Home › Forums › General Discussion › Tax Savings Schemes
Dear administrator, can we discuss about the savings in different govt schemes like post office saving schemes and nongovt. schemes like L.I.C. schemes or other insurance schemes, so that at least members or other can know about these correctly. Because most of the agents explain about the schemes wrongly. Can these forum help people?
Thanks
No problem friend. Please create different topic for different schemes in the forum “General Discussion”.
And it is one of my favourite subject.
First of all I like to say about PPF. This is purely controlled by government. You can open your PPF a/c in your nearest SBI branch or district head Post office. In Kolkata you may get a large number of post office where you can open your account. The rate of interest is 8.8 percent (compound) in the financial year 2012-2013, which is calculated yearly. I think it is better than G.P.F. Because you can deposit any amount between Rs. 500 to Rs. 1,00,000 yearly. You can deposit 12 times yearly. At the end of the financial year you can update your passbook and you can see the interest what you got in previous FY.
I fully agree with Saibal Jana that PPF is beneficial than GPF in many aspects. Upper limit was 75000, probably it has been increased to 1 lac! I have both the accounts. Anyway, one can take loan from PPF A/c in 6th year on the basis of amount deposited in 5 years or can withdraw 50% of the amount standing at credit.
What about P.L.I. (Postal Life Insurance)?
Yes, Som. My next discussion was about PLI. Any govt. employee including teacher and para-teacher of govt. aided school can do this policy. Most of the employee do the policy name as SANTOSH. For the first time you will have to give your premium to D.O. From the next month you can deposit your premium in your nearest post office, which you have declared in your application. Here the premium is lower than any of the so called policies of any insurance company. Any one can do a number of policies of total at most a sum assured of Rs. 20 lacs( formerly it was 10 lacs). If you deposit your premium of next 12 month you will get a discount of 2% at that moment. You will get relief of income tax on the premium paid and also on the total amount after maturity.
Is there any question?
Thanks
One more thing. You can easily calculate the approx amount what you will get at maturity.
Again thanks.
How to calculate the approx? I have a policy of 5 lacs. monthly premium 1475/-
Can we trust it regarding its service? I heard that its service to the policy holders are not satisfactory.
Final payment is delayed and takes long process.
one more, If anybody wants to quit in the middle, how much will he/she lose?
Yes, Som. But to calculate the approximate maturity value, You have to mention some points. First, your age at entry time, term of the policy/ maturity age, sum assured. If you can supply these informations I can help you to calculate the maturity value.