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Can 'income protection' term insurance policies bolster your loved ones’ safety net?

Money ControlMoney Control · 10m ago
Can 'income protection' term insurance policies bolster your loved ones’ safety net?
Medial

- Some life insurance companies are offering 'income protection' term insurance policies to address the financial setback that occurs when a breadwinner dies. - These policies provide regular income payments instead of a lump-sum payout, ensuring that the family continues to receive a steady stream of income to cover living expenses and meet financial needs. - The income protection plans also come with an inflation-adjusted feature, which increases the payout at a compound rate of 5% annually, helping to keep pace with rising costs over time. - Some policies offer specific add-ons to support aging parents, providing a monthly income to them while a lump sum is paid to the nominee upon the policyholder's death. - These plans offer tax benefits similar to regular term plans and can be a more effective way for families to manage their finances and maintain their standard of living without major adjustments.

Small-cap fund, SIP, NFO…. Is that insurance or mutual fund? Here's how to avoid being mis-sold investment products

Money ControlMoney Control · 1y ago
Small-cap fund, SIP, NFO…. Is that insurance or mutual fund? Here's how to avoid being mis-sold investment products
Medial

Life insurance companies and mutual fund houses are competing to attract last-minute tax-saving investors. While both offer products eligible for deductions under Section 80C, there are differences in commissions, withdrawal conditions, and lock-in periods. Some insurers have started using terms associated with mutual funds, leading to confusion. Certain factors can help distinguish between the two, such as minimum investment period, medical check-up requirements, recurring investments, benefit illustrations, post-sale calls, and taxation. If a mistake is made, there is a free look period for canceling the policy or options for complaint resolution.

How to avoid online scams and what to do if you become a victim

Economic TimesEconomic Times · 11m ago
How to avoid online scams and what to do if you become a victim
Medial

Cybercrime, particularly scams involving social engineering, is increasing, targeting people of all ages. Scammers use deception and emotional manipulation to trick individuals into divulging personal or financial information. It is crucial to stay informed about common scams, avoid sharing sensitive information, and practice online hygiene. If someone becomes a victim, they should report the fraud to their financial institution and law enforcement agencies such as the local police and the Secret Service. Recovering funds is often difficult, but individuals can get their devices cleaned and take steps to secure their accounts. To protect others, it is essential to be aware of cognitive decline indicators in older adults and establish trusted contacts on financial accounts. Monitoring services can help detect potential exploitation.

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