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Health Insurance

Benefits Of Health Insurance For Senior Citizens

When the next phase of your life starts at 60, it is time for you to relax and enjoy life. One of the key aspects of a good, retired life is good health. You must take care of your body to be safe from any illness. Though, in the later years of your life, there are chances that you may need to visit a doctor or hospital many times. This can lead to money problems as you need to use your savings. Hence, you must get the best health insurance for senior citizens. It is better to have a health plan early as it will offer better benefits in older age. If you do not have a mediclaim plan, you need to get one soon, or the premium will be higher. With a good senior citizen health insurance policy, you do not need to pay for medical care from your savings. The insurance company (insurer) will pay for the expenses before, during, and after the treatment. Read on to learn more about the benefits of health insurance. [B-01] What is Health Insurance for Senior Citizens? Health insurance is also called Mediclaim policy by many. It is a policy that takes care of expenses for health care services at hospitals and clinics. As senior citizens, persons over 60, need medical care more often, insurers now offer unique health plans for senior citizens. A senior citizen’s health insurance policy is a health plan for people over 60. The main reason to opt for this policy is to cover the cost of hospital and health-related expenses. The rules for this plan are based on the unique needs of older people and cover many existing ailments. As medical care costs rise yearly, seniors can not afford to pay all the costs from their pocket. With the help of a good health policy, they can lead a happy life in old age. Benefits of a Senior Citizens Health Insurance Policy Having a health insurance plan is crucial for senior citizens. If you do not have the best health insurance for senior citizens, you must get one as soon as possible. Many benefits are on offer and can impact the quality of life in the later years. Here are some of the benefits of health insurance for seniors: Good Facilities The cost of medical care is rising every year. As a result, inflation can impact the savings of senior citizens. This will make it harder to afford good treatment facilities. Your worries are taken care of by the best health insurance for senior citizens. You can access good medical facilities to take care of your health. Insurers will pay for the cost of treatment at a hospital or clinic. Many plans do not need hospital admission for certain kinds of therapy. So, you can get the opinion of the experts and need not need to worry about the cost. You can lead a better quality of life with access to good facilities. Tax Savings Many think you need tax savings only when working and not after retirement. This is not true, as you need to save tax even after you retire to save more money for your needs. When you pay the premium for a health policy, you can also save on your income tax. Under Section 80D of the Income Tax Act 1961, you can claim a tax rebate for the health plan premium. The tax deduction limit for 2022 on health policy is Rs. 25,000. So, you get the dual benefit of better health and tax savings when you pay for health insurance. Beat Inflation The cost of medical care is rising by the year. You have to pay more every time you visit a doctor or hospital. So, having health insurance is crucial for you. The insurer will pay back all the costs you will have to pay at the hospital. So, you can opt for higher limits every year, which will take your health plan limit to a given amount. Hence, you will not need to worry about inflation in medical care as the insurer will pay the costs. This will help you make the most of your money and use it for needs other than medical care. Indeed, you can lead a stress-free life this way. Medical Tests When you have the best health insurance for senior citizens, the insurer covers the cost of medical tests. This includes pre-policy and annual tests that check for any issues in the body. When you undergo regular medical tests, it is easier to keep a check on any serious ailments. It will help the doctor to monitor your health closely and suggest a treatment on time. This will save you from many problems later on. Cashless Facility The best health insurance for senior citizens will always offer this benefit. You need not worry about paying money to the hospital every time. If your insurer offers a cashless facility, you need not pay any money from your pocket. The insurer will pay directly to the hospital until the policy’s limit is available. This is a great facility, as arranging for money is the last thing you should worry about when going to a hospital to get treated. [B-02] Conclusion A senior citizen’s health insurance policy is vital to ensure that paying for medical care does not wipe out your savings. Health insurance plans are affordable and offer peace of mind when you need them the most. As plans might vary across insurers, you must perform in-depth research to get the best plan that meets all your needs. If you need help with finances, you can always take the help of experts such as Piramal Finance to guide you through your personal finance woes.
08-11-2023
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Motor Insurance Renewal – Features & Benefits

