Primassure LLP

Savings plans are tools that people can use to meet their financial goals over a specific time period. The Indian government, as well as banks from the public and private sectors, have introduced these schemes. The interest rate for these schemes is determined by the government or banks and is changed on a regular basis.  The money you save through these plans can be used for a variety of things, including debt repayment, higher education, retirement, marriage, children's education, and other expenses. Types of Saving Schemes Public Provident Fund (PPF) The Public Provident Fund (PPF) scheme is amongst the most well-liked and safe investment options in the country. Benefits provided to the scheme and the interest that results from such contributions both are tax-exempt under Section 80C of the Income Tax Act. Employees’ Provident Fund (EPF) The Employees' Provident Fund Organization (EPFO) launched the EPF schemes with the primary objective of assisting employee...

Term insurance is a type of life insurance that provides the policyholder with financial trouble security. The company pays the policyholder the death benefit in the event that the insured person dies during the period of the policy. Before purchasing term insurance, one should be aware of the key benefits and reasons to choose it. The purpose of purchasing life insurance is to give the policyholder life protection and financial freedom for his family. The person can purchase life insurance in one of two ways: 1. By choosing a pure life insurance policy, also referred to as term insurance 2. By purchasing endowment insurance, a type of life insurance that contains a built-in savings component.   Understanding Term Insurance: The health, age, and life expectancy of the individual are taken into account when the insurance company determines the rates. Depending on the policy selected, a medical examination reviewing the person's health and the family's medical histo...

One of the key components of wealth accumulation and ensuring a secure financial future is saving money. You can avoid life's uncertainties by saving money, that also allows you the chance to live a good life. You can avert many challenges and obstacles in life by saving money in a disciplined way. It can help you in times of need and make sure your family has resources in case something unpleasant happens. There are numerous good reasons to save, as well as simple ways to do so. Why saving money is important for you: It offers peace of mind You feel more at ease knowing that you have a certain amount saved up for emergencies. Knowing that you won't have to suffer if things take an unexpected turn allows you to live a life free of stress. It gives you a better future Your savings may be the key to achieving a number of your objectives. You can purchase a home, save funds for your retirement, or get a automobile. You can live a very fulfilling life while also securing ...

  Just having a savings account is not enough. Saving money is important, but it only tells half of the story. A wise saver starts by setting aside enough money for emergencies in a savings account or by investing in a money market account. However, there are multiple potential benefits to investing in the financial markets after collecting three to six months' worth of easily accessible funds.   Financial security People need to have extra funds because they need to have financial security. They are able to protect their finances from any financial difficulties that can arise. A costly life crisis, such as a serious health issue, the destruction of a home by a cyclone, or a fire, could work as an example. Having an investment guarantees that you have the funds required to deal with such unexpected situations.   Reduce taxable income If you're an investor, you might be able to lower your taxable income by putting pre-tax money into a 401(k) or similar ...

The idea of early retirement planning is still not very prevalent in India. If we ask people living in towns and villages, we will still find them depending on their children post-retirement. While retired public sector employees can count on their pension, others are completely dependent on their children.   The idea of early retirement is something that they do not even think about. Top Benefits of Early Retirement Planning in India The early you start, the easier it is for you If you start building your retirement savings when you're young, it will be easier for you. During childhood, workload is low and disposable income is high. Over time, the number of workloads increases; therefore, it is difficult to save for retirement. Get benefit of tax exemption Under Section 80C, if you invest in the majority of the pension and investment plans, you will be eligible for tax exemption. Therefore, while planning for your early retirement, you will be able to save deductions o...

Education loans are basically a form of monetary assistance availed by students to meet the expenses associated with their studies. Education loans can be taken by means of funding, scholarships, financing and rewards, and are granted in cash, which has to be repaid to the lender along with a rate of interest.  Students looking for student loans are advised to borrow according to their needs, as the repayment period for these loans can vary depending on the lender and amount the student's income. If you wish to avail an education loan but are unemployed or still studying, a co-signer may be required to avail an education loan, like an eligible adult such as a friend, parent or relative. The repayment of the loan can be done once the student has completed his/her education. Given the flexible terms and conditions associated with the repayment of an education loan, availing one is fairly simple and straightforward. Types of Education loans Based on the type of the education th...

