Blog Page 274

Lost Property Documents? What Next?

Shitanshu Kapadia
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Lost Property Documents? What Next?

lost property documents

Lost Property Documents – What happens if your property documents are lost or misplaced? How you will prove ownership on the property? Well, recently I got a case of lost property document. My friend wanted to purchase a property. He selected one property at prime location and reasonably priced. He was about to buy the property. However, before finalizing the deal he asked for the original paper from the owner. The owner was unable to produce all property documents. The owner expressed that the old sale deed is misplaced by his banker due to negligence. Now my friend is in confusion about what to do next? He has taken advice from the advocate and decided to proceed further.

Misplacement or loss of property documents such as sales deed, property registration documents, and the title deed is a serious matter. You should not take it lightly. If any of your property documents are missing or lost you may face problems at the time of selling a property.

Here is complete information about what you should do to get a duplicate copy of documents, in case your property documents are missing.

Also Read – How to get Encumbrance Certificate of Property?

How to get Duplicate Copy of property documents?

To get a duplicate copy of property documents you need to follow the following steps.

File police complaint immediately

The first thing to do once you realize that property documents are missing you need to file a police complaint about missing papers. The police will file FIR (First information report). The FIR copy contains details about missing, misplace or stolen documents. The FIR copy is to be filed by the owner of the house. Once FIR is registered keep a copy of FIR with you. Sometimes a buyer of a property may ask for FIR copy.

Publish information on Local News Paper

The second important and mandatory step if you lost your property document is to publish an advertisement in a regional or local newspaper. The advertisement should clearly state information about missing documents. The advertisement is generally given by the advocate. Once an advertisement is published you need to wait for 15 days to see if anyone finds the document and returns in the time frame.

Register Undertaking with Notary

Now you need to prepare an undertaking about the loss of property documents with the help of an advocate. This undertaking is based on the advertisement published in the local newspaper and police complaint (FIR) document. Once the undertaking is prepared it should be notarized by the advocate. Once notary of an undertaking is done it will be a legal document.

File an Application for the Share Certificate

If you are living in a flat, you must have a share certificate of the society. To obtain a duplicate share certificate copy, you need to apply to a housing society office. The application should contain attachments of FIR, advertisement copy and undertaking copy. The society representative may call society meeting and verifies past records as well as produced documents. If everything found to be ok the housing society will charge a fee and issue duplicate share certificate. You should also ask for the NOC (No Objection Certificate) from the society.

Get Duplicate Sale Deed

The final step is to get a duplicate copy of the sale deed. To get a sale deed duplicate copy, you need to apply at sub-registrar office. The application should contain attachments such as police complaints, newspaper advertisement copy, and notarized undertaking.

The sub-registrar office verifies the correctness of records and issue duplicate sale deed. You need to pay fees for getting duplicate sale deed. It generally takes 15 to 20 days to issue duplicate documents. 

Over to you 

Although the process described above is easy, you need to spend a lot of money and time to complete the process given above. You will surely get a duplicate legal copy of the sale deed and other relevant documents. 

Please note that it is difficult to get a home loan when property documents are lost. Especially when sales deed or share certificates are not available. The approval of loan in such cases take time and up to sole discretion of the bank.

ULIP – Unit Linked Insurance Plan – Should You Invest?

Shitanshu Kapadia
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ULIP – Unit Linked Insurance Plan – Should You Invest?

ULIP – Unit Linked Insurance Plan is a combination of investment cum insurance. Recently I got a marketing call for selling a unique product that provides life cover, investment, and tax benefit. The guy started with a sales pitch that product is like a fixed deposit and it comes with additional insurance benefit. It even gives you tax saving and you need to invest with a lock-in period of 5 years. It was a clear case of mis-selling ULIP. This incident inspired me to write about ULIP as a product.

How ULIP works? 

ULIP is an insurance cum investment product. You need to pay a premium to purchase unit linked insurance plan. The premium amount of ULIP is divided into two parts. Part of the premium is kept exclusively for buying life or health insurance while the remaining amount is used for making investments. The investment is made in equity or debt or both. The total invested corpus is divided into units and allocated to you as per the invested amount. The net asset value (NAV) of the allocated unit is decided and declared from time to time.

ULIP is managed by a fund manager. Fund managers invest the fund and responsible for tracking and making changes. (If required). You can switch your ULIP portfolio based on risk appetite.

ULIP Unit Linked Insurance Plan

Types of ULIPs 

The Unit Linked Insurance Plans are classified based on three broad parameters.

  • Investment Portfolio
  • Financial Goal
  • Death Benefits 

(1) Investment Portfolio 

Equity Funds – In equity funds, the premium amount is invested in equity funds. This type of fund is risky in nature.

