Posted on July - 18 - 2011
Recently, we at Apnapaisa received a query mentioning the case of Mr. Rakesh who had paid premium to a life insurance company to buy a cover of Rs. 50 lakhs. Unfortunately, Rakesh died in a fatal accident within 15 days of paying the premium to the insurance company. On finding premium receipt in Rakesh’s papers, his wife approached the insurance company for the claim. But the claim was denied. It was only then that she realized that life insurance policy was not in existence as the premium was received only as a deposit (in fact the receipt issued by the Insurance company clearly indicated that the money was received as a deposit and that the risk cover had not yet started) and her husband had yet to undergo some specific medical tests required by the insurance company.
All that the wife got back was the premium amount paid by her husband. So all the careful planning by Rakesh to take an adequate life insurance for the safety of his family had come to naught simply because of his dilly-dallying approach towards completing the formalities for the life insurance policy.
Let’s try to understand why the claim was rejected
Insurance is a contract and a contract will be considered complete only when both parties agree to the terms and conditions of the contract. A co
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Posted on July - 18 - 2011
In my series on National Pension System in the columns of DNA, it seems readers can’t get enough of it (courtesy number of reader’s mail received).
Taking it a step forward, I will take up tax treatment under NPS in this piece.
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As readers are already aware that there are two types of NPS accounts – Tier I & II. Tier I account is mandatory whereas Tier II account is optional. Thus only Tier I account is eligible for tax benefits and is in true sense the core of the National Pension System. However normal tax provisions of taxation of profits on sale of investments apply when you redeem the units credited in your Tier II account. But all deposits and withdrawals to and from the Tier II account are tax neutral. There are no limits as to number and amount of withdrawals from Tier II account.
Till now for the better understanding of readers, I have refrained from quoting complex Sections of Income Tax act, I had to do it here for better clarity on taxation of NPS. Please be
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Posted on July - 18 - 2011
– The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment revving up on the continuing inflow of buoyant earnings. Apple (AAPL) reported strong profit and revenue growth for its fiscal third quarter, reinforcing the strength of corporate profit growth despite uncertain economic conditions. Traders are warming to the idea that the Obama administration will successfully clinch a deal to U.S. debt ceiling on time to avert a crisis. The existing home sales report due out shortly after the markets open may also create some flutter in the market.
Strengthened by hopes that the debt limit will be raised on time, earnings optimism and an upbeat housing report, U.S. stocks advanced solidly on Tuesday. The major averages moved sharply higher in early trading and moved sideways until the afternoon. Thereafter, the indexes legged up further before closing near their best levels.
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Posted on July - 18 - 2011
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