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At Desai & Desai , we offer you a complete range of solutions that complement our advisory services. The range includes a combination of best of breed proprietary and non proprietary (third party) products. The approach is to recommend you product solutions within your overall asset allocation in an unbiased manner after evaluating all the options available in the market.
Work with us to develop a wealth creation and protection plan that provides you with the best chance to reach your financial goals according to your specific needs and comfort levels. Our estate planning, insurance, and wealth management expertise will put you in the best position to succeed while allowing you to maximize your time devoted to focusing on the pursuits that are most important to you. At Desai & Desai Advisory, we believe in,
>> Provide single window for multiple investment products.
>> Giving practical solutions to clients for achieving their financial goals.
>> Being Client Centric rather than product centric.+ Read More
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Individual - ProprietorGST Number
24ABGPD9722K1ZM
Wealth Builder Tools
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Use our smart Wealth Builder calculator to make a perfect savings plan- Its really exciting !
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Fixed Deposit
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Insurance
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Many people have a preconceived notion that insurance is just a waste of money, something that is not necessary. This is not true. Almost everyone needs insurance. How do you know? If you own anything that cannot be easily replaced without economic hardship, it should be insured. If your house burned down, what would you do? If you became disabled at work, would there still be food on the table? Or, in the worst case, would your family be provided for if you passed away?
These are tough scenarios to imagine, but they happen every day. It is important to understand the consequences and to be prepared for the worst. Some people tend to think of insurance as a luxury, but this is not true at all. Insurance is simply a way to avoid an impoverished state.
Like many things in life, the decision to purchase insurance or not is based on a system of risk/reward. Unfortunately, consumers often look at the reward and ignore the risk altogether. This can impede the process of making an educated decision. For example, the lottery is a very popular system of risk / reward. In this case, the risk is generally small, but the reward can be great, making it a popular choice. Gambling in casinos is another example. In this case, some people become so fixated on the reward that they forget the risk of losing. Think of insurance as an inverted version of the lottery. The reward (not paying for insurance and therefore saving an immediate expenditure) is miniscule compared to the possible risk (losing everything you own and being in debt for the rest of your life). And sadly, the chances of your number coming up in the insurance game are a lot greater than your chances of winning millions. Hopefully, you now realize that insurance is a necessary part of today’s world. So let’s move on. There are four questions you should have in mind when you set out to purchase insurance. | ||
Hopefully, you now realize that insurance is a necessary part of today’s world. So let’s move on. There are four questions you should have in mind when you set out to purchase insurance. What kinds of insurance do I need? How much of each kind do I need? Who do I insure from? How do I get the best deal? | ||
There is also a fifth question that you should continually ask yourself when deciding about your insurance needs. | ||
What happens if I’m not covered? | ||
What really happens if you aren't covered, whether it's not enough of a particular type of insurance or none at all? Imagine a scenario and play it out in your head. Will it even affect you? Can you recover from it at all? We will go through some basic scenarios together and you can decide for yourself. |
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Life Insurance
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Loss of a life cannot be compensated for and this is the basis of Life Insurance products. Other products such as medical insurance would reimburse an individual for an expense incurred by the respective person in case of medical mishap. However, the value of life of a person cannot be reimbursed and hence all Life Insurance products work upon the basis of paying an amount (also known as sum assured) in an unfortunate incident of death based upon an initial agreement between the insurer and the insured person. The amount of premium paid by the insured depends upon various factors such age, existing medical ailments, lifestyle of the insured, duration and amount of insurance. If the amount of insurance requested by the insured is over a material amount, the insurance provider may require a medical checkup before entering into an agreement with the insured.
Amongst the types of life insurance products available in the financial market, the most popular options are Term Insurance and Endowment Policy.
In Term Insurance policy, the insured person pays a regular insurance premium for the duration of the insurance policy and if the insured dies during the tenure of the policy, the lump sum amount / sum assured is paid to the nominee / legal heir of the insured. If such an event does not arise with the policy term, no amount is paid by the insurance company to the insured.
In case of Endowment Policy, similar to term insurance, the insured person pays a regular insurance premium for the duration of the insurance policy. During this duration, the insured person is covered if a death event occurs, whereby the sum assured amount is paid by the insurance company to the nominee or the legal heir of the insured person. However, if no such event arises, the insured person is paid the sum assured after the expiry of the policy tenure. Several flavors of endowment policies exist where such sum assured is paid throughout the policy duration (in case of money back policies), or where the insured pays insurance premiums for a specific duration only and gets a life cover for an extended period of time. Other policies invest a portion of insurance premiums in stock markets and aim to generate higher return and hence a higher maturity payout (in case of Unit Linked Insurance Plans). In summary Endowment Policy plans serve dual purpose of providing insurance and acting as an investment option in the same time.
In the maze of several types of insurance products available through scores of insurance companies, BFA assist their clients to obtain the right product to suit their requirements.
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General Insurance
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Insurance other than 'Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc. Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown, there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business. In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear a ratable proportion of the loss. |
For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- ( 50% of the loss being borne by the insured for underinsuring the property by 50% ). This concept is quite often not understood by most insured. Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims. |
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Retirement Planning
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Even if you are younger, start putting money often in to a retirement account. A little investment at a early age can easily grow into a significant sum as soon as retirement comes about. Whenever you are young, you've got time on your side.
Just logon to our Financial Planning section and fill up yourRetirement Planning form - You will be impressed at how speedily your money will compound
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Taxation
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Tax planning is not only a basic duty of every one of us but is also important for our own financial planning. It helps you reduce your income-tax liability and also ensure a better future due to compulsory savings in highly safe government approved schemes.
How do you calculate the tax ?
Calculate your taxable income under all heads i.e., Income from salary, house property, business & profession, capital gains and income from other sources.
Calculate tax payable on the gross taxable income for the whole financial year (i.e., from 1st April to 31st March) using a simple tax rate table (we may provide a tax table link here).
Minimize your tax payable amount through sensible tax planning by comparing and choosing the best tax saving scheme based on your age, social liabilities, tax slabs and personal preferences
You should choose you investment options in such a way, that the post-tax yield is the highest possible keeping in mind the basic parameters of safety and liquidity.
Life insurance plans are effective way to save taxes when doing your tax planning.
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