What Are Child Insurance Plans? – Complete Guide

Child Insurance Plans, also known as Child Plans, are insurance-cum-investment products designed to secure a child’s future financial needs such as education, marriage, and career goals. These plans combine life insurance protection for the parent with long-term savings or investment benefits.

In case of the policyholder’s (parent’s) untimely death, most child plans ensure that future premiums are waived while the policy benefits continue for the child.

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How Child Insurance Plans Work

• Parents pay regular premiums for a chosen policy term
• The plan builds a savings or investment corpus over time
• On maturity, the child receives lump-sum or staged payouts
• Life cover protects the child’s future even if the parent is not around

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Types of Child Insurance Plans

1. Child ULIP Plans

Market-linked plans offering higher return potential with life cover.

2. Guaranteed Child Plans

Provide assured and predictable payouts at key milestones.

3. Endowment Child Plans

Offer savings with fixed maturity benefits and insurance protection.

4. Child Money Back Plans

Provide periodic payouts during the policy term.

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Number of Insurance Companies Offering Child Plans in India

As per IRDAI, child insurance plans are offered by 24+ life insurance companies in India, including:

Public Sector

• Life Insurance Corporation of India (LIC)

Private Life Insurance Companies

• HDFC Life
• ICICI Prudential Life
• SBI Life
• Max Life
• Tata AIA Life
• Bajaj Allianz Life
• PNB MetLife
• Aditya Birla Sun Life

Each insurer offers multiple child plans with different payout structures and risk profiles.

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Tax Benefits of Child Insurance Plans

Child insurance plans offer attractive tax benefits under the Income Tax Act, 1961.

1. Tax Deduction Under Section 80C

• Premiums paid qualify for deduction up to ₹1.5 lakh per financial year
• Applicable for policies taken for children

2. Tax Exemption Under Section 10(10D)

• Maturity amount and death benefit are generally tax-free
• Subject to premium-to-sum-assured conditions

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Why Child Insurance Plans Are Important

• Secure child’s education and marriage expenses
• Ensure financial continuity even after parent’s death
• Encourage disciplined long-term savings
• Offer life insurance plus investment benefits
• Provide tax savings along with wealth creation

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How to Choose the Right Child Insurance Plan

• Estimate future education and life goals
• Choose plan type based on risk appetite
• Compare guaranteed vs market-linked returns
• Check waiver of premium benefit
• Review insurer’s claim settlement ratio

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Conclusion

Child insurance plans are a powerful financial tool to protect and build your child’s future. With multiple insurance companies offering child plans and tax benefits available under Sections 80C and 10(10D), these plans help parents plan confidently for important life milestones.

At Saving Mantra, we help parents compare child insurance plans and select the best option for long-term financial security.

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Disclaimer

This blog is for informational purposes only and does not constitute financial, legal, or tax advice. Policy benefits, guaranteed returns, and tax treatment are subject to policy terms, IRDAI regulations, and prevailing income tax laws. Readers are advised to consult a qualified financial advisor before investing.

What Are Guaranteed Plans? – Complete Guide

Guaranteed Plans are insurance-based savings and investment products that provide assured returns along with life insurance coverage. Unlike market-linked plans, guaranteed plans offer fixed and predictable payouts, making them suitable for risk-averse investors.

These plans help individuals plan for long-term goals such as children’s education, marriage, retirement, or wealth creation with certainty.

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How Guaranteed Plans Work

In a guaranteed plan:

• You pay premiums for a fixed policy term
• The insurer guarantees returns at maturity or in the form of periodic income
• Life insurance cover protects your family in case of death

Returns are declared in advance or through guaranteed additions as per policy terms.

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Types of Guaranteed Insurance Plans

1. Guaranteed Savings Plans

Provide lump-sum payout at maturity with life cover.

2. Guaranteed Income Plans

Offer regular income after premium payment period.

3. Guaranteed Money Back Plans

Provide periodic payouts during the policy term.

4. Guaranteed Child Plans

Ensure fixed payouts for child-related milestones.