Balance Funds – The fund that invests a premium amount in equity as well as debt to minimize risk is known as balance or hybrid funds.

Debt Funds – In debt funds, the premium amount is invested in debt instruments to reduce the risk. The return offered by this fund is less. 

(2) Financial Goal 

Retirement planning – The primary aim of this fund is to generate a corpus for retirement. This type of unit linked insurance plan is generally identified with suffix retirement. 

Child Education – This type of unit linked insurance plan fund is made for child education. The product here is identified with the suffix of child education.                                                                                    

Wealth Generation – If your financial goal is to generate wealth you can use wealth generation type funds for investment.

(3) Death Benefits 

Type I ULIP – This type of unit linked insurance plan pays higher of the assured sum value or fund value to the nominee in case of death of the policyholder.

Type II ULIP – This type of unit linked insurance plan pays the assured sum value plus the fund value to the nominee in case of the death of the policyholder.

Also Read – ULIP vs Mutual Fund which one is better?

Type of Fees and Charges

When you invest in ULIP you need to pay multiple fees and charges. This makes this product costly. The charges associated with this product are given below.

1 Premium Allocation Charges

The allocation charges deducted from premium in the initial years of the policy. It is charged at a higher rate. It includes initial and renewal expenses. It is kind of loading on the premium paid.

2 Mortality Charges

Mortality charges is charges to provide insurance coverage. This charge depends upon multiple factors such as age, sum assured etc. This charges are deducted on a monthly basis.

3 Fund Management Charges

The fee imposed by the insurance company for the management of various fund in the ULIP is known as fund management charges. It is like expense ratio charges of the mutual funds.

4 Partial Withdrawal Charges

ULIP comes with a lock-in period of 5 years. However, few ULIP offers the option of the partial withdrawal. You need to pay extra money for the partial withdrawal of money from ULIP.

5 Policy Administration Charges

The policy administration is also charged separately in the ULIP. It is levied at a fixed rate or as a percentage of your premium. 

ULIP vs Mutual Funds 

The primary difference between Mutual Fund and ULIP is of return. Mutual Funds generally provide higher returns. Apart from returns, mutual funds can be withdrawn at any time. However, ULIP comes with lock-in period of 5 years. The comparison table of ULIP vs Mutual Funds are given below.

ULIPMutual Funds
TypeInvestment cum Insurance optionPure Investment option
WithdrawalLock-in period of 5 yearsCan be withdrawn anytime
ReturnAt long run returns are lowReturns are higher at long run
SwitchingSwitching between ULIP is permitted without any taxation.Switching is permitted. However, it is considered as capital gain and tax is applicable.
ChargesMorality Charges, Premium Allocation charges, fund management and administrative chargesExit load as applicable

Things to consider before investing money in Unit Linked Insurance Plan

Looking at the product investors get excited as they see life insurance coverage and investment in a single product. However, you should note the following points before investing money in the ULIP.

  • The fee structure of Unit Linked Insurance Plan is complicated. You need to pay multiple charges in order to purchase this product. The fee charges impacts returns of the unit linked insurance plan.
  • Unit Linked Insurance Plan has lock-in period of 5 years. This means your money will be locked for 5 years after investment. If you are looking for liquidity you need to think twice.
  • The ULIP investment funds are generally not diversified this means risk associated with this unit linked insurance plan is high.
  • Compare all features and fees associated with unit linked insurance plan before investing your money.
  • As you can’t exit from underperforming ULIP, the performance becomes important factor when you are investing in the ULIP product. You should compare past performance before making investment decision.

Over to you –

I hope now you have got a complete understanding of ULIP as a product. If you ask my views, I would recommend keeping investment and insurance separately. You should purchase good mutual funds and term plans instead of investing in Unit linked investment plan. The combination of mutual funds and term plan will give higher returns compared to a unit linked insurance plan.

Another reason of not recommending ULIP is higher fees and charges which will reduce the performance of the product. If you still decide to invest in unit linked insurance plan you should go for low-cost ULIP.

10 Best Credit Cards 2025-26 – Top Credit Card Picks

Shitanshu Kapadia
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10 Best Credit Cards 2025-26 – Top Credit Card Picks

Best Credit Cards 2025-26 – Which is the best credit card for 2025? Well, it is a known fact that the choice of best credit card is different for every individual. The reason is credit card choice depends on the purpose, goal, and lifestyle of the individual. That’s why I have compiled a list of the best credit card 2021 in all major categories like cash back, travel, premium and lot more. Explore Top Credit Card Picks from the list given below and select the best credit card for you.

