Term Insurance

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This is the most basic type of life insurance cover, you could ask for.

While the terms are quite simple for policyholders to understand, the premiums are also low. A term plan pays the total sum assured to family members or nominee in case the policyholder dies before the tenure of the plan is over. Supposing a 30-year-old individual takes a term insurance policy for 25-year tenure, with coverage of Rs 50 lakh and dies before the term gets over, then the nominee would be entitled to the insured sum of Rs 50 lakh.

The annual premium for such a policy would range between Rs 4,500 and Rs 7,500, depending on your age and the insurance company you choose. Many insurers may offer you the cheapest product, but have poor claims payment history. Look at the insurer's claims payment ratio, brand, reputation, promoters and solvency ratio before zeroing on the product. Many private insurers offer term plans online.

While buying the policy, individuals must declare correct information related to the health of themselves and their family members, so that there are no problems at the time of claim settlement. Also, should the insurer ask for certain medical tests, it is advisable to oblige.

Another important factor is to calculate adequate amount of life cover. While some insurance advisers suggest a minimum of five times the annual salary, this is only a bare minimum coverage due to rising inflation.

An individual should ideally get a term insurance plan covering his income till retirement. For a 40-year-old, earning Rs 10 lakh every year, planning to retire at 60, then the adequate sum insured should be Rs 2 crore.

Before making investment decisions on child's education or marriage, one should secure the family's future against any unforeseen event, such as death. It is best to opt for term plans at an early age since the premiums are low and liabilities like home or car loans are high.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax PlanInvest Online
2. HDFC TaxSaverInvest Online
3. DSP BlackRock Tax Saver FundInvest Online
4. Reliance Tax Saver (ELSS) FundInvest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) FundInvest Online
7. SBI Magnum Tax Gain Scheme 1993Invest Online
8. Sundaram Tax SaverInvest Online
9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
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1. Reliance Equity Opportunities Fund
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3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFundsInvest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund