According to the latest report (as at 31st March 2018) of Insurance Regulatory and Development Authority of India (IRDA), unclaimed insurance money lying with the 23 Insurance Companies worth nearly Rs.15,167 crore and has grown 25% annually over the past five years. Country’s biggest insurer LIC has humongous Rs.10,509 crore while other insurers namely ICICI […]
Employees State Insurance Scheme (ESIC) Calculation on Gross Salary
ESIC calculation as per ESIC rules of act 1948 ESIC includes the medical benefit both for the employee and employer. It is calculated on the basis of gross salary/wages/pay per month and the maximum limit is up to ₹ 21,000/- per month (earlier it was ₹ 15,000 per month). Minimum 20 eligible employees are required […]
Changes in Rules of Partial Withdrawal from NPS (National Pension System)
The Pension Fund Regulatory and Development Authority (PFRDA) has recently tweaked the Rules pertaining to Partial Withdrawal from NPS Tier 1 account (Tier II account is similar to the savings account where a subscriber is free to withdraw money as and when required). The modified rules allow subscribers, who have contributed for three years, to […]
Free Insurance Cover in India You Should Know About
As they say “Ignorance is Bliss” but it does not always hold true, sometimes knowing the hidden part is equally important. There are various products or services which are loaded or have inbuilt free insurance cover but most of these are not known by the buyers. However, they have certain limits but they are available […]
Money Matters to Rethink at the Start of New Fiscal Year
We all spent a tremendous amount of time mugging in various investment schemes to cut our tax outgo at the end of the last fiscal year but it is not wise to rush at the last minute to save tax. We must plan our investments at the start of the year. 1. Invest the Increment […]