How does a motor vehicle owner ensure the safety of the vehicle without much financial impact? Whether someone has a two-wheeler or a four-wheeler, a motor insurance policy is important. According to the Motor Vehicles Act of 1988, all cars must be insured with at least a third-party liability cover, a type of motor insurance policy, to drive on Indian roads. Motor insurance is a contract between a registered car owner and the insurance provider. It safeguards the owner against unforeseen dangers related to the car’s use. The insurance policy primarily provides coverage against accidental damage to the car, third-party liabilities, and theft. A vehicle insurance policy usually has a one-year tenure. You need to renew your motor insurance plan before the expiry of the existing plan, so your vehicle remains covered. Let’s find out about the features and benefits of vehicle insurance renewal for a better understanding. [B-01] Features of Motor Insurance Renewal The top features that make motor insurance renewal a necessity include the following: Seamless renewal of policy Motor vehicle insurance providers have simplified the entire renewal process. You can renew coverage for your vehicle in a few simple clicks online. Protection of no-claim bonus (NCB) Most motor insurance policies come with an NCB clause. This allows policy owners to bring down the premium of their motor insurance renewal if they have not made any claims for a year. The bonus increases with every passing year and can go up to 80% of the total premium value with some insurance providers. However, if you do not renew your vehicle insurance policy in time, you will lose the benefits of the clause. Social and lawful obligation Under the Motor Vehicles Act of 1988, your vehicle must be covered under a third-party policy. If you fail to get the motor insurance policy for your vehicle, you could be charged with a severe penalty. Socially, timely renewing your motor insurance policy ensures financial stability for you as well as the third party in case of road mishaps. Mandatory as per bank clauses If you pledge your vehicle to avail of a loan, your bank would need you to meet a few requirements. Being covered with a motor insurance policy is mandatory to be eligible for the loan. Direct settlement of claims Coverage of your vehicle improves the chances of easy claim settlement. Most insurance companies have direct tie-ups with leading motor workshops that can assure quick repair in case a repair claim is made. Coverage Granted Under Motor Insurance Policies Cover against accidental damage Accidental damage to the vehicle can mean huge financial losses for the car owner if the vehicle is not covered. A motor insurance policy eliminates the risk of such a loss. The coverage includes repairs, replacements, and tending that the vehicle may need. Other benefits that the policy may provide are coverage against malicious damage in the form of riots and strikes and other perils. Cover against theft of the vehicle The financial losses a vehicle owner may suffer due to theft can be a lot. Vehicle coverage can insure you against such losses. Liability against the third party Sometimes, a vehicle may get involved in a third-party liability due to damage done to such party through an accident, collision, or brush-through. Such claims the said party makes can result in great financial liability creation. An insurance policy for the vehicle with a third-party liability cover takes care of such issues. Coverage for personal accident The motor insurance policy covers liability arising from permanent disability in case it occurred in an accident that your vehicle met. It also encompasses the death by accident of the passengers in the car. The policy covers compensation for the paid driver. Such benefits are provided under the Workmen’s Compensation Act. Add-on covers You must always consider checking add-on covers to the policy. These add-ons are benefits available over and above the cost of insurance premiums. You need to pay an increased premium value to get these add-ons. How to Renew Motor Insurance Policy? With the introduction of motor insurance renewal online, you don’t need to wait for an agent to help you with the process. Online renewal saves you time and effort. Below are the steps you need to follow. Visit the official website of your insurance company. Access the ‘motor insurance renewal’ page on the website. Click on the coverage that you want. Choose the add-on covers (not compulsory). Pay the premium using one of the online payment gateways. Download the policy copy once the same gets generated. You can pay your insurance policy premium through net banking, UPI, credit/debit cards, etc. For offline renewals, you can choose either cash or cheque. You should be careful while choosing an insurance company. Always ensure that the company has a credible claim settlement track record and a high settlement ratio. The post-claim services of an insurer outweigh the premium cost-effectiveness. [B-02] Conclusion It is crucial to keep track of when your existing motor insurance policy ends for the timely renewal of coverage benefits. Make sure your vehicle is covered with a policy to avoid unpleasant financial consequences that may arise out of unforeseen events. You will find more articles on motor insurance renewal on Piramal Finance. It is an online platform allowing you to learn everything you need to know about insurance and policy renewals. For other facts about personal loans, credit cards and financial management, check out the blogs on our website!
08-11-2023
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Know Motor Insurance Claim Process in India

