Category: Personal Finance

Bitcoin chartists see rout worsening with $40,000 in focus, BFSI News, ET BFSI

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By Joanna Ossinger

A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify.

Evercore ISI’s Rich Ross reckons prices are destined to fall back to the 200-day moving average, following a path of other speculative assets, which would put Bitcoin back at $40,000 compared with just under $44,000 currently.

Others are watching for a pattern of “lower highs and lower lows” and say Elon Musk’s unpredictable tweets will keep traditional investors on the sidelines. There’s also speculation that gold is starting to draw money away from crypto.

“The momentum has now quite decisively shifted to the bears,” said Tallbacken Capital Advisors LLC Chief Executive Officer Michael Purves, who correctly predicted last month that Bitcoin would decline.

Bitcoin is still up more than 300% since last May, but the speed of the recent rout has shaken crypto’s new believers and cast doubt on the idea that it’s maturing into a more stable asset class. Prices have fallen about 30% from intraday highs in April, when prices topped $64,000.

Purves says the next important level for Bitcoin is $42,000 because it roughly equates to where the rally topped out in January and a 50% retracement from December 2020 levels. If Bitcoin breaks through that level, more losses are ahead, but if prices can hold above the support, then it might be the beginning of a new rally, Purves predicted.

“A pullback was bound to happen,” said Justin Chuh, a senior trader at Wave Financial, which invests in crypto assets. “This is healthy, but I think we all wish this didn’t happen.”

The counterpoint comes from Fundstrat Global Advisors. In a note on Monday, strategist David Grider laid out nine reasons explaining why he thinks prices are primed to bounce, including high levels of short interest and the fact that corrections like this tend to be normal in a crypto bull market.

“We don’t know the future, but we think odds are we’re close to the bottom and don’t want investors to ‘panic sell’ here,” Grider wrote.

Anchorage Digital Bank, which runs a digital asset platform for institutional investors, said it’s seeing clients maintain or increase crypto holdings. “They’re looking at this as good entry point,” said Diogo Monica, president and co-founder of the California-based bank.

Other chart watchers are turning to ETFs as a proxy for where the crypto market is headed. SentimenTrader’s Dean Christians is monitoring a blockchain-focused fund called Amplify Transformational Data Sharing ETF.

“I would watch the breakdown pivot point at $48.75,” he wrote in a note Monday. “If it fails to recover above that level, take note.”



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Meme stocks roar back to life with GameStop, AMC catching fire, BFSI News, ET BFSI

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Day traders who have been flocking to all things crypto in recent weeks have rediscovered their zest for meme stocks.

GameStop Corp. surged 13 per cent Monday, its second double-digit rally in three days. AMC Entertainment Holdings Inc. closed 7.5 per cent higher, building on last week’s 36 per cent jump. A basket of stocks caught up in January’s Reddit-fueled meme-stock frenzy rose 5.6 per cent for its best performance since late March.

Similar to the earlier mania, the catalyst for the latest advances seems to have come from social media. The hashtag #SqueezeAMC trended on Twitter Monday, in a call to recreate the heavy retail buying in January that forced investors out of bearish positions on GameStop and other stocks. AMC, which has was also the most-cited stock on online message board Stocktwits over the weekend.

Participation by retail traders swelled to 24 per cent of all U.S. stock market action during the first quarter, according to Bloomberg Intelligence’s Larry Tabb. Stocks the group favored soared, including a 1,600 per cent rally in January by GameStop. But those bets turned sour in the second quarter, with some of the Reddit targets falling more than 50 per cent.

At the same time, demand for cryptocurrencies surged, sending some alternatives to Bitcoin into eye-popping rallies reminiscent of the meme-stock frenzy. That buying has started to show signs of cooling, with Tesla Inc.’s Elon Musk denting the price of Bitcoin with back-and-forth utterances on the electric-car maker’s plans for the token.



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China extends its cryptocurrency ban to banks, payments companies, BFSI News, ET BFSI

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Beijing: China has banned financial institutions and payments companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

It was China’s latest attempt to clamp down on what was a burgeoning digital trading market.

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday. “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.

China has banned crypto exchanges and initial coin offerings (ICOs) but has not barred individuals from holding cryptocurrencies.

The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.

The moves were not Beijing’s first moves against digital currency. In 2017, China shut down its local cryptocurrency exchanges, smothering a speculative market that had accounted for 90% of global bitcoin trading.