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Number of Insurance Companies Offering Guaranteed Plans in India

As regulated by IRDAI, guaranteed plans are offered by 24+ life insurance companies in India, including:

Public Sector Insurer

• Life Insurance Corporation of India (LIC)

Private Life Insurance Companies

• HDFC Life
• ICICI Prudential Life
• SBI Life
• Max Life
• Tata AIA Life
• Bajaj Allianz Life
• PNB MetLife
• Aditya Birla Sun Life

Each insurer offers multiple guaranteed return plans with different payout options.

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Tax Benefits of Guaranteed Plans in India

Guaranteed plans provide tax efficiency under the Income Tax Act, 1961.

1. Tax Deduction Under Section 80C

• Premiums paid qualify for deduction up to ₹1.5 lakh per year
• Applicable for self, spouse, and children

2. Tax Exemption Under Section 10(10D)

• Maturity amount and death benefit are generally tax-free
• Subject to conditions on premium-to-sum-assured ratio

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Why Guaranteed Plans Are Important

• Offer predictable and assured returns
• Protect family with life insurance cover
• Ideal for conservative investors
• Help in long-term financial planning
• Provide tax savings along with returns

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How to Choose the Right Guaranteed Plan

• Define your financial goal and timeline
• Compare guaranteed returns and payout options
• Check premium payment term and policy tenure
• Review insurer’s claim settlement ratio
• Understand surrender and exit conditions

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Conclusion

Guaranteed plans are an excellent choice for individuals seeking safe, assured returns with life insurance protection. With multiple insurance companies offering guaranteed plans and tax benefits under Sections 80C and 10(10D), these plans form a strong foundation for stable financial planning.

At Saving Mantra, we help you compare guaranteed plans and choose the most suitable option based on your goals and risk appetite.

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Disclaimer

This blog is for informational purposes only and does not constitute financial, legal, or tax advice. Guaranteed returns, policy benefits, and tax treatment are subject to policy terms, IRDAI regulations, and prevailing income tax laws. Readers are advised to consult a qualified financial advisor before investing.

Introduction

Non-Resident Indians (NRIs) often face challenges in managing their personal, financial, and property-related matters in India due to geographical distance. A Power of Attorney (POA) is a legal instrument that allows an NRI to authorize a trusted person in India to act on their behalf.

This SavingMantra blog explains what a POA for NRI is, its benefits, and the step-by-step process to create and register a valid NRI POA in India.

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What Is POA for NRI?

A Power of Attorney (POA) is a legal document through which an NRI (Principal) authorizes another person (called the Attorney or Agent) in India to perform specified acts on their behalf.

These acts may include:

• Managing property
• Buying or selling real estate
• Operating bank accounts
• Representing before authorities
• Handling legal matters

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Types of POA for NRI

1. General Power of Attorney (GPA)
   • Grants broad authority for multiple acts
   • Commonly used for property management
2. Special Power of Attorney (SPA)
   • Limited to a specific task or transaction
   • Preferred for property sale or court representation

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Benefits of POA for NRI

1. Easy Management of Indian Assets

Allows NRIs to manage property, investments, and finances without visiting India.

2. Saves Time and Travel Cost

Eliminates the need for frequent travel for legal and financial matters.

3. Smooth Property Transactions

Enables buying, selling, leasing, or maintaining property in India.

4. Legal Representation

Attorney can represent the NRI before banks, courts, and government authorities.

5. Flexible and Revocable

POA can be modified or revoked at any time by the NRI.

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Is Registration of NRI POA Mandatory?

• Property-related POA must be registered in India
• For immovable property transactions, registration is compulsory
• POA executed abroad must be attested and adjudicated in India

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Step-by-Step Process to Execute POA for NRI

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Step 1: Draft the Power of Attorney

Draft the POA clearly specifying:

• Details of the NRI (Principal)
• Details of the Attorney in India
• Scope and limitations of powers
• Validity period (if any)

SPA is recommended for specific transactions.

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Step 2: Execute the POA Abroad

The NRI must:

• Sign the POA in the foreign country
• Execute it before:
  • Indian Embassy/Consulate, or
  • Notary Public of that country

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Step 3: Attestation by Indian Embassy or Notary

• Embassy attestation is widely preferred
• Confirms authenticity of the document
• Required for acceptance in India

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Step 4: Send POA to India

Courier the original POA to India for further processing.

