How to handle your credit card and credit card bill

Posted on April 9, 2012 by Jerry Jose
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Credit card is wonderful instrument of credit which allows you cash free purchase and balance free purchase. Even If you do not have balance in your bank account you can purchase whatever you want through online or offline. Yes it is a convenient instrument of credit. But at the same time it is a dangerous instrument also.

We can hear so many live stories those who become insolvent with credit card and even it causes divorce, suicide etc. If you handle this wonderful plastic instrument of credit with care you can avoid all these and can save money with it. Following are the tips you must follow while handling credit card

Know your credit card: You must know all terms and conditions of the credit card which you have. You must know the credit limit of the card, billing date, cash withdrawal date, interest of the amount due, balance transfer, due date of the payment, interest on EMI, additional charges, hidden charges, annual fee etc about your credit card.

How many credit card you own: You may have more than one credit card and they may be from different banks. Write down the names and numbers of all credit cards you have, minimum payment of each card and interest rate. Please note down the helpline number of each credit card also which may be useful when you want to contact the credit card customer care.

Rate of interest: You can consider the credit card with lowest interest rate first for reducing the cost of credit card and related payments.  So have a thorough knowledge about the credit card interest rate.

Pay highest interest first: While paying your credit card bill, give priority to pay off the credit card with highest interest and highest penalty. You must pay off the full dues and if you could not afford, do not forget to pay at least the minimum dues. But remember that you have to pay interest not only for the remaining balance after the minimum payment, but also for the further purchases from the first day of the purchase.

Priorities your credit card payment: By any reason pay off your credit card bill and credit card dues first, because it costs you more than any other loan. When you get the credit card bill, note down the dues and date of payment any visible place to pay it in time.

Request for a reduction in interest rate: You can request to your credit card provider to reduce your interest rate. They may accept your request, if you are a long time customer. They issue another credit card with reduced rate of interest which will reduce your credit card cost a little bit. If they refuse your request, go for another credit card provider with low interest and transfer balance from high interest credit card to low interest credit card.

Increase your credit score: Remember that timely payment of your credit card bill increase your credit score and when you apply for a loan this credit limit is a plus point to sanction you loan amount. Timely payment of your utility bills and loan repayments also will increase your credit score.

Customer is the king: Do you know that in this business world customer is the king? You can continue as the king only if you handle things wisely and carefully, unless the king will be a slave of credit card debt. So handle your credit card with care.

Consider credit card as cash: When you buy things with cash you purchase only necessary items. But with credit card, you may have the tendency to buy unnecessary items and costly items. Consider the credit card as cash and buy things only when you need it.

Avoid add on cards: Credit card companies lavishly offer add on cards to your spouse and kids. But be aware about the dangerous of such add on card. One of my friend kept add on card, in the name of his spouse, in safe custody and never taken it out. Sometimes you also should practice this.

If you follow these instructions and all terms and conditions of your credit card provider wisely you can make benefit from credit card. You can save a lot with credit card such as interest free credit period, reward points, partnership card, cash back offer, discounted price offer, convenient online purchase etc. So enjoy with your credit card and do not allow accumulating the credit card debt.

How to Handle credit card

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An Inspirational Easter Greetings

Posted on April 8, 2012 by Jerry Jose
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Easter brings us happy and joy. It is really a victory of life over death. The risen Lord gives us hope and expectations which lead us to victory. From each fall we must learn to rise. From each loss we should gain. Here our journey of investment, from nothing to everything, we must be hopeful to attain our goals, our financial goals.

Jesus Christ was hopeful when he was crucified, because he had a foresight. As an investor we also should have foresight. If we know where we would fall, we can be cautious. But we should be able to anticipate a fall as early as possible.

Warren buffet, the famous investment guru could anticipate the fall and rise of stock market and he wins every time. If we know that there is a trap, we can avoid that trap. Experience is the best teacher. Get enough experience to win always.

I f you want to get enough experience, you must face problems. After a few losses you will learn to win. Here in this Easter season, we investmentsand money.com wish all our readers and visitors a happy and hopeful Easter. May the risen Lord always bless you to win throughout your life. 

