Want to know how much life insurance cover you should have? Here are two ways to calculate

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THE ECONOMIC TIMES Tue, Jun 23, 2020 | 05:51 AM IST ET Wealth Newsletter

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Want to know how much life insurance cover you should have? Here are two ways to calculate The first step of a financial plan is to make sure that your insurance needs are covered. Plan for your financial goals using the four-bucket system Once you know about the various buckets into which your savings must be placed, it becomes clear as to which kind of investments go into which bucket. Podcast: Is it a good time to invest in equities? Many say that it is a good time to buy since prices are low, but then again with so much uncertainty will it be like trying to catch a falling knife? Host: Tania Jaleel; Producer: Paramveer Singh Banking & PSU and corporate bond mutual funds score high on credit quality. But are they risk-free? Banking & PSU debt funds are required to invest 80% in instruments issued by commercial banks and public financial institutions. Corporate bond funds are also required to put at least 80% in AA+ and higher-rated corporate bonds. Does that make them risk-free? From our Partners How these women are altering career guidance, vernacular gaming Meet Surabhi Dewra, revolutionizing how career guidance works in India; and Arpita Kapoor, the woman behind India's first vernacular live social gaming platform. From our Partners How Tinder is amplifying and supporting female-led businesses Reforming the pet-care industry in India and making citizens' voices heard on laws and regulations, Devanshi Shah and Antaraa Vasudev are revolutionising the start-up ecosystem. PPF rate may fall below 7% to a 46-year low Short-term deposit rates are now very close to or even less than what savings bank accounts offer. Use this Excel tool to solve complex personal finance calculations MS Excel's Solver is an optimisation tool that aims to calculate the value of a variable while incorporating changes in the multiple variables of a financial equation. This also includes any user-defined constraints or conditions. Top Mutual Funds SCHEME NAME RATING 3 YRS(%) 1 YR(%) 6 M(%) 1 M(%) Axis Bluechip Fund Direct Plan-Growth ★★★★★ 9.69 -2.51 -10.86 8.58 Invest Now Axis Bluechip Fund-Growth ★★★★★ 8.26 -3.65 -11.41 8.48 Invest Now Canara Robeco Bluechip Equity Fund Direct-Growth ★★★★★ 7.36 0.41 -7.70 10.35 Invest Now Canara Robeco Bluechip Equity Fund Regular-Growth ★★★★★ 6.06 -0.95 -8.35 10.18 Invest Now HDFC Index Sensex Fund-Growth ★★★★★ 4.31 -10.70 -16.35 13.93 Invest Now FeaturedAxis Midcap Direct Plan-Growth ★★★★★ 9.57 5.73 -4.33 8.25 Start SIP Can you buy health insurance cover for mental illnesses? On the face of it, very few insurers seem to have complied with Irdai guidelines. So much so that on 16 June, the Supreme Court issued a notice to the Central government and Irdai on a plea seeking directions to all insurers to provide medical cover for mental illness treatment. A 13-year head start: Lessons learnt from a company that started WFH more than a decade ago "We see an increased effort to make rules and stick to the discipline of work hours, breaks, and completion of tasks to deadline. Many homes now have designated work areas where members are able to work undisturbed. This experiment is a worthy one."

FEATURED SLIDESHOWS

Investing in a fixed deposit? Be ready to face these risks 10-point money guide for those retiring amidst the covid crisis Emergency fund: The ratio determining how much to set aside, where to invest Buying health insurance in times of covid-19? Keep the 4 Cs in mind More Slideshows

Financial Calculators Old or new tax slab regime? Use this calculator to find out This tax calculator will help you estimate your tax liability. Just input your personal income details and know how much you would be liable to pay. New LTCG tax calculator: Plan, compute your tax Use this tool to calculate long-term capital gains (LTCG) and the corresponding LTCG tax for listed shares and units of equity-oriented mutual funds.

Top-up vs new health insurance policy: Which one should you choose? The Covid crisis has been an eye-opener for policyholders, actual and potential, as the average hospitalisation cost could range anywhere between Rs 10-15 lakh. What route should you go to increase your health cover? Read this case to know. How much and what type of health insurance policy you need for different life stages The need for health insurance changes from youth to old age depending on one's lifestyle and genetics. ET Wealth tells you how much and what type of health plans you should have as protection against poor health through various stages of life. ITR filing: How to pre-validate your bank account It is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account. HDFC Midcap Opportunities mutual fund review: Inconsistent performance is a red flag While the mutual fund enjoys a stellar long term track record it has been somewhat inconsistent in recent past. It has seen higher value erosion compared to peers and index amid recent downturn. Read to know if you should buy. Stock pick of the week: Why Polycab is expected to return to its growth path Polycab has corrected by around 50% during the stock market crisis. The company's valuation is reasonable since it is still way off from its high hit during January, despite the recent recovery from the March lows. This has made the company a favourite of analysts. How Sensex, 10-year G-sec, rupee performed during week ending June 18, 2020 Markets gained due to heavy buying in index heavyweights and short covering of positions. The rupee weakened against the US dollar due to the rising border tensions with China and massive foreign fund outflows. Realty hot spot series: A prominent neighbourhood in East Delhi Mayur Vihar in East Delhi is home to well-known schools, close to hospitals and well-connected to Noida, Gurugram and the rest of Delhi. This prominent residential area in east Delhi comprises both govt and privately built apartment blocks. The risk of another market sell-off definitely exists: Srinivas Rao Ravuri, PGIM India Mutual Fund "​​We are very cautious about the economic outlook. We believe recovery will be tough and will take time. The first priority for companies today is to survive," said Srinivas Rao Ravuri. Should you use credit card autopay facility for phone, electricity bills? If the auto-payment facility fails due to some technical glitches at your utility provider's end, it mostly becomes difficult to get the problem resolved. Therefore, you should be extremely cautious before opting for such a facility. Opted for moratorium on home loan EMIs? Here's what will happen to your tax-savings Current income tax laws allow tax benefits on both principal repayment and interest paid on home loans. What is mark-to-market risk in debt instruments? Debt mutual funds have to show notional losses or gains on their debt holdings even if the gains or losses are not actually realised. This is known as mark-to-market or MTM risk. Filing health insurance claim for coronavirus treatment? Here are 4 things you must know IRDAI has issued a notice to insurers to pay the hospitals faster to tackle the liquidity crisis. Due to the rising number of Covid-19 cases, health insurers are expected to authorise cashless claims within two hours following authorisation requests. MF portfolio doctor: Singh shouldn't opt for dividend plan if goal is long-term wealth creation Hardeep Singh is saving for his children's goals and retirement. His goals are ambitious but early start to investing and small hike in his SIPs will make his financial journey easy. This is what the portfolio doctor suggests him to do.

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