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Step 5: Stamp Duty Adjudication in India

• POA must be stamped within 3 months of receipt in India
• Stamp duty varies by state
• Adjudication is done at the local stamp office

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Step 6: Register the POA (If Applicable)

For property-related matters:

• Visit Sub-Registrar Office
• Present POA, identity proofs, and photographs
• Registration is completed with biometric verification

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Step 7: Use the POA for Transactions

Once stamped and registered:

• Attorney can act on behalf of NRI
• Transactions must strictly follow POA scope

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Documents Required for NRI POA

• Draft POA
• Passport copy of NRI
• Visa / Residence proof
• Passport & address proof of Attorney
• Photographs
• Witness details

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How to Revoke a POA?

• Execute a POA Revocation Deed
• Notify the attorney and relevant authorities
• Register revocation deed (recommended)

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Conclusion

A Power of Attorney is an essential legal tool for NRIs to manage their affairs in India efficiently. Proper drafting, attestation, stamping, and registration ensure the POA’s legal validity and prevent misuse.

SavingMantra offers end-to-end assistance for NRI POA drafting, embassy attestation guidance, stamp duty adjudication, and registration support across India.

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Disclaimer

This blog is for general informational purposes only and does not constitute legal advice. Stamp duty, registration rules, and procedural requirements may vary by state and are subject to change. NRIs are advised to consult a qualified legal professional before executing a Power of Attorney. SavingMantra is not responsible for any errors, omissions, or changes in law.

Family Health Insurance, also known as a family floater health insurance plan, is a single health insurance policy that covers multiple family members under one shared sum insured. Typically, it includes self, spouse, children, and sometimes dependent parents.

Family health insurance offers comprehensive medical coverage at a lower premium compared to purchasing individual policies for each family member.

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Who Is Covered Under Family Health Insurance?

Most family health insurance plans cover:

• Self
• Spouse
• Dependent children
• Dependent parents (optional, based on insurer)

Coverage can be customized depending on family size and medical needs.

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What Does Family Health Insurance Cover?

A standard family health insurance policy includes:

1. Hospitalization Expenses

Room rent, ICU charges, doctor fees, medicines, and surgery costs.

2. Pre & Post Hospitalization

Medical expenses incurred before and after hospitalization.

3. Day Care Treatments

Procedures not requiring 24-hour hospitalization.

4. Cashless Treatment

Access to network hospitals across India.

5. Additional Benefits

Maternity cover, newborn cover, ambulance charges, and health check-ups (as per policy).

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Number of Insurance Companies Offering Family Health Insurance in India

As regulated by IRDAI, family health insurance is offered by 30+ insurance companies in India, including:

Public Sector Insurers

• New India Assurance
• United India Insurance
• Oriental Insurance
• National Insurance

Private General Insurance Companies

• ICICI Lombard
• HDFC ERGO
• Bajaj Allianz
• Tata AIG
• SBI General

Standalone Health Insurers

• Star Health & Allied Insurance
• Niva Bupa Health Insurance
• Care Health Insurance
• ManipalCigna Health Insurance

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Tax Benefits of Family Health Insurance

Family health insurance offers attractive income tax benefits under the Income Tax Act, 1961.

Tax Deduction Under Section 80D

• ₹25,000 for self, spouse, and dependent children
• ₹25,000 for parents (below 60 years)
• ₹50,000 for senior citizen parents
• ₹50,000 if the policyholder is a senior citizen

✔ Preventive health check-ups up to ₹5,000 are included within the above limits.

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Why Family Health Insurance Is Important

• Covers the entire family under one policy
• Cost-effective compared to individual policies
• Protects against rising medical costs
• Provides tax savings
• Offers peace of mind during medical emergencies

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How to Choose the Right Family Health Insurance Plan

• Evaluate family medical history
• Choose adequate sum insured
• Check waiting periods and exclusions
• Review hospital network
• Compare premium and benefits

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Conclusion

Family Health Insurance is a smart and economical way to protect your loved ones against medical emergencies. With multiple insurers offering comprehensive plans and tax benefits under Section 80D, family health insurance ensures both health security and financial stability.

At Saving Mantra, we help families choose the right health insurance plan tailored to their needs and budget.

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Disclaimer

This blog is for informational purposes only and does not constitute medical, financial, or tax advice. Policy terms, coverage, and tax benefits are subject to change as per IRDAI guidelines and income tax laws. Readers are advised to consult a qualified insurance advisor or tax professional before purchasing any health insurance policy.

