PNB MetLife Khushi

PNB MetLife, a private life insurer, has gone live with an Artificial Intelligence-powered customer service app 'Khushi', which aims to provide assistance to policyholders for their insurance-related queries.

"U (You) in Khushi means the customer and they are at the centre of whatever we do. We want them (customers) to be happy. We want them to have a meaningful interaction everytime they come in touch with us," Vijaya Nene, Director Operations and Services, PNB MetLife, told BusinessLine.

The app, now available on Android, empowers the customer and ensures customised experience for policyholders.

A policyholder can use the app to upload documents; download receipts and statements; get policy features; premium due details; get fund value and portfolio details; and update contact and KYC details.

When requested, this app can also locate the nearest PNB MetLife branch, arrange a call back from call centre representatives, fix an appointment with an advisor, among others.

Nene made it clear that Khushi is not a chatbot, but an AI-powered app, which is both text and voice-based.

"Khushi is intuitive. It actually looks at your intention. It's not chatbot kind of standard templated response – responses of Khushi are more meaningful because of machine-learning capability," she said.

"If you tell Khushi to pay your dues or to pay instalments, then Khushi understands that you are talking about premium.

In the case of chatbot, the response typically in such a situation would be, 'Cannot understand your service request'. The power of AI ensures seamless customised service," she said.

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

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How to Withdraw from Sukanya Samriddhi Account

Withdrawals from Sukanya Samriddhi Account 

Up to 50% of the accumulated corpus can be withdrawn after the girl has completed 18 years of age to meet her education or marriage expenses. The SSY account will mature and close when the girl completes 21 years of age or till her marriage date, whichever is earlier. 

SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

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Loan against Mutual Fund

If markets are in a bull phase, it makes sense to redeem your investments

Say, you have investments in mutual funds (MFs), and you need money urgently. Do you redeem your investments? HDFC Bank Ltd seems to suggest you shouldn't. It launched its digital loans against mutual fund on 23 May. It is an overdraft facility that promises to give you money within minutes. Should you opt for it?

What is it?

At present, it is possible to take loans against mutual fund and equity share holdings. But HDFC Bank's loan against funds is completely online and paperless. You just need an HDFC Bank savings account.

The bank will offer loans against fund houses that Computer Age Management Services Ltd (Cams; one of India's largest registrar and transfer agents) services. So far, it will cater to 10 fund houses (see graph), It said it will eventually offer loans against MF units of other fund houses as well, including those serviced by other R&Ts such as Karvy Computershare.

The process is simple. Log in to your internet banking account, fill in basic details, and choose if you want to hypothecate equity or debt funds. The bank will re-direct your application to Cams, which will verify your MF holdings. As per Reserve Bank of India (RBI) rules, you can avail loans up to 50% of your equity funds and 80% of your debt funds. HDFC Bank offers loans of Rs1-10 lakh on equity funds and up to Rs1 crore on debt funds. It is an overdraft facility, so there is no tenure, but the loan is to be renewed annually.

After you choose the funds and the number of units, your application goes into processing, and you get your money in minutes. As per RBI guidelines, you need to open a separate current account (at HDFC Bank) where the bank will deposit your loan amount.

What works?

The process needs no documentation and is online. Also, you need not have bought funds from HDFC Bank. Units bought from others are also eligible securities here. On the Cams website, you can see all your holdings at one place.

When you take a loan against your MFs, you still own them; you just can't sell them till you repay your loan.

What doesn't?

As of now, this facility is available only on folios with a single holding.  But very soon, other holding pattern folios will also be made available

Loans against securities and funds are expensive. The bank didn't commit on the interest rate, saying it would depend on the customer's relations with the bank, indicated a rate of 10-11.5% per annum. Add a flat processing fee of Rs 1,499 per transaction.

Future Focus take on This

Almost a year ago, NJ India Invest Ltd, one of India's largest MF distributors, also started offering loans against MFs, along with Bajaj Finance Ltd. NJ India Invest holds its investors' MF units in dematerialised form, so a tie-up with a R&T isn't necessary. As an investor, this doesn't matter, but if you aren't an NJ India Invest's customer, then your only choice to take a loan against MFs is HDFC Bank, if you are want an easier way.

The question is: should you take a loan against MFs? The only situation when you can think of taking such a loan is if equity markets drop sharply and you lose, say, 20-25% of your corpus and you need money urgently. Instead of selling your MFs at a loss, you can take a loan and retain your units. When markets recover, your funds will grow back. But if your portfolio is in profit and you need money, it's better to sell your holdings instead of borrowing, he said.

Taking a loan, if required, that is less than 50% of the lien units' value If markets fall, you would not be called upon to repay your loan amount prematurely or offer more units in lien. Keep that margin of safety.

If markets are in a bull phase, it makes sense to redeem your investments. If markets are bearish, it may make sense to borrow if you need money urgently. If you must, then borrow wisely.

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

How to invest in equity mutual funds without risking your capital

The dividends announced by the source scheme will be transferred to transferee scheme at regular intervals.

