Vitamin-M Wealth Clinic

Covid-19 has compelled you to stay at home and safeguard yourself from this pandemic. You always wanted to peek into your old files and documents to set right all the important ones and discard the non-essentil ones.  Let us use this opportunity of lock down to get into your old files and look for those important documents. Many unfinished documentation task can be completed efficiently in these days. I am sure when you get into your old files, many of the old memories would resurface. They will surely give you a sense of satisfaction and confidence when compared with your present career situation. Also, there is a possibility that you would find some investment documents which you might have forgot. And these investments must have gained good amount of valuation by now.  Remember: The forgotten investments always reward the most Try to read through each and every page in your old bunch of files and if any investment documents are found, keep them separately. Try ...

Corona Virus has created lot many fears in our minds and the most common fear we are developing is the uncertainty of everything around us in the near future. I came across a query from one of my clients asking what if his life insurance company cannot afford to settle the claims. This concern is very common and even you might have thought about the situation wherein if most of the customers of your life insurance company die due to outbreak of Covid-19 and your company may not be in a position to settle everyone’s claims. The happy news is that IRDA (Insurance Regulatory and Development Authority of India) strictly maintains the record of Solvency Ratio of all the insurance companies. And, because of this clause in existence you can stay confident that all the claims of your life insurance company will be settled and honored . What is Solvency Ratio? IRDA stipulates that all insurers - Life, Health and General—maintain a minimum solvency ratio of 150%. Solve...

By: Srikant Tapadiya For many it may be a surprise question  as to them Insurance is an Insurance. There are very few people in India understands the concept of “ Human Life Value ” which need to be calculated before buying any insurance policy and it is not their fault. It is observed that, when someone thinks of an insurance policy, he/she approaches any of his/her known person  and end up buying a policy which may not be suitable to him/her.  The reason for this mess up is, in India even the Insurance Advisor, most of the times, act as an Agent and sell something to their clients where there is a vested interest of the Agent. So, the question remains unanswered – How Much Life Insurance Cover You Need!?! The answer to this very basic question is by evaluating your Human Life Value Human Life Value (HLV): Human Life Value can be defined, in simple terms, as the Economic Value you bring into your family’s finance. In other words, it is your future ob...

By: Srikant Tapadiya Children are completely dependent on their parents for their upbringing, both emotionally and financially. Sudden demise of the bread winner in the family (majority of the times, it is the father) may hamper all the plans carved for the future of child. Hence covering this risk is very essential. One more reason why we should priorities this responsibility of bringing up the child is the time factor. Children need to get their desired proper education during their right age, it cannot be postponed like any other financial goal in case of emergency. Hence protecting the risk related to children education should be the top most priority. What is Child Insurance? Child Insurance, logically means, the protection against financial losses in the event of sudden demise of the earning parent. Hence, through Child Insurance, the child future can be safeguarded. With this calculation, the earning parent should be covered through Child Insurance and not ...

Investment is considered as a lazy activity. An investor is seldom advised not to peek into your investments very often. It is true that, investment is a long term affair and short term volatility need not affect the investor’s thought process. However, due to various changes in our personal life, it is always advised to look into your investment portfolio atleast once in two years and depending upon your present personal and financial situation, rebalance your portfolio as per the present risk appetite. Market situations also do change over a period of time and hence our investments need to be aligned in the same direction as that of the market. Ultimately we are expecting good returns from the market and putting our investment in the similar direction as that of the market makes lot of sense. Rebalancing would take care of such activity. Rebalancing on a periodic basis often delivers superior returns and helps tide over volatility. What is Rebalancing? Our investment ...

The account holder of any mutual fund, provident fund, bank account or demat account has a provision to nominate his/her relative to take charge of the assets after him/her. Nomination is a mandate given to the service provider about who will receive the proceeds of the account or be able to manage it after the death of the account holders. A nomination is valid until it has been modified during the lifetime of the account holders. There are possibilities of changes in our personal life and priorities and hence Nominations can be modified during the lifetime of the account holders any number of times. If you want to change your nominee in any of your financial investments, you can do so by obtaining the general format from the respective investment service provider (bank or mutual fund house). Such forms are available online too. Any changes to the nomination will have to be signed by all the account holders irrespective of the mode of operation of the account. If it is a joi...

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