Page 17 - Your Money

Buy add-on covers to protect against damage due to natural calamities

Since consequential damage is not covered under the base policy, this will be an additional safety net to protect you

ELSS: Get potentially higher returns with shortest lock-in tenure

Give these equity-linked instruments at least seven years to yield good returns

Why you should be saving aggressively if you have a travelling job

But today a significant number of individuals have jobs that involve managing global teams and it may take a toll on your health and savings

IRDAI draft proposal to suit customer needs, provide more benefits

Proposals in IRDAI's draft product guidelines like similar minimum death benefit across all ages and extending the revival period to five years are positives

Estate planning: Here's why delay in writing a Will can prove costly

Create a list of your assets and share it with a trusted relative

Can't find your car keys? File a police complaint, forward copy to insurer

The original set of keys comes in handy during the insurance claim-settlement process

Ownership change at fund houses: Be watchful, halt SIPs if necessary

If the ownership changes at DSP are accompanied by exit of key personnel, you should stop your SIPs and resume them only when things stabilise

Your money: A Will is better than gifting when passing on assets

Gift deed's language is closely scrutinised by the I-T dept, leading to problems for the receiver

Your money: Higher tax-free gratuity to benefit senior employees

The limit for tax-free gratuity payment to employees has been revised to Rs 20 lakh

Higher tax-free gratuity to benefit senior employees more

Salaried employees in the private sector may soon be able to enjoy up to Rs 20 lakh tax-free gratuity. The Labour Ministry has proposed an amendment to Payment of Gratuity Act following a meeting with the central trade unions. The amendment is likely to be passed by the government by April. This proposal will bring private sector employees on par with government and public sector undertakings'. Increasing the tax-free gratuity to Rs 20 lakh was one of the recommendations of the 7th Pay Commission, which been approved. Gratuity is one of the mandatory benefits enjoyed by salaried employees, the other one being the Employee Provident Fund (EPF). All employers who have more than 10 employees have to mandatorily pay gratuity. As per the Payment of Gratuity Act gratuity is to be paid after five years of service on separation or retirement with a limit of Rs 10 lakh. Though some companies do offer gratuity without the waiting period of five years. Broadly, there are two sets of employees. ..

Use greater flexibility offered by pension scheme judiciously

From FY18, subscribers will be able to change investment option & asset allocation twice a year

Your money: File joint complaint to fast-track your consumer case

SC ruling allowing consumers to jointly file case in national consumer forum will also mean lower legal costs

Your money: Cash purchase of assets will affect depreciation claims

Businessmen and professionals will have to use the banking channel for payments over Rs 10,000

Post office schemes best option for safe, guaranteed returns

Debt funds better route for those looking at longer investment tenures

Your money: Don't rely on your group life cover alone

If you quit or change jobs in your 40s, buying an individual term plan will be expensive

Your money: Don't over-allocate to banking sector funds

Banking sector funds have given an average return of 54.40 per cent over the past one year, according to Value Research. After this run-up, investors should not over-allocate to these funds, expecting similar returns to be repeated in the near future.A large part of these returns can be attributed to the base effect. "Between January and February last year, the markets had corrected, which is why you are getting an average return of 54 per cent. If you change the base to January 1 of last year, the return will be lower," says Amit Premchandani, fund manager, UTI Banking Sector Fund. As the economy recovers from demonetisation and its growth rate improves in FY18, the banking sector, which is a proxy for the economy, is expected to benefit. "Typically, the banking sector grows at 1.5-2 times the nominal economic growth rate," says Shrey Loonker, fund manager, Reliance Nippon Asset Management. The past 12 months have witnessed a few developments, he says, which will be positive for the .

Your money: How to compare insurers' data

While claims ratio is an important number, look at complaints, other parameters before choosing a policy

Your Money: Maintain 8-12% allocation to gold

The price rally in gold, which started since the beginning of the year, may not sustain

Don't dive headlong into money-making schemes on the internet

If you do fall victim to fraud, file your complaint at RBI's Sachet web site

Your money: Diligent paperwork helps in claiming tax benefits

Any lapse in documentation by an employee will lead to sharp cuts in salary