Individual
Description
Joint Holder
Description
A joint account is a bank or brokerage account shared between two or more individuals. Joint accounts are most likely to be used by relatives, couples, or business partners who have a level of familiarity and trust with each other. It typically allows anyone named on the account to access funds within it. There are multiple ways accounts can be established, each with its own implications for how money or assets can be accessed within the account or how the contents of the account are handled after one of the joint holders passes away.
Guardian
Description
Legal guardianship is one of the options available to parents who are planning for the care of their children in their absence due to a variety of situations, such as illness or incarceration. It allows parents to name a caregiver and to give the caregiver certain legal rights regarding the care of the children. In most cases, the parents’ legal rights are not terminated and the parents still play a role in their children’s lives. Legal guardians have custody of the children and the authority to make decisions concerning the protection, education, care, discipline, etc.Legal guardianship is assigned by a court, such as the family court, according to state laws. For parents/guardians involved in guardianship cases, it may be helpful to consult with and/or retain the services of an attorney who practices in the area of family law for assistance.
Minor
Description
In law, the term minor (also infant or infancy) refers to a person who is under the "age of majority" - the age at which a person is legally recognized as an adult. When an individual reaches the age of majority, he or she is granted full legal rights and becomes liable for "any legal obligations created by his or her actions. Minors are considered to be under the care of a parent or guardian, unless they are emancipated. Moreover, minors are subject to different laws and legal procedures than adults. For instance, minors accused of criminal conduct might not be tried or charged as an adult.
Nominee
Description
The concept of nomination is prevalent for various assets. A nomination is defined as a right conferred upon the owner of an asset to appoint one or more persons who will be entitled to receive the asset upon the death of the holder. In simple words, a nominee is somebody who will receive the asset upon the death of the owner/holder.According to the Indian law, the nominee will receive and hold the property of the deceased until the nominee is legally bound to transfer or distribute it to the legal heirs of the deceased.For instance, it a husband has nominated his wife in his life insurance policy. Upon his death, the entire proceeds of life insurance will go to the wife.But the wife can't own it if he has written a will that has something contrary. Let's say the will says the portion of the policy proceeds should go to his mother and children, then the wife has to give those proceeds Note the will made by the deceased supersedes the nomination for most assets. A will is the 'supreme' document that specifies the exact intentions of the testator to the succession of properties. So, a will that has been proven valid wields the power to override any arrangements or nominations made during an individual's lifetime.The document also includes all properties of the testator that's might not have any nominations or options for nomination.
Process how to get
There are 2 types to update nominee
Ownership
Description
Claim
Description
Claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy.
Insurance is a financial agreement between you and your insurer. You have to pay a fixed premium. And in exchange, the insurance provider offers financial cover for losses based on the policy terms.When the event covered under your policy occurs, a claim must be filed. The purpose is to notify the insurer that the event for which you have opted for an insurance has occurred and the insurer should pay the claim amount.
Process how to get
Processing a claim involves the following stages:
KYC
Description
KYC full form is 'Know Your Customer') which refers to the process of identity and addresses verification of all customers and clients by banks, insurance companies and other institutions either before or while they are conducting transactions with their customers. The Reserve Bank of India (RBI) has made KYC mandatory for all banks, financial institutions and any other digital payment companies who carry out financial transactions. Let us take a closer look at what is KYC and the essential KYC documents.As per the guidelines issued by the Government of India, 6 documents serve as 'Officially Valid Documents (or OVDs) and can be considered for the verification of identity. Even if you have already submitted the KYC documents once to an institution, they may ask again for the documentary proof to periodically update the KYC records. Following are the Documents Required for the KYC process:
Process how to get
Below are the steps involved in the e-KYC process:
NOC
Description
Process how to get
FATCA
Description
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.
Process how to get
Visit the website as per investment scheme for Mutual Fund
https://www.camsonline.com/Investors/Service-requests/FATCA&CRS
https://mfs.kfintech.com/mfs/FatcaHome.aspx
MF Units
Description
A mutual fund company combines money from many people to make investments in stocks, bonds, money market instruments or some combination of these. Investors deal directly with the fund company or go through a broker, but they don't make their purchase from other investors or on a securities market. The smallest portion of ownership in a mutual fund is called a unit and represents your proportion of the company's investments.A unit in a mutual fund company is also called a share or unit share. Normally mutual funds are open-ended, which means the company issues more shares whenever investors want to buy. The value of a unit is available on financial websites and fluctuates every day according to calculations by the fund company. When you buy units in a mutual fund, your cost may include a sales charge. When you sell, you may also pay a fee in some cases.
Process how to get
Transmission (MF)
Description
Transmission of MF units is a process whereby units held in the name of deceased unit-holder are transferred either to the surviving unit-holders or to the nominee or to the legal heirs.
MF Asset Management Companies (AMC) have a common procedure for transmission of units, however, there might be a slight variation in formats or documents required across AMCs, but broadly the process is the same.In case of transmission of units, document requirements vary as per situations, such as holding pattern (sole or joint holding), survivorship clauses and whether there is a valid nomination registered and the current value of investments.
Process how to get
TRANSMISSION OF UNITS TO SURVIVING UNIT HOLDER(S) IN CASE OF DEATH OF THE 1ST HOLDER:
Transmission Request Form (Demat Shares)
Description
“Transmission” is the terminology used for this procedure that means passing of property in shares to the legal heirs. In the event of the death of the shareholder procedure for transmission of shares is as follows;
For shares in Demat mode, you have to send to the Depository Participant (DP);
A transmission of interest in shares of a company, of a deceased member of the company, made by the legal representative of a deceased member shall be considered as transmission of shares by operation of law. This transmission will be registered by a company in the Register of Members.
Process how to get
Transmission Request Form (Physical Shares)
Description
“Transmission” is the terminology used for this procedure that means passing of property in shares to the legal heirs. In the event of the death of the shareholder procedure for transmission of shares is as follows;For physical shares, you may be requested to send any of the below documents to the Registrar and Share Transfer Agent (RTA);
A transmission of interest in shares of a company, of a deceased member of the company, made by the legal representative of a deceased member shall be considered as transmission of shares by operation of law. This transmission will be registered by a company in the Register of Members.
Process how to get
Hospital Discharge form
Description
When you leave a hospital after treatment, you go through a process called hospital discharge. A hospital will discharge you when you no longer need to receive inpatient care and can go home. Or, a hospital will discharge you to send you to another type of facility. Many hospitals have a discharge planner.
Hospital discharge summaries serve as the primary documents communicating a patient's care plan to the post-hospital care team. Often, the discharge summary is the only form of communication that accompanies the patient to the next setting of care.
Hospital discharge papers are a summary of the patient's hospital stay, from the time of admission to the time of release, which includes admitting diagnosis, discharge diagnosis, procedures performed, discharge medications, discharge instructions, and recommendations and follow-up instructions.
Hospital Discharge Paper is used to show that patient was discharge from hospital or clinic after treatment and rest.A Discharge Paper is a sample form only for patients who are ready to leave the clinic or hospital.Through this form, there will be a smooth, easy process for both patients and staff.Before discharging patients from the hospital, certain information must be on file. For this purpose, a discharge paper may help to gather patient information, follow-up plan, and any other data needed for a successful discharge.Discharge papers must be kept by hospitals or clinic safe and secure as it contains information about the patient.How to fill out a Discharge Paper?
This discharge form is simple and straightforward. It contains six (6) parts: Patient Details, Primary Healthcare Professional Details, Admission and Discharge Details, Diagnosis and Procedures, Medication Details, and Prepared by section.
Process how to get
You should be able to get a copy from the ward manager or the hospital's Patient Advice and Liaison Service (PALS). Once you're admitted to hospital, your treatment plan, including details for discharge or transfer, will be developed and discussed with you.
Medical certificate
Description
Medical Certificate: A Medical Certificate is a written statement from a doctor or a qualified health professional who attests to the result of the medical examination of a patient. This written statement is required for many purposes but is most widely used as a sick note, where it states that an employee is unfit for work due to health concerns. Alternatively, medical certificates might be required to access certain health benefits that are provided by an employer. Medical certificates are also used by students, excusing them from attending school for reasons of illness.