Introduction

After the death of a person, a Will outlines how their assets should be distributed. However, in many cases, especially for immovable property, the Will must be legally validated by a court through a process called Probate.

Will Probate provides legal recognition to a Will and authorizes the executor to distribute assets as per the deceased’s wishes. This SavingMantra guide explains what probate of a Will is, its benefits, and the step-by-step probate process in India.

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What Is Will Probate?

Probate is a legal certification issued by a competent court confirming that a Will is genuine and valid. Once probate is granted, the executor named in the Will is legally empowered to administer and distribute the estate.

Probate establishes:

• Authenticity of the Will
• Authority of the executor
• Legal validity of asset distribution

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Is Probate Mandatory in India?

Probate requirements depend on location of property and type of Will.

Probate is mandatory for:

• Wills executed within Mumbai, Chennai, and Kolkata
• Immovable property located in these cities

Probate may be optional but advisable in other parts of India, depending on:

• Local authority requirements
• Nature of assets
• Bank or property registrar policies

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Who Can Apply for Probate?

• Executor named in the Will
• If no executor is named, legal heirs can apply for Letters of Administration

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Benefits of Will Probate

1. Legal Validation of the Will

Confirms that the Will is genuine and enforceable.

2. Authority to Executor

Executor gains legal authority to manage and distribute assets.

3. Protection Against Legal Disputes

Reduces chances of challenges by heirs or third parties.

4. Smooth Transfer of Property

Required by banks, financial institutions, and property registrars.

5. Court-Backed Evidence

Probate acts as conclusive proof of the Will in legal proceedings.

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Step-by-Step Process for Will Probate in India

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Step 1: Identify the Jurisdiction

Probate petition must be filed in the District Court or High Court having jurisdiction over:

• Place where the deceased resided, or
• Location of immovable property

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Step 2: Prepare Probate Petition

The probate application includes:

• Details of the deceased
• Date and place of death
• Copy of the Will
• Details of executor and beneficiaries
• List of assets and their value

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Step 3: File Probate Petition in Court

Submit the probate petition along with:

• Original Will
• Death certificate
• Identity proof of executor
• Affidavit of executor
• Valuation report of assets

Court fees are paid based on asset value (varies by state).

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Step 4: Court Issues Public Notice

• Court publishes notice in newspapers
• Legal heirs and interested parties are invited to raise objections
• Objection period is generally 30–45 days

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Step 5: Hearing and Verification

If no objections:

• Court verifies documents
• Executor may be examined

If objections arise:

• Matter becomes contentious
• Evidence and witness examination is conducted

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Step 6: Grant of Probate

After satisfaction:

• Court issues Probate Certificate
• Executor receives authority to execute the Will

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Step 7: Execution of Will

With probate:

• Executor transfers property
• Settles liabilities
• Distributes assets as per Will

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Documents Required for Probate

• Original Will
• Death certificate
• Identity & address proof of executor
• Property documents
• Asset valuation report
• Legal heir details
• Affidavit and court forms

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Timeline for Probate Process

• Uncontested probate: 6–9 months
• Contested probate: 1–3 years or more

Timeline varies based on court workload and objections.

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Difference Between Probate and Letters of Administration

Basis	Probate	Letters of Administration
When applicable	Will exists	No Will / no executor
Who applies	Executor	Legal heirs
Legal authority	Court-granted	Court-granted
Purpose	Execute Will	Manage estate

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Conclusion

Probate of a Will is a crucial legal step to ensure that a deceased person’s wishes are carried out lawfully and without dispute. While probate is mandatory in certain cities, it is advisable in most cases involving immovable or high-value assets.

SavingMantra provides expert assistance in probate filing, documentation, court coordination, and end-to-end estate administration support across India.

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Disclaimer

This blog is for general informational purposes only and does not constitute legal advice. Probate requirements, court fees, and procedures may vary based on state laws and jurisdiction and are subject to change. Readers are advised to consult a qualified legal professional before initiating probate proceedings. SavingMantra is not responsible for any errors, omissions, or changes in law.

Introduction

Making a Will is one of the most important steps in personal financial and estate planning. A Will ensures that your assets are distributed according to your wishes after your death and helps your family avoid legal disputes and delays.

