Fulfil Your Retirement Goals

Like most term insurance policies, you can purchase the term insurance plan for 1 crore if you are 18 years old. The maximum age limit on the policy is 65 years.

Ideally, you can consider buying the term insurance plan for 1 crore at a younger age. This way you will have a longer duration of the policy, meaning cheaper premium rates.

Finding the cheapest term insurance plan depends on your financial requirements. You can compare different term insurance policies on the basis of the benefits offered, premium rates and policy term to find the best term insurance plan for 1 crore.

Endowment plans have the added benefit of providing the sum assured as a maturity benefit if the policyholder lives longer than the policy term. Term plans, on the other hand, are advantageous for people who desire more coverage for a lower cost, as well as financial protection for their family in the event they pass away. Hence, you can choose depending on your needs.

The premium rate for 1 crore term insurance depends upon several personal factors such as age at the time of buying the plan, health condition, smoking habits, gender, income range, etc.

You can use the term insurance calculator on our website to estimate the premium rates for your 1 crore term insurance plan by putting in basic information about yourself such as age, income range and smoking habits.

Once you have understood how the policy works, you can get an estimate of the premiums through the term plan calculator on Axis Max Life Insurance website and continue the purchase by providing the necessary details.

The minimum entry age for 1 crore term insurance plan is 18 years.

If you have opted to get the premiums back at the end of the policy period, you get a maturity benefit in case of survival.

When looking for the health insurance company in India, you should look at the diseases covered under their policy. It may vary across different health insurance plans, however, typically it includes:

1. Cataract surgery
2. Cancer
3. Dengue
4. Diabetes
5. Injuries due to accidents

Some of the health insurance plan in India today cover almost all major critical illnesses, including cancer. These policies typically only cover inpatient hospitalisation and care in Indian hospitals. However, adding a critical illness policy along with the best health insurance plan you can find, is the best way to go about it for wider coverage.

Policyholders cannot claim payment from the insurer for any type of hospitalisation, scheduled or emergency, within 30 to 90 days of purchasing health insurance in India. They must wait 30 to 90 days after purchase of the policy before filing any claims for health insurance. Refer to the health insurance claim settlement ratio of the insurer to get a better idea of their record.

It is quite possible that you may not find a health insurance policy in India that would cover someone who has already been diagnosed with cancer, however, a serious illness cover may be added to the current term plan.

There is a waiting period when you buy the best health insurance policy in India, which has to be completed before you can claim the health insurance policy.

It is worthwhile to purchase a critical illness insurance package based on the main benefits. The plan helps you to maintain physical, mental, and emotional peace of mind while also facilitating a quick recovery if you contract a serious disease.

A standard health insurance plan in India mainly covers hospitalisation expenses. Critical illness insurance, on the other hand, pays out a lump sum if you are diagnosed with a critical illness that is protected by the policy.. When you use the health insurance premium calculator, you can see how adding the critical illness cover affects your premium amount.

During hospitalisation, your health insurance policy can take care of your emergency and outpatient expenditures. However, this coverage may not be extended to all diseases eve with the best health insurance in India, or may have a longer waiting time. With critical illness insurance, on the other hand, you get coverage for life-threatening illnesses such as cancer, bypass surgery, multiple sclerosis, renal failure, and so on

Cashless facility is offered by some of the best health insurance company in India wherein the insurance provider will settle your bills directly with the hospital. You do not have to pay a single penny as the insurance company will cover the expenses on your behalf. Make sure to check the health insurance claim settlement ratio before purchasing.

You may be able to add your family members to the existing health insurance plan in India, depending on the policy type, terms and conditions and the insurance provider.

For a single claim of health insurance in India, you can use different plans, such as your employers group policy, your employee health policy, and your top-up health policy. Use the health insurance premium calculator when buying a health plan to plan your finances better.

With the health insurance company in India, you can get a suitable combination of benefits at an affordable price. However, the amount strictly depends on the benefits you have opted for and the insurer’s terms and conditions. You can get satisfactory estimates by using the health insurance premium calculator on the insurer’s website.

Yes, when you look for the health insurance policy in india, you may find some that cover a variety of medical exams. Blood checks, stool tests, CT scans, X-rays, sonography, MRI, and other tests are among them.

You can include your Aadhaar card, voter ID, passport, PAN card, and driving licence as proof of identity. Passport-Size Photo: Health insurance providers often need passport-size photographs of all policyholders.

If you are under 45 years old, most health insurance companies will grant you a policy without a medical exam. A medical examination is required for those over the age of 45. The customer is responsible for the costs of the pre-medical procedure.

A mediclaim plan covers only hospitalisation, accident-related care, and pre-determined diseases up to a certain amount. A health insurance policy provides adequate coverage for hospitalisation, pre-hospitalization, post-hospitalization, a certain sum assured and ambulance costs.

Health insurance premiums are calculated based on returns of these capitalizations. Medical Underwriting: Insurance products are underwritten to strike a balance between individual and group policies. For this, risk is analyzed from various angles and a broad spectrum of factors in taken into account. As a policy buyer, you can use the health insurance premium calculator to see the specifics.

You can claim a deduction under Section 80D of the Income Tax Act, 1961 against the health insurance premium paid in the financial year. Under Section 80D, you can avail a deduction up to Rs. 1,00,000 for the health insurance premium paid. To know more about the health insurance premium for family and parents, click here.

While you might think that you are healthy and fit, falling ill and diseases are something that we cannot control, which makes it important for us to take the right things in place to feel more secure and buying a health insurance policy will help us feel more financially secure in case of any severe diseases. So, it is always advisable to buy the best health insurance plan in India as early as you can. Following are some of the benefits of health insurance if you buy health insurance policy at an early life stage:

1. Lower premiums
2. Healthy Lifestyle with Regular Health Check ups
3. No Financial Stress as it pays for medical treatment, doctor’s bills, medicines

You should consider the following factors to choose the best health insurance in India:

1. Sum Insured
2. Coverage Limit
3. Premium Amount
4. Entry Age
5. Inclusions and Exclusions
6. No Claim Bonus
7. Waiting Period

While there are multiple factors to determine the health insurance cover, you can choose your health insurance cover on the basis of your medical conditions, medical background of the family members, income, age, health risks and most importance the health insurance premium amount you can afford to pay.
You can opt for a health insurance plan in India at an early age by using the health insurance premium calculator to see the impact on your finances.

When you claim your health insurance, it means all the medical expenses incurred are paid by your insurance provider up to the sum insured. So if you exhaust your health insurance, you can opt for top up plans or renew your policy every year to enjoy all the benefits.

Being a citizen of India is not mandatory to be eligible to buy health insurance in India. You can buy a health policy in India even if you are a foreign national. All you need to do is to assess your needs and understand the policy terms and conditions carefully.

Health insurance policies are to be renewed annually. They generally last for a year after which you need to keep updating it as per your changing requirements. The best health insurance company offer Lifetime Renewability to help you expand the duration of your chosen health policy.

Since smoking increases your risk of chronic ailments like lung cancer and respiratory issues and can also lead up to these diseases before you buy a health plan, making it a pre-existing condition for which you need to complete the waiting period that ranges from 2-5 years. This puts you at a greater health risk thereby also affecting your health insurance cost and premiums.

When a health emergency arises and you get admission in a non-network hospital, the option of reimbursement settlement of expenses under your health plan applies. Under this, you will be required to pay the medical bills at that time out of your pocket. Later, you can file for a reimbursement with you insurance provider. Keep all the bills of hospitalization and other expenses covered as per your health plan as you will be required to present it.

You can avail an affordable health insurance plan at an early age and get treated for any health-related emergencies that may arise as well as receive comprehensive coverage with riders to enhance your policy. Dealing with high treatment costs due to inflation becomes easy and help save on your hard-earned income.

1. Unit Linked Insurance Plans (ULIPs)
2. Monthly Income Plans
3. Public Provident Funds (PPF)
4. Mutual funds
5. Sukanya Samriddhi Account
6. Senior Citizen Savings Scheme (SCSS)
7. Tax saving Fixed Deposits

1. Start building an emergency fund
2. Determine your investment goals
3. Make contributions in a PPF (Public Provident Fund) Account or NPS (National Pension Scheme)
4. Start saving for your retirement
5. Keep short-term savings accessible
6. Invest a portion of your savings into long-term investment opportunities

1. Equity Investments
2. Fixed Income or Debt Investments
3. Direct Investment Instruments (such as bonds and stocks)
4. Indirect Investment instruments (such as mutual funds, and ELSS)

1. Equity Stocks
2. Debt or Fixed Income Securities
3. Balanced Funds – A flexible mix of Equity and Debt securities
4. Liquid Funds

1. Make a budget to start saving immediately
2. Determine your financial goals
3. Maximize tax savings⁴ under Section 80C
4. Opt for the right insurance (such as life insurance, health insurance, and critical illness insurance)
5. Build an emergency fund

• National Savings Certificate
• Fixed Deposit
• Public Provident Fund
• Stock Market
• Tax-Free Bonds
• Gold EFTs
• Mutual Funds
• Non-Convertible Debentures

• Savings Account
• Liquid Funds
• Recurring Deposit
• National Savings Certificate
• Fixed Deposit
• Money market fund

• National Pension Scheme
• Unit Linked Insurance Plan
• Fixed Deposit
• Equity Funds
• Mutual Funds
• Stocks
• Bonds
• Post Office Savings Scheme