Medical Certificates are very personal documents, hence it must respect a patient’s right to confidentiality. This means that the patients’ consent is required for sharing sensitive medical information. Hence, medical certificate example must not contain a diagnosis without the patient’s consent. However, this may vary between different countries and their governing laws. In the following paragraph, we shall explore the purpose and applications of medical certificates for Students in detail and How To Get A Medical Certificate. Read on the article to know about application for medical certificate for job.
Death Certificate
Description
A death certificate is either a legal document issued by a medical practitioner which states when a person died, or a document issued by a government civil registration office, that declares the date, location and cause of a person's death, as entered in an official register of deaths.
A death certificate is an official document issued by the government, which declares cause of death, location of death, time of death and some other personal information about the deceased.
There are several reasons why you may need to obtain a death certificate. Most often it’s to serve as proof for legal purposes. These reasons may include accessing pension benefits, claiming life insurance, settling estates, getting married (if a widow or widower needs to prove that their previous partner has passed), or arranging for a funeral.
Government officials may need the death certificate to review the cause of death during investigations to determine if foul play occurred.
Public health officials use death certificates to compile data on various statistics, including leading causes of death. Public health policies depend heavily on the mortality data from death certificates because they are the only source of information about the causes of death and illnesses preceding death.Prior to issuing a certified death certificate, authorities usually require a signature from a physician or coroner to validate the cause of death and the identity of the deceased. Upon the signing of the death certificate, local authorities will typically issue a certificate of disposition of remains, also known as a burial or cremation permit.
An official death certificate is usually required to be provided when applying for probate or administration of a deceased estate. They are also sought for genealogical research. The government registration office would usually be required to provide details of deaths, without production of a death certificate, to enable government agencies to update their records, such as electoral registers, government benefits paid, passport records, transfer the inheritance, etc. Smart contracts allow for automatic execution of the wishes of the deceased upon registration of the death certificate.
Process how to get
The person who is applying for a death certificate is required to provide the evidence of relationship with the deceased, complete address and proof of nationality.
Cremation Certificate
Description
In legal terms, a certificate of cremation is a document validating that an individual has been cremated. Like a death certificate, it's a legal document with information about the deceased and their final resting place. This is also sometimes called a certificate of disposition of remains or a cremation permit.
Upon the signing of the death certificate, local authorities will typically issue a certificate of disposition of remains, also known as a burial or cremation permit. Crematories and cemeteries require this form before they will cremate or bury a body.
A Certificate for Burial and Cremation. This is often known as the green certificate or form. It gives permission for the body to be buried or for an application for cremation to be made, and you should give this to the funeral director. A Certificate for Registration of Death (form BD8)
Documents like their birth certificate, military records, banking and investment papers, real estate deeds, and insurance policies become more than necessary; they become vital. Unfortunately, these documents are not something that are typically carried around or often even easy to locate.
Cremation certificate means a document certifying that a decedent has been cremated and which includes the name of the decedent, the identification number, the date of cremation, the name, address, and phone number of the crematory, and the signature of the crematory authority.Cremation certificate is essential for registering death with the concerned registrar/authority besides a certificate from hospital about death. and its cause. ... there is no mandatory provision that dead body must be cremated at particular place where cremation certificate has been issued
Process how to get
Cremation 10: Authorisation of cremation of deceased person by medical referee. This is the final document issued by the doctor who works at the crematorium which allows the cremation to take place.
Post-Mortem report
Description
A post-mortem examination, also known as an autopsy, is the examination of a body after death. The aim of a post-mortem is to determine the cause of death. Post-mortems are carried out by pathologists (doctors who specialise in understanding the nature and causes of disease).The pathologist who undertook the post mortem will write a post-mortem report. The next of kin will be informed of the result and a copy of the report can be sent to the GP of the person who died. A copy is also available to the next of kin on request. In criminal cases, there may be some restrictions on the information provided to the family. If you do request a copy, please bear in mind that it is written in medical terms and you may find the details distressing.
