Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Monday, January 27, 2014

Demat of Insurance Policies - Do not Rush

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 

 


Buying an e-policy?

 

 

Mix and match first. Sample this: You have an e- account with Central Insurance Repository, while your insurer has a repository tie- up with Karvy Insurance. In this case, converting any existing policy to e- format or buying an e- policy from the insurer makes little sense.

 

A few months ago, the Insurance Regulatory and Development Authority (IRDA) had asked insurance firms to launch e- policies. Most insurers have launched e- policies, and these are cheaper 80 per cent, in terms of processing costs for insurers. However, they are yet to tie up with all five repositories — NSDL Database Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services. Irda hasn't made it mandatory for insurers to tie up with all repositories.

The infrastructure for the dematerialisation of policies is in a nascent stage. Soon, every insurance company would tie up with all the five repositories, as proposed by Irda, not restrict the tie up to only a few.

Assuming one holds policies of LIC, Bajaj Allianz Life Insurance, HDFC Life, Reliance Life Insurance and Max Bupa. Given HDFC Life has tied up with NSDL Database Management, Central Insurance Repository and SHCIL Projects, you could hold an e- account with any of these three repositories.

What if all the others decide to tie up with the remaining two repositories? Then, you would have to hold some policies in physical form and others in demat form. Therefore, it is suggested till there is more clarity on insurer- repository tie- ups, do not hurry to demat your policies. According to existing guidelines, an individual can hold e- policies pertaining to only those insurance companies that have tied up with the repository where he/ she holds an account. Another insurer says the industry is negotiating on the cost of digitising policies and annual servicing fees. Currently, the cost of issuing a policy and, subsequently, maintaining it stands at about 500 a policy for insurers. Digitisation would reduce this cost to 100, insurers say.

Currently, policyholders can open e- insurance accounts free of charge. Also, insurers do not charge a fee for converting existing policies to demat form. For this, however, repositories charge around 100. These also charge 100 for account maintenance and up to 50 for servicing requests.

E-Insurance was primarily introduced to allow the insured to maintain all their policies — life, pension, health or other general insurance plans — in a single demat account. This would have made things easier, in terms of maintaining records.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

No comments:

Post a Comment

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts