December every year till maturity.

If you are interested to buy the IFCI Infrastructure bond apply with crossed “Account Payee Only” Cheque/Demand Draft/Pay order in favor of, “IFCI Limited – Infra Bond” Or apply online through your Online Trading Account.

Infrastructure bond issued by Industrial Finance Corporation of India (IFCI), Life Insurance Corporation (LIC), Infrastructure Development Finance Company (IDFC), India Infrastructure Finance Company Ltd (IIFCL) and Non-Banking Financial Companies (NBFCs) classified as infrastructure finance company by RBI are eligible for getting Income Tax Exemption under section 8oCCF.

Those who are looking for saving maximum tax, infrastructure bonds are good option. But the interest received from infrastructure bond is taxable even if there is no TDS deducted at source.

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Tuesday, 20 September 2011

Online term life insurance is cheapest insurance

An online term life insurance can offer much cheaper life insurance cover than all other life insurance schemes. Term life insurance is the cheapest insurance plan which gives you the maximum life cover with minimum policy premium. Term insurance has not any other offers. It offer a sum assured at the time of the death of the policy holder. It does not offer money back or any such other interim benefits. So the insurance company can provide it with a lower premium.

Online insurance policy can be purchased through online directly from the insurance company also offer low premium than offline insurance policy. Agent commission can be avoided, when you purchase insurance policy online. Most of the insurance companies offer much cheaper insurance premium while you apply through online.

While the term life insurance plan is so cheap and if it is purchasing through online, online term life insurance can offer the cheapest insurance cover. With low premium you can purchase a good online term life insurance for a long term.

Normally life insurance policy is for getting money when the untimely death or disability of the bread earner of the family. So the term insurance cover should be taken for the maximum term and the maximum affordable amount. The family should survive with the amount which can be received at the time of untimely death of the insurer. When you take such term life insurance policy online you can get the maximum life cover with a minimum possible premium.

Before you apply online insurance you can compare various products of various insurance providers with a few mouse clicks. But when you choose an insurance provider just ensure the reliability of the insurance firm. Always take an insurance policy only from a reliable insurance provider. You should check the reliability also when you go for an online insurance policy. Just check the percentage of rejecting claim and reasons of rejection etc. Recent information reveals that the Life Insurance Corporation of India (LIC) is also planning to introduce online term life insurance policy.

Give all required information truly. It may affect the claim awarding process. So take an online term life insurance policy and stay in with peace of mind.

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Monday, 19 September 2011

Employment News Job Highlights 17 Sept 2011

Important Government Job Highlights of Employment News (17th September, 2011 – 23rd September, 2011) are follows. This is for the convenience of our readers who seek a good government job. Those who are interested to apply for any of the following government job please refer the employment news weekly or visit the official website of employment news.

Recruitment of Havildar Education in Group ‘X' and ‘Y' in Army Education Coprs in the Indian Army.

The Indian Army invites applications for grant of Permanent Commission/Short Service Commission 10+2 Technical Entry Scheme.

Indian Air Force invites applications from unmarried Outstanding Sportsman (only Male Indian Citizens) for selection as Airmen in Group ‘Y trades.

Various posts in Indian Rare Earths Limited, Mumbai.

Commandant CVD Delhi Cantt. C/o 56 APO requires LDCs, Cook and Fireman.

SAI (Sports Authority of India), New Delhi requires Junior Scientists Officers and Junior Scientific Assistants.

Job Vacancy of Credit Officers in Union Bank of India.

Vacancy of Mazdoors in 26 Ammunition Company C/o 56 APO.

Kendriya Vidyalaya Sangathan, New Delhi invites applications for the posts of Assistant Commissioners and Education Officers.

Stipendiary Trainees (Category-I & II) are wanted in Raja Ramanna Centre for Advanced Technology, Indore.

Indian Ordnance Factory, Jabalpur invites applications for various posts.

ISRO (Indian Space Research Organisation), Nellore requires Technician B and Hindi Typists.

The Naval Dockyard, Mumbai invites applications from ITI qualified persons in various trades for enrolment to Apprenticeship Training under Apprentices Act, 1961.

If you wish to apply any of the above mentioned job, please refer the employment news weekly (17th September, 2011 – 23rd September, 2011) for more details such as educational qualification, experience, emoluments etc.

