LIC JEEVAN SHIRONMANI plan review

It is a non linked, with profits, limited premium payment money back life insurance plan specially designed for High Net-worth Individuals.  This plan provides lump sum financial support to the family in case of death but also provides payment in case of diagnosis of specified critical illness.

Combination of Moneyback and Life Insurance

It gives you lump sum amount in case of death during policy term and in case of survival, survival benefit amount is payable on Term – 4 Years, Term – 2 Years and on completion of Term

Lump sum Benefit for Inbuilt Critical Illness

On diagnosis of any specified critical illness diseases, 10 % of Basic Sum Assured will be payable with an option to defer premium payment for next 2 policy term without any interest. Also, FREE Second Medical Opinion Option is available.

Profit Sharing in Terms of Guaranteed Additions

The policy is eligible for the guaranteed bonus at the rate of Rs. 50.00 per thousand per year during first 5 policy term and thereafter at the rate of Rs. 55.00 per thousand per year.

Additional Accidental Benefit

Standalone Additional Accident Benefit Maximum of Rs. 1,00,00,00/- is allowed other than the regular accidental benefit under other policies.

Advantages

Avail Tax benefit on premium paid

Tax Free Maturity Amount

Tension Free Claim Settlement

Key Features:

Ideal plan for High Net Worth Individuals with Limited Payment Option
Offers guaranteed 25% Additional Life cover without any cost
Also guaranteed Customized Payouts at regular Intervals
5-5.5% Bonus is Guaranteed by LIC
Loyalty Bonus is also payable on Maturity along with Sum Assured
In-built Critical Illness Benefit Covering 15 Major Illnesses
Option of taking Maturity & Death Benefit in installments
Back-dating Facility Available
Tax Benefit on Premiums paid u/s 80C & 10(10D)
Optional Additional Life Cover & Accidental Death Benefits

Guaranteed Return on Investment

It is a non linked, with profits, limited premium payment money back life insurance plan specially designed for High Net-worth Individuals.  This plan provides lump sum financial support to the family in case of death but also provides payment in case of diagnosis of specified critical illness.

Combination of Moneyback and Life Insurance

It gives you lump sum amount in case of death during policy term and in case of survival, survival benefit amount is payable on Term – 4 Years, Term – 2 Years and on completion of Term

Lump sum Benefit for Inbuilt Critical Illness

On diagnosis of any specified critical illness diseases, 10 % of Basic Sum Assured will be payable with an option to defer premium payment for next 2 policy term without any interest. Also, FREE Second Medical Opinion Option is available.

Profit Sharing in Terms of Guaranteed Additions

The policy is eligible for the guaranteed bonus at the rate of Rs. 50.00 per thousand per year during first 5 policy term and thereafter at the rate of Rs. 55.00 per thousand per year.

Additional Accidental Benefit

Standalone Additional Accident Benefit Maximum of Rs. 1,00,00,00/- is allowed other than the regular accidental benefit under other policies.

Advantages

Avail Tax benefit on premium paid

Tax Free Maturity Amount

Tension Free Claim Settlement

Key Features:

• Ideal plan for High Net Worth Individuals with Limited Payment Option
• Offers guaranteed 25% Additional Life cover without any cost
• Also guaranteed Customized Payouts at regular Intervals
• 5-5.5% Bonus is Guaranteed by LIC
• Loyalty Bonus is also payable on Maturity along with Sum Assured
• In-built Critical Illness Benefit Covering 15 Major Illnesses
• Option of taking Maturity & Death Benefit in installments
• Back-dating Facility Available
• Tax Benefit on Premiums paid u/s 80C & 10(10D)
• Optional Additional Life Cover & Accidental Death Benefits

Earn Money don't RUN behind Money

Dear Lovely Person,
Please read.

Invest more time for self , Family and Friends.

Invest Money only  on LIVING for present and Future.

Earn Money don't RUN behind Money

Are we earning to pay builders and interior designers, caterers and decorators? 

Whom do we want to impress with our highly inflated house properties & fat weddings?