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AEGON Religare iTerm Plan, high life cover low cost

Posted on April 6, 2012 by Jerry Jose
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Pure term life insurance gives real insurance protection for your life with lowest premium. Now almost all insurance companies provide term life insurance plan. A pure term life insurance plan gives high life cover with least annual premium and it compensate financially the untimely death of the insured. Term life insurance plan is the best life insurance plan to protect the financial future of the dependents of the insured. If planned well, the high life cover or sum assured, say Rs. 50 Lakhs, 1 Crore, 2 crore etc. are enough to protect the financial future of the family of the insured.

AEGON Religare iTerm plan is such a term life insurance plan which is suitable for the life insurance need of a person who wishes to secure his or her family. AEGON Religare iTerm plan is an online term life insurance plan which allows covering the life of the insured till he or she reach the age of 75. The latest form of the term life insurance plan has a built in terminal illness cover and has three rider options.

AEGON Religare iTerm Plan

The important features of AEGON Religare iTerm Plan are (1)  Pure Term insurance plan (2)  Inbuilt terminal illness cover (3) Accidental death benefit rider (4) Waiver of premium on critical illnes rider (5)  Women critical illness rider (6) Longer term policy – till the age of 75 years and (7) Online process. With all these features the Term life insurance plan has a separate entity from other term life insurance plans.

Minimum and Maximum Sum Assured: The minimum sum assured of AEGON Religare iTerm Plan is Rs. 10, 00,000 and there is no limit for maximum sum assured. 

Minimum and Maximum Age of entry: Minimum age of entry for the AEGON Religare iTerm Plan is 18 years of age and the maximum age of entry is 65 years.

Maximum Maturity Age: The maximum maturity age of the online term life insurance plan is 75 years.

Minimum and Maximum term: The minimum insurance term of the AEGON Religare iTerm Plan is 5 years and the maximum term is 40 years or the age of 75 years. A person can insure his life till he reaches the age of 75 years.

Premium payment term: The premium payment term of the online term life insurance is equal to the policy term, for example if a policy is for 30 years the premium payment term is also 30 years.

Frequency for premium payment: There are two options for the payment of premium. One is annual premium payment which allows you to pay premium every year of the policy term and the second one is one single premium.

Premium Amount: The premium payment of the AEGON Religare iTerm term life insurance plan for a 25 year old non smoking man for a life cover (sum Assured) of Rs. 1 crore is as follows. All applicable taxes will be extra with the following amounts.

Sum Assured                   :        Rs. 1, 00, 00,000

Age of Entry                    :        25 years

Term of insurance          :        35 years

Annual premium             :        Rs. 6400

Single premium               :        Rs. 1, 46,600

If the term of insurance till the age of 75 years the annual premium for the above case will be Rs. 7000 per year and for single premium option, the premium amount will be Rs. 2, 87,100.

For a smoking male person the annual premium for 35 years will be Rs. 9300 per year and for a 35 year old non smoking female the annual premium will be Rs. 5600 only for a sum assure of Rs. 1 crore.

Terminal illness benefit:  The AEGON Religare iTerm term life insurance plan is coming with built in terminal illness benefit and if the insured is diagnosed with a terminal illness 25% of the base sum insured up to a maximum of Rs. 1 crore will be paid and the base sum assured will be reduced to the amount paid as terminal illness benefit.

The death benefit: The Religare iTerm term life insurance plan cover all form of death including terrorist attack, but excluding suicide during the first year of policy or within one year of reinstatement of the policy.

Tax benefit: The premium payable for the AEGON Religare iTerm term life insurance plan is exempted from tax, at the year at which it is paid, under section 80C of the income tax act.

Accidental death benefit rider: The accidental death benefit rider of the Religare i Term plan gives the nominee and additional amount (selected rider amount) will be paid with the sum assured.

Waiver of premium on Critical illness rider: This rider allows you to waive premium after diagnosing critical illness such as Cancer, Coronary Artery Bypass, Heart Attack or Stroke, but the policy will be active till the end of its terms.

Women Critical Illness rider: This rider especially for women insured, allows:-

(1) 5% of the sum assured will be paid out if the insured is diagnosed Malignant Cancer of the Female Organs.