1. Angioplasty
2. CiS / Early Stage Cancer
3. Small Bowel Transplant
4. Brain Aneurysm Surgery or Cerebral Shunt Insertion
5. Severe Osteoporosis
6. Cancer of Specified Severity
7. Myocardial Infarction (First Heart Attack of Specific Severity)
8. Open Chest CABG
9. Open Heart Replacement or Heart Valves Reparation
10. Coma of Specified Severity
11. Kidney Failure Requiring Regular Dialysis
12. Stroke Resulting in Permanent Symptoms
13. Major Organ /Bone Marrow Transplant
14. Permanent Paralysis of Limbs
15. Motor Neuron Disease with Permanent Symptoms
16. Multiple Sclerosis with Persisting Symptoms
17. Benign Brain Tumour
18. Blindness
19. Deafness
20. End Stage Lung Failure
21. End Stage Liver Failure
22. Loss of Speech
23. Loss of Limbs
24. Major Head Trauma
25. Primary (Idiopathic) Pulmonary Hypertension
26. Third Degree Burns
27. Alzheimer's Disease
28. Parkinson's Disease
29. Aorta Graft Surgery
30. Amputation of Feet Due to Complications from Diabetes
31. Apallic Syndrome
32. Aplastic Anaemia
33. Bacterial Meningitis
34. Brain Surgery
35. Cardiomyopathy
36. Chronic Adrenal Insufficiency (Addison's Disease)
37. Chronic Relapsing Pancreatitis
38. Creutzfeldt-Jakob Disease (CJD)
39. Crohn's Disease
40. Dissecting Aortic Aneurysm
41. Eisenmenger's Syndrome
42. Elephantiasis
43. Encephalitis
44. Fulminant Viral Hepatitis
45. Hemiplegia
46. HIV due to Blood Transfusion/Occupationally Acquired HIV
47. Infective Endocarditis
48. Loss of Independent Existence (Cover up to Age 74)
49. Loss of One Limb and One Eye
50. Medullary Cystic Disease
51. Muscular Dystrophy
52. Myasthenia Gravis
53. Myelofibrosis
54. Necrotising Fasciitis
55. Other Serious Coronary Artery Disease
56. Pheochromocytoma
57. Poliomyelitis
58. Progressive Scleroderma
59. Progressive Supranuclear Palsy
60. Severe Rheumatoid Arthritis
61. Severe Ulcerative Colitis
62. Systemic Lupus Erythematosus with Lupus Nephritis
63. Terminal Illness
64. Tuberculosis Meningitis

Paying the premium on time is essential to continue protection under critical illness insurance cover. In case you miss the payment of premiums, you can risk forfeiting the plan. While you may not skip paying the premiums willingly, you may be unable to make timely payments in certain situations. For example, if you suffer income loss due to a critical illness, accidental dismemberment, or death, you could miss paying the premium and lose out on the insurance coverage. To avoid any such instances, you can opt for the Waiver of Premium Plus Rider (UIN 104B029V05) along with the Critical Illness cover. Under this rider, all future premium payments will be waived off by the insurance company. Thus, even if you cannot continue paying the premiums, your critical illness cover continues to act as your safety net.

Corporate health plans offer inadequate coverage against critical illnesses. It is because most individuals do not spend their entire lives working with the same employer.

You may also change your job, only to find that your new employer does not offer a health plan or critical illness insurance cover. Similarly, you may start your own business, which would mean that there would be no employment benefits for you.

You can face a medical emergency at any time and you do not have critical illness insurance, you would have to pay for the treatment costs from your pocket.

Axis Max Life Critical Illness and Disability Rider offer critical illness cover for protection against the unfortunate diagnosis of various critical illnesses. The complete range of benefits under its critical illness coverage depends on the chosen variant.

*For the complete list of features and exceptions, please refer to the Critical Illness and Disability Rider prospectus.

Buying critical illness insurance cover with our life insurance policy is not an expensive affair. The cost depends on the chosen rider sum assured, age, health condition, and a few other factors.

Here is a list of our insurance products available online with which you can add Axis Max Life Critical Illness and Disability Rider to get critical illness cover:

1. Axis Max Life Smart Total Elite Protection Term Plan
2. Axis Max Life Smart Secure Plus Plan
3. Axis Max Life Smart Wealth Plan
4. Axis Max Life Smart Term Plan Plus

You can avail this rider on other offline products as well. Please refer to rider prospectus for details.

Being human is more than just what your daily mundane life makes it. In the prime years of your life, you spend time preparing for your career or business. But not everyone plans for what matters the most – health. Unknowingly, you become victim to various lifestyle ailments or critical illnesses. The recent data shows more than 61% of deaths occurred in 2017 because of lifestyle-related non-communicable diseases.

Serious medical disorders are referred to as critical illnesses. A critical sickness refers to a specific serious accident, illness, or medical crisis.

Life insurance and critical illness insurance serve distinct purposes. Critical illness insurance pays out a predetermined sum if the policyholder is diagnosed with a health condition specified in the policy’s conditions, whereas life insurance pays out in case of the policyholder’s untimely demise during the policy period.

Following documents are required for a critical illness claim:

• Duly filled and signed Claim form
• Medical certificate, which confirms your critical illness diagnosis
• Certificate from medical practitioner that confirms your claim does not relate to any injury or pre-existing illness (diagnosed within the first 90 days of purchasing the cover)
• Test reports (investigation test reports that confirms your diagnosis)

• Identity proof
• Address proof

• Detailed documents under the critical illness
• Other documents like copy of last statement to check the principal amount outstanding
• Any additional necessary documents that the insurance provider requests

It is best to consider personal factors, such as your monthly expenses, liabilities, cost of treatment, and medical history, to determine the adequate amount of critical illness cover you may need.

If you’ve had cancer, you might be able to get Critical Illness Insurance. This, however, will be determined by a number of medical considerations, including the cancer’s intensity and stage, as well as whether or not lymph nodes were involved.

A medical check may be recommended before you can be covered under a critical illness policy, depending on the individual’s life risk. When the proposal form and paperwork have been successfully submitted, any such medical evaluation will take place.

Cancer, Coronary Artery (Bypass) Surgery, Renal Failure, Heart Attack, Major Organ Transplantation, Primary Pulmonary Arterial Hypertension and Multiple Sclerosis are some examples of critical illnesses.

Critical illness insurance is a highly recommended purchase, as it offers you a lump sum amount to manage the health costs in case you are diagnosed with a critical illness. If you have a history of critical illness in the family or are over the age of 40, buying critical illness insurance is a smart choice.

You should be at least 18 years old to buy critical illness insurance. You must also have a basic insurance policy, on top of which you can buy the critical illness rider. You would need to pass the medical tests as required by the insurer.

Yes, you would be required to undergo medical tests to avail critical illness cover. The medical assessment would be conducted after the successful submission of the documents and proposal form.

The sum insured of critical illness insurance cover depends on your health cover needs. You can access your medical requirements and choose a critical illness insurance cover accordingly.

No, one cannot take multiple claims under Critical Illness Cover. A critical illness rider gives you a lump sum payout, after which the coverage is terminated. You can always consider buying a new cover if you want to continue getting the benefits of the critical illness cover.

Any ULIP that allows you to maximise your savings through regular market-linked investments while offering a robust life insurance cover to you and your family is the best for you. After comparing different ULIP options available and using a ULIP calculator, estimate which ULIP offers the desired investment-cum-insurance benefits.

Investing in a ULIP provides sustainable long-term benefits. Therefore, if you are a salaried or self-employed individual, it is advisable that you invest in a ULIP the moment you start earning an income and choose a policy tenure that extends throughout your working years. This will help you maximise your returns under the ULIP while ensuring that your family members are protected against life's uncertainties at all times.

 Both Mutual funds and ULIPs offer market-linked returns on your investment. However, ULIPs offer certain advantages over mutual funds as follows:

1. Dual benefits of investment cum life insurance benefits under a single plan
2. Tax saving benefits (since ULIPs are essentially considered to be life insurance plans) [other than ULIPs, only ELSS or Equity Linked Savings Schemes provide tax benefits under Section 80C of Income Tax Act, 1961]
3. Maturity/ death benefits are exempt under Section 10(10D) of the Income Tax Act, 1961.

With a ULIP, you can avail significant investment returns as per your risk appetite and financial disposition, while protecting your loved ones from the uncertainties of life. At the same time, a ULIP helps you lower your tax liability, by leveraging tax-saving deductions and exemptions on both premium payable and ULIP maturity/ death benefit.

Almost every ULIP in India offers long-term wealth-creation opportunities. The earlier you invest in a ULIP the better chances you have to maximise your returns during the investment period. ULIPs allow you to protect your loved ones throughout your working years with insurance cover while providing significant returns on your market-linked returns to support your goals and life post-retirement.

You may choose to surrender/ discontinue your ULIP investment. When you choose to cancel your ULIP investment, you may have to pay Surrender/ Discontinuance Charges and forgo a significant portion of your accumulated returns and the life cover benefit will also cease to exist. Thus, cancellation/ discontinuance of your ULIP investment is not advisable.

All ULIPs have an initial lock-in period of 5 years, wherein all ULIP charges are levied on your investment. Once the lock-in period completes, you can choose to make a fixed number of partial withdrawals from your ULIP in a given financial year as per the terms and conditions of the plan.

All ULIPs have an initial lock-in period of 5 years.

Under a ULIP, you can choose from different fund options for investing as per your risk appetite and existing market conditions. The total financial worth of the units owned by you (as the policyholder) is known as the Fund Value. Fund Value can be calculated for a particular day by multiplying the number of units held by you with the Net Asset Value (NAV) of each unit.