Do you remember for more than two days what you ate at someone's marriage?

Why are we working like dogs in our prime years of life?

How many generations do we want to feed?

Most of us have two kids. Many have a single kid.

How much is the "need" and how much do we actually "want"??
Think about it.

Would our next generation be incapable to earn, that we save so much for them!?!

Can not we spare one and a half days a week for friends, family and self??

Do you spend even 5% of your monthly income for your self enjoyment?
Usually...No.

Why can't we enjoy simultaneously while we earn?  

Spare time to enjoy before you have slipped discs and cholesterol blocks in your heart!!!

We don't own properties, we just have temporary name on documents.

Nature laughs sarcastically, when someone says,
"I am the owner of this land"!!   

Do not judge a person only by the length of his car.

Many of our science and maths teachers were great personalities riding on scooters!!   

It is not bad to be rich, but it is very unfair, to be only rich.

Let's get a LIFE, before life gets us, instead....

One day, all of us will get  separated  from each other; we will miss our conversations of everything & nothing; the dreams that we had.

Days will pass by, months, years, until this contact becomes rare... One day our children will see our pictures and ask 'Who are these people?' And we will smile with invisible tears  because a heart is touched with a strong word and you will say: 'IT WAS THEM THAT I HAD THE BEST DAYS OF MY LIFE WITH'.

If you r happy with this message send this to all your friends that you will never forget.

Put this on the whatsapp of those who made you smile in any way.

Thank you for making me smile for sometime in my life.

நூறாவது அடியில் உடையும் கல்

வெற்றி அணைவருக்குமே
--------------------

நூறாவது அடியில் உடையும் கல்

சிலர் அடிக்கடி சொல்வதைக் கேட்கிறேன். “நான் ஒரு ராசியில்லாதவன்/ள். எல்லோரும் ஒருமுறை போய் செய்து முடிக்கிற வேலையை நான் பத்துமுறை போனால்தான் முடிக்க முடியும்” என்று.

உண்மையில் அப்படித்தானா?

இது ஒருவித எதிர்மறைச் சிந்தனையே..

இதுபோன்ற நபர்கள் என்ன செய்கிறார்கள்? ஒரு நபரைச் சந்திக்கப் போகும் முன்பே
‘அவர் இருக்கமாட்டார்.
நான் வீணாகப் போய்விட்டுத் திரும்பப் போகிறேன்’ என்று மனதிற்குள் ஒரு எண்ணத்தை உருவாக்கிக் கொண்டு போகிறார்கள். 
அங்கு போனால் அவர் இருக்க மாட்டார். ‘நான் நினைத்தது சரியாகிப் போய்விட்டது’ என்று தன்னை இன்னும் தாழ்வு மனப்பான்மைக்கு உள்ளாக்கிவிடுகிறார்கள்.
ஒருவேளை அவர் பார்க்கச் சென்ற நபர் இருந்தாலும், ‘ஏதோ குருட்டு அதிர்ஷ்டம் இன்று இவரைப் பார்க்க முடிந்தது’ என்று அதற்கும் ஒரு அதிர்ஷ்டக் காரணம் தேடிவிடுவார்கள்.

பொதுவாக நம் மனம்தான் அநேகமாக எதிர்மறையான சூழ்நிலையை உருவாக்குகிறது. ஆனால் அதேசமயம், அந்த எதிர்மறையான சூழ்நிலையை வெல்வதற்கும் நம் மனம்தான் துணை நிற்க வேண்டியிருக்கிறது.