Process how to get
Autopsy and Viscera report
Description
Autopsy, also called necropsy, postmortem, or postmortem examination, dissection and examination of a dead body and its organs and structures. An autopsy may be performed to determine the cause of death, to observe the effects of disease, and to establish the evolution and mechanisms of disease processes. The word autopsy is derived from the Greek autopsia, meaning “the act of seeing for oneself.”
A viscera report is prepared to determine the cause of death under suspicious circumstances where autopsies are unconvincing. In these tests, the internal organs of the body, explicitly those within the chest, abdomen, or the pelvis are tested thoroughly.
Process how to get
Affidavit
Description
An Affidavit, sometimes called a sworn statement, is a statement of facts written under oath. They’re written by someone who has knowledge that something is true and are often provided as evidence to support some type of assertion.For instance, an Affidavit could:
Process how to get
The affidavit is a written statement sworn before a person having authority to administer an oath. In India, an affidavit can be sworn or affirmed before:
Indemnity
Description
“To indemnify” means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party’s actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party. It is also known as a “hold harmless” clause, because one party will hold harmless the other for certain events. The events usually stem from something under control of the indemnifying party’s (again, the party who is doing the compensating, or the paying party).
Notarised copy
Description
A notarised document is one where the identity and signature of the signatory has been verified by reference to original photographic identity documents and witnessed by a Notary Public at the time of signing. The document carrying the authenticated signature must be accompanied by an impression of the Notary Public’s stamp or seal to indicate that the document is that of the person who signed the document. It is the obligation of the Notary Public to verify the identity of the signatory, to ensure that the document is signed or executed under the signatory’s free will and the Notary must witness the signing event.
As such, the following steps must be taken when notarising a document:
You must present valid identification to your notary so that they are satisfied that the person signing the document is truly you.
The Notary Public will then ensure you understand and can attest to what you’re about to sign.
The Notary Public will witness your signature.
Once you have signed the document, the Notary Public will affix his or her stamp (or seal) to the document. The document will then be considered to be notarised.
In contrast to certification, which can be carried out by a number of individuals, documents for notarisation can only be notarised by a Notary Public.
Legal Heir Certificate
Description
In case of a sudden demise of a family member, a legal heir certificate must be obtained for transferring the assets of the deceased to his/her legal heirs. A legal heir certificate is a very important document to establish the relationship between the deceased and legal heirs. Once the death certificate is obtained from the municipality/corporation, the successors can apply for this legal heir certificate to claim their right over the deceased person’s properties and dues. Usually, lawyers help draft and register a legal heir certificate.A legal heir certificate identifies the rightful successor who then can claim the assets/properties of the deceased person. All eligible successors must possess this certificate to lay a claim over the deceased person’s property.
Two segments of legal heirs
* Legal heir certificate is required for the following purpose:
Process how to get
Letter of Administarion
Description
A formal document issued by a court of probate appointing a manager of the assets and liabilities of the estate of the deceased in certain situations.
Courts are often asked to rule on the management of a deceased person's estate. Generally, this is a routine matter for probate courts, which are created specifically for this purpose. Individuals generally determine the distribution of their estate in a will, which usually specifies an executor to carry out its directions. But where the decedent has left no will or the executor named in a will is unable or unwilling to serve, the courts must appoint an administrator. This appointment is made by issuing a short document called letters of administration, which is a decree that serves as evidence of the administrator's authority.
Process how to get
Stamp Paper
Description
Process how to get
Stamp paper can be purchased by visiting and purchasing stamp paper from any licensed stamp vendor. You can also buy eStamp or traditional stamp papers online with LegalDesk.com
Judicial Stamp Papers
Description
Judicial stamp papers are generally used for a legal purpose or for court cases. The Judicial stamp papers are also commonly known as court fee stamp paper. The judicial stamp papers are used for payment of court fee in the court to avoid cash transactions. The case may not be admitted without payment of court fees.
Judicial Stamp Papers are Stamped Papers and duty payable is to the courts for the purpose of payment of court fee and other matters expressly judicial matters.
The court fee for different types of suits is different, section 7 of the Court Fee Act, 1870 provides for computation of fees in different matters.
