In case of contingencies, does it makes sense to go for a personal loan or a loan against fixed deposit? Which is the cheapest, simplest and the best to take?
J. Chandrakant, Via email
The first and the foremost point that needs to be noted is that a loan against fixed deposit comes at a low interest rate as compared to the personal loans. Not only it is available at comparatively lesser interest rate, but it also has simple procedure compared to a personal loan. In case of an unforeseen eventuality or not being able to repay the loan, the loan amount will be recovered from the fixed deposit account. In fact, it would make more sense to encash the FD rather than paying interest for using your own money.
My son lives in Singapore and has gifted me Rs 2 lakh. If this sum is treated as my income, it would put me in the highest income-tax (I-T) slab. What should I do to prove that this sum is a gift?
Rajender, Via email
Gifts received from specified relatives, including a son, is exempt from the income-tax. But to prove that it is a gift from your son, you need to show a bank statement of the account from which these funds were transferred to you. Also get a proof of the source of income of your son, so you will be able to prove his financial position. An affidavit or a from your son about this gift is also advisable.
I am aged over 80 years and my wife is 73. We are in reasonably good health and have never been hospitalised. Can we get an insurance cover for the hospitalisation or disabling injury?
Srikanth Reddy, Via email
Getting a health insurance for yourself at this age would be tough. Max Bupa is the only insurance company, which provides a health cover for people above the age of 80. With regard to disability insurance, no company offers such cover for people, who more than 80 years. For your wife, you can go for senior citizen plans offe-red by National Insurance or United India Insurance.
I am 52 years old and am a diabetic for the last 18 months. Can I get a mediclaim policy?
Chandu, Via email
You can buy any policy but diabetes and any illness/disease caused by diabetics will be covered only after three to five years. For diabetic patients, New India Insurance offers a special plan, which covers diabetic-related diseases from the second year.
(Harsh Roongta is the CEO of Apnapaisa.com. You can send in your queries to moving-money@deccanmail.com [1])
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[1] mailto:moving-money@deccanmail.com