Education Planning & Importance of Education Planning Educational planning may be defined as a systematic design of action for realization of educational aims and objectives for individual and social development through maximum utilization of available resources Importance of Life Insurance 1. To make every programme of an educational institution or organisation grand success. 2. Proper educational planning saves time, effort and money as planning in every field is a time-saving, an effort-saving and a money-saving activity. 3. Educational planning is a sound method of solving educational problems by avoiding the trial-and-error method of doing things. 4. Educational planning is essential for the best utilization of available resources. 5. Educational planning checks wastage and failure and contributes to the smoothness, ease and efficiency of the administrative process in the field of education. 6. Through proper planning in education, education can be the best mean...

What is Financial Planning? Financial planning is the practice of putting together a plan for your future, specifically around how you will manage your finances and prepare for all of the potential costs and issues that may arise. The process involves evaluating your current financial situation, identifying your goals, and then developing and implementing relevant recommendations. Importance of Financial Planning Availability of funds Anytime The main objective of financial planning is that sufficient fund should be available in the company for different purposes such as for purchase of long-term assets, to meet day-to- day expenses, etc. It ensures timely availability of finance. Along with availability financial planning also tries to specify the sources of finance. Financial Control Financial planning acts as basis for checking the financial activities by comparing the actual revenue with estimated revenue and actual cost with estimated cost. Proper Finance Utilisation ...

  Filing an ITR for the first time might confuse some people. However, the process has become simpler and easier due to the online medium. If you are filing an ITR for the first time, then read this article to know how to file an ITR. ITR is an Annual Statement that notifies the tax authorities about the income you’ve earned. This income consists of salary, earnings made from capital gains, income from a business, house rent, or any other sources. The Process of Filing ITR If you’re  filing income tax returns  for the first time, the first step is to register yourself on the portal. https://www.incometax.gov.in/iec/foportal Furthermore, it is very crucial to file an ITR before the  ITR filing last date . Generally, the last date for filing an ITR every year is July 31. Follow the below process to register yourself on the portal- Once you have registered yourself, you can file an ITR. Make sure you calculate your  taxable income after deductions  ...

If you do not plan your finances in advance and fail to protect your loved ones from the vagaries of life, The journey called life can become a living hell. It is therefore of utmost importance to keep your money invested in the right avenues so that it not only provides you a security net but also acts as an effective savings tool. This is exactly where life insurance comes in as a perfect fit to your needs of security and savings. Life insurance products if weaved into one's asset allocation strategy, based on the risk appetite of the customer, can act as an effective method of enhancing one's wealth. Over the past few years, the Indian insurance industry has become more customer-centric and caters to investors with products that offer a host of beneficial features over and above the core objective of life insurance. If used well, some of these products can serve not only serve as savings tools but act as wealth creation instruments for investors, while providing them the...

Money brings up all kinds of emotions within us. But the one that is more or less constant throughout and among many people is  ‘Fear’ . We fear talking about it, earning too much, earning too less, etc.  Fear is deeply seated in our genetic drive to survive – this cannot be speedily wiped away with facts and figures.    1) I will lose all my money We work hard to earn money and always want to save more and earn more. Many of us lose money too due to a bad investment, wrong decision, or inflation. But this is something we are forever scared of and always have nightmares of investments going wrong or getting cheated of our money. We are scared to take money decisions as we are scared that the decision will make us lose all our money.   2) I will lose my job Companies are very competitive and always look for ways to increase profits and reduce costs. One way to reduce costs is to ask employees to leave the company. During the recession and tough times,...

Mutual funds are created as baskets of investments, which invests in financial instruments like stocks and bonds according to their defined investment objectives. These are known to be one of the most versatile and flexible investment avenues. Types of Mutual Funds Systematic investment plan (SIP) The three most beneficial modes available with Mutual Funds are - SIP - It is a simple and affordable way to start investing in Mutual Fund Schemes. Long-term SIPs also offer the benefit of Rupee Cost Averaging. A Systematic Investment Plan (SIP) is an investment tool that allows the investor to invest a fixed amount in a Mutual Fund scheme at regular intervals. SIP invests a fixed amount at a predetermined frequency. This eliminates the need for an investor to time the market and allows them to invest without worry. Systematic transfer plan (STP) It allows to periodically transfer (switch) of a certain number of units from one mutual fund scheme to another mutual fund scheme of th...