எதிர்மறைச் சூழ்நிலைகளை  எப்படி கையாள்வது்?
ஒரு வங்கிக்கு, அரசு அலுவலகத்திற்குச் செல்லும்போதே முதல் ஆளாகப் போய் நிற்பது நல்லது. 9 மணி வங்கிக்கு சரியாக 9 மணிக்குப் செல்வது சிறந்தது.
அரசு அலுவலகங்களுக்கும் அப்படியே. நேரம் ஆக ஆக, இருக்கையில் இருக்க வேண்டியவர் எழுந்து வெளியே சென்று விடவோ, வேலையில் சலிப்படைந்திருக்கவோ வாய்ப்பு உண்டு. அன்று முடிக்கக்கூடிய வேலையைக்கூட, ஏதேனும் காரணம் சொல்லி “நாளை வாருங்கள்” என்று தட்டிக் கழிக்கும் வாய்ப்பு உண்டு. அதனால் எதற்கும் முதல் ஆளாகப் போய் நிற்பது நல்லது.

கூடவே, ஒரு அலுவலகத்திற்குச் சென்று பார்த்தால் தெரியும்…
படிப்பறிவில்லாத எத்தனையோ பேர் வந்து நிற்பார்கள். அவர்களிடம் அலுவலகர்கள், “இந்தந்த சான்றிதழ்கள் வேண்டும். அதையெல்லாம் எடுத்துக் கொண்டு இரண்டு நாட்கள் கழித்து வந்து பாருங்கள்” என்று அனுப்பிவிடுவார்கள். படிப்பறிவில்லாத அவர்கள் நாலைந்து முறை அலைவார்கள். அவர்களைவிட நாம் எவ்வளவோ பரவாயில்லை என்ற உண்மையை உணர்ந்து கொள்ள வேண்டும்.

சில இடங்களில் என்னென்ன சான்றிதழ்கள் எடுத்துச் செல்ல வேண்டும் என்று நமக்கும் தெரியாது. அதனால், அந்த வழியே வேறு வேலை காரணமாகச் செல்லும்போது, விலாவாரியாகக் கேட்டு வைத்துக் கொண்டால், மறுநாள் அநேகமாக ஒரே நாளில் வேலையை முடித்துவிட முடியும். அல்லது ஏற்கனவே அனுபவஸ்தர்களிடம் கேட்டுக் கொள்வதும் பலனளிக்கும்.

சிலவற்றிற்கு இரண்டு முறை, மூன்று முறை அலைந்து திரிந்தே ஆக வேண்டும். அது எல்லாருக்கும் பொதுவான அனுபவம்தான். அந்த உண்மையையும் உணர்ந்திருக்க வேண்டும். அதுவே authentic thinking.

என்னால் சட்டென ஒரு காரியத்தைச் செய்ய முடியாது என்ற எண்ணம் வந்துவிட்டால், அதை ஒத்திப்போடவே தோன்றும். ஆக, இன்னும் தாமதமாகிவிடுகிறது. அதைவிட முதல் அடி எடுத்துவைத்துவிட்டால், மீதி வழியை அதுவே காண்பித்துவிடும். பிறகு எல்லாருமே ராசியானவர்கள் ஆகிவிடுவார்கள்.

வெற்றியாளர்கள் பலர் ஒரே முயற்சியில் வெற்றி பெற்றுவிட்டார்கள் என்று நினைப்பது அறியாமை. அவர்களிடம் கேட்டால் சொல்வார்கள் எத்தனை முயற்சி தோல்வியுற்றதென.

நூறு சம்மட்டி அடிகளில் ஒரு கல் உடைகிறது என்றால், நூறாவது அடியை முதலிலேயே அடிக்க முடியாது. முந்தைய தொண்ணூற்று ஒன்பது அடிகளில் அந்தக் கல் பலவீனம் அடைந்திருக்கிறது என்பதே உண்மை.

வெற்றி அணைவருக்குமே

Latest Income Tax Slab Rates FY 2019-20 / AY 2020-21

This article is based on limited available information, if required, the content will be edited/updated. Kindly note that these proposals may or may not be implemented by the next forming Union Govt

Income Tax Slab Rates for FY 2019-20 / AY 2020-21 | Budget 2019-20 Key Highlights

Latest Income Tax Slab Rates FY 2019-20

The income tax slabs & rates are categorized as below;

    Individual resident aged below 60 years.Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time  during the previous year) 

  Super Senior Citizen(Individual resident who is of the age of 80 years or more at any time during the previous year).