In June 2019, the People’s Bank of China issued a statement saying it would block access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites, aiming to clamp down on all cryptocurrency trading with a ban on foreign exchanges.

The statement also highlighted the risks of cryptocurrency trading, saying virtual currencies “are not supported by real value”, their prices are easily manipulated, and trading contracts are not protected by Chinese law.

The three industry bodies are: the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.



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Dull Demand: Drop in commercial papers issuances points to slowing credit growth at banks

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The trend may well continue through the current quarter.

A year-on-year (y-o-y) drop in issuances of commercial papers in April 2021 may be hinting at a slowdown in credit growth at banks and non-banking financial companies (NBFCs). As financiers count the human toll the pandemic is taking on their companies, they have begun to restrict some areas of operations that require high contact such as disbursements and collections. The phenomenon is in turn playing out in the CP market as companies do not need as much funds as they would under normal circumstances.

According to data released by the Reserve Bank of India (RBI), CP issuances were to the tune of Rs 89,576 crore in April 2021, lower than Rs 1.33 lakh crore in April 2020. Interestingly, April 2020 was a month of nationwide lockdown, in contrast to the smaller lockdowns currently in effect across states.

Analysts are of the view that financial sector entities — both banks and non-banks — have turned cautious about the well-being of their employees now that a highly virulent strain of the Covid-19 virus is infecting people. So while it may still be early to determine the impact of the second wave on credit offtake, lending has taken a backseat, for sure. “Banks are concerned about their branch officials and NBFCs are also being careful about the safety of employees. So, disbursements are not where they would have normally been and the NBFCs’ fund-raising requirement is also lower,” an analyst tracking the financial sector said.

The trend may well continue through the current quarter. On May 3, Kotak Mahindra Bank MD & CEO Uday Kotak said the bank was ensuring that all its people work from home for the next one week, including those in the sales and collections verticals. This arrangement is to be monitored on a week-by-week basis.

The current wave of the pandemic has spread deep into India’s rural areas and financiers operating there are feeling the pain. Umesh Revankar, vice-chairman and MD, Shriram Transport Finance Company, told analysts on April 30 that the spread of Covid-19 in the hinterland has impacted the company’s staff and their relatives, resulting in lower productivity in the month of April and possibly in May as well.

The increasing digitisation of disbursements at NBFCs has taken some of the edge off the pain but other risks remain. On Monday, the Reserve Bank of India (RBI) warned that the impact of the second wave could manifest chiefly in the form of destruction of demand. Analysts have earlier flagged this risk in the financial system.

In a recent note, Emkay Global Financial Services had said it expects about 50-70% demand destruction for self-employed focused products and 25% for products geared to the salaried class during the lockdown. “Combined, banking credit could moderate by about 159 basis points (bps) to 9.3% in FY22. NBFC credit will similarly slow by 140 bps to 12.8%,” Emkay had said.

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6 Good Reasons To Invest In Cryptocurrencies Now

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1. Cryptocurrencies is a big world:

While we across a few names, the cryptocurrencies are many of over 5000 count. But it is just that some of them do not trading volumes but now as there has been a sharp spike in some of them including Dogecoin and Dogecoin Killer, there has been seen deviation of funds from BTC to other cryptos. This is one reason why bitcoin were hit with the huge outflow last week. So, it is not just 1 crypto i.e. available to you, you can take your bets as per your understanding and risk appetite.

2. Trading volume/ Liquidity is high:

2. Trading volume/ Liquidity is high:

To prove this Elon Musk, Tesla’s boss lately offloaded position just to show, cryptocurrencies or rather BTC serves as a ‘cash alternative’. Also, it is only the recent penchant for these digital tokens by investors across the board amid the pandemic that is pushing them to scale to new higher market capitalization and hence their valuation. Furthermore, this heightened interest is unlikely to fade any soon.

3. Can provide a platform to diversify your investment portfolio:

3. Can provide a platform to diversify your investment portfolio:

It has been time and again said that keeping all eggs in one basket is always a bad choice and this shares analogy to even the investment world where single investment or more so into one asset can never be rewarding enough to reach your financial goal. So, as is the current scenario, you may be pushed to invest in these cryptos to hedge against inflation and even the volatility in global stock markets amid the geo-political, health and economic crisis.