For money, For maintenance and other formalities, For any other moveable property that has a market-value, For moveable property that essentially has no market-value, For enforcement of the right to share in a joint family, where declaratory decree and consequential relief is prayed, For an injunction, For easements, For accounts.
Thus arrangements and fillings, which concern the administration of justice, are carried out on Judicial Stamp Papers and duty in the form of court fees is applicable to them. A judge will never use a non-judicial Stamped paper for the administration of justice such as writing down orders and judgments and will not accept petitions filled on such papers.
Testator
Description
Will
Description
Will means the legal declaration of the intention of a person with respect to his property, which he desires to take effect after his death. It is a unilateral document and takes effect after the death of the person making it. It can be revoked or altered by the maker of it at any time he is competent to dispose of his property.A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you're gone.
Wills can vary in their effectiveness, depending on the type, though no document will likely resolve every issue that arises after your death. Here's what you need to know about these vital documents.
Process how to get
Probate Will
Description
Process how to get
It is pertinent to understand the process of obtaining the Probate of a Will. A Probate is granted by the High Court with the court seal and a copy of the Will attached. For seeking a Probate, the executor of the Will, as a Petitioner is required to file the petition (after making payment of applicable court fees depending upon the value of the assets) before the competent court (a pecuniary jurisdiction may require a higher court to issue a probate for high-value immovable assets) through an advocate. Thereafter, the court usually asks the Petitioner to establish the proof of death of the testator, as well as proof that the Will has been validly executed by the testator, and that it is the last Will and testament of the deceased. After receiving the petition for a Probate, the court issues a notice to the next of kin of the deceased to file objections, if any, to the granting of the probate and it also directs the publication of a citation on board to notify the general public. If there is no objection, on the other hand, if the next of kin of the deceased files their respective consent to the grant of Probate, then court grants the Probate, however, if the next of kin of the deceased files their respective objections to the grant of Probate, then the Probate Petition becomes the testamentary suit, to enable parties to lead evidence in the matter.
Civil Court
Description
Police FIR
Description
What is an FIR?
First Information Report (FIR) is a written document prepared by the police when they receive information about the commission of a cognizable offence. It is a report of information that reaches the police first in point of time and that is why it is called the First Information Report. It is generally a complaint lodged with the police by the victim of a cognizable offence or by someone on his/her behalf. Anyone can report the commission of a cognizable offence either orally or in writing to the police. Even a telephonic message can be treated as an FlR.
Why is FIR important?
An FIR is a very important document as it sets the process of criminal justice in motion. It is only after the FIR is registered in the police station that the police takes up investigation of the case.
Who can lodge an FIR?
Anyone who knows about the commission of a cognizable offence can file an FIR. It is not necesary that only the victim of the crime should file an FIR. A police officer who comes to know about a cognizable offence can file an FlR himself/herself.
Process how to get
Municipal corporation
Description
Saving Account
Description
A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs. To open a regular Savings Account online, you will need documents such as your ID proof, address proof PAN card Aadhaar card, bank account statement of at least three months and a cheque of the amount you'd like to deposit in your new account.
Important Points to remember:
Fixed Deposit
Description
Fixed Deposits are one of the most popular ways to save money. They are a safe investment, offer good returns, and are easy to open.
So, what exactly is a Fixed Deposit?
In a Fixed Deposit, you put a lump sum in your bank for a fixed tenure at an agreed rate of interest. At the end of the tenure, you receive the amount you have invested plus compound interest.
FDs are also called term deposits.
Below-mentioned are the documents are required when applying for FD in almost all the banks and/or non-banking financial companies:
Important Points to remember:
Locker Account
Description
Most bank branches offer the facility of safe deposit lockers to keep valuables such as jewellery or important documents securely. An ideal place to hire a locker would be the nearest bank branch where one has an account. Size of the locker can be chosen according to need and the rent.
How to open a locker account?
Usually there is a high demand for lockers and one needs to apply to the bank for the same. If a locker is available then the bank and the customer enter into a locker rental agreement which spells out the terms and conditions, liabilities and responsibilities of the bank and the customer.
How does it Maintenance?
