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Xpress Money Offers Free Llife Insurance Cover To Indian Expats
Xpress Money in association with Union Insurance - one of the leading insurance firms in the Gulf Co-operation Council(GCC) region, launched remittance industry's first free life insurance for Indian expats working in the region. Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.
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This pioneering insurance will provide a life insurance protection of AED 15,000 Dirhams including AED 5,000 Dirhams of repatriation expenses of the mortal remains, something that not many insurance companies cover. The life insurance benefit will be available to any person remitting money through Xpress Money for a period of one month, from the day the customer makes a transaction. A remitter can avail this life insurance free of cost irrespective of the amount transacted.
Mr. Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said: "Majority of the Indian expats from blue-collared category, residing and working in the GCC region, generally work in hazardous conditions at construction sites, factories etc. We launched this free life insurance scheme because we are sensitive to humanity and believe that every life is priceless. This life insurance is a critical value addition to our services and we are glad to be associated with Union Insurance - a leading insurance brand in the Gulf Co-operation Council (GCC) region in creating a new milestone in the remittance sphere."
Speaking about the launch, Mr. Arvind Mylar, Regional Vice President- Business Development, South Asia, Xpress Money said, "This is a pioneering initiative that no remittance player has offered so far. The launch of this innovative product will truly benefit many blue-collared Indian expats and will give an edge to Xpress Money and Union Insurance. Being one of the biggest global remittance brands, we look forward to further expansion to other countries and regions over the next few months."
The life insurance cover will be offered to Xpress Money customers sending money to India from major send markets like UAE, Kingdom of Saudi Arabia, Oman, Qatar, Kuwait and Bahrain.
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A resident who becomes a non-resident Indian (NRI) may continue to deposit funds into his existing PPF account

I live in London and plan to sell my flat in Mumbai, which I inherited two years ago. The asset was acquired by my father more than 20 years ago. What will be the tax implications if I sell this property?

—Rakesh Bakshi

Any gain arising on the sale of property is taxable in the year of transfer and is subject to capital gains tax. Depending on the period of holding of the property, capital gain will be considered as either: long-term capital gain (LTCG) if period of holding is more than 36 months, or short-term capital gain (STCG) if period of holding is less than 36 months.

As you had inherited the property, the period of holding of the previous owner (your father) would also be taken into consideration. Hence, LTCG would arise on sale of this property.

The difference between the sale price and indexed cost of acquisition will be taxable as LTCG at the flat tax rate of 20% (plus applicable surcharge and education cess). The cost of acquisition shall be the cost incurred by your father to acquire the property.

LTCG can be claimed as exempt from tax to the extent it is re-invested in India in another residential property or specified bonds subject to certain specified conditions.

If due to some reason, the capital gains remain un-invested until the due date of filing of India tax return (i.e., 31 July), then the amount of capital gains could be deposited in a capital gains account scheme with a bank (not later than the due date of filing your India tax return) and subsequently withdrawn for specified re-investment.

Any loss on the sale of property can be carried forward up to eight years from the year of sale by filing a tax return and be offset against long-term or short-term capital gains.

I had opened a Public Provident Fund (PPF) account when I was an Indian resident, but now I’m a non-resident Indian (NRI). Can I continue contributing to my PPF account? Is my annual investment limit still Rs.1.5 lakh?

—Vivek Kumar

As per Rule 3 of the Public Provident Fund Scheme, non-residents are not eligible to open a PPF account and only Indian residents can open one. However, a resident who becomes an NRI may continue to deposit funds into his existing PPF account. So you can continue contributing to your existing PPF account. You would also be entitled to claim tax deduction under section 80C of the Income-tax Act, 1961, on account of contribution made up to Rs.1.5 lakh.

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Non-resident Indians have recently been allowed to open accounts under the National Pension System (NPS).

By opening an NPS account, NRIs can create a pension corpus in India.

An NRI between 18 and 60 years of age can open an NPS account.

The account needs to be opened by the individual NRI as power of attorney is not allowed.

NPS subscriber registration form for NRIs needs to be filled. This form can be downloaded and is available at any POP-SP.

Overseas address and contact details as well as permanent Indian address need to be provided.

NRIs have the option of selecting the Pension Fund Manager.

The following documents need to be submitted to the POP bank for opening the NPS account:

a) Completed subscriber registration form

b) Copy of passport

c) Proof of address, if the local address is different from the address in the passport.

The contributions made into the NPS account by the NRIs can be from either NRE or NRO accounts subject to normal foreign exchange conversion norms.

After submission of documents, the NRI can check the status by accessing https://cra-nsdl.com/CRA/ by using the 17 digit receipt number provided by POP-SP or the acknowledgement number allotted by CRA-FC (Facilitation Centre) at the time of submission of application forms by POP-SP.

1) If the NRI has taxable income in India, he can get additional benefit of `50,000 offered by NPS over and above the 80C benefits.

2) It is preferable to open an NPS account through the POP bank where the NRI maintains his NRE/NRO account.