In India, a Will is governed by the Indian Succession Act, 1925. Despite its importance, many people delay or avoid making a Will, leading to complications for legal heirs.

This SavingMantra blog explains what a Will is, its benefits, and the step-by-step process to make a legally valid Will in India.

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What Is a Will?

A Will is a legal document in which a person (called the Testator) declares how their movable and immovable assets should be distributed after their death.

A Will can include:

• Property (house, land, flat)
• Bank deposits
• Shares, mutual funds, bonds
• Insurance proceeds
• Jewellery and valuables
• Any other personal assets

A Will comes into effect only after the death of the testator.

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Who Can Make a Will in India?

Any person can make a Will if:

• They are 18 years or older
• They are of sound mind
• They are making the Will voluntarily, without pressure or coercion

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Benefits of Making a Will

1. Ensures Distribution as per Your Wishes

You decide who gets what, avoiding confusion and disputes.

2. Avoids Family Disputes

A clear Will reduces the chances of conflicts among legal heirs.

3. Faster Transfer of Assets

Legal heirs can claim assets smoothly without lengthy court processes.

4. Appointment of Executor

You can appoint a trusted person to execute your Will.

5. Protection of Minor Beneficiaries

You can appoint a guardian and create trusts for minors.

6. Reduces Legal Complications

Without a Will, assets are distributed as per succession laws, which may not align with your wishes.

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Is Registration of a Will Mandatory in India?

• No, registration is not mandatory
• However, a registered Will has higher evidentiary value and reduces chances of disputes
• A Will can be registered at the Sub-Registrar Office

Stamp duty is not required for making a Will in most states.

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Step-by-Step Process to Make a Will in India

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Step 1: Make a List of Your Assets

Prepare a detailed list of:

• Movable assets (bank accounts, investments)
• Immovable assets (property, land)
• Liabilities (if any)

Mention ownership details clearly.

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Step 2: Identify Beneficiaries

Decide:

• Who will inherit your assets
• Percentage or specific allocation
• Special provisions for dependents or minors

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Step 3: Appoint an Executor

Choose a reliable executor who will:

• Carry out instructions in the Will
• Distribute assets to beneficiaries
• Handle legal formalities

Executor can be a family member, friend, or professional.

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Step 4: Draft the Will

A Will should include:

• Personal details of the testator
• Declaration of sound mind
• Details of assets and beneficiaries
• Executor appointment
• Date and place of execution

The Will can be handwritten or typed.

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Step 5: Sign the Will

• The testator signs the Will
• Must be signed in the presence of two witnesses
• Witnesses should not be beneficiaries

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Step 6: Register the Will (Optional but Recommended)

• Visit the Sub-Registrar Office
• Submit original Will
• Biometric verification is done
• Will is registered and safely recorded

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Step 7: Safekeeping of the Will

• Keep the Will in a safe place
• Inform the executor about its location
• You may store it with a lawyer or bank locker

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Can a Will Be Changed or Revoked?

Yes. A Will can be:

• Modified through a Codicil, or
• Completely replaced by making a new Will

The latest Will is considered legally valid.

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Difference Between Will and Nomination

Basis	Will	Nomination
Legal Authority	Final	Custodial
Asset Distribution	As per Will	As per Will/Law
Applicable To	All assets	Specific assets
Priority	Highest	Secondary

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Conclusion

Making a Will is a simple yet powerful step to protect your family and ensure smooth transfer of your assets. With proper drafting, witnesses, and optional registration, a Will becomes a strong legal document that prevents future disputes.

SavingMantra helps individuals with Will drafting, executor planning, registration assistance, and estate planning guidance across India.

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Disclaimer

This blog is for general informational purposes only and does not constitute legal advice. Succession laws, registration practices, and legal interpretations may vary based on religion and state laws and are subject to change. Readers are advised to consult a qualified legal professional before drafting or registering a Will. SavingMantra is not responsible for any errors, omissions, or changes in law.

Investment plans are financial products designed to help individuals grow wealth, achieve long-term goals, and secure financial stability. In India, many investment plans are offered by life insurance companies, combining investment with insurance protection.

These plans are suitable for goals such as retirement planning, children’s education, wealth creation, and tax saving.