(2) 2.5% of sum assured for pregnancy complications & Congenital Anomalies in Newborn Child (only if the woman insured is at the age of 35 years or below).

As a whole the AEGON Religare iTerm online term life insurance plan is one of the best term insurance plans which satisfies the financial needs of the insured even if he or she is alive, but suffering from critical illness and also satisfy the financial needs of the family of the insured if death of the insured is happened within the policy term.

Calculate Premium with AEGON Religare iTerm term life insurance plan Premium calculator for all options and ages

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7% DA from January 2012, Download Government Order

Posted on April 4, 2012 by Jerry Jose
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The Ministry of Finance, Government of India issued government order for 7% D.A Increase from January 2012 for central government employees. The date of issue of the new D.A order is 3rd April, 2012. The declaration of New Dearness allowance has been done on 24th March, 2012 by the union cabinet and the decision was to pay 7% additional D.A to all Central Government Employees and all other related services. The addition enhanced Dearness allowance to be paid with effect from 01st January, 2012.

The government order says that the additional installment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees. The new D.A order is applicable to the civilian employees paid from the Defence Services and railway employees. Separate orders will be issued by the Ministry of Defence and Ministry of Railways, for Defence Service and Railway employees.

Download New D.A order from the website finmin.nic.in

 7% DA from January 2012, Download Government Order

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Job highlights of Employment News 31 March 2012

Posted on April 3, 2012 by Jerry Jose
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Those who are looking for a better government job, employment news is a must read weekly. Employment news advertised almost all government job vacancies in details such as number of vacancies, pay scale and other emoluments, educational qualifications, how to apply for each job vacancy etc. The current issue of the weekly, Employment News 31 March 2012- 06 April 2012 also has a lot of government job opportunities. The important job highlights of Employment News 31 March 2012 – 06 April 2012 is listed below for your ready reference.

Bank of Baroda invites applications for 2000 Clerical posts. Last Date for online Registration : 10.04.2012

Dena Bank requires 500 Probationary Officers. Closing Date for online Registration : 12.04.2012

Indian Bank invites applications for 86 posts of Special Officers. Last Date for online Registration : 18.04.2012

Medical Officer Selection Board (CAPFs)-2012 requires 514 Specialist Medical Officers (Deputy Commandant), Medical Officers (Assistant Commandant) and Dental Surgeon (Assistant Commandant). Last Date: 30 days after application.

Indo-Tibetan Border Police Force requires 421 Sub-Inspector, Head Constables and Constables. Last Date : 26.04.2012

Indira Gandhi National Open University, New Delhi invites applications of recruitment of 214 non-academic posts. Last date of online Registration: 20.04.2012

Bharat Heavy Electrical Limited requires 203 Professionals. Closure of online submission : 17.04.2012

HQ Training Command, IAF Bangalore, invites applications for recruitment of 117 Group ‘C’ Civilian posts. Last Date : 21 days after publication

Makhanlal Chaturvedi Rashtriya Patrakarita evam Sanchar Vishwavidyalaya, Bhopal requires 112 Teaching & non-Teaching Staff. Last date : 30.042012

The above listed job highlights are from Employment News 31 March 2012- 06 April 2012. If you wish to apply any of the above listed job vacancy, please refer the current issue of employment news for more details.

 

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Postal Life Insurance offer Low premium high return

Posted on April 2, 2012 by Jerry Jose
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Postal Department of India’s Postal Life Insurance offers high bonus with lowest premium. Postal Life Insurance started on 1st February 1884 and still continues with lower premium and high return offer. The 128 year old Life insurance scheme from the Postal Department of India is for state and Central government employees, employees of central and state run companies, universities and government aided institutions; Nationalized banks local bodies, officers and staff of the Defence services and Para-Military forces etc.

Postal life insurance handles single insurance and group insurance policies. The postal life insurance scheme offers comparatively better returns than other insurance products. Postal department offers sum assured and accumulated annual bonus at the maturity of the policy and the announced annual bonus is Rs. 70 per Rs. 1000 sum assured for their endowment policies, since 2003.