4.Cryptos like bitcoin have gained the status similar to gold:

4.Cryptos like bitcoin have gained the status similar to gold:

Experts have acknowledged the fact and are putting bitcoin at par with gold when it comes to being both considered as a store of value. Furthermore, gold as well as bitcoin work to be an inflation and volatility hedge. Infact some of the investors are even flocking to buy bitcoins to safeguard themselves from the likely devaluation of the dollar in the near future given the large stimulus measures of the US.

5. Some of the cryptos trading at a steep discount from their life time highs:

5. Some of the cryptos trading at a steep discount from their life time highs:

Here if we are giving the example of the most traded cryptocurrency that commands the highest market-cap, yes you guessed it right, we are talking about Bitcoin which from its life time highs of sub $65000 hit in April is now trading at $43,371 (last quote as on Coindesk), this translates into a 33 percent discounted price. As per longforecast, bitcoin may see correction this year and by July 2022 may hit levels of sub $85000, providing good gains of over 46 percent.

6. Cryptocurrency-India connection

6. Cryptocurrency-India connection

Now even as the financial entities are becoming cautious on these digital tokens and for some time fresh investment into cryptocurrencies came to a halt in India, it is being asserted that banning cryptocurrency shall neither be feasible and will be hard to come by. Also, as the investor interest in the domain is leapfrogging, there have been advised some of the ways to regulate cryptocurrency market in India and among them is a suggestion that India should follow the Singapore model and work on ways to curb any fraudulent attempts such that neither of the stakeholder suffers on account of any illicit act.

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SIP In These Safe Mutual Funds Have Consistently Given Good Returns

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1. Nippon India Fixed Horizon Fund 40- Series 3:

From the category of Fixed maturity plan- Debt. This fund with an AUM of Rs. 122.7 crore and NAV as on May 17 as 11.19 is a closed ended fund. Investments typically in FMPs are allowed only during the time the NFO opens.

The fund has over 93.5 percent investment into debt of which 84 percent is in funds that have invested in very-low risk securities.

Such an investment is suitable for investors who have a longer horizon but can take low risk in comparison to equity schemes.

The benchmark for the scheme has been CRISIL 10-year Gilt Index and the fund has outperformed the index during the 1-year period giving an absolute return of 18.62 percent.

Now if SIP into this fund was started a year back with Rs. 1000 invested every month, the total investment of Rs. 12000 shall be now worth Rs. 13221, providing an annualized return of over 19 percent.

Some of the major securities into which Nippon India Fixed Horizon Fund 40- Series 3 is invested are GOI, CD, T-Bills, CP, NCD and Bonds.

2. UTI Fixed Term Income Fund-Series XXIX-Plan XIII-G:

2. UTI Fixed Term Income Fund-Series XXIX-Plan XIII-G:

The FMP fund with 94% of investment into debt has 16% exposure in government securities while the 68% is parked in low-risk securities. Against its benchmark, the scheme has outperformed delivering annualized return of over 15 percent. This is in respect of the lump sum investment. Also, the scheme has stood out when compared to category average return of 7.4 percent. Since inception that was in 2018, the fund has given absolute return of more than 20 percent.

3. Nippon India Fixed Horizon Fund 39- Series 5- G:

3. Nippon India Fixed Horizon Fund 39- Series 5- G:

This Nippon India FMP was opened in the year 2018 and since inception has given absolute return of over 15 percent. In comparison to its benchmark, the scheme has outperformed delivering over 18 percent gains on an absolute basis. The fund’s 94 percent corpus is into debt of which 82 percent is invested in very low risk securities.

4. Nippon India Fixed Horizon Fund 38-Series 2-G:

4. Nippon India Fixed Horizon Fund 38-Series 2-G:

Opened in the year 2018, this fund has over 93 percent investment into debt of which 83 percent is in funds that are invested in very low risk securities. This fund has also outperformed both the benchmark and category average return delivering 1 year return of more than 17 percent.

Taxation of debt mutual funds:

Taxation of debt mutual funds:

Mutual funds can provide you return in 2 ways:

1. Dividend

2. Capital gains

Tax treatment of Debt mutual funds
Dividend Income added to investors taxable income Taxation at their individual income tax slab rate
STCG (holding period less than 36 months) Gains added to your taxable income
LTCG (holding period of 36 months and more) LTCGs are taxed at 20% after indexation



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How To File A Revised ITR Online?

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When to file a revised ITR and why it is important?