#1 Best Credit Cards for Cashback and Rewards

#2 Best Credit Cards for Online Shopping

#3 Best Credit Cards for Business

#4 Best Credit Cards Travel Category

#5 Best Credit Cards Premium Users

Before sharing a list of best credit cards let’s take a look at steps that you should follow to find out the right credit card for you.

Also Read – 15 Types of Credit Cards in India and Usage

How to choose a credit card?

Usage of the Card

Firstly, decide what is the purpose of availing a credit card? This means to decide what you will use the card for. E.g if you are looking for a credit card for general spending you should go for low-interest credit card. If you are looking for a card for travel cashback you should go for a card providing travel benefits.

Look at your Spending Habits

To find out your usage or to decide the purpose of the card, look at your spending habits. You can divide your expense into major categories such as groceries, fuel, business spending, restaurant, etc. it is advisable to look at the past few month expense sheet to see what type of expenses are made by you frequently. Choose a card that provides maximum rewards in the category where you are making frequent expenses.

Compare Key Features

You should look at the key features offered by the card. The key features of the card include cashback, rewards, cash withdrawal fees, security features, minimum payment, sign up bonus, other perks, add on card, Flexi pay option, etc. Choose the card that offers maximum features.

Look at Annual Fees and Interest rates

The next point to consider while selecting a credit card is annual fees and interest rate applicable on the card. Select the card that offers lowest interest rate on the default. It is advisable to go for life time free credit card without any annual fees.

Credit limit and Penalties

You should check applicable credit limit and penalties applicable in case of default or delay in the payment. Credit limit means amount that is allowed per month by credit card issuer. If your usage is high it is recommend to go for card with higher credit limit.

Best Credit Card 2020

Best Credit Card 2025 – Top Credit Card Picks

#1 Credit Card for Cashback and Rewards

Citi Cash Back Credit Card

Citi Cash Back Credit Card is one of the best credit card that provides cashback and rewards. You can enjoy saving, cashback and multiple other benefits using this card. The key features of Citi Cash Back Credit Card are given below.

  • 5% cashback on movie ticket, telephone and utility bill payments. The maximum cashback is Rs.100 for each category per month.
  • 0.5% cashback on any other spend.
  • Up to 15% saving across participating restaurants.
  • Cashback redemption in multiple of Rs.500 credited automatically.
  • Facility to convert bill in to EMI.

Joining Fee – NIL

Annual Fee – Rs.500

Interest rate – 3.5% per month

HDFC MoneyBack Credit Card

HDFC MoneyBack Credit card is one of my favorite credit card. Accelerated rewards and saving of fuel expense are plus points of this card. Key Features of HDFC MoneyBack Credit Card are given below.

  • 2 Reward points on every Rs.150 spent using card.
  • 2X more reward points on online purchase.
  • Enjoy saving up to Rs.250 with 100% fuel surcharge waiver.
  • Redeem point for gifts and air miles.
  • Zero liability lost card benefits.

Joining Fee – Rs.500

Annual Fee – Rs.500

Interest rate – 3.49% per month

#2 Credit Card for Online Shopping

SBI Simply Click

SBI Simply Click as name indicates it is credit card for online users. This card provides exclusive benefits for online shopping on Amazon, BookMyShow, Cleartrip etc.

  • Amazon Gift Card of Rs.500 on joining.
  • 10X rewards on online shopping with exclusive partners.
  • 5X rewards on any other online spending.
  • Milestone base spend reward of Rs.2000.
  • 1% fuel surcharge waiver on fuel spend.
  • Annual fee reversal facility.
  • Contactless Technology.

Joining Fee – Rs.499

Annual Fee – Rs.499

Interest rate – 3.35% per month

ICICI Bank Coral American Express Credit Card

ICICI Bank Coral American Express Credit card is next in the list of best credit card for online shopping. This card is projected as extra reward card that provides multiple benefits on shopping, travel and entertainment.

  • 2x reward points on online spends.
  • 2 Payback reward on every Rs.100 spend.
  • Get complimentary movie ticket per month.
  • Save 15% money on dining bills at participating restaurant.
  • Fuel surcharge waiver.
  • Easy redemption of payback points.

Joining Fee – Rs.500

Annual Fee – Rs.500

Interest rate – 3.40% per month

#3 Credit Card for Business  

SBI Corporate Platinum Card

SBI Corporate Platinum Card is privilege credit card for the business owners. From travel to spend management this card provides multiple benefits. Key features of SBI Corporate Platinum Card are given below.

  • Globally accepted credit card.
  • Analyze entire organization spending pattern using spend management tool.
  • Real time dashboard for expense management.
  • Multilayer spend control facility.
  • Fraud related insurance coverage of 2 Lakh.
  • Discount offer on the travel tickets.