Types of Postal Life Insurance Policies

Postal life insurance offer 7 types of life insurance policies and each type of policy  has its own peculiarities and features.

Whole Life Assurance  (SURAKSHA)

Whole life Assurance or Suraksha policy offer sum assured and accrued annual bonus payable to the nominee or legal heir after the death of the insured. This policy can convert to Endowment Assurance Policy after one year.

Minimum Age of Entry   :  19 years

Maximum Age of Entry:   55 years

Minimum Sum Assured: Rs. 20000

Maximum Sum Assured: Rs. 10 Lakhs

Endowment Assurance (SANTOSH)

This policy offer sum assured and accrued bonus till the insured attain predetermined age of maturity. When unexpected death happened to the insured the nominee or legal heirs get the sum assured and accrued bonus. The minimum and maximum age of entry and minimum and maximum sum assured are same as Whole Life Assurance policy.

Convertible Whole Life Assurance (SUVIDHA)

Convertible Whole Life Assurance Policy is also like whole life insurance policy and can convert to Endowment Assurance after five years. But the age of such conversion should not be more than 55 years. If such conversion is not done within 6 years, the policy will be treated as Whole Life Assurance Policy. Minimum and maximum age of entry and minimum and maximum sum assured are same as Whole Life Assurance policy.

Anticipated Endowment Assurance (SUMANGAL)

Anticipated Endowment Assurance is named as SUMANGAL is a Money Back Policy with maximum sum assured of Rs. 5 Lakh. Periodical Money Back is the main feature of this policy and suitable for regular periodical policy. This Anticipated Endowment Assurance policy is for 15 years and 20 years term.

For 15 years policy the money back is given after 6 years, 9 years and 12 years at the rate of 20% of sum assured and at the maturity (End of 15th year) the remaining 40 % sum assured and the accumulated bonus will be given.

For 20 years policy the money back is given after 8 years, 12 years and 16 years at the rate of 20% of sum assured and at the maturity (End of 20th year) the remaining 40 % sum assured and the accumulated bonus will be given.

But if the unexpected death of the insured is happened before the maturity the full sum assured (without deducting the interim money paid as  money back scheme) with accumulated bonus will be paid to the nominee or legal hires of the insured.

Joint Life Assurance  (YUGAL SURAKSHA)

If any of the spouses is eligible for joining postal life insurance policy they can join this joint life insurance policy which cover the life of both the couples with one premium for both lives. All other features are same as Endowment assurance policy.

All these policies required compulsory medical checkup for a sum assured over Rs. 1 Lakh. But for Anticipated Endowment Assurance and Joint life insurance policy medical checkup is compulsory for any amount of sum assured.

Scheme for Physically handicapped persons

A Physically handicapped person also can join any of the abovementioned postal life insurance policies. But medical examination is compulsory to determine the nature and extent of handicap. The premium may be little bit high according to the nature of disability.

Children Policy

From 20th January, 2006 the postal life insurance started Children Policy to provide insurance cover for children. Maximum two children of a family can insure under this Children Policy.

Minimum Age of Child: 5 years

Maximum Age of Child: 20 years

Maximum Sum assured is Rs. 1 Lakh or the sum assured of the main insurance policy holder whichever is less. The age of main policy holder must not be more than 45 years when join the policy. The premium will be waived, if the death of main insurance policy holder occurred within the policy term and the full sum assured and accumulated bonus will be paid to the children when the term of the policy is completed. There is no loan facility available for children policy. No health check up of the child is required, but the child must be healthy at the time of opening the policy. Child policy also gets bonus just like endowment policy.

Generally Post office life insurance is helpful for government employees to getting insured and at the same time they can yield a good return than any other insurance policies. Postal life insurance has another set of policies named Rural Postal Life Insurance policy open for all. Rural life insurance are 6 type of polices such as (1) Whole Life Assurance ( GRAMA SURAKSHA) (2) Convertible Whole Life Assurance (GRAMA SUVIDHA) (3) Endowment Assurance ( GRAMA SANTOSH  (4) Anticipated Endowment Assurance  (GRAMA SUMANGAL) (5)  GRAM PRIYA and (6) Scheme for Physically handicapped persons. These policies open for all and can purchase from all post offices all over the country. Post office do a good service to people through these insurance policies and all other services they are doing.

