ICICIdirect Money Manager
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Insurance that protects your health as well as investment through uncertain times.

We hope you and your family are safe and healthy. In the current outbreak, where the economy is severely impacted, it becomes a concern to have your wellbeing protected. Your financial protection happens when there is sufficient insurance coverage. Our May edition is about understanding the importance of insurance especially health and term insurance and having it to protect your loved ones. Click on the title to read more...

Employee benefits, know them all.

What do you look out for before joining an organization? Is it the salary, employee benefits, or both? This choice will differ from individual to individual. But when an individual gets into the organization, he/ she must be aware of the benefits provided to them. These benefits are additional financial support to the individual as it reduces the cost of education, travel expense, medical expenses, and various other expenses. Companies also add on gratuity, superannuation, and many more benefits to your retirement. This edition will help you understand employee benefits in a better way. Click on the title to read more...

Financial Planning for your child future

We aspire to be financially independent and have a luxurious lifestyle. But, how much do we contribute to this development? While we are earning, saving, and investing in places to secure our futures, we have expenses that haunt our dreams. There are a set of dreams that have to be accomplished and as a parent, children's goal becomes more crucial. Savings and investments made for your children are not enough. You need to embed financial skills in your child to make him financially independent. This, edition will help you to align investments to meet your Child's goals along with a few training tips that will help your child manage money on their own. Click on the title to read more...

Extract the rewards of health insurance

Inflation keeps pushing the prices to its highest limit and individuals find it difficult to satisfy their basic requirements. Life is uncertain and the assurity to stay always healthy is minimal. Medical expenses tend to weigh more than our actual budget. In order to ease the cost of hospitalization, health insurance comes to be an affordable solution and is an effective tax-saving instrument. This edition is a complete guide for your understanding of health insurance and its various features. Click on the title to read more...

Your ultimate guide to Tax Savings instruments.

When it comes to reducing our tax outgo, we often select the first investment options that help us 'save' taxes. We tend to ignore the basic fact of whether they really fit into our overall financial plan. This may be because we do not devote much time, effort and thought to the tax planning exercise. 

When it comes to investing for saving taxes, it is important to keep in mind that our investments are backed by a concrete plan and are chasing a fixed goal. In fact, all our investments, which are of tax planning nature or otherwise, must have a plan and must have a thought behind it.

More importantly, our tax system is designed in a way, which not only helps us save taxes but also helps us achieve our financial goals. Consider this, for securing our child's financial future, there are child plans; similarly, for our retirement planning, there are pension products. All these get us tax benefits. Hence it is important that we do not restrict ourselves to the amount eligible for saving taxes. We should go beyond and should actually be looking at what amount we will need in the future and not just how much tax we will save now. 

Successful tax planning requires more than just selecting the tax-saving instruments. It also requires that our financial goals are met in the process. Hence it is very important to keep your focus on your financial goals and tax planning should be a part of your financial planning and not an end-goal in itself. By developing and implementing appropriate investment strategies, we can improve our prospects of saving taxes as well as meeting our financial goals.

In this article, we look at how proper tax planning can serve the twin objectives of saving taxes as well as helping you reach your financial goals.

Stay updated, start investing and keep reading to stay financially fit.

Read the full version by clicking on the below link

https://www.icicidirect.com/MoneyManagerMagazine/November_2019.pdf