Wednesday, March 29, 2017

ASK

What is the procedure for raising the credit card limit?

In order to raise the credit limit, talk to the customer service department of the bank

ASK

My investments in NSC matured a month ago so can I claim the tax deduction?

The maximum amount that can be claimed as a deduction under Section 80 is Rs 1 lakh

ASK

Will I be eligible to get relief from interest on education loan?

The subsidy is not applicable for a loan taken prior to April 1, 2009

ASK

Is the bank correct in debiting charges from inoperative savings bank account?

Take up the matter with the bank manager and also check with them about where this rule is stated

ASK

Can the insurer cancel the policy if any incorrect statement is found?

Under such circumstances, the insurers have the option to cease all benefits under the policy

ASK

What are hybrid mutual funds?

Hybrid funds could also have allocation to gold and follow a disciplined asset allocation plan

ASK

When is the payment made under a critical illness rider attached with a policy?

The payment is normally made 30 days after the critical illness is diagnosed

ASK

On what basis do insurers grant life insurance?

Once the prospective buyer of life insurance policy fills up the proposal, the documents go for scrutiny

ASK

Are there any tax exemptions if I redeem my mutual fund schemes?

The only mutual fund scheme that is eligible for tax exemptions under Section 80C is the ELSS

ASK

If I switch a health insurance policy, what will be the charges?

There is the possibility of the insurer you wish to port charging you a higher premium in lieu of the shift