Traffic on Indian roads is at an all-time high. Nobody is 100% safe on the road. Highly educated and aware people also have road accidents. Hence, getting motor insurance is a must when buying a vehicle. As the name suggests, it is the insurance of your vehicle. It is a legal contract between you and an insurance company. You will pay a yearly premium to get the insurance. It can cover cars, two-wheelers, and commercial vehicles. [B-01] What is a motor insurance claim? The Indian Motor Vehicle Act of 1988 makes motor insurance mandatory. A claim can cover your costs against accidents, theft, etc. It also saves you from legal troubles in these incidents. Some road accidents are fatal. In such cases, there is no compensation if there is no motor insurance. How the insurer will settle claims depends on your policy. They can settle motor insurance claims in a cashless way. This way, they will pay for the repairs. They can also refund you after you pay for repairs. The motor insurance claim process in detail The motor insurance claim process is complex. You must first contact customer service. You’ll fill out the claim form and submit it along with relevant documents. Then a surveyor will assess the damages. Only then can you take the car to the garage for repairs. So let us have a look at this process in detail, step-by-step: Inform your policy provider: Inform your insurer of the situation within 24-48 hours. Otherwise, the insurance company might not consider your claim request. Give them the exact details about the incident. Do not try to hide anything or twist the facts. File a First Information Report (FIR): You must go to the nearest police station and file a First Information Report (FIR). You may not require an FIR for minor dents. But you will require it for theft, crashes with objects, fire, etc. You will also require it when a third party is involved. Collect evidence by taking pictures: Take photos of the damage. This can help you in the event of a legal follow-up. Ensure the photos are clear and the damages are visible. Make sure to click the photo of the number plates of third-party vehicles. They make it easy to examine the extent of on-site physical damage. The claim value is decided on the extent of the damage. Fill out the documents: The insurer will provide a motor insurance claim form. Fill out this form with the correct details. Submit supporting documents as required by the insurer. The documents that they ask for are as follows: Proof of insurance that mentions your policy number Proof of engine number and chassis number The odometer reading of the car Valid PUC certificate Details about the incident: date, time, location, etc. Copy of the FIR Tax payment receipt Registration certificate of the vehicle involved in the incident Copy of your driving licence Medical receipts in case of physical injuries You must submit these documents and the duly completed motor insurance claim form. In case of theft, you need to submit certain other documents, which are: The police issued a non-traceable certificate. It states that they couldn’t find your vehicle within a certain time frame. Relevant RTO forms viz. Forms 28, 29, 30, and 35. Other vehicle accessories like duplicate keys, warranty cards, etc. Ask for a surveyor to verify the extent of damages: The insurance company processes your claim submission after their surveyor verifies the damage. Some insurers provide the ease of conducting this survey online. Proceed for vehicle repair: This step depends on the type of your claim policy. For cashless claims, you must take the vehicle to the garages specified by the insurer. In other cases, take your car to your garage for repairs. You must keep the expense receipt with you. You can ask for a reimbursement for the amount you paid. In cases of car theft, you need to submit a non-traceable certificate. Then the insurance company will pay the current market value of the car. What are the types of motor insurance? The type of motor insurance depends on the following two factors: The type of the vehicle Separate insurance categories are made for: Private cars Two-wheelers Passenger-carrying vehicles (PCV) like buses, cabs, etc. Goods-carrying vehicles (GCV) like trucks, lorries, etc. Miscellaneous vehicles like tractors, excavators, etc. The type of policy you want for your vehicle Under this category, claims made can be of two types: Third-party insurance claims: These only cover losses that occur to a third party involved in the accident. It does not cover damages to own self and vehicle. Comprehensive insurance claims with add-ons: It is a superior version of the above type. It covers the third party as well as you, the first party. It provides coverage for damage or theft involving your vehicle. It also covers any injury/death of self or third party. With add-ons, it can cover parts of both parties’ vehicles, like zero declines in your vehicle’s value over time, engine damage protection, tyre protection, etc. [B-02] Conclusion Major insurance firms follow the above procedure for settling claims. Just make sure to keep the following few things in mind. Be wise while choosing your insurance policy. Whenever you have an accident, do not run away. Do not try to settle the conflict by exchanging money on the spot. Deal with a calm mind without any arguments with a third party. File a motor insurance claim using the mentioned steps.
08-11-2023
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General Insurance

Know How Term Insurance Works in India