One should file revised ITR on or before the completion of the applicable assessment year. In the scenario of AY 20-21, the revised return should be filed before May 31, 2021. You can also make changes to ITRs that have been filed late. The deadline date for filing the belated return is the same as for revised returns: the end of the applicable assessment year or before the assessment is completed, whichever comes first. If you file your tax return before the deadline, you can change it as many times as you want. However, use this option rarely since several updates may result in IT Department’s scrutiny, which could result in tax notices to validate your income and a gap in submitting your IT return. All you need to update your return is the acknowledgment number and the original return’s filing date. On the e-filing portal, choose “revised return under section 139(5).” Be sure to double-check your return; otherwise, it may get rejected by the IT Department. In case the I-T Department discovers an error in a tax return, it may be considered as a false declaration of one’s income, as a result the taxpayer will face a penalty for not filing the return on time. As a result, it’s necessary to revise your return as soon as you notice any flaws in the original. In the event of a refund, you will be notified as soon as possible under Section 143 (1).

Steps to file a revised ITR online

Steps to file a revised ITR online

Following the measures outlined below, a taxpayer can file a revised income tax return under Section 139(5) of the Income Tax Act:

  • Visit www.incometaxindiaefiling.gov.in and click on the ‘e-File’ option.
  • Now click on ‘Income Tax Return’ and now your PAN number will appear on the screen.
  • Now choose the ‘Assessment Year’, ITR Form number and select filing type as ‘Original/Revised Return’.
  • Now select ‘Submission Mode’ as ‘Prepare and Submit Online’ and choose ‘Revised return under section 139(5)’ as the return filing section and ‘Revised’ as the return filing type in the online ITR form under ‘General Information’ section.
  • Then, input the original return’s Acknowledgement Number and “Date of Filing.”
  • Now enter all the required details correctly and submit the form.
  • Returns should be e-verified for faster processing and refunds, or they can be sent to “Centralized Processing Centre, Income Tax Department, Bengaluru – 560500” by normal or speed post.
  • It should be noted that after filing a revised ITR form, you must validate your income tax return. The Income Tax Department will not approve your return until it has been validated.

When to file a revised ITR for Assessment Year 2020-21?

When to file a revised ITR for Assessment Year 2020-21?

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Return for the assessment year 2020-21 due to the COVID-19 pandemic in India. According to CBDT, the filing of a belated return under sub-section (4) and a revised return under sub-section (5) of Section 139 of the Income Tax Act, which was due on or before March 31, 2021, can now be submitted on or before May 31, 2021.

Note: For help you can contact at 1800 103 0025, +91 80 461 22000, +91 80 265 00026.



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Will Second Wave Affect Real Estate Sentiments, Prices

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Planning

oi-Sunil Fernandes

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The country is going through the second wave of coronavirus infection, and the business world is concerned about its impact; the real estate sector is observing the situation with bated breath; however, the realtors feel that everyone must work together to contain the second wave. As the government has hinted that complete lockdown is not on the lines, the sector believes that a short lockdown will not affect much as construction stock remains on the sites, and sales are happening online also.

The sector is ready with the learnings from the last year to handle the situation. Manoj Gaur, CMD, Gaurs Group and Vice President – North, CREDAI National says, “The country’s residential real estate sector is gaining traction, thanks to various steps taken by the central and state governments, the RBI, and the banks. The rise in supply numbers in the first quarter reflects this positive shift, indicating that developers are more confident in terms of liquidity support and consumer sentiment. After the second wave, the current situation is likely to drive up real estate demand even further. The stability and utility of real estate assets are clear to people, particularly after the experience in 2020 with various other investment tools, and NCR will clock in good sales numbers in the coming months.”

Many developers are also offering deals to retain the interest of the buyers. The market is full of offers such as 60:40, 40:30:30, assured returns, no EMI till possession, etc. Sharing his views on the efficacy of such deals in current situation, Nayan Raheja of Raheja Developers, says, “Offers and deals are made in response to the increased demand to make consumers revel in their decision to invest in a real estate asset. The worst is over, even though there is still a long way to go. The challenges that real estate faced in 2020 will act as a catalyst for the sector’s long-term expansion”

Will Second Wave Affect Real Estate Sentiments, Prices

Sagar Saxena, Project Head, Spectrum Metro, feels, “Following the partial opening of the economy, demand increased due to government stimulus and RBI liquidity initiatives. When numerous developers made lucrative deals, the situation improved even further. Nonetheless, the positives that have emerged from the 2020 crisis will serve as the foundation for the real estate sector’s development in the coming months. The demand for larger homes within an accessible, hygienic, and green complex with amenities such as healthcare, daily necessities, and everyday rejuvenation within walking distance would drive demand.”