There are different charges levied under a ULIP, including Premium Allocation Charges, Fund Management Charges, Policy Administration Charges, Mortality Charges, Surrender/ Discontinuance Charges, Switch Charges, Premium Redirection Charges, and other Miscellaneous Charges.

The fund value or the total financial worth of the units owned by you (as the policyholder) can be calculated by multiplying the number of units held by you with the Net Asset Value (NAV) of each unit. The NAV is subject to daily variations, i.e. it changes daily depending on the existing market conditions.

The NAV or Net Asset Value is essentially the value of your total holdings. The NAV is calculated by adding the holdings under the plan, as on a given day, and deducting all applicable charges.

A ULIP allows you to avail of maximal returns by allocating your investment to different equity and debt instruments whose values are subject to market changes. However, the risk associated with ULIP investment is significantly lowered because you have the flexibility to switch between aggressive and more conservative fund options available under the ULIP, depending upon your risk tolerance and market conditions. This way, you can take steps to minimise your risk and protect your investments from market volatility.

AUM or Asset Under Management is described as the total market value of investments or assets managed by the life insurance company on behalf of its investors. AUM represents the overall market value of a particular fund option – combining the value of the asset and capital.

Returns are not guaranteed in ULIP as the investments depend on market fluctuations. However, you can maintain investment safety by choosing debt funds. Additionally, risk can also be adjusted by staying invested in the long run.

The premium you pay is allocated towards life cover and investment. After investing in a life cover, the remaining premium is used to make investments in funds. This investment is made according to your choice. Once you decide these funds, the fund manager invests the amount in the best market options available under chosen fund type.

Most insurance providers allow you to track your ULIP fund performance through their online portal. However, you can also calculate the fund value using a ULIP calculator. The same can be calculated manually by multiplying the NAV of the fund with the number of units held.

The major difference between ULIP and traditional plans is that ULIP is more than just an insurance product. ULIP is also an investment instrument. No other life insurance plan invests the premium in market-linked instruments. Additionally, ULIPs have a shorter lock-in period, whereas other plans have a lock-in period till maturity.

According to the latest guidelines, the maturity amount due to the subscriber would be tax-free – given the aggregate annual premium is less than INR 2.5 lakh a year. Capital gains tax would be applicable if the premium is above INR 2.5 lakh.

By the age of 25 years, you must try to save up to 25% per cent^[1] of your gross income (before taxes and deductions). For example, if you are earning Rs. 5 lakh per annum by the age of 25, you must save up to Rs. 1.25 lakh in savings each year, which can be used to invest in different savings plans based on your preferences and requirements.

Ideally, an average person must try to save as much as their age. In other words, individuals must save the same percentage of their gross annual income as their age – a 25-year-old working professional must save at least 25% of his or her yearly salary, while a 40-year-old must save at least 40% of his or her income.

As your age increases, you must work towards increasing your savings, so that you have adequate financial backup to support your life goals and suffice your life after retirement.

As a working professional, it is crucial that you balance your savings and investments. At the same time, you may choose to invest in a savings plan that offers both insurance cover and market-linked returns on investments or guaranteed return. At the same time, you must have enough savings to manage any emergencies and pay for short-term goals.

Ideally, you must have between three to 12 months of income as savings before you venture out to invest in higher-risk financial instruments.

You can choose from the different savings Insurance plans available by comparing their features, benefits, year-on-year returns, and your financial risk appetite. Accordingly, you can select the best savings plan that aligns with your goals and premium payment capabilities.

You must keep the following points in mind while choosing the best saving plan for your family

a. Segregate your goals into short-term and long-term

b. Determine your total spending and savings (after considering all exiting expenses and debts)

c. Review and compare different savings plans available online

d. Choose a savings plan that offers maximal life insurance protection in term of lumpsum Sum Assured

e. Review the year-on-year performance of the savings plan to determine how returns are accrued on the same

Savings plans are mostly financial instruments that help you secure your long-term and short-term goals financially. You invest a certain amount towards a savings plan, which is then allocated into different money-market instruments to earn returns and grow your savings corpus.

Savings and income insurance plans from Axis Max Life Insurance are life insurance products that provide opportunities to grow your savings through market-linked returns while protecting your loved ones against life’s uncertainties with insurance protection.

Savings and income plans offer significant tax saving benefits⁴ under Section 80C of the Income Tax Act 1961. Accordingly, the premium amount that you pay towards the saving plan is eligible for deduction from your total taxable income, up to Rs. 1.5 lakh.

In other words, you can reduce your total taxable salary by up to Rs 1.5 lakh that you invest as premium towards a savings plan.

Purchasing a savings plan is the right decision for you if you are a:

a. Young investor

b. Recently married

c. Young parent with children

d. Nearing retirement

Here is how you can start on your journey of long term financial security with a savings plan:

a. Review and compare the features and benefits of different savings Insurance plans available online

b. Opt for the maximum policy tenure and policy benefits based on your requirements

c. Set up automatic premium payments using the ECS (Electronic Clearing Service)

d. Establish savings buckets depending upon your goals and investment tenures

Partial withdrawal is the feature offered in some savings schemes, where the investor can encash/withdraw any part of the fund during the policy term. This feature is available as policy terms and conditions.

Long-term investments allow you to expand your portfolio and achieve your objectives over several years. Short-term investments are intended for goals with shorter timelines, giving the investor access to the funds sooner. You can choose the savings scheme with a duration, depending on the timeline of expected returns.

If you are looking for savings scheme that can help you with immediate financial challenges, going for short-term plans can be helpful. Although, short-term savings schemes normally provide return over time, they are highly liquid investments that allow investors to make money rapidly if needed.

Some of the best saving schemes in India are the Personal Provident Fund(PPF), Senior Citizen Savings Scheme, National Savings Certificate, etc.

The above mentioned name of generic saving plans and saving life insurance plan are assumed examples.

Investors can choose the length of their lock-in period for their FD accounts. The only way to get out of the investment before it matures is to pay a penalty on the guaranteed interest rate, which is nothing but a loss.

In most cases, closing an FD account or withdrawing partially before the end of the term incurs a penalty. The premature withdrawal penalty will vary from one bank to another.

Yes, anyone can access the fixed deposit calculator online without paying any charges.

The bank will deposit the maturity amount, which includes both the principal and interest, into the linked savings account with the bank. If you do not have a savings account with the bank, you can give the bank instructions on how you would like to receive the maturity money.

The FD interest rates are subject to change from time to time. The policy rate, often known as the repo rate, serves as a fundamental baseline for determining FD and lending rates. Simply put, the RBI raises repo rates during periods of high inflation in order to absorb money from the market and regulate credit availability.

Fixed deposit interest rates for senior citizen vary from one bank to another. Usually, banks offer higher FD interest rates than regular individuals. FD interest rates for senior citizens depend on the deposit amount, deposit tenure and the bank that you opt for.

• Normal fixed deposits,
• Tax saving fixed deposits
• Senior citizen fixed deposits
• Cumulative fixed deposits
• Non- cumulative fixed deposits
• Flexi fixed deposits

Generally, you will find traditional pension plans, National Pension Scheme (NPS) and Unit Linked Pension Plans. These may have varied combination of benefits going further, depending on the insurer.

With a participating pension plan, a policyholder can share the profits of the insurance company. These earnings are disseminated as dividends or incentives. Thus, it can also be called a with-profit scheme.

In contrast, no profits or dividends are shared with the policyholders of non-participating pension plans.

Pension plans may be set up so that you or your employer contributes to them. You can receive a monthly payout for the remainder of your life if you purchase an annuity. With a term plan, you safeguard the family's future by securing a certain amount against unpredicted circumstances.

As far as the tax benefits of pension plans in India are concerned, you can claim deductions for contributions up to Rs 1.5 lakhs, including buying and renewing, as per Section 80CCC of the Income Tax Act.

Tax benefits are as prevailing tax laws subject to change

Policyholders who require future payments can purchase various forms of annuities from insurance providers. You may choose whether to collect the money in monthly instalments or not, depending on the type of annuity. It assures an individual that they can rely on the income from this source in the event of financial difficulty.

You can invest in multiple pension schemes in India, but there may be limits to the total amount you can contribute each year to all schemes if you want to get tax relief on your contributions.

In case you decide to surrender your pension plan before it matures, the full surrender amount will be added to your taxable income and charged according to your tax bracket. Notably, you will still have to pay back any tax exemptions you received the premiums you owe up until now

Generally, pension plans come with an age limit, crossing which you can begin withdrawing funds

After retirement, a pension plan provides financial protection to the policyholder. In the event of the insured's untimely death, the nominee will be entitled to compensation.

A guaranteed lifetime income is a fixed amount that will be paid at the start of the policy and will be paid for the rest of the policy's duration, depending on the mode chosen.

A typical pension plan comes with the 'accumulation phase,' which lasts from the moment you buy a plan until you retire. You will be paying premiums during this period, which will be wisely spent as they are received as pension during the 'payment phase' of the plan.

Whether a person should choose an investment plan or a pension plan depends on a number of factors such as return rate, risk-appetite, investment tenure, tax benefits, and more.

An Employee Provident Fund (EPF) is a retirement savings plan for salaried workers who work for a company with 20 or more employees. The Employee Provident Fund Organization of India, or EPFO, has mandated that all employers contribute a portion of their workers' wages to the fund.