3) At the time of payment of pension or annuity, the same is paid only in INR. There is no restriction on repatriation.
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Indians have spread to virtually every corner of the globe and have made their mark in the chosen line of business or profession. As an Indian living abroad, it definitely makes good financial sense to connect with the roots of your lineage and make wise investments back at home, especially when the country is in a developing phase.
Whether you are pursuing a dream job abroad and at some point wish to settle back in India post retirement, or if you have ageing parents living on their own in India and are dependent on you for financial support, it is prudent to take calibrated financial decisions, especially at a time when uncertain economic conditions are prevailing in the more developed countries. It is also imperative to provide for long term security and achieve financial goals for you and your dependents.
India is one of the fastest growing economies in the world and various economic estimates and research reports peg India's growth around 6%-7% annually. This is significantly higher as compared to other economies in the developed world where there is either nominal or no growth. This makes India an attractive investment destination for NRIs. Also, given the prevailing interest rate regime in India, an NRI will earn a lot more on his bank deposits in India as compared to his country of residence. This also makes a compelling argument for the NRI to park his money in bank deposits in India.
An NRI has various options to choose from when he/she is structuring his financial plan. There is no one-size-fits-all investment strategy that can be prescribed for an NRI as such and an ideal financial plan should have an optimum mix of various asset classes. However, we would like to lay stress on the role of insurance as an asset class for an NRI in meeting his and his family's financial goals. Life insurance products can help address an array of financial needs and goals of an NRI as they can be customized for specific purposes.
To take an illustration, Ashok is 40 year old NRI based in London working as a senior project manager in a software company. He has two children aged 5 and 9 years old, and his wife Asha is a home-maker. His parents are retired and live in Pune. They have no source of income and rely on their son Ashok for their regular expenses. Mr. Ashok can build a portfolio of insurance products that can help address his following important financial goals.
> Life cover for the financial security of his family
> Provision for his children's education
> Regular guaranteed income for parents
> Wealth creation for himself and his spouse
Life cover for the financial security of his family
Ashok has five dependents and therefore it is crucial that he is adequately covered. Pure term insurance plans are ideal for this purpose. Currently, online terms plans that are available are competitively priced and convenient to purchase. A term insurance plan will ensure that Ashok's family is financially secure and that their financial aspirations are not compromised in case of the unfortunate event of Ashok's demise.
Provision for his children's education
Provisioning and creating a corpus for children's education must ensure the following:
> Wealth creation over the long term to ensure cash payouts at key educational milestones of his children
> Financial security to ensure that the education of the child does not get compromised in case of an eventuality to the bread winner of the family
In case anything happens to Ashok, the investment for his children's future should continue and the children should get the benefits when required. Hence, investing in child plans designed by insurance companies will ensure that the financial plan for the child remains unhindered even in the face of an eventuality to meet cash payouts on key educational milestones. In such plans, upon the death of the parent, the family gets a lump sum amount and the life insurance company pays all future premiums on behalf of the policy holder.
Regular guaranteed income for parents
Ashok's parents need a guaranteed income to meet their day-to-day expenses. The product that addresses this goal is the Immediate Annuity plan offered by life insurance companies. Ashok can purchase an Immediate Annuity product which will then generate regular income for his parents in India. Additionally, he has the option of choosing the frequency of the payouts. Upon the death of the last surviving parent, Ashok will get the entire investment amount back which he can repatriate to his country of residence.
Wealth creation for himself and his wife Long term wealth creation requires Ashok to systematically save and invest in avenues which provide superior long term, risk adjusted returns. As an emerging economy, India has exhibited a robust rate of growth over the recent past and has potential for sustained growth in the future as well. Given this, investing in equities in India would help augment long term wealth creation. Unit linked plans offered by insurance companies provides an opportunity and flexibility to the customer to structure his exposure to the debt and equity markets depending on his/her financial goals and risk taking appetite. These products present an opportunity to the customer to participate in and reap economic rewards of India's growth story. The dual offering of protection and long term wealth creation makes Unit Linked products an attractive proposition for NRI's. To conclude, life insurance offers an NRI an opportunity to plan for and meet his various long term financial objectives. As an integral component of financial planning, insurance can play a critical role in ensuring the long term financial security of the NRI, his family as well as his dependants who may be residing in India.
Indians have spread virtually to every corner of the globe and have made their mark in the chosen line of business or profession. As an Indian living abroad, it definitely makes a good financial sense to connect with the roots of your lineage and make wise investments back at home, especially when the country is in a developing phase.
"
Whether you are pursuing a dream job abroad and at some point wish to settle back in India post retirement, or if you have ageing parents living on their own in India and are dependent on you for financial support, it is prudent to take calibrated financial decisions -- especially at a time when uncertain economic conditions are prevailing in the more developed countries. It is also imperative to provide for long-term security and achieve financial goals for you and your dependents.
