Hi Sreekanth Reddy,
I am very found of your articles and financial literate which you provide.
Appreciate your efforts.
have 2 queries (may be they seems to be very illiterate query )
1.Is there any term insurance which covers both Husband and Wife both ?
2.As a salaried person , how I can i use the HUF
(dont have any other source of income not even rental)
Seeking your guidance/help for the same.
Regards
Harsh
1 Answers
Dear Harsh,
Glad to know that you like my blog posts! Thank you!
1 - There are term insurance plans which cover both husband and wife under one policy.
For ex : Aegon's iSpouse plan, PNB metlife Mera Term plan, Bajaj's iSecure, HDC Spouse term insurance plan etc.,
Personally, I believe that its advisable to take separate term plans (policies) if husband and wife are the earning members of a family.
Kindly go through below interesting articles on this topic, cane be useful to you ;
Article - 1
Article - 2
Article - 3
Article - 4
2 - HUF is often created and used as an effective and legal way to save some taxes in India. It is very easy to create but can be tough to break it (if required).
Ideally, if there are any sources of income from say ancestral property then tax cant be levied only on one individual, so HUF can be a better option, so that tax liability shifts to the entity (HUF) instead of on one individual.
Another scenario can be say you get a gift in the name of your family members then you can shift it to HUF, investments can be made in the name of HUF, can save some taxes...
Kindly go through below articles ;
Article - 1
Article - 2
Article - 3
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