The New Pension Scheme, also known as the National Pension Scheme, is a pension plan developed by the Indian government to help individuals protect their financial future after retirement. The Pension Fund Regulatory and Development Authority of India (PFRDA) regulates the National Pension Scheme, which is open to any Indian person between 18 and 60.

Some of the benefits of the new pension scheme are that it is cost-effective with a variety of investment opportunities, tax benefits and more.

The answer is straightforward: as soon as possible. In an ideal world, you would begin saving in your twenties, when you first start earning money. The reason for this is that the faster you start investing, the more time your money will have to grow.

In retirement, having the right form of life insurance and the right amount of life insurance coverage can serve many purposes. It will help you protect your wealth, generate tax-free cash flow, give families peace of mind, and even increase your portfolio's overall returns.

The policyholder may change the nominee of the policy at any time if they feel the need for it.

The age at which a pension plan's policyholder begins earning a monthly pension is referred to as vesting age. In most cases, the minimum vesting age is between 40 and 50 years old, with some flexibility up to 70 years old. There are a few businesses, however, that extend the vesting age to 90 years.

While it is difficult to prioritize one over the other, it is essential that you secure your retirement years first, as retirement planning is essential and pension plans in India are mostly affordable. In addition, you can invest in a child’s plan or open a savings account/fund that will help your child for his education or other future financial goals.

While an annuity plan typically covers one individual/life, you can invest in a joint annuity plan that will cover both you and your spouse.

No, there is no Guaranteed Maturity Benefit (MGB) in retirement plans in India. However, it varies from one plan to another and you might be able to avail of a surrender value/benefit.

Today, you can easily pay the premiums for a pension plan online as most insurance providers offer the option. However, you can also write a cheque or pay offline based on your preference.

The words pension and retirement are often confused with each other, but they are different. While pension refers to the monetary amount subject to the pensioner on their retirement, retirement refers to the time when one reaches the end of their employment age, i.e.58- 60.

Pension refers to the monetary moment one receives after retirement. It is paid in form of lifetime monthly payments which means that pension lasts a lifetime.

Accumulation refers to the phase wherein an individual contributes to their pension plan to get the pension benefits after retirement.

The legal retirement age in India is 60 years.

It depends on the kind of lifestyle you are living. If you are living a comfortable lifestyle, experts suggest that you should have a minimum of INR 1.3 crore saved up to meet your retirement expenses.

7% rule helps individuals decide the amount that would be adequate to meet their financial requirements after retirement. 7% rule takes inflation into consideration. According to financial experts, once you are done estimating your ideal retirement amount after calculating your annual expenses, it’s suggested that you increase that amount by 7% to include the rate of inflation. This way, your retirement corpus won’t lose its value in future.

The Capital Guarantee Solution by Axis Max Life Insurance is a combination of Axis Max Life Assured Wealth Plan and Axis Max Life Online Savings Plan. Hence, at the time of policy maturity, investors receive a lump sum which is a total of guaranteed sum assured on maturity of Axis Max Life Assured Wealth Plan and Fund Value of Axis Max Life Online Savings Plan.

Investors can choose to pay the premium for capital guaranteed investments solution annually or monthly.

The minimum annualized premium payable for the capital guaranteed investments depends on various factors such as the investor’s age, gender, premium payment term of the policy and the policy period.

Disclaimer : Capital Guarantee solution - This advertisement is designed for combination of benefits of two or more individual and separate products named Axis Max Life Online Savings Plan, A Unit Linked Non Participating Individual Life Insurance Plan and Axis Max Life Smart Wealth Plan, a Non Linked Non Participating Individual Life Insurance Savings plan. These products are also available for sale individually without the combination offered/suggested. This benefit illustration is the arithmetic combination and chronological listing of combined benefits of individual products. The customer is advised to refer the detailed sales brochure of respective individual products mentioned herein before concluding the sale.

The auto-rollover or reinvestment allows the investor to extend their FD tenure. If the investor opts for this alternative, the maturity proceeds are reinvested for the same interest rate offered. Most banks now offer this facility. Kindly get in touch with your bank for accurate details.

Yes, you can purchase multiple personal accident insurance policies. It is totally legal in India. With multiple insurance policies, you can haveextra protection from future eventualities. You can get the total of all the policies as per the terms and conditions of the insurance company.

The policyholder can claim the personal accident insurance policy by following these steps: -

• Gather information at the accident scene
• Obtain witnesses
• Inform the details of the accident as soon as possible
• Keep all the medical bills

In case of the unfortunate accidental death of the policyholder, the family receives the sum insured under the policy. This helps compensate for the family expenses, such as the children’s education.

To file a claim for the personal accident insurance policy, you should inform the insurer about the accident as soon as possible. This can also be done on the official website of the insurance company.

Yes, anyone can buy a personal accident insurance policy by submitting the required documents to the insurance company.

A personal accident insurance policy can help cover the treatment expenses arising from an accident. The policyholder can avail compensation in case of any permanent or partial disability.

The death, injury, disability caused due to the following factors are not covered in the personal accident insurance policy: -

• Natural death
• Pre-existing conditions
• Childbirth or pregnancy
• Suicide or self-inflicted injuries
• Participating in war, riot, etc.
• Participating in an unsafe sports activity

A personal accident insurance policy is specifically designed to offer financial protection against injuries, permanent disability, or death resulting due to an accident. Moreover, substantial compensation is provided in case of accidents when travelling.

The minimum entry age for the Axis Max Life Smart Secure Plus Plan is 18 years, and the maximum age is capped at 65 years for Non-POS variant and 55 years for POS variant. In case of Pay till the 60 option, the maximum entry age is capped at 44 years.

The premium payment options under this plan are single pay or regular pay. You can alternatively choose a limited pay duration (5 pay, 10 pay, 12 pay, 15 pay, or pay till 60) of the premium payment. The frequency of the premium payment can be annual, half-yearly, quarterly, or monthly.

‘Free Look’ means a period of thirty (30) days beginning from the date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy. If the policyholder disagrees to any of the policy terms or conditions, or otherwise and has not made any claim, the policyholder shall have the option to return the policy for cancellation, stating the reasons for the same.

Irrespective of the reasons mentioned, the Policyholder shall be entitled to a refund of the premium paid subject only to a deduction of proportionate risk premium for the period of cover and the expenses, if any, incurred by the Company on medical examination and stamp duty charges.

Annualised Premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums. The Annualised premium remains same irrespective of the premium payment mode.

Annualized return measures the performance of an investment option in a year, while absolute return measures the performance from the day of the commencement of investment. Most Return on Investment calculators in India calculate absolute returns. However, absolute return doesn’t provide an accurate figure if the investment is held for more than a year. The annualized return helps you compare investment returns across different holding periods. Nevertheless, you can calculate annualized returns by dividing the figure by the number of years.

A Return on Investment calculator can make your work easier by calculating Return on Investment for you in a matter of steps. You just need to enter basic information such as amount invested, amount returned and investment tenure. A return on investment can help you evaluate the profitability of an investment scheme or investment to take sagacious investment decisions.

There are a lot of factors that can influence return on investment. One of the most significant factors is the rate of interest. Some investment plans have a highly fluctuating rate of interest that can affect the returns on investments. Other than that, factors such as a change in demand, government policies, costs are some factors that can affect the return on investment.

Doesn’t matter if you are looking to expand your investment portfolio, or are a business, return on investment is a KPI (key performance indicator) used to measure the profitability of your investment or business. As a business, you can use it to modify your strategies; as an investor, you can use it to grow your investment by choosing the right investment plans for you.

When the question is how to calculate return on investment, there are two ways. The first method is manual, which uses a formula, and the second method is a Return on Investment calculator. It is recommended that you use an ROI calculator as it is easy to use, has zero possibility of errors. However, most importantly, manual calculation of Return on Investment doesn’t take investment duration into consideration, although most Return on Investment calculators do.

A fixed deposit is a type of investment that allows investors to earn interest on their funds for a fixed period of time. The tenure can be anywhere between 7 days and 10 years.

If you are looking to save taxes, tax-saving FD can be the best option for you. It offers tax exemptions under section 80C of the Income Tax Act.

A fixed deposit is considered one of the best investment options for individuals looking for stable, guaranteed returns with any market risks involved.

The minimum amount required to open an FD account depends on the financial institutions. With some banks, you can open an FD account with an investment of Rs. 1,000.

Yes, you can close and open an FD account at any time you like. However, if you wish to make premature withdrawals, a small penalty may be charged.

The maximum amount that can be deposited in an FD account is Rs. 1.5 lakh.

Yes, a fixed deposit scheme is completely risk-free and offers guaranteed returns.

If you want to double your money in 5 years, the compound annual growth rate should be around 15%. There is no guarantee that you will be able to double your money in 5 years by investing in a fixed deposit.

Yes, you can get the interest earned paid out to you on a monthly basis if you want.

No, you cannot make premature withdrawals or break a tax-saver FD before the completion of 5 years.

The minimum period to invest in a fixed deposit scheme is 7 days

Yes, a fixed deposit scheme is a completely risk-free and safe investment option that offers guaranteed returns.

The investment made under an FD scheme is exempt from tax as per section 80C of the IT Act.

Investing in an FD means locking your money for a fixed tenure. You earn interest on the initial investment on a cumulative basis. The interests earned along with the principal amount are paid out at the time of maturity.

Banks may charge a small penalty if you choose to break your FD account before the maturity period is over.

After the maturity period is over, you can either choose to renew your FD or terminate it.