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Sunday, 18 September 2011

LIC Jeevan Anand Plan benefit to insured & nominee

LIC Jeevan Anand plan is a plan with combined benefit of whole life plan and endowment assurance plan. It is a Profit Assurance Plan and it is one of the most popular LIC schemes. It gives the pre-decided sum assured and bonuses at the end of premium paying term, but the risk cover continues till the death of the policy holder.

In Jeevan Anand plan the premium payment term is limited as per the option of the policy holder and at the maturity the sum assured and bonus will be given to the policy holder. The insurance cover will continue till the death of the policy holder. This is just like whole life policy. 

There is no any additional premium should be paid after the maturity of Jeevan Anand Plan. But the policy holder should pay premium for double accidental insurance till 70 years of age even after the maturity of the plan.

After three years of the commencement of the policy, the insurer can take loan against the surrender value of the policy.

At the end of the pre decided term the policy holder can receive the sum assured and accumulated bonus just like endowment plan. 

Even after the maturity of the plan the insurer is supposed to pay premium for double accident benefit till the age of 70 years, but the maximum accident benefit is fixed to Rs. 5 Lakh.

One of the important specialties of this Jeevan Anand Plan is that if the insurer stops paying premium after three years of payment the sum assured is considered as a lover amount and the policy will be continued as the reduced sum assured policy.

If the insurer dies before the end of premium paying term (before maturity of the policy) the sum assured is payable along with the accrued bonus. If the insurer is surviving when the premium paying term is over the insurer will get the sum assured and bonus accrued during the premium paying term.  And when the policy holder dies after the maturity of the policy the nominee will get an amount equals to sum assured.  No bonus is payable, if the death occurs after the premium paying term (maturity).

The LIC Jeevan Anand policy is suitable for those who wish to get the benefit of an endowment plan and at the same time it gives the benefit of a whole life policy with a nominal additional premium amount other than that of endowment plan. It provides sum assured and bonus at the end of the premium paying term which is considered as the maturity of the plan and the risk cover is continues till the death of the insurer.  In that way it gives benefit to the insurer and at the same time beneficial to the nominee, whenever the death of the insurer happened. No doubt it is a double beneficial plan. Other insurance plans give benefit either to the insurer or to the nominee. But Jeevan Anand Plan satisfies both the insurer and the nominee.


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Friday, 16 September 2011

LIC payments directly to your bank account

Life Insurance Corporation of India will send all payments including Survival Benefit, Maturity, Loan, Surrenders, and payments of Pension & Group Schemes etc., directly to your bank account.  This is for ensuring speedy deposit of money to your bank account and also as per the transparency drive of the Government of India.

This facility will start immediately from 01st October, 2011. All insurance policy holders and beneficiaries of LIC are requested to submit their Bank account details by filling e-payment mandate form to any of the servicing LIC office which holds at least one of your policies listed in the e-payment mandate.

Individual policy holders should submit e-payment NEFT (National Electronic Funds Transfer) Mandate and P&GS (Pension & Group Schemes) Master policy holders. Beneficiaries, annuitants etc. should submit P&GS Mandate.

The form is very simple to fill which asks

Policy numbers (You can fill all your LIC policies in one format)

Name of the policy holder/Claimant (Should be exactly match with the name of your Bank Account)

Name of your Bank (Check whether your bank is NEFT enabled)

Address of your Bank Branch

Type of your Bank Account (Savings a/c, Current a/c etc.)

Bank Account Number (Please do not submit your NRI Account Number – NRI Accounts are guided by FEMA regulations and LIC decided not to transfer to NRI A/c)

IFS Code of your Bank (available from your check leaf)

Your Mobile Number

E-mail ID (better to fill email ID in Capital Letters)

Fill you consent, whether you are ready to receive SMS/e-mail alert related with your policies.

You should enclose a Cancelled Cheque Leaf and the copy of the relevant page of your Pass Book which contains your Name, Bank Account Number and IFS Code (If your cheque leaf does not contains your name)

If there is any further change in any of the details submitted, you should submit the format again with the changed details. If you are receiving annuity payment through ECS mode you can opt to continue ECS mode or NEFT transfer.

If you didn’t get the amount by NEFT after two days of the due date of the payment, the policy holder should contact the concerned LIC branch where the payment is due.

Advantages tothe Policy holder

If the policy holder shifted to any location, he can get the amount credited in his/her bank account in time with speed, accuracy and security without any extra charges.

SMS & email facility help you to know the transfer in time.

The Transfer is supported with Unique Identity No (UID) and the customer can track the transaction easily.