Financial planning is essential in today’s world. It keeps you ready for any financial emergencies. For instance, death is out of anyone’s control. But it’s one’s responsibility to keep finances properly. Such future decisions help your loved ones to live a stress-free life. One of them is term insurance! How does it work? In this article, we will discuss term insurance policies and benefits. [B-01] What is term insurance? Term Insurance is a type of life insurance or an agreement between two parties. These parties are the insurance company and the insured person. It states that in case of the sudden demise of the insured person, the insurance company must pay the policyholder’s family a specific decided-upon sum. It secures the family’s financial situation in their absence. The policy is for a short period or term. If the insured survives the period, the insured will not receive any benefits. However, you can always renew the Term Life Insurance plan to increase the tenancy of the policy. What are the eligibility criteria for term insurance? Most Term Life Insurance policies have minimum eligibility requirements. People between the ages of 18 and 65 can avail of the plans. However, some plans accommodate people reaching age 85 too. The term of the policy can vary from 5 years to 50 years. The sum assured can range from INR 20 lakhs to INR 1 crore. It can also go higher depending on financial requirements. Different types of Term Insurance Plans There are various Term Insurance Plans. It helps a lot when you know about them to choose a plan according to your needs. Level term plans These are the most basic term plans. The insurance sum is pre-determined, and the insured person’s nominee will only receive the benefits in the event of the insured person’s demise. TROP (Return of Premium) plansThese are plans with a maturity benefit. If the policyholder survives the term or the insurance plan period, they will receive the total paid premium back. Decreasing term plans In this plan, the sum assured will decrease each year with the decreasing needs of the insured person. It is most suitable for people who already have the responsibility of repaying large loans. Increasing term plansThe insured person can increase the sum assured annually while the premium remains at the same value. It is for people whose financial needs are slightly higher than average, and the premiums are also relatively higher than level-term plans. Convertible term plans If you are unsure about your financial targets, this plan is for you. With a convertible term plan, you can convert one type of term insurance into another in the future. How to choose the best suitable Term Insurance Plan? It is important to differentiate Term Insurance Plans before deciding on a policy. Here are some things to consider: Your insurer should have a solvency ratio of 1.5. A solvency ratio is the insurance settlement ratio of the insurer and indicates the success rate of the insurance company in settling insurance plans. IRDAI has also made it mandatory for insurance companies to maintain 1.5 as their solvency ratio. Why should you consider buying a term insurance policy? Low-Term Insurance Premium A term plan has lower premiums than other insurance plans. You will get the highest death benefit or life cover at the lowest prices. Cover for critical illnesses When we are young, we might not realise the problems and responsibilities our future may hold. We believe that we might never suffer from critical illnesses such as cancer or kidney failure. One reason why we do not give importance to being prepared is. Although a Term Insurance Plan includes only a death benefit, you can always add a rider to increase coverage. With a rider, the insured will receive a lump sum if diagnosed with a critical illness. This secures them from any financial setback while gathering funds for the treatment. Cover for disability and death Accidents are sudden and do not come with a warning. Depending on how serious the accident is, you might need a significant amount of money saved to cover the medical expenses and compensate for the loss of income. Investing in term insurance will help you deal with such situations. Tax benefits Under section 80C of the income tax act, 1961, you can avail of tax benefits up to Rs 1.5lakh on your Term Insurance Premiums. Moreover, under section 80D of the income tax act 1961, you can claim additional tax benefits for critical illness coverage. Who should purchase term insurance? People in their 20s When you are young, you are also carefree about the problems your future may hold. However, it is suggested to start early for a stress-free future. Moreover, Term Insurance Premiums are cheaper for people in their 20s since they are less likely to expire. Newly married people If you are newly married, you might want to secure the financial future for your spouse or the children you may decide to have. A Term Insurance Plan will protect your family’s financial future against unforeseen events. People approaching retirement A Term Insurance Plan should be a part of your retirement plan. When you are approaching retirement, you will likely have everything else taken care of. Debts paid, children, settled, although to enjoy the fruits of your lifelong labour. You need to prepare your family against any untoward incident. Avail of a term plan and top it up with additional riders to fortify your retirement plan. [B-02] Final thoughts After reading this article, you might have gained more insights into how term insurance policy works in India and why it is important to get your future insured now. It is best to start planning your policy to have a stress-free future and provide financial security to your family. For more inquiries, you can consult a financial expert like Piramal Finance. We will suggest what’s financially best for you and help take care of your personal loan and insurance policy requirements if any.
08-11-2023
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Cards