Joining Fee – NIL

Annual Fee – NIL

Interest rate – 3.35% per month

MY Business Credit Card

MY Business Credit card from axis bank is one of the best credit card for managing your business expense. This card comes with exclusive business saving plan and multiple other benefits.

  • Business saving plan that provides discount and cashback on flight, ticket and holiday offers.
  • Complimentary access to airport lounges.
  • Cash withdrawal up to 30% of your credit limit.
  • 1% fuel surcharge waiver.
  • Convert major purchase to EMI.
  • Auto bill payment facility.

Joining Fee – Rs.999

Annual Fee – Rs.499

Interest rate – 3.25% per month

#4 Credit Card Travel Category 

Citibank PremierMiles Credit Card

Citibank PremierMiles Credit card is best air mile credit card for travel. It is a best card for travel user. You need to pay higher annual fees for using this card. Key features of Citibank PremierMiles Credit Card.

  • 10 Miles on every Rs.100 Spent on flight tickets.
  • Complimentary airport lounge access.
  • Air accident insurance coverage up to 1 Cr.
  • Up to 20% saving on various restaurants across India.
  • Redeem miles for any flight ticket.

Joining Fee – NIL

Annual Fee – Rs.3000

Interest rate – 3.5% per month

JetrPrivilege HDFC Bank World Credit Card

JetPrivilage HDFC Bank Signature Debit card is specially designed for frequent travelers. This card provide facility to accumulate JP Miles to redeem for free flights.

  • 5% discount on base fare for tickets booked on Jet Airways.
  • 6 JPMiles per Rs.150 on retail spend, 12 JPMiles per Rs.150 on flight booking with jetairways.
  • Complementary airport lounge access.
  • Additional baggage allowance.
  • Cash Advance and Easy EMI Facility.

Joining Fee – Rs.2500

Annual Fee – Rs.2500

Interest rate – 3.5% per month

#5 Credit Card Premium Users

SBI Elite Card

SBI Elite Card is best credit card for the premium segment users. SBI Elite Credit Card comes with multiple rewards and privileges. If you want high credit limit and premium benefits on products and services you should use this card.

  • You will get e-gift voucher worth Rs.5000.
  • Complementary movie ticket of Rs.6000 every year.
  • 5x rewards on dining, grocery & departmental store purchases.
  • Club Vistara Membership.
  • Lowest foreign currency markup charges.
  • Exclusive concierge service.
  • Fraud liability coverage.

Joining Fee – Rs.4999

Annual Fee – Rs.4999

Interest rate – 3.35% per month

HDFC Regalia Credit Card

HDFC Regalia Credit Card is luxury credit card for rich and premium customers. Priority customer services, rewards and travel benefits are major facilities that you can avail from this card.

  • 4 Reward points on every Rs.150 spend.
  • Lowest Foreign currency markup fee of 2% on international transactions.
  • Travel Concierge Services.
  • Free accidental death insurance & credit liability coverage.
  • Earn extra reward spend on crossing annual spend limit.
  • Airport Lounge access.
  • Fuel surcharge waiver

Joining Fee – Rs.2500

Annual Fee – Rs.2500

Interest rate – 3.49% per month.

ICICI Pru Precious Life Term Plan – Review

Shitanshu Kapadia
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0
ICICI Pru Precious Life Term Plan – Review

ICICI Pru Precious Life

ICICI Pru Precious Life Term Plan – ICICI Pru Precious Life is a non-linked non-participating term insurance plan. Most of the term plan does not cover existing health conditions or lifestyle diseases such as diabetes, hypertension, asthma etc. However, ICICI Pru Precious Life Term Plan is different. You can get coverage of existing health conditions under this plan.

Most of the time it is seen that people face difficulties in getting a term plan at an affordable rate due to various health conditions. ICICI Pru Precious Life Term Plan is specially introduced for these types of people. If you are facing health-related problems or if you have recently recovered from critical illness this plan is for you.

In this post, we will review ICICI Pru Precious Life New Term Plan.

ICICI Pru Precious Life Term Plan – Key Features

  • Wide Coverage – Life cover for individuals with existing health problems such as obesity, diabetes, high BP, asthma, and even for those who have successfully recovered from cancer or any other surgeries
  • Enhanced protection – Option to enhance your safety net with Accidental Death Benefit.
  • Different benefit payout – Choose to receive the benefit amount as a lump sum or as monthly income or a combination of both.
  • Loyalty Discounts – Current customer means existing policyholders of ICICI pru in other plan will get discount of 5% for regular policy and 2% for Limited pay policy.
  • Flexibility – To pay premium once, for a limited period or throughout the policy term.
  • Lower Premium – Lower premium rate for non-tobacco customers.
  • Medical report – Copy of medical test done while buying this policy will be accessible to the policy holder on request.
  • Tax Benefits – Policyholder will get tax benefits for the premium paid under section 80 C.