Both the forms (for individual Insurance policy holders & P&GS policy holders) are available from all Life Insurance Corporation offices or can be downloaded from the following links.

Individual Policy NEFT mandate

P&GS mandate

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Thursday, 15 September 2011

7% Dearness Allowance Declared from July 2011

The Union Cabinet today approved 7% Additional Dearness allowance (D.A) with effect from 01st July, 2011 to all central government employees. The existing D.A is 51% and now it is increased to 58% from July, 2011. Almost all financial website posted an expectation of declaring 7% D.A from July, 2011.

The benefit of the declaration of new D.A hike is around 50 Lakh employees and the benefit or Dearness Relief for around 40 Lakh pensioners.

Transport allowance also will be increased by 7% due the new D.A Hike. The new transport allowance is shown below for various categories.

When Grade pay is more than or equals to Rs. 5400, the existing Transport Allowance is Rs. 4832 and the New Transport Allowance will be Rs. 5056 (3200 x 158%). There is a difference of Rs. 224.

If the grade pay is below Rs. 5400 and the Basic pay (Basic pay – Grade Pay) is more than Rs. 7440, the existing Transport Allowance is Rs. 2416 and the New increased Transport allowance will be Rs. 2528 (1600 x 158%). The difference is Rs. 112.

When the Grade Pay is less than Rs. 4200 and the Baisc Pay (Basic pay- Grade pay) is less than 7440, the existing Transport allowance is Rs. 906 and the new Transport allowance will be Rs. 948 (600 x 158%). The difference is Rs. 42.

Dearness allowance is calculated on the basis of All India Consumer Price Index (AICPIN) for the past 6 months.  The last installment of D.A declared w.e.f January, 2011 was 6%.

The D.A Increase gives more monitory benefit to Central Government Employees than annual increment, which is only 3% of the basic. But the Dearness allowance is more than that the rate of annual increment and it declares twice in a year. The Transport allowance also will be increased accordingly when the D.A is increasing. But not in the case of Annual increment except the clause of the basic reaches Rs. 7440 for grade pay less than Rs. 4200.

We hope that the ad hoc bonus and D.A increase will give some relief to all government employees in this festival season from the escalation of price of all necessary items.

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Wednesday, 14 September 2011

Ad-hoc bonus for Central Government Employees

Government of India sanctioned non-productivity linked bonus of Rs. 3500 to all Group D Central Government Employees, Armed and Para military forces personnel. The bonus will be 30 days emoluments for the accounting year 2010-11, but the maximum amount of bonus will be Rs. 3500/-.

The declaration of ad-hoc bonus is intimated through an office memorandum issued by Finance Ministry. Bonus will be given to all non gazetted employees in group B, if they are not covered any productivity-linked bonus scheme.

As per the memorandum issued by the Finance Ministry, the Bonus also will be admissible to the central Police and Para-military personnel and personnel of armed forces.

This ad-hoc bonus is applicable to the employees of Union Territory Administration, which pays central government pattern of emoluments and not covered by any bonus scheme or ex-gratia scheme.

The ad-hoc bonus will be admissible to the employees those who were in service on 31.3.2011 and have rendered at least six months of continuous service during the year 2010-11.

The calculation of bonus is the average emoluments in a year will be divided by 30.4 (average number of days in a month). This will thereafter be multiplied by the number of days of bonus granted. ie, thirty days bonus would be worked out to Rs.3500 x 30 / 30.4 = Rs.3453.95 (rounded off to Rs.3454).

Calculation of bonus for casual labour who have worked in offices following a 6 days week for at least 240 days for each year for 3 years or more (in case of 5 days in a week, 206 days in each year for 3 years or more) is Rs.1200 x 30 / 30.4 = Rs.1184.21 (rounded off to Rs.1184). All payments should be rounded to the nearest rupee.

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Tuesday, 13 September 2011

Online Accounting Degree Programs for Investors

Online Accounting Degree Programs make you to know the accounting aspects which help you to become a good investor and also help you to build a strong financial background. You can realize your own financial matters and can do analysis of financial instruments which enables you to handle all your money matters easily.

As a business person you can learn accounting procedures and tax laws through online accounting degree programs, which will make you a good professional business man or woman.

If you are looking for a good job, no doubt this online accounting degree program help you to be a good well paying accounting professional in any private or public sector undertakings.