Signs of wrong Credit card usage

Have you ever received calls about credit card needs? The representatives even offer attractive discounts. The whole cashless concept sounds easy and convenient. You don’t need to carry multiple bundles of cash. Yet, you have access to funds all the time. There is no stress of thefts or robberies also. A credit card indeed has many benefits. So much so that credit card usage jumped 48% in March 2022; however, you must also understand a credit card's disadvantages. Missing the bill payment date will result in a penalty. It will also lower your credit score. Hence, you need to be careful while using it. Sometimes, you may not even realize you are using it wrong. However, it may land you in trouble. This article will help you to avoid these situations. Incorrect Credit Card Usage Credit cards have many uses. But if you are not careful, these pros may turn into cons. Here are some examples of credit card usage that are not good for you. You only pay the minimum due amount. Your credit card statement shows your credit card usage, total bill, and minimum due amount. You must pay the minimum due amount to avoid late charges. The minimum amount is usually 5% of your total amount. You can pay this amount rather than the total bill. But, the problem occurs when you only pay for that amount every month. This way, your debt will never end. You will keep paying it off for years. Also, the non-repayment balance will attract interest. You have a high credit utilization ratio. When you apply for a credit card, you get a credit limit on the card. It depends on your income and repayment capacity. A credit limit determines how much total credit you have and can use. The credit utilization ratio shows how much credit you’ve utilized. It reflects your credit card usage. A low credit use ratio shows lenders you are not hungry for credit. Usually, lenders prefer the credit use limit to be less than 30%. A low percentage also reflects better on your credit score. A credit score represents a borrower’s worthiness. It is a primary factor lenders check before approving a loan. You don’t check your billing statements. You may not be using a credit card regularly. Hence, you may neglect to check your credit bill statements. It is a warning sign. Offline and online credit card errors and frauds are common. But, if you never check the bills, you will never know. Your actual credit card usage may be much lower than it shows. It may also hamper your credit score. A monthly review can help you take timely action for such errors. You withdraw cash with a credit card. As per credit card terms and conditions, there is a cash withdrawal limit. In some cards, you can’t withdraw cash for a minimum of 180 days. Failing to do so attracts a cash advance fee and finance charges. The finance charges can go as high as 50%. Withdrawal fees can be as high as 3.5%. Hence, it is not a good option for your financial health. It is a sign to keep your expenses in check. You may be spending more than you should. You forgot to check the expiration date of reward points. When you opt for a credit card, the banks offer attractive offers like discounts, reward points and cashback. You may also get some free miles or access to airport lounges. All this helps the banks to secure their customer’s loyalty. It is a common habit to accumulate points. What you forget is that these reward points come with an expiry date. Usually, it is two years. If you don’t redeem it within that time, they are lost. The reward points don’t carry forward. You can always contact the card issuer if you have doubts about the expiry date. You are using one credit card to pay off another card A credit card helps us to pay off our bills and expenses. But, it is a debt that you need to pay. Taking on another card to pay off first card bills is a big no-no. You are only collecting debts and hampering your financial health. Even maxing out your current card is not good. Also, too many debts negatively affect your credit score. Even enquiring about cards can lower the score. Your credit card purchase is not approved Sometimes, we may enter the wrong PIN or have bad connectivity, which may lead to a decline in transactions. These situations are normal. But if the transaction is rejected due to lack of funds or bill non-payment, then it is a warning sign. You must then cut back on your spending. Also, analyse your monthly budget. You are unaware of credit card charges When companies issue you credit cards, they only focus on the good points. Not the fees they charge. Also, most of us forget to read the terms and conditions. Here is where you can land in trouble. Companies charge you annual fees for owning a credit card. You also must know the interest charges, foreign transaction fees, cash advance fees, and over-the-limit charges. A small fee will not hurt. But, if these accumulate, it will be a problem. Some Suggestions to Avoid Incorrect Credit Card Usage Now, you are aware of examples of incorrect card usage. Let us give you some tips on how to avoid these situations. Plan your monthly finances Read the credit card terms and conditions Don’t apply for multiple cards Know your credit card limits. Avoid cash advances on your credit cards Check your card statements periodically Try to pay off the whole credit card amount Practice saving and be disciplined in your finances [B-02] In a Nutshell After reading the above points, you understand how to use your credit cards properly. Credit card usage can increase or lower your credit score. Even if you may not need a loan, a low score will hamper your borrower chances in the future. Hence, you need to maintain a minimum CIBIL score. Experts at Piramal Finance can help you know your CIBIL score. They can also suggest tips and tricks on improving your CIBIL score if you score low.
08-11-2023
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Dream Mobile