Some people are speculating that the second wave will bring down the prices; however, the sector is unanimous that there is no probability of a decrease in prices. The cost of construction has increased by 5-6 per cent, owing to procurement difficulties, supply chain disruptions, rising raw material costs, and increased costs for health and safety as a result of the global crisis. “Prices in real estate are at their lowest level and are likely to go up in future. In 2020, we witnessed a marginal increase in prices in few markets, including Delhi NCR. However, real estate is becoming affordable due to low home loan interest rate, reduction in stamp duty in some states, etc. The time is right to invest in real estate as prices are likely to go up in the short term,” says Kushagr Ansal, Director, Ansal Housing and President, CREDAI – Haryana.

For the last few years, one of the factors majorly affecting the prices is the raw material cost. “The cost of some of the raw materials has gone up by 200 per cent in the last three years, making it unrealistic to cut down prices in real estate projects. Looking at the emergence of buyer-friendly, especially post-2020, people should not wait to get hold of real estate asset. By the end of 2021, the chances of witnessing price rise in the range of 5-8 per cent in various markets,” says Harvinder Singh Sikka, MD, Sikka Group.

Almost everyone in the sector echoes the sentiment that there are chances of an increase in prices. Dhiraj Bora, Head Marketing & Communication, Paramount Group, says, “Even the new projects are being launched at higher prices as the developer community has no choice but to increase prices due to the increasing cost burden. People are investing now in real estate, and we are seeing that even the fence-sitters are going ahead with buying decision. The coming months will witness a price rise; the percentage of change will vary according to the markets.”

GoodReturns.in



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DCB Bank Revises Fixed Deposit Interest Rates, Check Latest Rates Here

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Investment

oi-Vipul Das

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Following the most recent adjustment, which took place on May 15, 2021, FD rates in DCB bank vary from 4.55 per cent to 6.50 per cent. DCB Bank offers a 4.55 per cent FD interest rate for 7 days to 14 days, a 4.55 per cent FD interest rate for 15 days to 45 days, a 4.50 per cent FD interest rate for 46 days to 90 days, a 5.25 per cent FD interest rate for 91 days to less than 6 months, and a 5.70 per cent FD interest rate for 6 months to less than 12 months. DCB Bank offers a 5.80 per cent FD interest rate for 12 months to less than 15 months, a 6.00 per cent FD interest rate for 15 months to less than 18 months, and for 18 months to less than 700 days. DCB Bank is promising a 6.40% interest rate on a 700-day FD. DCB Bank’s fixed deposit interest rate is 6.00 per cent for terms of more than 700 days or less than 36 months, and 6.50 per cent for terms of 36 months and more. Senior citizens will continue to get a 0.50 per cent higher FD interest rate than the general public after the most recent adjustment.

DCB Bank Revises Fixed Deposit Interest Rates, Check Latest Rates Here

DCB Bank FD Rates

Here’re the fixed deposit interest rates of DCB Bank for a deposit amount of less than Rs 2 Cr.

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 4.55% 5.05%
15 days to 45 days 4.55% 5.05%
46 days to 90 days 4.50% 5.00%
91 days to less than 6 months 5.25% 5.75%
6 months to less than 12 months 5.70% 6.20%
12 months to less than 15 months 5.80% 6.30%
15 months to less than 18 months 6.00% 6.50%
18 months to less than 700 days 6.00% 6.50%
700 days 6.40% 6.90%
More than 700 days to less than 36 months 6.00% 6.50%
36 months 6.50% 7.00%
More than 36 months to 60 months 6.50% 7.00%
Source: Bank Website, W.e.f. May 15, 2021



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10 Best LIC Plans To Invest And Boost Your Protection In Pandemic- 2021

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10 Best LIC Plans To Invest In 2021

10 Best LIC Plans To Invest In 2021

LIC Policy Name Plan Number Type of Plan
LIC Tech-Term Plan 854 Term Insurance plan
LIC SIIP LIC Plan 852 ULIP
LIC Bima Jyoti LIC Plan 860 Life Insurance Savings Plan
LIC Cancer Cover LIC Plan 905 Health Insurance Plan
LIC Jeevan Akshay VII LIC Plan 857 Immediate Pension Plan
LIC New Jeevan Shanti LIC Plan 858 Deferred Pension Plan
Pradhan Mantri Vaya Vandana Yojana – Pension Plan
LIC Saral Jeevan Bima LIC plan 859 Term Life Insurance
LIC Bachat Plus LIC plan 861 Endowment
LIC Nivesh Plus LIC Plan 849 ULIP