You can learn financial accounting, risk management, cost analysis, tax laws and tax calculation, personal finance, financial management, budgeting and budgetary control etc., through online accounting degree programs.

The Online accounting Degree Program helps you to develop communication skills to communicate effectively in all your dealings, especially in financial dealings.

As a good financial person, you can control all your investments and financial matters yourself. So you can be a good investor.

When you learn accounting lessons online you can find out your own time to learn it and also can learn speedy or slowly as you wish and as per your convenience.

These Accounting programs teach you to handle advanced financial software which you can learn all online financial dealings and transactions.   When you get enough accounting knowledge you could not be cheated by others easily.

You can see so many such online accounting degree programs on internet which make you a good financial expert. Some online accountings websites and universities offer free accounting degree where you can enroll free of cost and learn all aspects of accounting. You just devote your time and learn it, become a good investor and a good accounting professional, if you wish to be an accountant.

Monday, 12 September 2011

Employment News Job Highlights 10 Sept 2011

Job highlights of Employment News (10 SEPTEMBER 2011 - 16 SEPTEMBER 2011) are shown below. These are government jobs advertised in the Employment News weekly. This is for the convenience of our readers those who are looking for a good government job. If you are interested in any of the following job vacancy, you should read the present edition of employment news or visit the website of employment news for more details.

UPSC (Union Public Service Commission) invites applications for various posts.

(PSC) Public Service Commission, Uttar Pradesh invites applications for various posts.

Staff Selection Commission (Southern Region) invites applications for various posts.

Vacancy of Senior Officers (F&S) and Senior Engineers (Boiler Operations) in GAIL (India) Limited.

Vacancy of E&P Professionals GAIL (India) Limited.

Aryavart Gramin Bank, Lucknow requires Officers Scale-III, Group-‘A’, Officer Scale-II-Group ‘A’, Officer –Scale-I-Group ‘A’ and Officer Assistants (Multipurpose) Group ‘B’.

BHEL (Bharat Heavy Electricals Limited), Bangalore requires Project Engineers.

BHEL (Bharat Heavy Electricals Limited) requires Artisans.

Agricultural Scientists Recruitment Board, New Delhi notifies Agriculture Research Service/National Eligibility Test Examination, 2011.

Vacancy of Professionals in Technical and Non-Technical disciplines in Pragati Power Corporation Limited, New Delhi.

14 Corps Ordnance Maintenance Company, Leh requires LDC’s, Fireman, Storekeepers and Carpenter.

Job Vacancy of LDCs/, Lascar, Safaiwalas, Watchmen etc in Indian Air Force.

Indian Air Force invites applications for recruitment of Group ‘C’ Civilian Posts.

ESI (Employees’ State Insurance Corporation), New Delhi requires Professors, Associate Professors and Assistant Professors.

If you wish to apply for any of the abovementioned government job, we strongly advise you to visit the concerned website or read Employment News (10 SEPTEMBER 2011 - 16 SEPTEMBER 2011) for more details such as educational qualification, experience, salary details & how to apply for the job.

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Sunday, 11 September 2011

Investment News Letter 11th September, 2011

This is the 18th Edition of Investment News Letter. This week we have add a new page named Latest Mutual Funds which is listed the newly launched mutual funds (New Fund Offering- NFOs) for the convenience of our readers. As you know Mutual Funds are the best way of making money from stock market and Financial Market with doing much effort from the side of investor. The link on top right hand side of the menu bar leads you to the new page named Latest Mutual Funds. Just visit the page frequently and find suitable mutual funds which satisfies your investment goals.

Top Ten tax saving investment options 
Income Tax Act allows you to invest in certain tax saving investment schemes and save tax for the same under section 80C, 80CCF and some other sections. Continue reading ?



7% D.A may be announced from July, 2011 
The union Cabinet committee may decide 7% Additional Dearness Allowance to Central Government Employees and Dearness Relief to pensioners from July, 2011 Continue reading ?



Credit card is a boon or bane 
A credit card allows you to make cashless purchase through online and offline, Online utility bill payment, withdraw cash whenever necessary etc. Continue reading?



Health Insurance Covers Huge Hospital Bills 
Health insurance protects us from uncertain huge expenses due to severe ailment or accident. A common man could not meet hospital bill these days. Continue reading ?



Term Life Insurance, high cover, low cost 
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BNP Paribas Fixed Term Fund – Series 22 D 
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AICPIN for the Month of July 2011 is 193 
AICPIN-IW (All India Consumer Price Index Number for Industrial Workers) on base 2001=100 for July, 2011 increased by 4 points and stood at 193 points. Continue reading ?



