Nowadays it has become easy to buy car independently. Almost every household can afford car today in fact more than one car. Buying car eliminates vulnerability to public transport and help to expand mobility.
Driving a motor increases `risk and comes with perils. No one drives with an intention of getting into accidents, some owners feel remorseful about traffic indiscipline, lacking judicial enforcement via road authorities. Rules are broken almost every day which turns into hazardous accidents which are reported and encountered in newspapers or seen live.
There are different pros and cons for it.
Benefits of General Insurance
- Providing hospitalization: Some get seriously injured and definitely needs hospitalization. Instead of paying through your own pocket, policy is made in a way that owns the former task.
- Much general car insurance usually covers risks or threats related to theft or a loot or burglary. Movable and immovable properties are provided in the protective domains and terms of general insurance.
- Reduces your accountability and liability: You are eligible for taking TPL (third party liability) and also this is compulsory in India. For an instance, if you unintentionally got into an accident which also damages some other person’s property or some pedestrian or driver is injured. The insurance is definitely pay which means all the expenses will be paid by the company and saves you from any judiciary repercussions.
Drawbacks of General Insurance
- The purpose of a general insurance is to pay out towards break down help. The thought of choosing a policy cover puts you in a dilemma when you don’t want to pay for things that you will never need and paying for what you want.
- Says you insured your motor online, there is no such option availed. You must claim it personally and claims cannot be called online. Also the general excludes any member or household less than 14 years.
- Sometimes, you may have to pay some part of the expense when claiming because there are some terms and conditions which are not included in the claim. Say for example, minor damage of the body.
Sometimes, even when you are involved in an accident which is not caused by your fault and the defaulter’s car is insured then, there is a probability that your car insurance may not be affected.
You still have to announce the accident if you are looking for cover in successive years. Also, the repair of your vehicle is not guaranteed for a longer period of time.
You should always look for the maximum coverage which is affordable because buying the minimum level can put you on the safe side although, not protecting you adequately after an accident. In fact, the policy holder may have to pay deductible before claiming.
To have a full coverage can be kind of expensive, view our blog.
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Getting the right financial advice could be key to a more prosperous new year, according to the participants in a new survey. Figures from the Nottingham Building Society say that consumers believe that they could save at least £134 every month if they had the benefit of financial advice.
This means that, on average, the 1,000 people surveyed for the Nottingham Building Society think that they could save well over £1,000 each year by getting their names on their local financial adviser’s IFA software and calendar.
The research reveals that almost a quarter of the adults asked (21 percent) believed that they were not saving the amount they could as a result of not having had advice, leading to them losing out on about £1,600 each year.
The survey also looked at the attitude and opinions of under 35-year-old savers and found that a third believed that not having good financial advice meant that they were unlikely to be saving with the maximum efficiency. This compares to just 12 percent of the respondents aged over 55 years, demonstrating the potential that exists for financial advisers to fill their diaries on their IFA software via Intelliflo.net, and other providers, with appointments with younger adults.
Start your search
According to experts, part of the issue appears to be that people do not know where they should start in their search for efficient and effective financial advice. The Nottingham Building Society data suggests that no less than 20 percent, or one in five of the 1,000 people questioned, admitted to struggling to access quality savings advice and 11 percent, or one in ten, said the same about finding good investment advice. This is a large part of the population who want advice.
Information about finding sound financial advice can be found on the BBC Radio 4 Money Box website at http://www.bbc.co.uk/programmes/b06d8jrg. This may be particularly useful if you believe that taking advice is essential for maximising your fortunes during 2018 and beyond.
The end of one year and the start of the next is a popular time to consider a financial overhaul, meaning that it is also an ideal time to source the financial advice you need to make sure that you are always making your money work best for you.
December 17, 2017
After losing a loved one, the increased medical bill and funeral bill make you to incur into the financial toll in addition to emotion and grief. Even in those times, it is more difficult to ask for financial help or donations from our friends and relatives. Thus the blossoming of funeral funding websites, people get the hope of getting help with their critical funding situation. Those websites help with providing details of online donations to help with funeral expenses and setting a memorial campaign in quick, easy and safer with their accredited sites.
Funeral expenses in these days are high and they are not obtainable with just financial help from friends. Costs from funeral home, transport to cemetery plot and headstone, expense keeps on increasing. This can be terrific burden to a person who is already in the grief of their loved one from family. Also, if the person has already faced with long time medical expense, then the financial status of that person can be explainable with the overwhelming costs and bills. They also need to state help with funeral costs for the death notice of the person. There are some memorial donations for funeral fund that can help to provide some costs and make the family to wave their last good bye for the person with celebration of life that he/she deserves. Federal financial relief helps people in need with their funding authorities. They also help with all other funding like help for medical bills, surviving fund and so on. Unlike others, federal financial relief is solely designed to help the people in need with their beset service.
You may wonder who will provide these funding without expectation. You may have numerous what, why and how running in your mind. There is an answer for this question which clears all your questions. Thus federal and state assistance program helps with all the financial issues that people face. Mainly with funeral funding they do make the claim faster when you are in need. They provide funding according to your expense need. Thus funding depends on the location and situation. If you lack with financial background, then they provide whole expense based on your location according to the transportation cost. And if you lack in partial amount, then you can obtain the needed amount based their constraints.