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Types of Insurance-Based Investment Plans

Insurance companies in India offer multiple investment-oriented plans:

1. ULIPs (Unit Linked Insurance Plans)

Combine market-linked investments with life cover.

2. Endowment Plans

Provide guaranteed returns along with life insurance protection.

3. Money Back Plans

Offer periodic payouts during the policy term.

4. Pension & Retirement Plans

Help build a retirement corpus with regular income post-retirement.

5. Child Investment Plans

Designed to secure children’s future education and milestones.

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Number of Insurance Companies Offering Investment Plans in India

As regulated by IRDAI, investment plans are offered by 24+ life insurance companies in India, including:

Public Sector

• Life Insurance Corporation of India (LIC)

Private Life Insurance Companies

• HDFC Life
• ICICI Prudential Life
• SBI Life
• Max Life
• Tata AIA Life
• Bajaj Allianz Life
• PNB MetLife
• Aditya Birla Sun Life

Each insurer offers customized investment plans with varying risk and return profiles.

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Tax Benefits of Investment Plans in India

Insurance-based investment plans offer significant tax advantages under the Income Tax Act, 1961.

1. Tax Deduction Under Section 80C

• Premiums paid are eligible for deduction up to ₹1.5 lakh per year
• Applicable for self, spouse, and children

2. Tax Exemption Under Section 10(10D)

• Maturity amount and death benefit are generally tax-free
• Subject to premium-to-sum-assured conditions

3. Additional ULIP Benefits

• Long-term capital gains taxation applies based on prevailing tax laws

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Why Investment Plans Are Important

• Encourage disciplined long-term savings
• Help achieve life goals with insurance protection
• Offer tax efficiency
• Provide financial security to family
• Suitable for risk-averse and moderate investors

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How to Choose the Right Investment Plan

• Define financial goals and time horizon
• Understand risk appetite
• Compare returns, charges, and lock-in periods
• Check insurer’s claim settlement ratio
• Review policy flexibility and exit options

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Conclusion

Investment plans offered by insurance companies help combine wealth creation, life protection, and tax savings in one product. With multiple insurers offering diversified plans and attractive tax benefits, investment plans are a key component of smart financial planning.

At Saving Mantra, we help you compare investment plans and choose the right solution aligned with your financial goals.

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Disclaimer

This blog is for informational purposes only and does not constitute financial, legal, or tax advice. Investment returns are subject to market risks and policy terms. Tax benefits are subject to changes in income tax laws. Readers are advised to consult a qualified financial advisor before investing.

Introduction

A Sale Deed is one of the most important legal documents in any property transaction in India. It acts as conclusive proof of ownership transfer from the seller to the buyer. Without a properly executed and registered sale deed, ownership rights over immovable property are not legally enforceable.

This SavingMantra blog explains what a sale deed is, its benefits, and the step-by-step process to execute and register a sale deed in India.

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What Is a Sale Deed?

A Sale Deed is a legal document through which the seller (vendor) transfers absolute ownership of a property to the buyer (vendee) in exchange for a mutually agreed consideration (sale price).

It is governed by:

• Transfer of Property Act, 1882
• Registration Act, 1908
• Applicable State Stamp Acts

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Key Elements of a Sale Deed

A valid sale deed typically includes:

• Full details of buyer and seller
• Complete description of the property
• Sale consideration and payment terms
• Date of possession transfer
• Rights and obligations of both parties
• Indemnity clause
• Dispute resolution clause
• Signatures of parties and witnesses

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Types of Sale Deeds in India

1. Absolute Sale Deed – Complete transfer of ownership
2. Conditional Sale Deed – Transfer subject to conditions
3. Sale Deed for Freehold Property
4. Sale Deed for Leasehold Property

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Benefits of a Sale Deed

1. Legal Ownership Proof

A registered sale deed is conclusive evidence of ownership.

2. Prevents Future Disputes

Clearly records terms of sale and protects both parties.

3. Enables Property Mutation

Required for updating land and municipal records.

4. Essential for Loans & Resale

Banks require a registered sale deed for:

• Home loans
• Mortgage
• Future resale transactions

5. Compliance with Law

Ensures compliance with stamp duty and registration laws.

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Is Registration of Sale Deed Mandatory?