Latest Income Tax Slab Rates FY 2019-20 / AY 2020-21

Budget 2019-20Income Tax : Key Highlights 

Below are the latest Income Tax rate proposals that have been made in Budget 2019-20 ;

Income upto Rs 5,00,000 to be exempt from income tax. Individual taxpayers having taxable annual income up to Rs 5 lakhs will get full tax rebate (u/s 87A) and therefore will not be required to pay any income tax.So those with income up to Rs 5 lakh only.

  I believe that if your taxable income is more than Rs 5 Lakh, this tax rebate is not applicable. So, there is no change/impact for the tax assessees who fall under 20% or 30% Tax Slab Rate.Kindly note that there is no change in Tax Slab Rates.

    The current Standard Deduction of Rs 40,000                 for FY 2018-19 is proposed to be increased to Rs 50,000 for FY 2019-20.

   Proposal to not to deduct TDS of up to Rs 40,000 on interest income from Bank / Post office deposits (the current FY 2018-19 TDS threshold limit u/s 194A is Rs 10,000).Currently, income tax on notional rent is payable if one has more than one self-occupied house.

   No tax on notional rent on Second Self-occupied house has been proposed. 

    So, you can now hold 2 Self-occupied properties and don’t have to show the rental income from second SoP as notional rent.The benefit of rollover of capital gains under section 54 of the Income Tax Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to Rs 2 crore. This benefit can be availed once in a life time.

TDS threshold for home rent paid by non-individuals has been increased  from Rs 1.8 lakh to Rs 2.4lakh p.a.

All income tax returns to be processed within 24 hours and refunds to be issued simultaneouslyTax scrutiny will also now be done electronically and there will be no interaction between the tax authority and the taxpayer.  

Calculation of Income Tax for FY 2019-20/AY 2020-21 | Illustrations

Let’s now discuss some scenarios on ‘How to calculate the tax on our total income?’

Assessees who are in 30% Tax Slab and below 60 years of age

Let us say your net taxable income (after all deductions like Sec.80C and all) Rs.16,00,000.

Up to Rs.2,50,000-NIL

Rs.2,50,001 to Rs.5,00,000-Rs.12,500  @5%.

Rs.5,00,001 to Rs.10,00,000-Rs.1,00,000 @20%

Rs.10,00,001 and above (in this case Rs.16,00,000)=Rs.1,80,000 @30%.

So total tax will be Rs.12,500+Rs.1,00,000+Rs.1,80,000=Rs.2,92,500.

Assessees who are in 20% Tax Slab and below 60 years of age

Let us say your net taxable income (after all deductions like Sec.80C and all) Rs.8,00,000.

Up to Rs.2,50,000-NILRs.2,50,001 to Rs.5,00,000-Rs.12,500 @5%.

Rs.5,00,001 to Rs.8,00,000=Rs.60,000 @20%

Therefore, the total tax will be Rs.12,500+Rs.40,000=Rs.72,500.

Assessees who are in the lowest Tax Slab and below 60 years of age

Let us say your income is Rs.4,00,000

Up to Rs.2,50,000-NILRs.2,50,001 to Rs.4,00,000-Rs.7,500 @5%

.However, using Sec.87A of IT Act, your tax liability will be ZERO.

An individual who is resident Indian and whose total taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A of up to Rs.12,500 (w.e.f AY 2020-20).

Its just a rebate

Those who are total earning upto 5 lakhs no tax

And

those One who is earning

 5,05,000, he has to pay tax on

full income exceeding. 2,50,000

Call me for your tax saving

K.Dhamodharan M.Com.,LL.B.,HDCM
Financial Counsellor
73582 10672

TTP May come soon instead of OTP

TTP May come soon instead of OTP

OTP = One Time Password
OTP is very dangerous as it gives only one chance to do the transaction. OTP has became a tool to the Hackers, to cheat and loot the people. Because of OTP system the Bank frauds and Financial Cyber Crime is increasing day by day..