While entering into a locker agreement, a locker rental is collected depending upon the bank, branch and size or location of the locker. The customer should keep sufficient balance in the bank account which can take care of annual rental of the locker through a direct debit instruction. Typically banks ask for collateral in the form of deposits that cover a rent of up to three years.
Holding and nomination - A locker can be held by more than one person. On the death of one of the holders, the nominee and other holders get access to the contents of the locker of necessary documents. It is mandatory to register nomination for the locker. If there is no nominee, the legal heir typically gets access to the locker.
Important Points to remember:
Demat Account
Description
Demat Account is an account that is used to hold shares and securities in electronic format. The full form of Demat account is a dematerialised account. The purpose of opening a Demat account is to hold shares that have been bought or dematerialised thus making share trading easy for the users during online trading.
Important Points to remember:
Trading Account
Description
To conduct your stock trading activities you require a trading account. This is because when a company lists its shares in the stock market you can trade the same on an electronic system through a special account known as a trading account. You can get such an account by registering with a firm or a stockbroker.
Important Points to remember:
Mutual Fund Account
Description
Mutual fund means a fund established in the form of a trust to raise monies through the sale of units to the public or a section of the pubic under one or more schemes for investing in securities, money market instruments, gold or gold related instruments, real estate assets and such other assets and instruments as may be specified by the Board from time to time.
In simple terms, a mutual fund is essentially a common pool of money in which investors put in their contribution. This collective amount is then invested according to the investment objective of the fund.
The money could be invested in stocks, bonds, money market instruments, gold, real estate and other similar assets. These funds are operated by money managers or fund managers, who by investing in line with the specified investment objective attempt to create growth or appreciation of the amount for investors.
Important Points to remember:
Debentures
Description
Debenture is used to issue the loan by government and companies. The loan is issued at the fixed interest depending upon the reputation of the companies. When companies need to borrow some money to expand themselves they take the help of debentures.Debentures are issued to the public as a contract of repayment of money borrowed from them. These debentures are for a fixed period and a fixed interest rate that can be payable yearly or half-yearly. Debentures are also offered to the public at large, like equity shares. Debentures are actually the most common way for large companies to borrow money.
Important Points to remember:
Bonds
Description
A bond is one of the fixed income investment products that represents a loan given to a borrower by the investors. The investors get interest income in return for the money they lent. A bond includes details of the loan like the date when the principal payment is due, the interest and the terms of interest payments.These are issued by the government, corporates, municipalities, and states to find their projects.Bond investment has certain risks too.Who are the issuers of a bond?
Government- raises funds to sponsor roads, dams, schools and other infrastructure projects. Therefore, government institutions at all levels need funds to complete projects and hence raise funds through bonds.
Businesses or corporations often borrow money to grow their business. The browning can be for buying equipment and property, for research and development, to undertake profitable projects, etc. Large corporations usually need far more money than what a bank can typically lend.
Important Points to remember:
Term Insurance
Description
Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. One should know importance of term insurance key features and why you should opt for it before buying term insurance.
The purpose of taking life insurance is to provide life cover to the policyholder and financial security to his family.
Some of the key features that make term plans indispensable include:
Important Points to remember:
Life Insurance
Description
Life insurance policy is a contract between an individual and an insurance provider, in which the insurance company gives financial protection to the policyholder in exchange for monthly fees (known as premiums).
Based on the arrangement, in the event of the death of the policyholder or, if the policy matures, the insurance provider shall pay the person or his family a lump sum amount, after a certain amount of time. There are different types of life insurance policies to suit the individual needs and requirements of the policy buyers.
What Are the Benefits of Life Insurance Plans?
Important Points to remember:
Money Back Insurance Policy
Description
Money back plans protect your family's financialinterests from circumstances such as death or critical illness of the policyholder. Periodic payouts create wealth for meeting financial commitments at key stages in life.
Money back plans are one of the most popular lifeinsurance plans in India. Under these plans, thepolicyholders receive frequent payouts as the death benefit, in case the policyholder survives.These packages include both insurance and investment plans.
Important Points to remember:
Medical Insurance
Description
Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to the hospital. The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover the entire family up to a certain limit.