Yes. Under the Registration Act, 1908:

• Sale deeds involving immovable property must be registered
• An unregistered sale deed has no legal validity

Stamp duty and registration charges vary from state to state.

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Step-by-Step Process to Execute a Sale Deed in India

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Step 1: Draft the Sale Deed

• Draft the sale deed with accurate property and party details
• Include payment terms, possession date, and indemnities
• Preferably drafted or vetted by a legal professional

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Step 2: Calculate Stamp Duty and Registration Fees

Stamp duty is calculated based on:

• Property value (circle rate or transaction value, whichever is higher)
• Property type (residential/commercial)
• State-specific stamp laws

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Step 3: Pay Stamp Duty

Stamp duty can be paid through:

• E-stamping
• Stamp paper purchase
• Online state portals

Stamp duty must be paid before registration.

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Step 4: Execute the Sale Deed

• Sale deed is signed by buyer and seller
• Two witnesses sign the document
• Date and place of execution are mentioned

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Step 5: Register the Sale Deed

Visit the Sub-Registrar Office with:

• Original sale deed
• Identity proofs of buyer and seller
• Property documents
• Payment receipts

Biometric verification is done, and registration is completed.

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Step 6: Obtain Registered Sale Deed

• Registered sale deed is returned after processing
• Acts as final proof of ownership

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Documents Required for Sale Deed Registration

• Identity proof of buyer & seller
• PAN card
• Property title documents
• Encumbrance certificate
• Latest tax receipts
• Approved building plan (if applicable)
• Passport-size photographs
• Witness ID proof

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Difference Between Sale Deed and Agreement to Sell

Basis	Sale Deed	Agreement to Sell
Ownership Transfer	Immediate	Future
Legal Validity	Final	Conditional
Registration	Mandatory	Optional
Title Transfer	Yes	No

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Conclusion

A sale deed is the foundation of a legally valid property transaction in India. Proper drafting, payment of stamp duty, and timely registration ensure smooth ownership transfer and safeguard against legal disputes.

SavingMantra assists buyers and sellers with sale deed drafting, stamp duty calculation, registration support, and property compliance services.

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Disclaimer

This blog is intended for general informational purposes only and does not constitute legal advice. Stamp duty rates, registration procedures, and legal interpretations may vary by state and are subject to change. Readers are advised to consult a qualified legal professional or local sub-registrar office before executing a sale deed. SavingMantra is not responsible for any errors, omissions, or changes in law.

What Is Group Health Insurance? – Complete Guide

Group Health Insurance is a health insurance policy that provides medical coverage to a group of people under a single master policy. It is commonly offered by employers to employees, as well as by associations, societies, trusts, and professional groups to their members.

This policy helps cover hospitalization, medical treatments, and related expenses at a lower premium compared to individual health insurance.

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Who Can Buy Group Health Insurance?

Group health insurance can be purchased by:

• Companies and startups
• MSMEs and large enterprises
• Societies and housing associations
• Trusts and NGOs
• Professional associations

A minimum number of members is usually required to form a group.

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What Does Group Health Insurance Cover?

Group health insurance policies generally include:

1. Hospitalization Expenses

Covers room rent, ICU charges, doctor fees, and medicines.

2. Pre & Post Hospitalization

Expenses incurred before and after hospitalization.

3. Day Care Procedures

Covers treatments not requiring 24-hour hospitalization.

4. Maternity Benefits

Available in many group plans without long waiting periods.

5. Cashless Treatment

Access to network hospitals across India.

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Number of Insurance Companies Offering Group Health Insurance in India

As per IRDAI, group health insurance is offered by 30+ insurance companies in India, including:

Public Sector Insurers

• New India Assurance
• United India Insurance
• Oriental Insurance
• National Insurance

Private General Insurance Companies

• ICICI Lombard
• HDFC ERGO
• Bajaj Allianz
• Tata AIG
• SBI General

Standalone Health Insurers

• Star Health & Allied Insurance
• Niva Bupa Health Insurance
• Care Health Insurance
• ManipalCigna Health Insurance

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Tax Benefits of Group Health Insurance

Group health insurance offers tax advantages for both employers and employees.