Muthoot Finance Non Convertible Debentures 
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Online Insurance Plan is Convenient & Cheap 
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NPS or New Pension Scheme is attractive 
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Top Ten tax saving investment options

Income Tax Act allows you to invest in certain tax saving investment schemes and save tax for the same under section 80C, 80CCF and some other sections. You can invest in these schemes up to a certain limit and can reduce the amount from your total income and should give income tax only for the remaining income. Top Ten such Tax saving investment Schemes can be classified in to Income Schemes, Insurance Schemes and Equity related Schemes.

Tax saving income schemes includes Public Provident Fund (PPF), Employee Provident Fund (EPF),  Tax-saving Bank Fixed Deposits, National Savings Certificate (NSC) Senior Citizens Savings Schemes and Infrastructure Bonds.

Equity related Tax Saving Schemes are Equity Linked Savings Schemes (ELSS), Unit linked Insurance Plan (ULIP).

Insurance related Tax Saving Schemes are Life Insurance Schemes and Medical Insurance Schemes.

All the above Tax Saving Schemes except Medical Insurance and Infrastructure Bond come under section 80 C of income tax act where a total of Rs. 100000 can be exempted from your income. Even if you invest more than Rs. 100000 in all the schemes which come under section 8o C, you can claim an exemption only for Rs. 100000.

Under Section 80CCF you can claim up to Rs. 20000 for investment in Infrastructure bonds of approved financial companies. Then the aggregate amount of Rs. 120000 can be exempted under both sections 80 C and 80 CCF.

But for medical insurance you can claim a yearly premium up to Rs. 15000 for the medical insurance of your family including spouse and children.  If any of the insured person  is a senior citizen (Those who completed the age of 65 years – 60 years is not considered as a senior citizen  for this case) the maximum amount under would be Rs. 20000. And you can claim another Rs. 15000 for the medical insurance of your parents or parents in law (Those who completed the age of 65 years – Age 60 years is not considered as a senior citizen for this case)

PPF (Public Provident Fund) and EPF (Employees Provident Fund) are come under EEE (Exempt Exempt Exempt) tax saving scheme which means the tax is exempted when you invest the money; tax is exempted when you get income (interest) and tax is also exempted when you withdraw the money at maturity. So you will get an interest free income from both of these tax saving investment schemes.

We strongly advise you to invest in tax saving schemes, which help you to reduce your tax liability and enhance your investment and investment habit.

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Wednesday, 7 September 2011

7% D.A may be announced from July, 2011

The union Cabinet committee may decide 7% Additional Dearness Allowance to Central Government Employees and Dearness Relief to pensioners from July, 2011. Official sources said this matter and the decision may be on 08th September, 2011.

The present D.A is 51% and it may be increased to 58% after the announcement of additional 7% D.A hike. This new installment of Dearness allowance will be given to all central government employees with effect from 01st July, 2011. The new Dearness relief to central government pensioners also will be available from 01st July, 2011.

This Dearness allowance is to compensate the price hike of essential commodities and according to the average All India Consumer Price Index Numbers for Industrial Workers (AICPIN-IW) and this benefit will be available for around 50 Lakh Government Employees and around 40 Lakh Pensioners.

D.A Increase From July 2011

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Tuesday, 6 September 2011

Credit card is a boon or bane

A credit card allows you to make cashless purchase through online and offline, Online utility bill payment, withdraw cash whenever necessary etc. No doubt it is convenient and a useful. But here let us determine a credit card is a boon or bane.  Through credit card you can make interest free credit for a short while, but if you fail to pay within the stipulated time you have to pay a heavy fine and interest from the day of purchase.

Some banks allow you to withdraw money from your savings account through credit card attached with the account and also allows you to pay credit card bill as auto debit facility. But if your savings account does not have enough balance, the bank debits a heavy fine which may be almost half of the bill amount with a minimum amount. It may debit Rs. 500 for a 600 unpaid bill.

IF you get a free service charge credit card, it is good. Some credit cards charge an annual fee. Please go through the terms and conditions of the credit card to know whether they charge an annual fee or not. Some credit cards charge annual fee from somebody else and free charge for others as per the bargaining capacity of the holder of the credit card.

Credit cards allow you to purchase things with an interest free period. But be cautious about whether they changed the policy and withdraw the interest free period to avoid a heavy interest loss. Credit card charges around 2% to 3% interest per month.

