In the modern world, owning a car insurance policy is necessary. This is due to the numerous safety hazards present on the roads. This has anything to do with the rise of vehicles and resulting traffic. Unexpected accidents are covered by insurance coverage for both your vehicle and the third party’s vehicle. *

It’s crucial to remember that third-party car insurance is required in India for all vehicles, new or used. In addition, there are various insurance policies available in addition to the one that is required that provides comprehensive coverage with add-on options to tailor your protection to your unique needs. It is also important that you do not forget to follow the process for your car insurance renewal.

While purchasing motor insurance coverage online for a brand-new car is simple, there is a procedure in India for insuring used cars, which also lets you know what is covered in car insurance.

What is insurance for used cars? 

A type of motor insurance policy called used car insurance coverage is designed to safeguard pre-owned vehicles. It shields a car against sporadic dangers and difficulties that could potentially result in significant harm or loss.

It is crucial to remember that moving states necessitates re-registering the used car with the (new) neighbourhood RTO within thirty to ninety days of the move. The actions required to transfer ownership and buy motor insurance for your used car in India are described in the sections that follow.

Indian procedure for transferring used-car insurance *

• The current RTO must issue you a No-objection certificate (NOC) confirming your transfer. 
• You must also get a NOC from the bank if the vehicle has any bank obligations. 
• Then, to start the transfer procedure, deliver the required papers to the current RTO: 
• Application for the transfer of the NOC between states 
• Certificates for registration, insurance, taxes, and pollution under control (PUC) 
• The vehicle’s original chassis imprint 
• CMV form 28 in four copies. 
• The procedure might go more quickly if you get a NOC from the police. 
• Additionally needed is a NOC from the traffic police confirming “no culpability.” 
• You can drive your car to the new state without any fear if you follow the aforementioned approach. After presenting all the transfer documentation, you must re-register the automobile with the neighbourhood RTO.

Again, these are the primary documents you will need: 

• To register the number, use forms 29-30. 
• A duplicate of the genuine RC. 
• A copy of the car’s insurance coverage. 
• A duplicate of the NOC that was acquired from the prior RTO. 
• A duplicate of the PUC or emission test certificate. 
• Vehicle’s original chassis imprint. 
• A copy of the id card of the new owner and documentation of the local address. 
• Receipts for applicable fees. 

Once the ownership has been transferred, you must submit an endorsement request to the vehicle’s insurance provider in order to change the policyholder’s name to yours. 

Consequences of not transferring insurance when purchasing a used automobile 

• Only the policyholder may file an insurance claim in the event that the vehicle is involved in an accident. This means that unless the insurance policy is in your name, the insurance company will not consider your claim. 
• Again, because you are not the legitimate policyholder, you would not be able to obtain medical expenditures coverage from the insurance policy covering the vehicle. 

“Tomorrow is a mystery,” they say. Therefore, it is advisable to follow the proper procedures after buying a used car. Furthermore, there is no more expensive outcome for this process than having to pay for a future accident out of pocket. To protect yourself against financial losses, don’t put off purchasing a used car insurance policy.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

As a business owner, it’s essential to have the right financial tools in place to help your business succeed. A current account can be one such important tool to give you and your organisation the financial flexibility to support growth. It is a type of bank account that allows all types of businesses to easily manage day-to-day transactions, such as regular deposits and unlimited withdrawals.

However, besides higher transactions and fluidity of operations, there are certain critical features of a current account that can contribute towards the growth of your business. Have a detailed look at each of these aspects.

• Separation of personal and business funds to track financial transactions 

Generally, when you have all of your expenses and income listed on one statement, it can be difficult to track where your money is going and how it is being spent. By having a separate current account, you can easily distinguish between personal and professional expenses, allowing you to streamline your budgeting process and better understand where you should be investing or cutting back to maximise profitability. 

• Helps establish legitimacy and build a professional image

By having a business current account, you can establish its credibility and enhance your professional image. Such legitimacy can open up doors for more opportunities, such as obtaining lines of credit from banks or other lenders. Having a separate account also helps demonstrate financial responsibility, which is essential when pitching potential investors or partners who may want assurance that they are making the right decision by trusting their funds with you. 

• Overdraft facility 

Another valuable benefit offered by many current accounts is an overdraft facility – which allows businesses to spend more than what they have in their accounts. This feature helps you stay afloat during times when cash flow is low or unexpected costs arise without having to worry about hefty fees or late payments on bills due to insufficient funds.  