Postal Life Insurance offer Low premium high return

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AICPIN for the month of February 2012 is 199

Posted on March 31, 2012 by Jerry Jose
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AICPIN or All India Consumer Price Index Numbers for Industrial Workers for the month of February, 2012 is 199 points on the basis of 2001 = 100.  AICPIN for the month of January 2012 was 198 points and now it is increased by one point and stood at 199 points. 

Highest increase of index number in Centre wise index numbers recorded in Puducherry center as 5 points increase and there are 30 centers recorded the minimum increase of 1 point.  The maximum decrease of index number is 5 points which is recorded in Quilon centre and the minimum decrease of one point recorded in 8 centers. But in 17 centers the index number is stable when compare with January 2012.

The All India Consumer Price Index Numbers for Industrial Workers are mainly calculated with the price variation of household items and related charges such as Rice, Goat Meat, Poultry (Chicken), Curd, Snack Saltish, Country Liquor, Refined Liquor, Shirting Cloth (Synthetic), Bus Fare, Auto-rickshaw Fare, Barber Charges, Flower/Flower Garlands etc. Following are the Consumer price index of six major centers for January & February 2012

Centers                          Jan 2012    Feb 2012

1. Ahmadabad       -        192            196

2. Bangalore          -        200             204   

3. Chennai              -        187             186

4. Delhi                    -        181              182

5. Kolkata               -        184              186

6. Mumbai              -        199              200

The point to point rate of inflation recorded on the basis of Consumer price index for industrial workers for January 2012 is 7.57% when 5,32% in January 2012.

AICPIN shows the cost of living and the Dearness Allowance to Government Employees is calculating on the basis of Average All India Consumer Price Index Numbers for Industrial Workers for the last 12 months, every time. The recently declared Dearness allowance of 65% is also on the basis of these calculations. 

AICPIN for the month of February 2012 is 199

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What does cheap insurance means?

Posted on March 30, 2012 by Jerry Jose
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You must have read so much about cheap insurance, cheap life insurance, cheap term life insurance policy, cheapest auto insurance, cheapest car insurance etc. But what do you mean by this cheap insurance. Is it cheap insurance cost or cheapest premium paying insurance? This article try to explain what does the cheap insurance means and what is its reliability.

1. Cheap insurance cost

Insurance cost is what amount you have to pay for keeping your insurance live. It may be life insurance, auto insurance, term life insurance, car insurance, theft insurance and many more insurance. If an insurance policy reduces the total amount payable by an insurance policy holder, it may call cheap insurance. It is not only the low premium payable by you but includes all other expenses as per the terms and conditions of the insurance provider. For example, if you have insured your car and you are not following the norms such as frequent timely servicing and maintenance of your car, you may not get the claim paid, if the company urged you to do so. Then this is also may be considered as the cost of insurance. Maintaining the safety systems and other required arrangements also increase the cost of insurance.

2. Cheap insurance premium

Normally cheap insurance means cheap insurance premium. But cheap insurance premium itself does not mean a good insurance protection. The main objective of an insurance policy is to compensate any uncertain damage or loss of the insured property, person or life. When you go for a cheap insurance premium you must confirm the claim settlement policy of the insurance company also. If you paid for an insurance and getting delay or never happened the claim settlement what doe s the insurance policy means. In case of life insurance, you have insured your life and if any unfortunate event happened to you and if your beloved ones compelled to run from pole to pillar for getting the claim, what does the benefit of cheap insurance means.

 3. Low agency commission

The agency commission also increases the cost of insurance. The insurance company should pay agency commission for its agents for the survival of insurance company. The agent who works for an insurance company must get his remuneration.  But if the insured go for online insurance policy, the agent’s commission can avoid or reduce and can reduce the insurance cost.

When you go for cheapest insurance policy keep these in mind and compare same type of insurance policy with various insurance companies. The comparison must be done in insurance cost, related cost to keep the insurance policy active, claim settlement etc. Then you can enjoy a cheapest insurance policy and cheapest protection.