Get Ready for the Latest Xiaomi Mobile Phones In India

Xiaomi is at the forefront of the latest mobile technology, and its popularity in India shows no signs of waning anytime soon. If you’re looking to buy your next smartphone from a reputable brand that offers affordable technology, then Xiaomi Mobile might be the perfect fit for you! Read on to learn more about how Xiaomi mobile phones compare to the competition, the cost of a Redmi mobile phone, and which models are coming up next. [B-01] Xiaomi 12S Ultra Xiaomi’s latest mobile phone, the 12S Ultra, is a great entry-level phone with some high-end features. The 12S Ultra offers a 6.73-inch HD+ display and a 3.2 GHz Qualcomm Snapdragon 8 Plus Gen 1 Octa-core processor, which makes it good for playing games or using different apps. It has 8 GB of RAM and 256 GB of internal storage. It has one of the best batteries on the market at 4860 mAh and can last up to 3 days without charging. You can find Xiaomi mobile phones in many different colors, including navy blue and rose gold. The expected Redmi mobile price would be around INR 70,000. Xiaomi 12T Pro 5G Xiaomi has been quite busy lately, releasing two new phones a day apart from each other. The first one to be released was the Xiaomi 12T Pro 5G, which is currently available in China. This phone has a huge 6.67-inch AMOLED display with a resolution of Full HD+ 1080p and a 20:9 aspect ratio. It also features a Qualcomm Snapdragon 730 octa-core processor, 8GB of RAM, and 128GB of internal storage that can be expanded up to 256GB via SD card. The rear-facing camera module includes a 108 MP main camera with an f/1.75 aperture, an 8 MP ultra-wide camera, and a 5 MP telephoto sensor. The selfie camera on the Redmi new mobile is 16 MP with an aperture of f/2.45. It packs a 4500 mAh battery that supports fast charging as well as wireless charging, it also includes an FM radio receiver and stereo speakers. The Redmi mobile price is INR 60, 490. Xiaomi 12 Lite 5G The Xiaomi 12 Lite 5G is a budget-friendly, affordable Redmi new mobile that has all the features you need. Its sleek design and dual cameras make it feel like an expensive device without costing too much. With specs that are comparable to some of the most popular phones on the market right now, this Xiaomi mobile will have you covered. The 6.55-inch OLED display on the Xiaomi 12 Lite 5G has a Full HD+ resolution. The screen has a 402 PPI pixel density and a 20:9 aspect ratio. The power and volume controls are on the handset’s right side. For added security, the Redmi new mobile has included an in-display fingerprint sensor and face unlock support. This new Xiaomi mobile phone is powered by a Qualcomm Snapdragon 778G processor. The chipset is complemented by 8GB of RAM and 128 GB of storage. Because the device does not support microSD cards, internal storage is limited to 128 GB. The Redmi mobile price is INR 31,690. Xiaomi Redmi K50 Ultra The Xiaomi Redmi K50 Ultra will have a 6.67-inch display with an aspect ratio of 20:9 and a resolution of 1080×2400 pixels. The Redmi new mobile will be powered by an octa-core Qualcomm Snapdragon 660 SoC, coupled with 8GB of RAM. Other specifications revealed by the listing include 128 GB of onboard storage and a 50MP+8MP+20MP triple-camera setup on the rear. It is also confirmed that this phone will run Android 12 out of the box. The Xiaomi Redmi K50 Ultra will have a Redmi mobile price of INR 35,390. Xiaomi Redmi Note 11 SE 5G The Xiaomi Redmi Note 11 SE 5G is a two-SIM Redmi new mobile with a 6.5-inch display, 4GB of RAM, and 128GB of storage. It is powered by a Snapdragon 660 processor and has a 13 MP front camera and a 12 MP rear camera. The Redmi new mobile also features dual SIM card slots, Bluetooth 5.0, Wi-Fi ac, GPS, and more. It comes with a 5000 mAh battery that delivers up to 17 hours of video playback mode on its full HD screen, which offers 10 points of touch sensitivity. The Redmi new mobile is running MIUI 13 on the Android 12 operating system out-of-the-box, and the Redmi mobile price is INR 11,690. Xiaomi Redmi Note 11T Pro Plus The latest Xiaomi mobile phone is going to be released in December. The Redmi Note 11T Pro Plus will have a powerful processor and a design that is slim, light, and attractive. It will come with 8 GB and 128 GB of RAM, so you can store plenty of apps, games, videos, and photos on your device. The Redmi new mobile also has a large screen, making it easy to view everything on your screen or read text messages or emails on-screen. Another great thing about this smartphone is its triple-camera setup, which lets you take clear and high-quality pictures day or night with its AI scene detection mode and EIS video stabilization. With its impressive battery life, this Redmi new mobile is sure to keep you entertained for hours! Its Redmi mobile price is INR 23,290. Xiaomi Mix Fold 2 5G This phone is equipped with an 8.01-inch OLED display and is powered by Qualcomm’s octa-core Snapdragon 888 processor, coupled with 12GB of RAM and 128GB of internal storage. The device packs three rear cameras with phase detection autofocus, a dual-LED (dual tone) flash, and HDR. Its Redmi mobile price is INR 106,290. Why a Xiaomi mobile is the best option for you Xiaomi is one of the most popular smartphone brands in China and other parts of Asia. You’ll get a lot of bang for your buck with a Xiaomi mobile, as many come at an affordable Redmi mobile price. They’re also innovative, so you won’t be bored with your purchase. The company offers smartphones that have all the features you need, but they keep things relatively simple. If you’re looking for something basic but reliable, this brand is perfect for you. [B-02] You don’t get a lot of extra features on these devices, but they make up for that by providing you with all of your basic needs at a great Redmi mobile price. The Redmi new mobile is one example, as it can do everything you need without costing a lot. It’s also durable and has an impressive battery life that lasts through more than 12 hours of talk time. Piramal Finance is one of the best financing options when buying a Xiaomi phone. The company offers a wide range of financial products and schemes to suit customers’ needs. Piramal Finance is a name you can rely on to provide comprehensive, customised financial solutions according to customer needs. Their diverse offerings include home loans, personal loans, car loans, and much more.
08-11-2023
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Other