TTP = Two Time Password
TTP shall be a strong safeguard for any kind of Mobile or Bank Transaction. In TTP the password key will be released Two times by the Banking System.
With the first OTP, the transaction will only be generated and informed to the customer with Full details of the transaction taking place, such as.. 
* Full Name of Beneficiary :
* Address/Location :
*  Reason of transaction :
* Amount in figure :
* Amount in words :

After confirming the details as above, the user will send SMS to the banking system as YES / NO
Then, if the answer is YES, the system will generate second OTP. Only after providing the second OTP to the system the transaction will take place and the transaction will be completed. 
If the answer is NO, the transaction will be cancelled and you will become totally Safe.

So, with the help of TTP, your Mobile and Net Banking Transactions will be fully safe and NO frauds can be happen in any case.

Politically Exposed Person (PEP)

Who is a ‘Politically Exposed Person’ and does it matter?
If you are a politically exposed person (PEP) or subsequently qualify as one, your transactions would be closely monitored by the anti-money laundering committee of the mutual fund company

Once you declare yourself as a ‘politically exposed person’, financial institutions do additional due diligence.
If you want to start investing in a mutual fund, you first have to complete the KYC process and declare whether or not you’re a politically exposed person (PEP). How do you know if you’re a PEP and why does it matter?

PEP is a person who is authorised to perform prominent public functions in a country and include governors of state, members of Parliament, military officers, senior government and judicial executives and heads of local bodies such as municipal corporations, among others. You could also qualify as a PEP if you are a family member or a close relative of such an individual.

The Securities and Exchange Board of India (SEBI), in its circular dated 19 December 2008, mandated mutual fund companies to capture this category of investors. It came into effect in 2009. “All registered intermediaries are required to obtain senior management approval for establishing business relationships with Politically Exposed Persons,” stated the circular.

Why does it matter?

Once you declare yourself as a PEP, financial institutions such as banks and mutual fund houses do additional due diligence while processing your application as a preventive measure to avoid any possible fraud in the future.

Mutual fund companies have made it mandatory for customers to declare this because guidelines under the Prevention of Money Laundering Act and Combating Financing of Terrorism (CFT) necessitate the senior management of financial institutions to approve the PEP before establishing any business relationship.

If you are a PEP or subsequently qualify as one, your transactions would be closely monitored by the anti-money laundering committee of the mutual fund company to keep track of the inflow and outflow of money. If there is any change in the pattern or amount of transaction, it could be noted by the committee as a “suspicious transaction” and there maybe further investigation. Large and complex transactions between the customer and her known relations without any economic rationale are tracked.

The Reserve Bank of India (RBI), in its circular, dated 1 July 2008, instructed all banks to gather sufficient data about PEPs looking to open a new account by checking all information available in public domain. “Banks should verify the identity of the person and seek information about the sources of funds before accepting the PEP as a customer. The decision to open an account for a PEP should be taken at a senior level which should be clearly spelt out in customer acceptance policy,” stated the circular.

In 2015, the Insurance Regulatory and Development Authority of India (Irdai) also directed all insurers to ensure appropriate risk management procedures for identifying and applying advanced due diligence measures to PEPs. “It is emphasized that proposals of (PEPs) in particular requires approval of senior management, not below the level of Head (underwriting) or chief risk officer,” stated Irdai.
the Financial Action Task Force (FATF). The FATF defines a PEP as:

a current or former senior official in the executive, legislative, administrative, military, or judicial branch of a government (elected or not)a senior official of a major political partya senior executive of a government owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individualan immediate family member of such individual; meaning spouse, parents, siblings, children, and spouse’s parents or siblingsany individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate.

Different types of PEP are usually regarded as presenting different levels of risk. The below categorisations are not intended to be absolute, but might prove useful in thinking about which PEPs require the most careful due diligence work.

If you fall under the PEP category, your KYC and customer due diligence process could get enhanced and take a fairly longer time than usual with the requirement of some additional documents. If you’re a PEP and your transactions are legitimate and do not spark a suspicion, you don’t have to stress over this declaration.