The interest you receive on your Fixed Deposit amount is taxable. However, you can submit Form 15G to the bank to avoid tax deduction.

The minimum investment that can be made for a tax saving FD account is Rs. 100.

The maximum investment limit for the tax saving FD is Rs.1.5lakh per financial year.

A tax saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax saving FD.

At the time of maturity of a tax saving FD, the maturity amount is credited to your savings account associated with the FD.

No. It is not possible to make partial or complete withdrawals from a 5-year tax saver fixed deposit. This is because, this type of fixed deposit account has a 5-year lock-in period in lieu of the tax benefits it provides depositors.  

• LIC Policy
• Voters Identity Card
• Pension Payment Order
• Birth Certificate issued by the competent authority
• Passport
• Defense ID Card/Government ID Card (Provided they have the cardholder's photo, signature and date of birth)
• PSU Issued ID Cards
• Senior Citizen Cards issued by Indian Airlines/Indian Railways
• PAN Card

While the minimum tenure of a fixed deposit is seven days; the maximum tenure can go up to 10 years.

Yes, premature withdrawals of your fixed deposit is allowed in case you need funds immediately.However, you will be subject to penalty charges.

In case of unforeseen circumstances, the nominee can claim the fixed deposit amount on maturity.

Instead of paying a penalty by breaking your FD prematurely, you can opt for a loan against this type of term deposit based on the amount you have invested. That way you can ensure the availability of funds for emergencies and earn interest on your FD at the same time. Depending on the lender chosen, a loan against FD of up to 70-90% of your FD account balance can be availed by you.

A recurring deposit is a unique term deposit that allows people to make regular deposits in their bank account. In return, they can earn decent returns on their investment.

Yes, you can make the change in nominees for your recurring deposit account. You will have to submit a form in your concerned bank.

No. The interest will be paid on maturity or on premature closure of the recurring deposit

Penalty applicable in the case of premature withdrawal of FD differs from bank to bank. However, most banks levy a penalty of 0.5% on the amount withdrawn prematurely. Furthermore, the RD interest that will be payable to the account holder on maturity will be lower than the original contracted rate by 1-2%.

No, the tenure and installment due date (auto debit date) of an existing recurring deposit cannot be changed once set.

Yes, as FD can be used to secure credit, one can also get a credit card on FD. Most banks provide this facility to individuals who have an unreliable credit score or no credit history.

Since both FD and RD are term deposits, the interest rate offered on these investments is dependent on the time period of the investment. Banks and India Post Office offer the same interest rate for FD and RD as long as they are of the same tenure.

Choice of Plans:

Traditional Plan: Earn interest monthly/quarterly basis as per your convenience with a maturity period ranging from 7 days to 10 years.

Reinvestment Plan: Earn interest compounded quarterly and reinvested with the principal amount with a maturity period ranging from 6 months to 10 years.

If you wish to open an FD account for senior citizens, it is prescribed to provide documents ascertaining the age of the account holder. Based on the age concluded from such a document, the bank will confirm if you would like to get interest rates and other benefits applicable to senior citizens and do the needful.

The bank will transfer the maturity amount, i.e. the principal amount and the interest amount, to the connected savings account held with the bank.

You can use the FD Calculator to calculate interest and maturity amount on the Fixed Deposit

In reinvestment or cumulative FD, interest is compounded quarterly and reinvested with the principal amount. The maturity of these fixed deposits ranges from 6 months to 10 years.

• Should be a citizen of India
• Should be more than 18 years
• Should have a valid KYC documents such as PAN and Aadhar

• ID Proof Documents – Aadhaar, Driving License, Voter ID, etc.
• Address Proof Documents – Electricity Bill, Ration Card, Bank Passbook, etc.
• Passport Sized Colour Photographs
• Filled-out account opening form

Recurring accounts are like term deposits that allow you to make deposits regularly and earn returns on the investment.

Banks provide online RD calculators that help calculate the maturity amount in a hassle-free way.

Yes, investors can claim tax deductions on a yearly basis

Yes, it is possible to add nominees to an RD account.

Unfortunately, recurring deposits come without tax exemptions. Income tax has to be paid by the investor on the interest earned in the case of RD.

Yes, TDS is applicable on an RD account. TDS is deducted at 10 % of the earned interest, which normally exceeds INR 40,000.

Six months is the minimum tenure for recurring deposits.

An individual can earn a recurring deposit account interest rate, ranging from 2.5 to 8.5 per cent.

The minimum amount required to open a recurring deposit account is Rs. 100 for public sector banks and Rs. 500- 1,000 for private sector banks.

All Indian citizens, adults, minors, government organizations, private sector companies and a sole proprietorship can open an RD account.

Yes, banks in India provide additional interest rates on RD to senior citizens.

Yes, it is possible to withdraw recurring deposits before the end of the term

The banks allow depositors to withdraw the money invested before completing the maturity period via net banking or simply visiting the respective bank.

Yes, it is possible to save tax on recurring deposits. These savings can be made during each financial year.

Yes, the interest earned recurring deposit is taxable.

Yes, most banks in India provide a higher interest rate on RDs to senior citizens.

The minimum tenure for Recurring Deposit (RD) is 6 months. Most banks provide RD schemes for a minimum tenure of 6 months to 12 months.

The interest rate for an RD account varies from bank to bank. The interest earned depends on the amount you have deposited, the tenure, and the interest rate offered by your bank.

The minimum amount required for opening a Recurring Deposit can be as low as Rs.100.

Anyone can open an RD account. Some banks allow people to open a joint RD account and you can also open this account in the name of their minor child.

Yes, you can make premature withdrawals on your RD. However, you will be charged a little penalty.

To make a premature withdrawal of RD, the investor needs to submit a request with the bank or financial institution with whom the recurring deposit account was opened. Forms for making a premature withdrawal are usually available both online on the website of the deposit holder and offline at the branch of the financial institution.

The minimum entry age requirement for Axis Max Life’s 2 crore term insurance plan is 18 years while the maximum entry age is 65 years.

The free-look period for the best term insurance plan for 2 crore is 15-30 days, during which the policyholder can return the policy by stating the reasons. In addition, the policyholder is entitled to receive a refund for any premiums paid during the free-look period.

A policyholder who has opted for a maturity or survival benefit will get all or part of the premiums back at the end of the policy term. However, in other cases, the term insurance plan for 2 crores will be terminated.

While there is no right or wrong answer to this question, you should can consider purchasing the best term plan for 2 crore at a younger age. Doing this will ensure you get long-term coverage at affordable premiums.

When choosing the coverage amount for a 2 crore term insurance plan, you need to consider several factors such as age, gender, annual income, smoking habits, current expenses, loans, and liabilities, etcetera. You can also use the term plan calculator on the Axis Max Life Insurance website as it will help you figure out the coverage sum better.

With Axis Max Life’s 2 Crore term insurance, the riders you can choose include critical illness and disability rider# cerminal illness cover, disability rider, accident cover*, and waiver of premium rider#.

The minimum entry age for the 2 crore term insurance plan is 18 years.

You can use the term plan calculator available on our website to calculate the premium cost for the 2 crore term insurance policy. All you need to do is fill in basic details such as your name, age, gender, annual income, and smoking habits, and the calculator will give you the results within seconds.

Yes, you can buy the best best term insurance plan for 2 crore online through Axis Max Life’s website. Once you’ve gone through the plan’s features, you can use the online term calculator to know the premium costs. If you’re satisfied with the premium rate and features, you can continue with the purchase.

The Premium Break option offered with Axis Max Life’s 2 crore term insurance policy is a built-in feature that allows policyholders to skip paying premiums while continuing to enjoy the policy benefits. However, this option can only be claimed twice during the policy tenure.

As per section 10(10D) of the Income Tax Act, the payout of term insurance policies is completely tax-free, meaning you will receive the total coverage amount without any tax deductions if you buy a 2 crore life insurance policy.

Like most term insurance policies, you can purchase 50 lac term plan if you are 18 years old. The maximum age limit on the policy is 65 years.

For a 24 year old, non-smoker, healthy male for a premium paying term and policy term of 25 years the premium for a cover of Rs.50 lacs with Axis Max Life Smart Total Elite Protection Term Plan will be Rs. 468/month^{^1} (exclusive of GST).

The term insurance premium for 50 lakhs is quite affordable. By entering basic information about yourself, such as your age, income range, and smoking habits, you may estimate the premium rates for your 50 lac term plan using the term plan calculator on our website.

Once you understand how the insurance works, you can use the term plan calculator on the Axis Max Life Insurance website to get an estimate of the premiums and complete the purchase by supplying the required information.

You can purchase the 50 lakh term insurance plan if you are 18 years of age.

The main advantage of purchasing 50 lakh term insurance when you're young is that you can receive life insurance at significantly lower prices. Aside from that, having life insurance allows you to organize your finances in terms of other assets and savings.

One of the advantages of buying 50 lac term plan in India is that you obtain a large life insurance policy at a low premium rate. This means that your loved ones can be financially self-sufficient even in bad times, and that key life goals like a child's higher education will not be jeopardized.

You can add critical illness and disability rider# **(Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V02)** , accident cover*, waiver of premium plus rider# (Axis Max Life Waiver of Premium Plus Rider UIN: 104B029V05) to your 50 lakh term insurance plans with Axis Max Life Insurance.

While there are no set criteria for term insurance for 5 crore, the minimum age requirement is 18 years, whereas the maximum age limit is 65 years. 