Also Read – LIC Tech Term (Table 854) – LIC Online Term Plan Review

Eligibility

Minimum Age Entry – 18 Years

Maximum Age Entry – 65 Years

Coverage Up to Age – 70 Years

Minimum Basic Sum Assured – 2 Lakhs

Maximum Basic Sum Assured – No Limit

Policy Term based on payment options from 5 years to 40 years

Premium Payment Term – Single, Regular or Limited

Limited Premium Payment Term – 5 Years or 10 Years

Minimum Premium Amount – Rs.2400

Accidental Death Benefit – Minimum 1 Lakh , Maximum 2 Cr

Mode of Payment – Yearly, Half Yearly and Monthly

ICICI Pru Precious Life Term Plan – Benefit Details

This plan comes with two types of protection options Life and Life Plus. A Life option only provides death benefit. Whereas Life Plus option provides death benefit and accidental death benefit.

Life Option – Life option means pure term insurance plan. If policyholder selects life option, sum assured will be paid to nominee/legal heir in case of unfortunate death of the policyholder in the policy term. The policy will terminate on payment of benefit.

Life Plus Option – Life Plus Option means term plan with accidental death benefit. If policyholder selects life plus option, coverage of accidental death benefit will be provided. In case of death of policy holder due to an accident during policy term, the accidental death benefit will be paid to nominee/legal heir.

Death Benefit Payout Options

This Plan provide flexibility to select a death benefit payout. This payout option to be selected at the time of purchasing policy. The nominee/legal heir will be paid based on the death benefit selection. The options available for the death benefit are given below.

  1. Lump sum -The entire benefit amount is payable as a lump sum
  2. Income – Death benefit will be paid in equated monthly installment for 5 years, 10 years and 15 years. The monthly income will be percentage of death benefit.
  3. Lump sum and Income – The benefit payout will be mix of lump sum and income component. The sum assured percentage will be paid once and income percentage will be paid as equated monthly installment.
  4. Increasing income – The benefit amount is payable in monthly instalments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year later.

Example – Suresh is IT professional living happy life. He is detected with hypertension at early age of 35 years. He decide to purchase ICICI Pru precious Life Term plan with coverage of 50 Lakh with policy term of 20 years. He select Lump Sum and Income benefit option. In case of suresh’s death during policy term, his family will receive lump sum payout as well as monthly income.

How to purchase – ICICI Pru Precious Life Term plan?

The steps of purchasing this plan is given below.

  • Choose the life cover, benefit option and payout option as per your need.
  • Go to ICICI Pru Website and click on Meet Advisor option. You can also approach your insurance advisor for buying this policy.
  • Fill out application form with your detail along with your health conditions.
  • Submit the required document and make payment of premium amount.
  • You need to undergo for medical examination as applicable.
  • Once paperwork is complete you will be issued with policy document.

ICICI Pru Precious Life Term Plan – Review

On reviewing ICICI Pru Precious Plan based on brochure and online information, I can make out following positive and negative points.

Positives

  • ICICI Pru Precious Life Term Plan is unique term plan that covers existing health conditions. This means if you have health conditions such as diabetes, asthma, hypertension, obesity you can still purchase this insurance plan.
  • You can get additional accidental death benefit rider in this plan.
  • You can get multiple death payout options such as lump sum, income, increasing income etc.
  • The plan offers loyalty discount of 2-5% for the existing ICICI Prudential Life Customers.
  • Minimum coverage amount is 2 Lakh and one can get coverage up to 70 years of age.
  • One can enjoy tax benefit under section 80c for the premium amount paid on this policy.
  • As per IRDA, Claim Settlement ratio of ICICI Pru is 97.88% for FY 2017-18 which is very good.

Negatives

  • This plan covers medical conditions at an additional cost of premium. You need to pay higher premium compared to regular term insurance plans.
  • You will not get coverage of any additional critical illnesses which is provided by other insurance companies.
  • This plan is available offline only. The premium of offline term plan is higher compared to online term plan.

From the above points, one can easily make out that ICICI Pru Precious Life Term Plan is costly plan in terms of premium. It is recommended to go for regular online term plan only. It will be cheaper.

In case you are facing issues in buying term plan due to medical conditions you can go for this Plan. In addition to term plan you should buy good health insurance plan.

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