Search for high returns make individuals consider investments in stocks. But they bring in 'high risk' to the table. Many senior citizens and low risk investors are looking to invest in stocks and equity mutual funds for high returns given low returns offered by traditional fixed income options such as bonds and fixed deposits. But the thought of losing one's capital is a big deterrent. Here is how you can invest in equity funds without losing your capital.

You are just going to use an existing facility offered by many mutual fund houses – dividend transfer plan. The facility allows you to invest the dividends declared by one mutual fund scheme into another scheme. What you just have to do is to invest your money in an arbitrage fund's dividend option and opt for a dividend transfer plan. The transferee scheme should be a diversified equity fund. This arrangement of transferring dividends to an equity mutual fund scheme allows you to invest in equity mutual funds without risking your capital. Even if stock markets tumble your capital remains safe. You may take a hit only on the dividends invested in equity mutual fund.

Let's us look into the details of this arrangement to understand how it works in your favour.

        

For the beginners, arbitrage fund manager buys a share in cash market and simultaneously sells equal number of shares in futures. The fund manager does not take any risk pertaining to stock markets. The aim is to lock in the price deferential to generate returns for the investor without risking capital. The returns generated are in line with money market returns. Though the scheme generates returns like a bond fund, the scheme is treated as an equity mutual fund for the purpose of taxation.

Arbitrage funds make good source scheme for dividend transfer plan as they distribute most of their profits by way of dividends as there is no tax on dividend.

As and when the scheme declares dividends the proceeds are invested in the scheme you have chosen. However there are couple of points you should keep in mind. First the amount of dividends if not more than a threshold then the same is reinvested in the source scheme. For example, most mutual fund schemes put this threshold at Rs 500. Your corpus invested in the arbitrage fund should be adequate to generate a dividend more than this threshold in each payout. To ensure that the payouts are more than the prescribed threshold, you may choose to invest in quarterly or bi-monthly dividend options instead of monthly dividend option.

Second factor is minimum investment norm of the transferee scheme. Unless the fund house waives it, the investor has to abide by this norm. In most open-ended diversified equity fund this amount stands at Rs 5000. If the initial dividend is not more than this minimum threshold, then the investor have to invest from his capital for the first time.

If both these norms are taken care of, the dividends announced by the source scheme will be transferred to transferee scheme at regular intervals. Please note both the dividend amount and the frequency of dividend are not guaranteed by mutual funds.

Arbitrage funds as a category have delivered 1.4% returns over past three months. Going by the trend one may see approximately 4-5% of the invested capital by way of dividends. This may look very small in the absolute terms. But look at it as a systematic investment plan with three year time frame and you will gradually build your equity mutual fund portfolio.

The returns depend on the arbitrage opportunities available. Given the liquidity gush in financial markets and falling interest rates the returns are expected to remain tepid from these categories of funds. If the situation persists, over three year period one may see around 10% to 12% of his money getting invested in diversified equity fund.                

SIPs are when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich

For further information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

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Sukanya Samriddhi Account 2018 Changes

The minimum annual deposit requirement for Sukanya Samriddhi Yojana accounts has been lowered to Rs 250 from Rs 1,000 earlier. Interest rate on Sukanya Samriddhi account is revised every quarter

The minimum yearly deposit required under the popular girl child savings scheme, Sukanya Samriddhi Yojana, has been lowered so that more people can benefit from this scheme. The government has lowered the minimum annual deposit requirement for Sukanya Samriddhi Yojana accounts to Rs 250 from Rs 1,000 earlier, according to PTI. The government has amended the Sukanya Samriddhi Account Rules, 2016, stating that the minimum initial deposit to open the Sukanya Samriddhi account would also be Rs 250, the report added.

Under the 'Beti Bachao Beti Padhao' initiative, the Sukanya Samriddhi account was launched in January 2015. The interest rate on the Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and the Public Provident Fund. For the July-September quarter, the rate has been set at 8.1%.

Here are 10 features of Sukanya Samriddhi accounts:

1) A guardian can open only one account in the name of one girl child and a maximum two accounts in the name of two different girl children.

2) A Sukanya Samriddhi account can be opened in the name of a girl child till she attains the age of 10 years.

3) Sukanya Samriddhi accounts can be opened in post offices and in designated public banks.

4) Deposits can be made up to 14 years from the date of opening of the account.

5) After this period, the account will only earn interest according to applicable rates.

6) The account can be closed after completion of 21 years.

7) Deposits made into the Sukanya Samriddhi account, the interest earned, and the maturity amount are tax-free.

8) The minimum deposit that needs to be made every year into Sukanya Samriddhi account is now Rs 250.

9) The maximum amount that can be deposited into Sukanya Samriddhi account on a yearly basis is Rs 1.50 lakh.

10) Partial withdrawal from a Sukanya Samriddhi account, up to 50% of the balance at the end of the preceding financial year, can be made after the account-holder attains the age of 18, according to the India Post website.

SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com