Tax Benefits for Employers

• Premium paid is allowed as a business expense
• Deductible under the Income Tax Act
• Helps reduce taxable business income

Tax Benefits for Employees

• Employer-paid premium is not taxable as a perquisite
• If employees pay additional premium, they can claim deduction under Section 80D

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Why Group Health Insurance Is Important

• Provides medical security to employees or members
• Enhances employee retention and satisfaction
• Lower premium compared to individual plans
• Immediate coverage with minimal waiting periods
• Improves employer brand value

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How to Choose the Right Group Health Insurance Policy

• Assess group size and demographics
• Choose adequate sum insured
• Check inclusions, exclusions, and sub-limits
• Review network hospitals
• Compare premium vs coverage

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Conclusion

Group Health Insurance is a cost-effective and efficient way to provide healthcare protection to employees and members. With multiple insurers offering flexible group policies and tax benefits available for employers, group health insurance is an essential part of organizational welfare planning.

At Saving Mantra, we help businesses and organizations select the most suitable group health insurance plans with expert guidance and compliance support.

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Disclaimer

This blog is for informational purposes only and does not constitute medical, financial, or tax advice. Policy terms, coverage, and tax benefits may vary depending on the insurer and applicable laws. Readers are advised to consult qualified insurance advisors or tax professionals before making decisions.

What Is Professional Indemnity Insurance? – Complete Guide

Professional Indemnity Insurance (PI Insurance) provides financial protection to professionals and businesses against claims arising from errors, omissions, negligence, or professional mistakes while delivering services to clients.

This insurance is essential for professionals whose advice or services can cause financial loss to clients, even if the mistake is unintentional.

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Who Needs Professional Indemnity Insurance?

Professional indemnity insurance is commonly required by:

• Chartered Accountants (CAs)
• Company Secretaries (CS)
• Lawyers and Advocates
• Doctors and Medical Professionals
• Architects and Engineers
• Consultants and IT Professionals
• Financial Advisors and Insurance Agents

Many regulators, clients, and professional bodies mandate PI insurance for compliance.

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What Does Professional Indemnity Insurance Cover?

A standard professional indemnity policy covers:

1. Professional Negligence

Protection against mistakes or failure to perform professional duties.

2. Errors and Omissions

Covers claims due to incorrect advice or documentation errors.

3. Legal Defense Costs

Covers advocate fees, court costs, and settlement expenses.

4. Breach of Duty

Protection against claims for breach of professional responsibility.

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Number of Insurance Companies Offering Professional Indemnity in India

As regulated by IRDAI, professional indemnity insurance is offered by 25+ general insurance companies in India, including:

Public Sector Insurers

• New India Assurance
• United India Insurance
• Oriental Insurance
• National Insurance

Private General Insurance Companies

• ICICI Lombard
• HDFC ERGO
• Bajaj Allianz General
• Tata AIG
• SBI General
• Reliance General

Each insurer offers customized PI policies based on profession, risk exposure, and turnover.

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Tax Benefits of Professional Indemnity Insurance

Professional indemnity insurance premiums provide tax benefits as business expenses.

Tax Treatment Under Income Tax Act

• Premium paid is allowed as a deductible business or professional expense
• Reduces taxable income
• Applicable to individuals, proprietors, LLPs, partnerships, and companies

Unlike life or health insurance, PI insurance does not fall under Section 80C or 80D.

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Why Professional Indemnity Insurance Is Important

• Protects professional reputation
• Covers high legal and compensation costs
• Mandatory for many professions
• Enhances client trust and credibility
• Ensures business continuity

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How to Choose the Right Professional Indemnity Policy

• Identify nature of professional risk
• Choose adequate sum insured
• Check exclusions and deductibles
• Verify retroactive date and claim period
• Compare insurer claim settlement record

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Conclusion

Professional Indemnity Insurance is a critical safeguard for professionals and service-based businesses. With multiple insurers offering tailored coverage and tax benefits available as deductible expenses, PI insurance protects both finances and professional credibility.

At Saving Mantra, we help professionals choose the right professional indemnity policy with complete guidance and compliance support.

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Disclaimer

This blog is for informational purposes only and does not constitute legal, financial, or tax advice. Policy terms, coverage, exclusions, and tax treatment may vary across insurers and are subject to IRDAI regulations and applicable laws. Readers are advised to consult qualified insurance or tax professionals before purchasing any insurance policy.