Credit card allows you to withdraw cash from Automated Teller Machines (ATM). But you must be aware that each cash withdrawal charges a processing fee of around 2% of the withdrawal amount and there is not interest free period for the cash withdrawal. You have to pay 2% to 3% interest per month from the very first day of each cash withdrawals.

Some credit card allows you to get cash back facility. A certain percentage of your purchase subjected to a maximum limit will give you back after the payment. But most of the credit cards will withdraw this facility by issuing an upper level credit card after a few months of issuing the first credit card.

Credit card is convenient to purchase things online and offline even when the end of the month where there is no ready cash with you. But be cautious about your purchase. Always purchase only necessary items. Unless you could not pay off the credit card bill fully in due date and will loss a heavy interest and penalty.

Credit card allows you to take loan through credit card without providing any documents. But be cautious that the interest on loan may be very high that of loans available from banks.

Credit card gives you a chance to pay in EMI for large purchase amount. But this EMI will charge a processing fee and interest.

Most of the credit card allows you reward points which may be exchanged for any goods or services. But be remembering that the credit card allows exchanging these dividends with the things or services of the firm where the credit card attached with a partnership program. If you are a person who travels more should carry a credit card which allows discounted food, hotel facility and travel facility. So choose a credit card according to your life style.

Last but not least you must remember that an annual payment of credit card over Rs. Two Lakh attract a query from the Income Tax office whether you disclose the credit card payment in your income tax return or not. You are liable to disclose your credit card payment, if it is more than or equals to Rs. 2 Lakh in a financial year.

A credit card can be boon or bane and it is according to the person who uses it. Read carefully the terms and conditions of the credit card and update frequently the changing terms of credit card. When you offer an upgraded credit card, always ask them the difference and extra charges of the new credit card apart from the present one. You should say yes only when you get some additional advantage and do not have any extra loss.

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Monday, 5 September 2011

Employment News Job Highlights 03 Sept 2011

This edition of Employment News 03rd September, 2011 – 09th September 2011 has so many important Government Job Vacancies. Job highlights of Employment News 03rd September, 2011 – 09th September 2011 are listed below for our readers. If you are looking for a good government job and any of the following jobs is interested by you, you may read the current Employment News for more details.

Applications are invited by UPSC (Union Public Service Commission) for the post of Deputy Legal Advisers against Special Advertisement No. 50/201.

Result of the Civil Services (Preliminary) Examination, 2011 declared by UPSC (Union Public Service Commission).

Central Employment Exchange invites applications for various posts.

Applications invited by The Indian Army for grant of Short Service Commission in Remount Veterinary Corporations.

Vacancy of Executive Trainees in GAIL (India) Limited.

Reserve Bank of India, Service Board. Mumbai requires Officers in Grade ‘B’ (General).

Professionals are wanted by Engineers India Limited, New Delhi.

Vacancy of Management Trainees in Engineers India Limited, New Delhi.

Institute of Banking Personnel Selection Conducted a Common Written Examination (CWE) for recruitment in Clerical Cadre in 19 Public Sector Banks.

HAL (Hindustan Aeronautics Limited) , Koraput Division requires Assistant Engineers (Grade-I), Assistant Medical Officers (Grade-I), Security Officer (Grade-II), Fire Officer and Senior Medical Officers (Grade-III).

Vacancy of  Chief Managers, Additional Controllers, Additional Superintendent, Managers and Management Trainees in Uranium Corporation of India Limited, Jharkhand.

Guru Gobind Singh Indraprastha University, Delhi requires Dy. Registrar, PRO, Medical Officers, Assistant, Junior Assistants etc.

NTPC-SAIL Power Company Private Limited, Rourkela invites applications for various posts.

If you wish to apply any of the above government job vacancy, we strongly recommend to read the Employment News 03rd September, 2011 – 09thSeptember 2011 for more details such as educational qualification, experience, pay scale, how to apply for the job etc.

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Sunday, 4 September 2011

Investment News Letter 04th September, 2011

The 17th edition of the Investment News Letter brings you more insurance related articles with other articles includes health insurance and term insurance. The first two articles narrate the need of health insurance and term insurance for common man. He could not afford the medical treatment at present. Health insurance acts as an important shield against huge hospital bills. Term insurance rules out all worries of common man about his dependents due to uncertain future with lowest cost.
Health Insurance Covers Huge Hospital Bills 
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Term Life Insurance, high cover, low cost 
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BNP Paribas Fixed Term Fund – Series 22 D 
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AICPIN for the Month of July 2011 is 193 
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Employment News Job Highlights 27 AUG 2011 
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Saturday, 3 September 2011

Health Insurance Covers Huge Hospital Bills

Health insurance protects us from  uncertain huge expenses due to severe ailment or accident. A common man could not meet hospital bill these days. Even the treatment of a viral fever also costs around Rs.50,000 to Rs. 100000. In such a scenario health insurance gives us the cover of treating such uncertain ailments. Health insurance saves money and cover unexpected calamities.

Health insurance also covers disability due to accident or fatal decease. We can make our unpredictable life; safe and secure from heavy losses up to certain extend with a well planned health insurance. An affordable Health insurance brings us assurance and freedom from insecurities and worries of our life.

Health insurance covers medical treatment for illness and accidents and avoids our worry about expensive treatment. Increasing medical expense is unreachable to common man and he could not give proper treatment for himself and his family. But health insurance makes it possible. You must take a health insurance cover almost equal to your annual income.

Normally almost all health insurance policy does not require a medical check up till the age of 45 years and some plans earmarked for senior citizen do not require a medical checkup before joining the health insurance policy.

Most of the insurance companies ask for age proof and identity proof for joining health insurance policy. You must go through the terms and conditions of the policy about medical checkup, cash less hospitalization, critical illness cover, major surgical cover, accident cover, disability cover etc.

Health insurance premium gives you some tax benefits also. Before join a health insurance scheme compare various health insurance schemes of various companies and select a best suited plan for you. Remember that you must not hide any required details while filling the application form. Online health insurance policies may be much cheaper than offline policies. Clear all your doubts about claims and claiming procedures to avoid unnecessary tension while you need the insurance cover.

A good health insurance cover is a must for common man to meat unexpected hospital bills during illness or accident. So go for it without hesitation. LIC Jeevan Arogya is special type of health insurance plans gives insurance cover even if you received another health insurance claim.

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Friday, 2 September 2011

Term Life Insurance, high life cover, low cost

Term life Insurance is a good insurance option to get a high risk cover with minimum premium. Term Life Insurance plan covers only risk, there is no any other savings option in it. If you are looking for a good high risk cover, to save your family from an unexpected and untimely death of the bread earner, and at the same time you want to minimize the cost of such insurance, term life insurance is the best option for you.

Under term life insurance you can choose the protection of the insurance cover for a fixed time or term. If you start such insurance at an early age, the premium will be much lesser than starting Term Life Insurance at a later age. Anybody can take such an insurance policy without considering your age, sex or work.

You can compare term insurance plan of different approved insurance companies and go for a suitable plan for you. If you join a Term Life Insurance online you can reduce the premium a little bit more. Then the insurance will be cheaper for you.

If you lead a healthy life style just like not using tobacco or do not have a smoking habit etc., you can avail more discounts. Some insurance companies offer rebates and benefits for female policy holders.

When you go for a Term Life Insurance plan or any other insurance plan do not blindly believe the agents, just read out the terms and condition of the policy and also disclose all required details truly. Unless if any misshapenness occurred to you, your dependents may not get the real risk cover as you wish.

Term life insurance policy can insure you against life risk over a period of time with an affordable cost. So take the policy for a long period of time according to your requirements, and as per the terms and conditions of the insurance policy and the insurance company to get maximum benefit.

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Thursday, 1 September 2011

BNP Paribas Fixed Term Fund - Series 22 D

BNP Paribas Mutual Fund launched a new closed ended Fixed Maturity Plan (FMP) named BNP Paribas Fixed Term Fund - Series 22 D. The Investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

The BNP Paribas Fixed Term Fund - Series 22 D is a closed ended income fund (Mutual Fund)  with a maturity of 369 days from the allotment of the FMP. Offer price of one unit is Rs. 10 and the minimum required investment is Rs. 5000 and multiples of Rs. 10 thereafter. The New Fund Offer (NFO)  already launched in the market on 24th August, 2011 and the closing date of NFO is 07th September, 2011. There is no entry load or exit load for the scheme.

The New BNP Paribas FMP offer two investment options named growth option and dividend payout option. The scheme will invest 100 percent of the pooled money in debt instruments and money market financial instruments with low and medium risk. Mr. Alok Sing will manage the fund.

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