According to Section 10(10D) of the IT Act, the death benefit payout for term insurance plans is completely tax-free#*. This also includes any bonuses policyholders may have received over time. Hence, there will be no tax deductions when you claim your 5 Cr term insurance policy.

#*Tax benefits are subject to changes in tax laws.

The primary factors that affect the premium for 5 Cr term insurance include age, gender, annual income, and nicotine consumption/smoking habits. 

If you want to calculate the premium for the 5 crore term insurance plan, you can use an online term plan calculator. You will have to fill in some basic details such as your name, mobile number, age, gender, annual income, and smoking habits. Additionally, you can also calculate the premium cost by adding riders. 

The minimum entry age for term insurance plans for 5 crores is 18 years. 

Although there is no fixed age as to when you should purchase a term insurance policy, it is best to do so while you’re young. The best time to invest in term policies is when you’re in your 20s or 30s, so you can get access to lower premiums and stay covered for longer. 

If you opt for a return of premium or maturity benefits, you will receive the total paid premiums at the end of the policy tenure. However, if you don’t opt for such add-ons, your term insurance plan will cease to exist once the tenure is complete. 

Yes, you can purchase the term insurance 5 crore plan online from the comfort of your home. All you need to do is visit the term insurance calculator page, add your personal information, select riders, and proceed to buy the plan. 

The free-look period for the best term insurance plan for 5 crore is generally 15days long(30 days if the policy is sourced through Distance Marketing modes)from the date of receipt of the policy document . Policyholders have the option to surrender their term policy during this period. Plus, all paid premiums (if any) will be returned to the policyholder. 

Like most term insurance policies, you can purchase 1.5 cr term insurance if you are 18 years old. The maximum age limit on the policy is 65 years.

The premium rate for 1.5 crore term insurance plan is determined by a number of personal characteristics, including age at the time of purchase, health status, smoking habits, gender, income range, and so on.

By entering basic information about yourself, such as your age, income range, and smoking habits, you may estimate the premium rates for your 1.5 cr term insurance using the term plan calculator on our website.

Once you understand how the insurance works, you can use the term plan calculator on the Axis Max Life Insurance website to get an estimate of the premiums and complete the purchase by supplying the required information.

You can purchase the 1.5 crore term insurance plan if you are 18 years of age.

The main advantage of purchasing 1.5 cr term insurance when you're young is that you can receive life insurance at significantly lower prices. Aside from that, having life insurance allows you to organize your finances in terms of other assets and savings.

One of the advantages of buying 1.5 crore term insurance in India is that you obtain a large life insurance policy at a low premium rate. This means that your loved ones can be financially self-sufficient even in bad times, and that key life goals like a child's higher education will not be jeopardized.

You can add critical illness and disability rider, accident cover*, waiver of premium plus rider# to your 1.5 crore term insurance plan with Axis Max Life Insurance.

• High Sum Assured at Affordable Premium
• Easy to Understand
• Multiple Death Benefit Payout Options
• Additional Riders
• Income Tax Benefits
• Critical Illness Coverage
• Accidental Death Benefit Coverage
• Return of Premium Option

Investment definition is an asset acquired or invested in to build wealth and save money from the hard earned income or appreciation. Investment meaning is primarily to obtain an additional source of income or gain profit from the investment over a specific period of time.

Following are some of the different types of investments available in India:

• Stocks
• Certificate of Deposit
• Bonds
• Real Estate
• Fixed Deposits
• Mutual Funds
• Public Provident Fund (PPF)
• National Pension System (NPS)
• Unit Linked Insurance Plan (ULIP)
• Senior Citizens’ Savings Scheme

Investment is done keeping a financial goal in mind. The investment objectives help generate income and grow over a certain period of time. Investment includes bonds, stocks, PPF amongst others, which helps in growing money and providing an additional source of income.

As investment helps us in growing our money over a certain period of time, there is a certain risk accompanying the investment. You might get better returns in some of the investment options, but they might also come with higher risk in comparison to other investment options providing moderate returns.

You need to consider some essential points before you start identifying investment objectives and opportunities. Following are 4 key points to know more about how to begin with investments in India:

• Analyse Your Financial Goals
• Diversify your Investments
• Investment Period
• Periodical Reassessment

Following are some of the primary objectives of investment:

• To Keep Funds Safe & Secure
• To Grow Your Funds Exponentially
• To Earn a Steady & Additional Source of Income
• Minimize Income Tax Burden
• Retirement Planning
• Meet Financial Goals

While investing in ULIP plans, you must keep the following factors in mind –

• Applicable charges including surrender charges (those payable on premature surrender of ULIP plan)
• Investment fund options available
• Features and benefits
• Limitations and exclusions
• Consequences of ULIP plan lapsing
• Other disclosures

A free look period is a duration after purchasing term insurance when you can return the policy. In case you are not satisfied with the terms and conditions of the purchased policy, you can return it within the free-look period, which is generally 15-30 days.

There is no maturity benefit available with pure term insurance. But you can get the premiums paid back at the end of the policy term with a Term Plan with Return of Premium (TROP).

Most policies offer three premium payment modes

• Single Pay
• Regular Pay
• Limited Pay

No, the interest earned on bank FDs are free of taxes.

You can avail of the benefits of health insurance for self, spouse, children, or parents, as per the policy terms.

Yes, you can enjoy the benefits of health insurance with more than one policy.

Insurers generally send reminders to the policyholders when the renewal date is approaching. However, if you miss the renewal date, there is generally a grace period of 15-30 days.

The waiting period of a health insurance policy is the period before which insurers do not entertain claims towards settlement. It can differ according to the varying features and benefits of health insurance.

Yes, there are specific medical procedures that do not require hospitalization, known as daycare treatment. The benefits of health insurance apply to them as well.

Mediclaim for senior citizens is specially designed health insurance for older people. It provides coverage for medical expenses for all the medical exigencies. It also offers benefits such as cashless claims, no claim bonuses, and tax benefits.

The senior citizen mediclaim policy comes with a limited sum insured, a waiting period, and an exclusive list of exclusions. You must check these before buying the plan. Also, look out for factors such as entry/exit age, co-payment, domiciliary treatment, etc.

Some plans may require you to go through the medical screening before buying the policy. It is required to assess the medical condition and accordingly charge a premium.

Yes, the senior citizen mediclaim policy covers illnesses or injuries that existed before buying the policy. But they are covered only after a certain waiting period.

The continuation of the senior citizen mediclaim policy can help older people enjoy lifelong coverage without any breaks. They will get no claim bonus for every claim-free year and tax exemptions of premiums under section 80D.

There is no upper limit to avail of mediclaim for senior citizens.

Yes, the mediclaim for senior citizens covers critical illnesses. While some plans offer coverage for critical illnesses as a built-in cover, others offer it as an add-on cover with some extra premium.

If you look at the difference between mediclaim and health insurance, you get to know that health insurance is a way better alternative. Its benefits are far more than just hospitalization cover.

The list of diseases covered under a health insurance plan may differ from one insurer to another. Hence, you should ask the chosen insurance company about the benefits of health insurance plan offered to you.

Although there is a difference between health insurance and mediclaim policy, a mediclaim plan is also worth the price paid, depending on your specific needs. However, if you want better coverage than what a mediclaim offers, go for health insurance.

You can buy budget-friendly health insurance plans for a premium you can easily afford as per your income. Alternatively you can consider purchasing a personal accident insurance plan to ensure financial protection from injuries resulting from accident along with a critical illness policy to augment your existing life insurance cover.

In case you do not have health insurance; you will have to bear the cost of treatment arising out of an accident or medical emergency.

Yes, premiums paid against health insurance are tax-deductible under Section 80 D. The deductions limit applicable for senior citizens is INR 50,000 and INR 25,000 otherwise.

Yes, your age, medical condition, medical history, family medical history, lifestyle habits like smoking affect your insurance premiums. The higher the age, the higher will be the premium. Likewise, if there is a record of medical conditions or toxic lifestyle habits.

No. Health insurance companies in India do not levy limits on the number of claims per year as long as you do not exhaust your health insurance cover. Some insurance companies, however, do put a cap on the monetary amount of claim you can make for a particular medical condition or surgery.

The two most important factors to look for are the claim settlement ratio and solvency ratio. It’s advisable for the companies that have a high claim settlement and solvency ratio.

The inclusions and exclusions differ from company to company. But mostly all the best health insurance companies do not cover dental surgeries, cosmetic surgeries, genetic disorders, self-inflicted injuries, IVF, and infertility treatments.

Yes, most health insurance companies provide covers against critical illnesses. However, the basic health insurance cover for such diseases can turn out to be insufficient – especially if it’s a critical illness that requires a longer treatment. An added rider for critical insurance can offer extra cover to manage the treatment costs efficiently.

There are two scenarios here. In one, you can pay your hospital bill and get imbursed by the insurer later. In this scenario, you have to submit your hospital and medical bills. The other scenario is where you use the insurance company’s cashless facility where the insurance company directly settles the bill with the hospital.

There’s a 15-day grace period after your health insurance policy ends wherein you have to renew your policy to continue to receive your health insurance benefits. In case you fail to renew your policy after this period, you may lose all the accumulated benefits.

If you wish to make a reasonable sum by investing in mutual funds, consider investing by availing the benefits of a systematic investment plan . This will enable you to mitigate the impact of changing market conditions and if you stay invested for the long-term, you have good chance of growing your wealth significantly.

