Random investments in insurance products to save tax can cost you dear in long-run

It is a story that is told innumerable times during the first three months of every New Year. Financial advisors of every hue would recount horror tales of how individuals who rush for ‘last minute tax planning” end up with an investment portfolio of “wrong products” that doesn’t serve any purpose.

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Keep insurance products simple, avoid mis-selling: Chidambaram

The insurance industry can make rapid strides in India if insurers sell only simple products and avoid mis-selling, Finance Minister, P. Chidambaram said after unveiling a new brand — ‘PNB MetLife’ — in the Capital.

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Bid to offer extra tax sop on insurance

The finance ministry is planning to offer tax relief of up to Rs 50,000 on savings in pension and insurance products over and above the exemption of Rs 1 lakh under Section 80C of the income tax act. The National Pension Scheme (NPS) and products approved by the Insurance Regulatory and Development Authority are likely to be made eligible for the new benefits.

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Look who is afraid of insurance products?

Globally, Indian consumers are known to be smart buyers — often called ‘value seekers’ by marketers.

Indians are always looking for the best deal and to maximise perceived price-value output. Purchase is preceded by a detailed understanding of the product’s functionality, durability, features, performance rating, warranty, fit, colour and customisation. This behaviour is true for almost all product categories and across socio-economic segments.

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Insurance News: BASIX alliance takes online insurance to rural folk

Livelihood promotion group BASIX, in association with Aviva Life Insurance and Royal Sundaram Alliance General Insurance, has launched a retail model for sale of insurance products in rural areas.

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