What does cheap insurance means

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Top performing tax Saving ELSS

Posted on March 29, 2012 by Jerry Jose
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You have hardly two days to save income tax through tax saving investments for the financial year 2011-12. As you know investing in ELSS – Equity Linked Saving Scheme (Tax saving mutual fund) has a lock in period of three years and you can get tax exemption, and at the same time you can withdraw money after three years.

Now investing in ELSS (Tax saving mutual funds) are very much easy through your Demat account. With a few mouse clicks you can purchase or sell a mutual fund. So hurry up to invest in tax saving mutual funds and save your tax under section 80C of income tax act which allows you to save up to Rs. 100000 income from income tax.

Following are four top performed ELSS in the last three years in which you can invest to save your tax. In the case of mutual fund it is not necessary that the same performance should continue in future. It may improve or decline in future. But when you invest, it is good to invest in a scheme which has good performance history.  This may be changed a per your risk appetite or investment strategy. This is only information purpose which you may follow or not. When you invest in mutual fund or any such stock market related investments, do your own home work and analyze the financial instrument in your own way and invest only if it is satisfied your norms and financial goals.

ICICI Prudential Tax Plan – Growth

ICICI Prudential Tax Plan (Growth) has a latest NAV of Rs. 133.55 as on 28th March, 2012. This is an open ended Growth fund and completed 13 years since inception of the Mutual Fund.

NAV as on 28 March, 2012      : Rs. 133.55

Category of the Fund                :  Tax Saving Funds

Fund Option                               :  GROWTH

Fund Type                                  :  Open Ended

Benchmark                                 : S&p Cnx 500 Equity Index

Fund Size                                    :  1,336.5 Crores

Fund Age                                    :  13 Years

Lock In Period                           :  3 Years

Last Three years return          :  33%

HDFC Tax Saver Fund – Growth

HDFC Tax Saver Fund  (Growth) has a latest NAV of Rs. 218.31  as on 28th March, 2012. This is an open ended Growth fund and completed 16 years since inception of the fund.

NAV as on 28 March, 2012   : Rs. 218.31

Category of the Fund             :  Tax Saving Funds

Fund Option                            :  GROWTH

Fund Type                               :  Open Ended

Benchmark                              : S&p Cnx 500 Equity Index

Fund Size                                 :  2884.6 Crores

Fund Age                                 :  16 Years

Lock In Period                        :  3 Years

Last Three years return        :  31 %

Fidelity Tax Advantage Fund – Growth

Fidelity Tax Advantage (Growth) has a latest NAV of Rs. 20.71 as on 28th March, 2012. This is also an open ended Growth fund and completed 6 years since inception of the Mutual fund.

NAV as on 28 March, 2012  : Rs. 20.71

Category of the Fund            :  Tax Saving Funds

Fund Option                           :  GROWTH

Fund Type                              :  Open Ended

Benchmark                             : Bse 200

Fund Size                                :  1296.2 Crores

Fund Age                                :  6 Years

Lock In Period                       :  3 Years

Last Three years return      :  27 %

Franklin Taxshield Fund – Growth

Franklin Taxsheild Fund (Growth) has a latest NAV of Rs. 208.66 as on 28th March, 2012. This is also an open ended Growth fund and completed 13 years since inception of the Mutual fund.

NAV as on 28 March, 2012   : Rs. 208.66

Category of the Fund              :  Tax Saving Funds

Fund Option                             :  GROWTH

Fund Type                                :  Open Ended

Benchmark                               : S&p Cnx 500 Equity Index

Fund Size                                  :  870.2 Crores

Fund Age                                  :  13 Years

Lock In Period                         :  3 Years

Last Three years return        :  28 %

There may be other mutual funds also shows a good track record. If you feel so you can choose them also. Save tax as you can and know that it is legal to save tax as per rule. When you pay tax you are saving your land and when you save tax you are also saving your land and yourself. With this saving you can find a source to reach out your financial goals. When the Lock in period of ELSS ends you can withdraw the money or can switch over to more profitable investment schemes.

Top performing tax Saving ELSS

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