There is nothing to replace with the loss of your loved one. Destroy those losses by making their last journey precious. Give them best burial with financial help from churches, federal assistance and some nonprofit organization. This helps you to recover some part of stress along with the loss of family member. Find memorial aid with the right online service. Thus collecting right information provides quick funding.
September 21, 2017
Some concepts in the world of finance often get confusing and we usually get caught up trying to understand the terms, agreements, rates of interest and all the other terms regarding mortgages. So what exactly is a mortgage and what does it cover and offer? This is one of the most raised question in the financial world. The availability of plenty of financial lenders, private brokers, variety of banks and the different terms and conditions offered by each and every one of them often creates a dilemma among people. So it is always best advised to make an in-depth study about all the process in applying for a loan. A mortgage is nothing but a loan extended by banks or other money lenders to help individuals and families to buy a home or make some other major investment in their lives. A lot of people are raising questions like “What is a mortgage?” and “When and where to apply for it?” and guess what? “How to apply for a mortgage?” is one of the popular search phrases in the vast world of finance. Likewise, each and every one of us have hundreds of questions to ask which why we have made an article about mortgages. Hope it helps you!
By availing for a mortgage, you are under a contract that includes rights and obligations of both the buyer and the lender. It is advised to read the terms and conditions and understand it keenly before signing the agreement. A fun fact – the word mortgage is actually derived form a French word that means ‘Death Contract.
Another important question is what happens if you do not pay it on time? Since you are bound to the contract, if you fail to pay the required amount on time, the legal process requires the leader to take control over the property through the court system. It is also recommended to make sure that the lender does not take over the ownership of your property. So it is better to be informed about the proceedings laid out in the paper work and always make sure that you pay your interests on time to avoid any problem.
Why to apply for a mortgage?
Some experts on home loans suggest that it is recommended to apply for a mortgage even before you are on a hunt for a house. Also, you would be surprised to know that getting a pre-approved mortgage can work wonders. One reason why it is important is because it gives this strong idea to the seller that how interested you are in purchasing the house. And some of the other experts tell us that the main reason to apply for mortgages is to understand how much money you can afford. So before deciding to apply for a mortgage, it is better to make an in-depth and detailed study on the terms, conditions and other details regarding the agreement.
Also, it is highly advised to know the different types of mortgages like Fixed rate mortgage and adjustable rate mortgage before deciding to apply for the same.
September 20, 2017
It is important to keep certain things in mind when filing past due tax returns. This is because this procedure is not a walk in the park. It is, of course, a daunting task to keep in mind all of the rules and regulations. Here is a guide to the difficult process of tax filing:
- Report Bank Accounts: It is mandatory for all taxpayers to report all of the bank accounts to the Income Tax Department. The necessary details are IFSC code, bank account number, and the type of account.
- To Carry Forward Losses: It is important that the losses incurred (Stock Market losses) be carried forward in a timely manner. This is important because it gives the filer the advantage of making it possible to carry forward his/her loss. Thus, timely filing past due tax returns is certainly advantageous to a stock market wizard investor!
- Reporting Foreign Assets: Even if you do not have any taxable income, you still have to report foreign assets and then tax returns should be filed on them. With all Governments tightening their noose around foreign assets, it is very important that all assets be disclosed Tax preparation.
tax word cloud
- Section 80C: This section allows for expenses and investments. It is necessary to fill your 80C cup to the brim. In simple terms, what this means is that a deduction of 1.5 lakhs can be obtained from the total taxable income using this rule! For those people filing past due tax returns, it must be noted that for the year 2017-18 the deductible amount is still 1.5 lakhs!
- Forms to be filled: In an online system, the correct ITR form gets selected by the online procedure automatically. In case of the Government website, what’s important is to know which form is for you! If you have more than one house or have credited from shares…then you can’t file the ITR1 form. However, if you have more than one house, but have not gained from shares then the ITR 2A form is for you. It has to be additionally noted that the ITR 4S is much simpler than the ITR 4 form! This is considering you have income from a business or are a freelancer payroll outsourcing services.
- Tax Relief on Arrears and Form 10E: Under section 89(1) a person filing past due tax returns can opt for tax relief if he/she has received arrears/pension(s). This is claimed under the Income Tax Act, and it is mandatory to fill the Form 10E. If taxpayers are claiming relief but have not filled 10E, they will be given a non-compliance notice.
- E-Verification: Traditional process involved sending a signed copy of the ITR-V to CPC, Bangalore. It was a complicated and time-consuming process. In today’s digital age, it is possible for online checking via OTP via the Adhaar card linkage. This is the last but not the least step, and unless verified, the filing past due tax returns process may remain uncompleted!
- Upholding Standards: It is necessary to uphold professional standards, whenever the chance may arise. Professionalism defines the standard way of operation that is expected out of anyone. Here, the accounting and tax services personnel must keep in mind that not just their’s but the reputation of a lot of people is at stake here!