Calculate gratuity online using our gratuity calculator

There is always a difference between the CTC offered and the salary you get in hand. There could be various reasons for this, such as tax deductions in the form of TDS, provident fund, and pension contributions, which are reduced from your salary. One such deduction is gratuity. Well, what is gratuity, and how can we calculate the gratuity portion of our salary? Let’s find out! [B-01] What is Gratuity? The Payment of Gratuity Act of 1972 defines gratuity. Employees are paid gratuity by organizations. This is for the services provided by them to the organization. Gratuity is one of the several parts of an employee’s salary. An employee is entitled to gratuity after providing service for 5 years. How to Calculate Gratuity? There are two categories of employees. This depends on their coverage under the Gratuity Act. The following is the Gratuity Calculator Formula 2021: Category 1: Covered under the Payment of Gratuity Act, 1972 Gratuity = (15/26) * Last drawn salary * Number of service years with the organization Here, 26 stands for the number of working days in each month. Gratuity is calculated for 15 days’ wages. The last drawn salary covers basic, dearness allowance, and commission on sales. For example, Mr A served for eight years. His last drawn salary and dearness allowance are ₹ 50,000. Gratuity calculator India will work as the following: (15/26) 50000 * 8 = ₹4,00,000 Category 2: Not Covered under Payment of Gratuity Act, 1972 Gratuity = (15/30) * Last drawn salary * Number of service years with the organization Here, 30 indicates the number of working days in each month. Gratuity calculation is done for 15 days’ wages. The last drawn salary covers basic, dearness allowance, and commission on sales. For example, Mr B served for ten years. His last drawn salary and dearness allowances are ₹ 50,000. Gratuity calculator India will work as the following: (15/30) 50000 * 10 = 250000 Online Gratuity Calculator As you can see, gratuity is not that easy to calculate. So, how can you easily calculate gratuity in your salary? Just use an online gratuity calculator! Several online gratuity calculators are available to calculate. You only need to enter the relevant details. The calculator will calculate the amount you must receive. It will be based on the inputs you provide. You must provide the following details to calculate the gratuity: Monthly Salary (Basic + DA): Last salary that you received from your company. It includes the Basic Salary and Dearness Allowance. Years of Employment: Number of years you have been employed at the company The gratuity calculator online will calculate your gratuity amount based on these inputs. It will then display the final gratuity amount you are eligible to receive. Benefits of Gratuity Calculator Online The following are the benefits of the gratuity calculator online: It makes the calculation of gratuity simple and easy. It eliminates errors in calculating gratuity. It allows employees to decide whether to opt for gratuity or not. It allows quick and fast calculation of gratuity. It is a web-based calculator. So anyone can access a gratuity calculator anytime, anywhere. Eligibility Criteria for Gratuity To receive a gratuity, you need to fulfil the following eligibility criteria: You must have provided 5 years of service to your employer. The employee should either retire from the company or leave the services to receive a gratuity. In case of the death of the employee, his legal heirs can receive the gratuity amount. Employees can receive gratuity if they become disabled due to a disease or accident. Organizations Required to Pay Gratuity Is every company or organization liable to pay gratuity? No. Organizations that meet the eligibility criteria must pay gratuity to their employees. An organization must pay gratuity to its employees if it employs 10 or more employees. How is Gratuity Taxed? Gratuity is treated as income under the Income Tax Act 1961. It goes under the head “Income From Salaries”. The income tax law has provided an exemption for the gratuity received by the employees. So, is gratuity fully exempt from tax? The answer is yes, but it is exempt only for government employees. Non-government employees are partially exempted from gratuity. They can claim exemption from gratuity subject to the following conditions: If the employee is covered under the gratuity, the least of the following amount shall be exempt: Gratuity up to Rs. 20 lakh Last drawn basic salary x Number of years of service x 15/26 The actual gratuity amount received The method to calculate exemption varies. It changes if the employee is not covered under the gratuity act. In such cases, the least of the following amount shall be exempt: Gratuity up to Rs. 20 lakh 15/30 x average salary x number of completed years of service The actual gratuity amount received [B-02] In a nutshell Although paying gratuity is a beneficial practice for employees, its calculation is a bit tricky. While you can manually calculate gratuity, you will likely make mistakes. So, it is better to use a gratuity calculator online. It ensures that you know the correct amount of gratuity you are entitled to. It reduces the burden of calculating gratuity manually. It also provides you with a quick calculation. Further, you must keep a check on your taxes. This ensures you do not pay high taxes on your gratuity income. You can visit the Piramal Finance website to learn more about gratuity.
08-11-2023
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Home

What you need to know about center tables

What is a center Table? As the name suggests, a center table is a piece of furniture placed in the center of the room. The table can stand alone or be surrounded by a sofa and other seating furniture. An elegant table amplifies the aesthetic of your drawing room. It is a key element in making your living space picture-perfect. Your central table becomes a focal point of attention for the viewer. As a result, a beautiful table can express your unique style and preferences in front of your guests. A table can have both decorative and practical uses. Use it as you like. Decorate your table with your favourite flower arrangements and works of art. Or use it to place your beverage and the book you are currently reading. There are many different types of tables available on the market today. So, which one should you choose? Read on to find out what things you should keep in mind before purchasing the center table for the living room. [B-01] How to choose a center table? Purchasing a center table can feel like a daunting task. With so many tables to choose from, it is easy to get lost in the sea of available options. As a result, it is crucial to do your homework beforehand. It is important to choose a center table that complements your living space. It should be appropriately sized and blend seamlessly with your other furniture. Remember the following things the next time you’re purchasing a table: Shape and size of the table Your center table should have the correct dimensions as per your room. The size of your room and your existing furniture will dictate the size of your table. So the first step is to measure your room. This will give you an idea of how much space there is in your house. Then, determine the exact dimensions of the table that will be appropriate for the room. The height of your table should be approximately the same as your sofa and chairs. These steps will prevent you from purchasing one that is too small or too big for your room. Always make sure that there is enough open space to walk around between your furniture. Choose the shape that you like. You can either coordinate it with the other furniture or pick a contrasting shape, such as an oval or circular table. If you have kids at home, their safety comes first. Choose a table that is sturdy and has no sharp edges. The table’s material From wood to glass or even marble and leather, a table can be made from various materials. Look around the house and figure out your decor theme. The material of your tabletop should be in sync with your other furniture. A glass tabletop can give your home a light and spacious feel. A wooden table will make your decor look contemporary. A granite or marble table top can make your home feel luxurious. You can also get a table that is custom-made with the material of your choice. Whatever material you choose, learn about its pros and cons. Some materials are more delicate than others. If you need a table for daily use, choose a material that is easy to clean. Wood and marble are easier to clean than a leather table top. Take care of your table regularly. Avoid getting any stains or scratches on it. This will ensure that your center table shines for years to come. Functionality What do you want to use your center table for? Maybe you just want a table for decorative purposes. Something to hold your flowers and artwork Or maybe you want a table for everyday use. Determine the use of the table before you purchase one. If storage is your purpose, you may prefer a table with built-in drawers. This will give you more space to store your magazines and other everyday items. If your table is purely for decorative purposes, choose the one that takes your fancy. Your budget Whatever your budget, there is a center table for you. You can find several budget-friendly, casual coffee tables. If you have no budget restrictions, you can opt for luxurious, custom-made tables. Determine your price point. This will help you narrow down the material of your table. Materials like wood and glass are generally cheaper than marble. So, have a clear budget in your head before you go shopping. This will make it easier for you to select your table. Compare the prices of your table on different online platforms and stores. You can find the most cost-effective option once you compare all the available prices. [B-02] A Concluding Note Your center table is one of the most important pieces of furniture in your home. This is where you can keep your cherished artwork. This is where you can serve coffee and warm cookies to your friends. So make sure that you spend some time searching for the right table. You can also get a customised table that fits your needs perfectly. Browse the furniture websites to get an idea of what you might like. You can also visit the furniture stores in person. The store professionals can suggest good options as per your requirements. Perhaps you need some help financing your new furniture this festive season. If this is the case, Piramal Finance is here for you. Visit the website to find personal loans and financing options best suited for you. Happy shopping!
08-11-2023
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Mutual Funds