LIC Tech-Term

LIC Tech-Term

The LIC Tech Term Plan, also known as Plan 854, is an online-only plan that cannot be purchased offline. The LIC Tech Term Plan is less expensive than other term plans offered by the Life Insurance Corporation because it can only be purchased online. LIC’s Tech-Term is a non-linked, profit-free “Online Term Assurance Policy” that protects the insured’s family financially in the event of his or her untimely death.

LIC SIIP

LIC SIIP

It’s a fund with a unit-linked component (ULIP). This means that no refunds are guaranteed. Premium allocation charges, Mortality charges, fund management charges, switching charges, partial withdrawal charges, and other fees were included in this plan. You can choose from four different funds (Bond Fund, Secured Fund, Balanced Fund, Growth Fund).

LIC Bima Jyoti

LIC Bima Jyoti (Plan No.860) is an Individual, Limited Premium Payment, Non-linked, Non-participating Life Insurance Savings Plan. Throughout the policy term, Guaranteed Additions will accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year. This plan is available at a discounted rate through online or agents. Accidental Death and Disability Rider Benefit, Accident Benefit Rider, New Critical Illness Benefit Rider, are some of the rider options.

LIC Cancer Cover

LIC Cancer Cover

LIC Cancer Cover is a non-linked, non-participating health insurance plan. This is a fixed-benefit health plan that pays out for cancer treatment. In the event that a customer is diagnosed with cancer, this plan will provide benefits regardless of the treatment costs. LIC Cancer Cover protects you from cancer in its early stages and later stages. The benefits are determined by the stage of cancer that you have been diagnosed with.

LIC Jeevan Akshay VII

LIC Jeevan Akshay VII an annuity plan that pays out right away. It’s a one-time-only, non-linked, non-participating, and individual instant annuity plan. Policyholders can choose from ten different annuity options after receiving a lump sum payment. The plan stipulates that the annuitant will receive a set amount of annuity payments for the rest of his or her life. This plan is available both online and in person.

LIC New Jeevan Shanti

LIC New Jeevan Shanti

LIC launched its new pension plan, LIC New Jeevan Shanti. It’s a deferred pension plan with a single premium. At the time of purchase, the pension rates are guaranteed. The maximum deferment period is 12 years, and the maximum vesting period is 80 years, as you may have noticed. The second thing to keep in mind is that if you choose a half-yearly, quarterly, or monthly pension, your pension will be reduced. The policy can be surrendered as well.

Pradhan Mantri Vaya Vandana Yojana

The Life Insurance Corporation of India (LIC), India’s largest life insurance provider, operates and manages PMVVY, a retirement and pension scheme. The purchase price is the amount of money invested by the scheme’s buyers. The scheme offers a guaranteed rate of return on investment because the sovereign backs it. The scheme pays out a regular pension on a monthly, quarterly, or annual basis. Traditional bank deposits can be replaced with the PMVVY.

LIC Saral Jeevan Bima

LIC Saral Jeevan Bima

Saral Jeevan Bima Policy, a standard term insurance plan, has been launched by LIC. These term life insurance plans are designed to provide pure risk coverage with no requirements for providing documentation when purchasing the policy. The Saral Jeevan Bima (Plan No.859) plan is ideal for those looking to purchase coverage of up to Rs.25 lakh.

LIC Bachat Plus

Bachat Plus is a Non-Linked, Participating, Individual Life Assurance Savings plan offered by LIC. The premium for this plan can be paid as a lump sum (single premium) or as a limited premium with a 5-year premium payment term. The proposer will have two options for “Sum Assured on Death” under each of these premium payment options.

LIC Nivesh Plus

LIC Nivesh Plus

A unit-linked insurance plan (ULIP) is a type of insurance that is linked to the performance of the stock market (ULIP). This means that no refunds are guaranteed. This is a combined insurance and investment strategy. The amount guaranteed to be paid when the plan matures. You will not be eligible for complete tax breaks for the premiums paid and the maturity amount if the Basic Sum Assured in the plan is less than 10 times the annual premium.



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