Benefits of Health Insurance
Important Points to remember:
National Pension Scheme
Description
The National Pension Scheme also known as National Pension System is opened to all the employees from the public sector, private sector,and even the unorganized sector except for those who work in the Armed Forces. In the NPS scheme,the subscribers can make a minimum contribution of Rs.6,000 in a financial year, which can be paid as lump-sum or as monthly installments of minimum Rs.500.
Any Indian citizen from the age group of 18 years to 60 years can open the National Pension Scheme account. Regulated by PFRDA, the National Pension Scheme matures at the age of 60 years and can be extended up to 70 years. The national pension scheme allows the subscribers to make partial withdrawal up to 25% of the contribution after 3 years of opening the account in specific situations I like purchasing a home, sponsoring a child' seducation, or for the treatment of any critical illnesses.
Important Points to remember:
National Savings Certificate
Description
National Savings Certificate (NSC) is a tax saving investment that can be purchased from any post office by an Indian Resident. Being a fixed return and low risk Government of India-backed investment, NSC is usually preferred by risk-averse investors or those seeking to diversify their portfolio through fixed return instrument.
The following are the key eligibility criteria for making National Savings Certificate investments:
Important Points to remember:
Post Office Account
Description
The post office savings account is a deposit scheme provided by the post office throughout India. The account provides a fixed interest rate on the account balance. It is a beneficial scheme for individual investors who wish to earn a fixed rate of interest by investing a significant portion of their financial assets.Post office savings account is also a very helpful scheme for those residing in rural parts of India. Since the nationwide reach of the post offices is much greater as compared to banks, a large number of unprivileged people have been able to get access to savings accounts through post offices.
Eligibility for Post Office Savings Account
Important Points to remember:
Public Provident Fund
Description
Public provident fund is a popular investment scheme among investors courtesy its multiple investor-friendly features and associated benefits. It is a long-term investment scheme popular among individuals who want to earn high but are also looking for stable returns. Safety of the principal amount is the prime target of individuals opening a PPF account.
Eligibility Criteria
Important Points to remember:
Employee Providend Fund
Description
Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India.
The savings scheme is directed towards the salaried-class to facilitate their habit of saving money to build a substantial retirement corpus.
The fund is built with monetary contribution extended by employees and their employer each month. Both parties extend 12% each of the employees’ monthly salary, as their share of contribution towards EPF.
The fund thus built accrues a pre-fixed rate of interest that has been set by the Employees Provident Fund Organisation. The accrued interest on the EPF is tax-free and can be withdrawn without paying for the same. Employees avail a lump-sum amount on their retirement, which is inclusive of the accrued interest.
Individuals can apply to avail various online services of EPF India by accessing the official portal. The EPF online portal is a user-friendly platform that ensures to keep the flow of services transparent, efficient and hassle-free.
Important Points to remember:
Pension Fund
Description
Employees’ Provident Fund or EPF is a popular savings scheme that has been intrPension funds, which are also known as retirement funds, is a kind of savings scheme where you (as an employee) invest a small portion of your income/salary into a designated savings plan. The main objective of this plan is to get a steady flow of income after you complete your active years of service. A pension plan will help you get an income and support your family when you have no other income source. In India, the pension funds are divided into two stages. The first stage is the accumulation stage wherein you pay or invest in the pension plan throughout your active work years until the retirement age. Once you attain the retirement age, the second stage begins, which is the vesting stage. In this stage, you start getting annuities until death.
BENEFITS OF INVESTING IN PENSION FUNDS
Important Points to remember:
Employee Deposit Linked Insurance
Description
EDLI scheme is a specialized insurance product that allows an employer to shift the Deposit linked insurance from the Provident Fund account to a Special EDLI term plan and save cost of insurance. Group Employee Deposit Linked Insurance is higher than the coverage provided by the Employee Provident Fund Organisation (EPFO). Employee Deposit Linked Insurance (EDLI) scheme is a life insurance cover linked to the employee provident fund. Often the saving on insurance is 50% of what is paid to the department. Employers use the saving to add to their bottom line or for improvement of employee benefits with better term covers depending on their choice. The premium paid by an employer under the EDLI scheme is treated as a business expense and is subject to tax deductions.
Important Points to remember:
