Pradhan Mantri Jeevan Jyoti Bima Yojana was launched by PM Sh. Narendra Modi Ji on 9th May, 2015. It is one of the 3 social security schemes launched by Government of India simultaneously. I covered Atal Pension Yojana in my previous post and next post will be dedicated to Pradhan Mantri Suraksha Bima Yojana. In layman terms, Pradhan Mantri Jeevan Jyoti Bima Yojana is a term insurance plan. It can be renewed annually. It offers life insurance cover for death due to any reason. As it is evident from my posts that i am a big fan of term insurance plans due to its inherent benefits. In my ... Read More
How to Spend your Annual Performance Bonus?
Yesterday night we invited one of our family friends for dinner. Quite surprisingly, dinner ended up with fight between husband and wife. The bone of contention between husband and wife was "How to Spend their Annual Performance Bonus?". Best part is that Bonus is yet to be paid. Husband will receive Bonus with March's salary and wife will receive in April's salary. Wife would like to buy Diamond Set and plan holidays abroad both costing 4.5 lakh. She told husband to save rest. Please note that total bonus payout is 5 lakh :). I was avoiding interference in their personal matter but then i ... Read More
7 Important Points about Joint Property
The concept of "Joint Property Purchase" is being popularized by Home Loan Providers and the Govt. The objective to promote Joint Property Ownership is different for both Govt and the Home Loan Providers. State Govt's are providing incentives in stamp duty and registration charges to empower women through Joint Ownership. In many cases, i observed that Husband is willing to include Wife as a Joint Owner only to save stamp duty. Whereas from Home Loan provider perspective, they have selfish motive to safeguard their business interest which is not wrong also. Home Loan provider first push for ... Read More
Are you Financially Ready for Home Loan ?
Are you Financially Ready for Home Loan ? Unfortunalety no one pose this question to potential Home Loan Borrower. Infact, it is in the best interest of a borrower to ask himself whether i am financially ready for Home Loan or not. Financial Planning before availing Home Loan is imp task to avoid any future shocks. Home Loan is a huge financial committment (read: Financial Burden). If Home Loan financial readiness is not planned well in advance then it can lead into another financial mess. Based on my experience, i can say that biggest impact of Home Loan is on the family of a borrower. In ... Read More