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We’re surrounded by information, content and news. Everywhere, all the time. The human mind can only meaningfully absorb a handful of new facts about the world. mymoneykarma’s insights team selects just the bits of news from the finance world that you should know about, things that you can actually do something about right now. Subscribe to our channel so you don’t miss out on our daily updates.
If you’re interested in learning more about practicing Intelligent Finance in your daily life, why not get started with this video here
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What is mymoneykarma?
This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance.
Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector:
Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat
MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button.
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Unit Linked Insurance Plans, or ULIPs are a mix of insurance along with investment, with the goal to provide wealth creation alongside life cover. When you make an investment in ULIPs, the insurance company invests part of the premium in shares/bonds etc., and the balance amount is utilized in providing an insurance cover. As there are fund managers in the insurance companies who manage the investments, the investor is spared the hassle of tracking them separately. ULIPs allow you to switch your portfolio between debt and equity based on your risk appetite as well as your knowledge of the market’s performance. Benefits like these play a huge role in contributing to the popularity of ULIPs as investment instruments. Moreover, premiums paid on ULIPs are eligible for tax deduction under Section 80C of the income tax act, up to a maximum of 1.5 lakhs a year. Further, the amount you receive on maturity is tax exempt under Section 10D. However, proceeds from ULIPs shall be taxable if the annual premium exceeds 2.5 lakh rupees.