Yes, you can lose money in a mutual fund. Mutual funds come with a few risks. If the securities or assets held by a fund lose their value, you may lose some or all of your money invested in that mutual fund.

Investors can usually redeem their funds after the completion of the objective of the investment made. The funds can be redeemed in parts or entirely by choosing all units to withdraw. Investors can also select to redeem the gained sum and keep the principal invested. Units bought through a trading account can be redeemed by contacting the broker or placing a redemption request online. If the funds are purchased via the mutual fund's website, the investor can redeem them by filling out a form on the website and submitting it to the AMC.

Investing in mutual funds is a good idea as the returns are higher. Apart from a higher return on investment, mutual funds offer multiple risk management measures to ensure safe investment.

Actively managed funds are funds in which either a manager or a management team actively participates and decides on investing the fund's money into various assets or securities. Before investing in an active or passive investment fund, the investor should inspect its situation and the requirement of the type of investment.

Mutual funds and stock investments are both good options for investing your money. However, the differences between the two make the former a better choice as it has significant advantages for the investor. Mutual funds can be the most affordable investment plan with a higher return on investment. You are responsible for managing your share investments, while fund managers manage mutual funds. Unlike share investments, you can get Section 80 C tax benefits by investing in ELSS mutual funds.

Investing in mutual funds depends on the requirements of the investor. Passively managed funds follow the market index to operate. Unlike active plans, they are managed by any team or individual. As no identity operates passive funds, they are cheaper than active ones.

With a diversity of options, you can invest in mutual for the shorter and longer term. Industry experts advise investing in longer terms as the returns are higher, so you can accumulate greater redemption money in the longer term. Investors can invest in more extended plans with more than three years to avail themselves of tax benefits.

Hybrid mutual funds, also known as asset allocation funds, are investment schemes where investors can invest money in two or more asset classes, or a combination of equity and debt investments formulated to meet the scheme's investment objectives. Hybrid funds are safer than equity funds and offer better returns than debt funds.

Debt mutual funds come with three common types of risks: credit risk, interest rate risk, and liquidity risk.

Equity mutual funds are considered ideal investment options for newbie investors or investors who lack knowledge of investing the right amount in funds. An equity fund is seen as a 'risky investment' as it comes with a significant degree of market risk.

Investing in mutual funds entirely depends on the budget and financial requirements of the investor. One should invest after considering the scope and requirements to improve their financial future. Other factors to consider before choosing the investment type are the risk appetite of the investment, the lock-in period of the investment, and the return on investments.

Based on the risk scale from very low to high-risk funds, it is advisable to start with investing in very low-risk mutual funds. Liquid funds and short-term funds (from one month up to one year) are considered low-risk mutual funds as they are less volatile as compared to most equity schemes. These mutual funds are best for fulfilling short-term financial goals. Nevertheless, investors can choose any mutual fund based on knowledge, economic growth and their financial goals and preferences.

There is no hard and fast rule, but it is often recommended to buy a health plan at a young age. It might help you escape the waiting period or higher premium charges due to pre-existing diseases. It is also beneficial for long-term financial planning.

No, there aren’t any limits on the number of claims. However, the claim amount cannot exceed the sum insured.

In case of no claims in a year, most insurance providers offer an increase in the sum insured up to a certain percentage as a part of a cumulative bonus.

In such a case, you can switch to an insurance provider who is more suitable to you. The IRDAI introduced this feature in 2011; however, it is essential to note that porting the policy is different from cancelling or not renewing it.

Yes, certain charges are not reimbursable under the policy, such as administration/registration charges, visitor pass charges, special nursing charges, etc.

Typically, health insurance pays the hospital directly (cashless facility), reimburses the costs associated with diseases and accidents, or pays a predetermined benefit upon the emergence of an illness. Pre-existing diseases, cosmetic and dental procedures are some of the common health exclusions.

As a general rule, you should buy enough insurance that covers about half of your annual salary. Therefore, if your income is Rs. 10 lakhs, Rs. 5 lakhs of health insurance coverage may be your best option. However, most experts suggest a health cover of Rs. 10 lakh is necessary to ensure one has adequate cover for various medical emergencies.

It is well worth the cost since you will be able to protect your life savings and avoid having to borrow money from others. If you pay for family health insurance and are under 60 years old, you are entitled to a Section 80D tax deduction of up to Rs. 25,000 annually.

A health insurance policy can provide you with substantial financial protection to cover the cost of treatment in India and abroad.

Once every year, your health insurance plan may cover the cost of preventive health checkups. It is an extra perk that insurance companies offer when you renew your policy by making annual premium payments.

Most companies count pregnancy as a pre-existing condition; therefore, you will not get coverage under the plan if you are already pregnant.

Maternity plans cover treatment costs up to the sun insured for a newborn with birth complications like critical illness, injury and various other congenital conditions. This cover typically lasts for a limited period usually up to 90 days after birth.

The sum assured offered by these plans can differ from companies and it impacts the insurance premium payable for the add-on. Additionally, there may be sub-limits that are applicable to specific policies. Therefore, you have to go through the policy document provided by the insurer to known the sum assured under a specific maternity benefits health policy.

It is the time period an insured must wait for before the health insurance coverage comes into effect after the policy is purchased. In case of maternity benefits, this waiting period is usually 9 months, after which you can claim benefits. However, some insurers can have a longer waiting period, so you have to check the individual policy details.

No, these tests and checkups are all common exclusions under a maternity health benefits plan.

A super top-up health insurance plan pays for medical expenses in excess of the deductible. It assists you in extending the coverage of your insurance once the previous sum insured has been spent.

You must choose the appropriate deductible limit when acquiring a super top-up health insurance coverage. It's the maximum amount of money you can spend on your regular health insurance plan. You should thoroughly compare your coverage selections rather than focusing solely on the premium. Before purchasing a super top-up health insurance policy, be sure to review the insurer's list of network hospitals, coverage level, features, and claim settlement history

In health insurance, a deductible is the amount that the insurer or policyholder must pay before receiving the benefits of a super top-up plan.

The basic difference between a top-up and super-top up health insurance is that of the coverage limit. While a super top-up health insurance policy reimburses you for medical expenses that surpass the coverage limit of the policy, a top-up health insurance plan only pays expenses beyond the policy limit once a year.

Yes, it is possible to choose a higher deductible. However, the limit depends on the policy chosen.

To successfully apply for your mediclaim tax benefit, you must attach the payment receipt of policy premiums as proof when submitting your income tax declaration for the year. Also, if you have paid a premium for your parent’s policy, you must also submit the premium payment receipt to avail of your mediclaim tax benefit.

NRIs are eligible to avail the mediclaim tax benefit in India under Section 80D. The only condition is that adequate documents like premium payment receipt should be attached as proof.

No. Health insurance tax benefits such mediclaim deductions falls under Section 80D. Whereas, life insurance premium and ULIP tax benefits fall under Section 80C. They also have different limits for 80C annual tax saving limit is Rs. 1.5 lakh irrespective of age, while the 80D limit starts at Rs. 25,000 annually and can be up to Rs. 1 lakh annually for senior citizen taxpayers who are paying health insurance premium for senior citizen parents.

You cannot claim the mediclaim tax benefits under section 80D if you are paying for your relatives. You can only avail the benefits if you have paid the premium for your dependent parents/in-laws, dependent children and spouse.

Yes, you are allowed to claim mediclaim deduction for more than one health insurance policy provided all the policies are valid and you are making the premium payments. But the total tax benefit cannot exceed the limits specified under Section 80D of the Income Tax Act.

Yes, tax benefits under Section 80D of the Income Tax Act is available for purchasing a family floater mediclaim policy.

The cost of a mediclaim policy for family is affected by various factors like the type of health insurance policy, number of covered persons, sum insured, age of family members covered, pre-existing medical conditions of insured, etc.

In India, how do you choose the ideal health insurance policy for your family?

When a health insurance policy that offers cashless facility, it means that the policyholder can take treatment in any of the network hospitals without having to pay the hospital directly. In this case, the payment is made to the hospital on behalf of the insured, directly by the insurer through a Third-Party Administrator (TPA).

Yes. When you get a new mediclaim policy, generally, there will be a 30 days waiting period starting from the policy inception date. Any medical costs during the waiting period will have to be borne by the insured and will not be payable by the insurer.

There is no limit to gold investment in India. However, as a rule of thumb, you should not make gold investments more than 10% of your overall account value.

Gold, being a precious metal, can generate significant returns in the long run. Moreover, gold is highly liquid and can be easily converted into cash.

The factors that affect the gold prices in India include inflation, government gold reserves, jewellery market, interest rate trends and the global movement in gold prices.

Yes, the gold investment in India can prove to be an asset that hedges against inflation and stock markets.

If you are looking to make regular investments as opposed to a one-shot investment, gold funds can be a better and more rewarding option. However, for investors looking for a cost-effective option, Gold ETFs can be the right choice.

A SIP investment plan is a simple, safe, and cost-effective way to invest your savings in mutual funds. It is a great investment option if you want to minimize your risks and invest regularly.

The fact is—there is no ‘best’ time to invest through a systematic investment plan. The important thing to note is that you do not need to time the market or wait for the opportunity to invest in market-linked securities. SIPs make investment simpler and help automate the entire process.

Yes, you can miss SIP payments. And when you do, your account will not be deactivated. Mutual fund houses offer an option to pause the payments for a specific period. This is a useful feature you can use in case you face any financial difficulties.

SIP is the safest way to invest as it allows you as an investor to invest fixed amounts regularly. SIPs are a planned approach towards investment and act as a financial cushion by developing a habit of saving.