How to Calculate Returns on Mutual Funds with a Mutual Fund Calculator

Investing in mutual funds comes with lots of rewards. But a mutual fund calculator helps you calculate overall returns. It helps you decide on investments. You know the types of mutual funds to look for. This MF return calculator also tells you the capital gains tax you must pay. This lets you check your total investment return. It takes into account many unique factors. Now, start using a mutual fund return calculator. First, enter previous purchase prices. You even need to mention the purchase dates for each asset. [B-01] What are mutual funds? These are pools of money invested in stocks and other assets. It helps with portfolio diversification. It helps investors worry less. Mutual fund investors buy units of funds called shares. The units (shares) represent partial ownership. This is for all investments held by that fund. Use a mutual fund calculator to calculate the total ROI. Using a mutual fund calculator is important. It examines the costs related to an investment before deciding on it. This cost directly affects performance. Your mutual fund might have an expense ratio of 0.5% or more of the total value of the asset per year. The MF return calculator helps you decide that. It also generates capital gains and interest income. But, you need to reinvest those earnings into the fund for distribution. So, it lowers long-term growth potential. How to calculate mutual fund returns? These are low-risk investments. It contains several stocks, bonds, and other securities. Mutual fund return calculators help you know the total earnings and gains from your investments. First, find a good mutual fund calculator. There are many online mutual fund SIP calculators. Ensure they are credible and accurate. You don’t want the wrong information while investing. Second, put all relevant information into the MF calculator. This includes the initial deposit, the annual return rate, etc. Third, enter any changes to these variables that occur over time. Click calculate. You can view the total mutual fund return instantly. This gives you the correct information. Now, make sound decisions about mutual funds. Calculate mutual fund returns using a mathematical equation. Mutual fund SIP calculators use an equation to calculate your overall return. These are often advertised as having high returns and low volatility. This appeals to many. But you need to study other investment options. Check for offers with similar benefits but lower risk. Do this on your own without a calculator. The point-to-point return is calculated by dividing the ending value of an asset by its beginning value. Then, multiply this number by 100%. For example: if someone invested $1,000 in an MF with a 5% annual return over 2 years, they would have $1,500 after 2 years (1,000 x 150%). If they sold their shares back at the end of year 2, their total profit would be $500 (($1,500 – $1,000) x 100%), or 50%. Online MF Calculator: Calculate mutual fund returns A mutual fund SIP calculator calculates total mutual fund returns. It helps you determine if you want to keep investing in that fund. You can use an MF calculator or investment calculator to understand your finance timeline better. Enter your initial amount, rate of return, and years invested into the four fields of the MF calculator. Plug in numbers for two different rates of return into the MF calculator. It helps you see what would happen if your rates of return change over time. These are always just estimations. A mutual fund return calculator cannot guarantee future performance. Benefits of using a mutual fund calculator for calculating returns Mutual fund calculators can be used by investors who want to determine how much they have earned or lost over time. Mutual fund SIP calculators are typically free and can be found online or at your favourite brokerage firm. A MF calculator provides an easy way for investors to track their performance, compare funds, and figure out how much money they need for retirement. The most important thing to remember when using these mutual fund return calculators is that they are based on past performance, which doesn’t guarantee future results. Investors should only use a MF calculator as one factor in making investment decisions. Once you enter your data into a MF calculator, it will show you the annualised percentage return (APR), total return (TR), and net return (NR). Your APR tells you what percentage of your invested money was paid back each year in interest, dividends, or capital gains. Your TR shows you how much of your original investment has been returned. Your NR reveals how close you are to breaking even if you sold all your investments today. Thus, you can use a mutual fund return calculator to make wise investing decisions. [B-02] Mutual Fund Calculators: A Helping Hand in Investment Mutual fund SIP calculators are a quick and easy way to estimate your return if you invest in a mutual fund. A MF calculator considers the amount being invested and then determines how much money will be accumulated at the end of time. We encourage readers to use a mutual fund return calculator to make informed investment decisions. You may want to look for a particular goal when investing or just see how different strategies might affect the potential outcomes of your investment. The MF calculator should help you find a good place for your money!
08-11-2023
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