Health insurance is designed to help cover medical expenses arising from hospitalization. It can cover a wide range of costs, including surgeries, prescription medications, room charges, and more. In this article, we explore key factors to consider when selecting the health insurance plan that’s right for you.
Gratuity is a statutory benefit given to employees as a token of appreciation for their long-term service to an organization. Introduced by the Indian government under the Payment of Gratuity Act 1972, gratuity is a lump sum payment made to employees when they retire, resign, or are terminated after having worked for the same employer for a period of 5 years or more. The amount is calculated based on the employee’s last drawn salary and the number of years they have worked with the company. Before the Payment of Gratuity Act, 1972, there was no formal mechanism for gratuity payments, making this law a significant milestone in employee welfare.
The process of securing loans in India has become much smoother compared to decades ago. Today, when you apply for a loan, banks monitor your credit activities, including the number of loans you take, the amounts, the types of loans, and your repayment habits. All these factors contribute to understanding your credit behavior.
In the full Budget presented today by Finance Minister Nirmala Sitharaman, the government has set its fiscal deficit target at 4.9% of GDP for the financial year 2024-25. This target is lower than the 5.1% projected in the interim budget in February and is closer to the 4.5% target set for 2025-26.
In a significant move, resident Indians can now open foreign currency accounts at GIFT City under the Liberalized Remittance Scheme (LRS). This update, announced recently, allows for a broader range of transactions and has substantial implications for individual residents.