You can start investing in SIPs by selecting a fund of your choice. But before that, you need to complete the necessary formalities and provide your KYC details to the Asset Management Company (AMC).

After completing your SIP term, you can renew your investment. Fill out the required form and state the tenure of investment to extend your SIP duration.

To shorten your systematic investment plan, contact your house by writing an application to them. You can even put up an online request. Make sure that you have completed the minimum investment period for the request to be considered.

Most fund houses allow the investors to start investing through SIPs with just Rs. 500. And there is no upper limit for the investment amount.

A default on SIP installment can be because of insufficient balance in the bank account. Nevertheless, you don’t need to worry if you miss your SIP installment for the month. The default amount will be added to the next month’s installment. However, it is to be noted that a default on SIP installments for 3 consecutive months can lead to termination of SIP.

The minimum amount to invest in SIP is INR 500. You can start with this amount to generate a significant corpus on maturity.

If your SIP is nearing maturity and you wish to continue it to generate maximum wealth, you can automatically renew your SIP by sending out a renewal request at least 30 days before the maturity date. It’s advisable to contact your asset manager for detailed process as process varies according to the asset management company.

Many insurance companies offer a 15-30 day free-look period. If you cancel the policy during this time, you can receive up to 100% of your premium back. However, if you cancel after the free-look period, you will only receive part of your premium. No premium will be received if the policy is cancelled after 6 months of the start date.

Here is how you can pick a mediclaim policy in India:

• Look for the right coverage plan
• Be mindful of our budget.
• Go for a family plan instead of an individual plan.
• Pick a plan with lifetime renewability.
• Always remember to compare costs and coverage offerings.
• Always check if your nearby hospitals are part of the network.
• Check if your insurer has a high claim settlement ratio.

There are three main types of cashless Mediclaim plans:

• Cashless individual health insurance
• Cashless family health insurance
• Cashless senior citizen health insurance

Mediclaim policies are an essential part of employee benefit programs. A mediclaim policy for employees is a group insurance plan paid for by the employer. While some employers may offer it for free, others might deduct the amount from the employee’s CTC premium amount.

Many group mediclaim insurance policies offer maternity covers as a part of the coverage plan. The mediclaim maternity plans cover expenses like hospitalization charges, pre-and post-hospitalization charges, consultation charges, etc.

Yes, several mediclaim health insurance plans offer coverage for accident-related treatment and hospitalization charges.

Yes, there are certain mediclaim health insurance plans available that cover the costs for hospitalization due to any injuries or illnesses, including Coronavirus.

There are two ways to claim benefits for your mediclaim policy –

•  Cashless Mediclaim – In case of a planned hospitalization, you can submit a pre-authorization form along with the medical card in advance. For an emergency medical treatment, you can present the insurance company's medical card to receive cashless hospitalization at any network hospital and then complete the pre-authorization form within the time limit.
•  Reimbursement – If you are unable to make a cashless claim, you can opt to get a reimbursement for your expenses. To file for a reimbursement mediclaim, you must submit the bills, prescriptions, and medical reports along with a complete claim form with the insurance company.

If you are admitted to a hospital that is a part of your insurer’s hospital network, you will be required to file a claim form and present your insurance card to receive cashless hospitalization benefits. However, if the facility is not a part of the hospital network, you can claim reimbursement for your expenses.

When receiving treatment at a hospital, the policyholder does not have to pay upfront due to the cashless aspect of the health insurance coverage. In this instance, the bills are settled between the insurance company and the hospital, with no cash payment required from the policyholder.

A group mediclaim policy covers a specific group of people, usually members of a professional association, society, or employees of an organization. The health and medical expenses will be covered by the group medical insurance coverage.

An overseas mediclaim policy is a type of insurance that protects you against the costs of hospitalization in a foreign nation. While the insured is outside of India, this coverage covers medical expenses. It covers both inpatient and outpatient medical bills.

A mediclaim policy's minimum entry age is usually 18 years, and the exit age is 65 years. Some insurance companies, however, do provide coverage plans for children as young as five years old.

Most mediclaim plans have a waiting period of 30 days. You can file for claims after this period ends. However, in case of a pre-existing condition, the waiting period may be longer.

Most mediclaim policies do not cover dental treatments, but you can buy a dental health insurance separate from your medical insurance.

There are some mediclaim plans that do include coverage for LASIK eye surgery. Hence, before signing up, it is important to go through your premium and coverage plan and ensure that the policy covers everything you need.

Typically, the minimum entry age for a Mediclaim policy is 18 years, and the exit age is 65 years. However, some insurance companies do offer plans to children as young as five years old. Similarly, few Mediclaim policies come with the option of lifetime renewability.

As per the co-payment clause, you are required to pay a share of the medical expenses you wish to claim during the policy period. This can either be a percentage (ranging between 10 to 30%) or a fixed sum already mentioned in the clause.

Most Mediclaim/insurance providers require policyholders to submit three main documents at the time of claim, which is – Identification proof, a health or medical card provided by the insurer, and the bills & receipts you wish to be reimbursed for.

Mediclaim policies can usually be claimed across India unless specified otherwise. However, this is something you must check with your insurance provider before making the purchase to avoid any last-minute confusion.

Yes, policy buyers can buy Mediclaim online by visiting any insurance provider’s website. It is not only easy and convenient but also completely safe. However, make sure you don’t skip out on any important details or terms.

The gold rate today differs in several states in India owing to several factors such as carriage, taxes, transportation costs, local association with jewellers, purchase price, and volume play (bulk buy).

Yes, inflation is one of the top determinants of the gold rate today in India. As inflation affects the production costs and transportation costs, the price of gold is significantly affected.

The import duty was slashed to 7.5 % in the last year’s budget, yet the effective import duty on gold remains 10.75% after several surcharges were imposed on it.

Gold rates fluctuate daily, if you have bought gold in the past, and wish to sell, checking the gold rate today is important. At the same time, if you are planning to buy gold, checking the gold rate today is essential as well.

The perfect time to buy gold is in the initial months of the year. On an average basis, gold price tends to surge during the first couple of months of the year. The price drops down a little through the spring and then increases again in the fall.

Gold schemes might not be worth investing in if your goal is to earn higher returns. Unlike gold funds wherein the returns can increase with a higher gold rate today, most gold saving schemes offered by jewellers provide you with the same fixed value of gold jewellery at the end of the term. Therefore, the ROI in these gold saving schemes is generally less than in Gold Saving Funds and ETFs.

A carat is a weighing unit used to measure gemstone size/ A karat, conversely, is a measurement unit used to refer to the ratio of gold in an alloy out of 24 parts.

18k, 22k and 24k gold are terms used to denote the proportion of gold and alloys. 18k gold has 75% of gold. 22k gold as it contains 91.67% gold, and 24k gold contains 99.99% gold.

Tola is a term in Hindi used to measure gold. 1 tola is equal to 11.663 of gold.

The returns earned from digital gold assets held for less than 36 months are not taxable. In the case of LTCG (Long-term Capital Gains), you would have to pay a 20% tax on the whole amount, an additional surcharge and a 4% cess.

Digital gold beats physical gold on nearly every front. In terms of cost, you have to pay an additional price for physical gold. The physical gold has the headache of storage and risk of theft. While digital gold has the same value, it does not have the risks of theft, etc.

In India, the quality of gold is determined at assaying centres.

Yes, 916 is used to show the purity of gold - 91.6 grams of pure gold in 100-gram alloy.

The following are the popular investments that qualify for 80C deductions:

• Life Insurance Premium
• Contribution towards PPF
• Employees’ Provident Fund (EPF)
• Equity Linked Savings Scheme (ELSS)
• ULIP Investment
• Tax SaverFixed Deposits
• National Pension Scheme (NPS)
• Home Loan Principal Repayment
• Sukanya Samriddhi Yojana
• Senior Citizens Savings Scheme
• National Savings Certificate

Yes Employees’ Provident Fund (EPF) is a part of 80C deduction. The Employer’s Contribution in the provident fund is tax free but not available as 80C deduction.

Any resident individual or HUF can claim 80C deduction upto Rs.1.5 lakh. Not only this, NRIs are also eligible for tax deductions under Section 80C of Income Tax Act, 1961. However, this tax deduction benefit is only applicable if you opted for the old tax regime.

Yes, section 80C of Income Tax Act, 1961 covers all types of life insurance premiums, which includes personal accident insurance premium as well which will pay out in case of death due to accident. However, this tax benefit is available only if the taxpayer has opted for the old tax regime, as the new tax regime does not currently offer this tax deduction benefit.

Yes, deduction against term insurance premium can also be availed upto the 80C limit of Rs.1.5 lakh if you have opted for the old tax regime.

No. This is because in the absence of salary, an employer will not be able to contribute to the Employee’s Provident Fund. Moreover, any contribution made by the employee should match with the employer.

An employee is eligible for pension or superannuation at the age of 58 years. If an employee leaves between the age of 50 to 57, he/she can claim early pension.

Yes. Date of Birth/Age once given is not normally changed, however it can be changed with proper documentary evidence. You can see the guidelines provided in circular ‘Change of Date of Birth for EPF & EPS members’ dated 03/04/2020, available on the website.

A person who is employed for wages in any kind of work, manual or otherwise, in or in, connection with the work of an establishment covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, and who gets his wages directly or indirectly from the employer, and includes any person employed by or through a contractor in or in connection with the work of the establishment.