India is one of the fastest-growing economies in the world and various economic estimates and research reports peg India's growth around 6% - 7% annually. This is significantly higher compared to other economies in the developed world where there is either nominal or no growth. This makes India an attractive investment destination for NRIs. Also, given the prevailing interest rate regime in India, an NRI will earn a lot more on his bank deposits in India compared to his country of residence. This also makes a compelling argument for the NRI to park his money in bank deposits in India.
An NRI has various options to choose from when he / she is structuring his financial plan. There is no one-size-fits-all investment strategy that can be prescribed for anNRI as such and an ideal financial plan should have an optimum mix of various asset classes. However, we would like to lay stress on the role of insurance as an asset class for an NRI in meeting his and his family's financial goals. Life insurance products can help to address an array of financial needs and goals of an NRIas they can be customized for specific purposes.
To take an illustration, Ashok is a 40-year old NRI based in London working as a senior project manager in a software company. He has two children aged 5 and 9 years old, and his wife Asha is a home-maker. His parents are retired and live in Pune. They have no source of income and rely on their son Ashok for their regular expenses. Ashok can build a portfolio ofinsurance products that can help address his following important financial goals:
Life cover for the financial security of his family
Provision for his children's education
Regular guaranteed income for parents
Wealth creation for himself and his spouse
Life cover for financial security of family
Ashok has five dependents and therefore it is crucial that he is adequately covered. Pure term insurance plans are ideal for this purpose. Currently online term plans that are available are competitively priced and are convenient to purchase. A term insurance plan will ensure that Ashok's family is financially secure and their financial aspirations are not compromised in case of the unfortunate event of Ashok's demise.
Provision for children's education
Provisioning and creating a corpus for children's education must ensure the following:
Wealth creation over the long term to ensure cash payouts at key educational milestones of his children
Financial security to ensure that the education of the child does not get compromised in case of an eventuality to the bread winner of the family
In case anything happens to Ashok, the investment for his children's future should continue and the children should get the benefits when required. Hence, investing in child plans designed by insurance companies will ensure that the financial plan for the child remains unhindered even in the face of an eventuality to meet cash payouts on key educational milestones. In such plans, upon the death of the parent, the family gets a lump sum amount and the life insurance company pays all future premiums on behalf of the policy holder.
Regular guaranteed income for parents
Ashok's parents need a guaranteed income to meet their day-to-day expenses. The product that addresses this goal is the Immediate Annuity plan offered by life insurance companies. Ashok can purchase an Immediate Annuity product which will then generate regular income for his parents in India. Additionally, he has the option of choosing the frequency of the payouts. Upon the death of the last surviving parent, Ashok will get the entire investment amount back which he can repatriate to his country of residence.
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MUMBAI: Kerala-based private lender Federal Bank has partnered with Oriental Insurance Company to launch a mediclaim policy for the NRI community, 'Fed Oriental Pravasi Insurance'.
The scheme will offer NRIs a cover for normal hospital expenses and unforeseen events such as repatriation and accidents. The policy also includes a legal/litigation cover, hospitalisation cover, personal accident cover and a medical floater cover for family members, besides maternity benefits. "This amalgamation will help us achieve our growth objectives and also provide our existing clientele with better investment alternatives. This step will enable us to make the most of the strategic opportunities offered by a dynamic and evolving market," Federal Bank Managing Director and Chief Executive Shyam Srinivasan said in a statement.
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In the past decade, a lot of Indians have migrated to the US and settled down there. For many, they are the first generations from their families to move and most of their immediate family members like parents and siblings are still in India. Now, if you are among them and you also have children, then it's a good time to sit down and think about drawing up a Will. While the reasons for drawing up a Willapply equally to everyone in the US, it gains more importance for NRIs in the US if their proposed guardians live in India. Here's why.
What a Will does
In the unlikely event that both of the child's parents would die, a guardian must be appointed if the child is under 18. A Will is needed to document the appointment of a guardian.
"In the absence of a Will or if a guardian for your children has not been nominated, someone would need to apply as guardian," explains Janet Brewer, a California based attorney. That person would need to explain why s/he is better suited to raise the child than having the child be placed in foster care in the US. "If the proposed guardian is not a US resident and would like to take the child to his home country, then he needs to show why it is in the 'best interests of the child' to be taken from the US," Brewer adds. Further, it would take time for the proposed guardian to reach the US and he/she must be prepared to stay in the US for at least 30-45 days until all legal matters are put in place.
Since this entire process can be tedious, naming a guardian in the Will ensures that the parents decide who their kids should be cared by.
State decides guardianship rules Laws relating to appointment of guardians vary from state to state. "Some states do not permit a non-US citizen or non-US resident to serve as a guardian. That makes the parents' choice of a guardian much more difficult, since their first choice might be their own parents or a sibling who resides outside of the US," says Brewer.
In such cases, parents must check the state laws and appoint the guardian accordingly.
How to draw up a Will
Making a Will by itself may not be a difficult process. You can do it yourself using online Will preparation kits. You can also get readymade forms at stores. However, as we mentioned earlier, it is important to understand guardianship laws, especially if you would like to appoint an overseas guardian. It would be best to contact an attorney to prepare your Will.
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