• Conduct bulk payment transactions and foreign transactions 

A current account also makes it easy for businesses to conduct bulk payments at once such as paying salaries instead of having to make multiple payments one at a time, which can be time-consuming and tedious. Additionally, a current account helps facilitate international transactions with ease and expand your business internationally without having to worry about foreign exchange transactions.  

• Get additional value-added features

Besides a higher number of withdrawals and transactions, additional benefits of current account for startups and businesses include free NEFT/RTGS/IMPS transactions, free demand drafts, higher pay order limits, etc. These value-added features can make a real difference, especially for businesses starting out and those looking to expand, offering them essential support in their growth phase.

Final words

Opening a business current account gives you easy access to the right set of banking tools, allowing for greater financial management and strategies for success. From keeping track of payments and records to making informed decisions based on clear data-driven insights, dedicating a current account to your business can significantly contribute to its growth. 

And if you are wondering how to open a current account without hassle, the most convenient way is going digital. Simply visit your selected bank website, fill out the form, upload the documents required, and post approval, you can have instant access to your current account.

Imagine your life without the stress of financial worries. Picture yourself years into retirement, having saved enough to live the rest of your days in comfort and engage in every hobby you ever dreamed of. However far away it might seem, this goal does not have to stay a dream – you can turn it into reality with a retirement planning calculator and plan your financial future.

A retirement calculator is an online tool that helps you figure out the projected size of your retirement fund, based on your current income and expenditure, to ensure financial security in your post-retirement years. With its detailed analysis and predictions, you can develop a proper savings strategy, set realistic goals, and estimate how much income or investments you need to make for a comfortable retirement. 

Given its importance for your future, here is a detailed look at how a retirement calculator works and helps you examine your savings rate, plan your goals, and achieve your retirement objectives.

How does a retirement planning calculator work? 

To use a retirement calculator, simply enter some basic information about you and your finances into the calculator. This includes:

• Your current age 
• Your expected retirement age 
• Current income and monthly expenses 
• Your investments, such as mutual funds investment or Unit-Linked Insurance Plan (ULIP), and the amount that you want to invest  
• Expected return rate (in percentage)
• Factors that could affect your financial situation in the future, such as – provision for travel, annual healthcare expenditure, and expected inflation per year

The results displayed by the calculator will be as follows:

• Total invested amount 
• Assumed growth  
• Total value of your investment
• The total amount you need to invest for retirement to achieve the desired corpus   

For example, say you are 25 years old with an income of Rs 50,000 and plan to retire at 60. If you save Rs 10,000 per month and invest an additional Rs 10,000 of your annual income towards a mutual fund retirement plan, the calculator, by assuming your investing period of 35 years, will display the corpus you will have by retirement. 

Why use a retirement calculator? 

Here are the four key benefits of using a retirement calculator: 

1. You will get an accurate picture of the corpus you will have after retiring. This will help you determine if there are any gaps in your retirement plan and give you time to make any necessary adjustments before it is too late. 

2. Most retirement calculators also take into account the effects of inflation on your savings rate to estimate your retirement needs. Moreover, you can enter multiple investments to compare different yields earned through varying interest rates. This can give you an idea of which investment options may be more beneficial for your situation.  

3. Most retirement calculators are free and easy to use, even if you lack technical knowledge or experience in investing. Once you input some basic details, most calculators provide results within seconds.

4. To ensure you have enough funds to secure your retirement, you can also use a retirement calculator to estimate the amount you should be regularly investing. This allows you to plan how much you need to invest in mutual funds or other investments to create a sizable retirement corpus before your desired retirement date. 

Closing thoughts

Retiring comfortably is what most people strive for and that takes planning and dedication – two things that are often easier said than done! A retirement calculator can make the process easier, but it is important to understand that retirement planning is a continuous journey. You will need to review and update your plans regularly to ensure you are still on track to reach your goals. Working with a financial advisor can also be helpful – they can offer guidance on the best retirement plans and strategies based on your current financial status.

When a company finally decides to go public, many things need to be considered. It’s essential to understand all the factors that come into play when launching an IPO in Hong Kong. 

Here are the top things to think about:

The current market conditions when it comes to timing an IPO, one of the most important things to consider is the current market conditions. 

• Is the market bullish or bearish? 
• What is the sentiment towards IPOs? 
• What is the prevailing interest rate? 
• All these factors will affect how successful your IPO will be.

The company’s financials

It’s essential to know your company’s financials before you go public. It includes having audited accounts and disclosing all relevant information to potential investors. If you can show the company is healthy and growing, investors will be confident in your business.

Critical aspects of an IPO

Gain knowledge of the current market conditions before launching an IPO. It will help you determine whether or not the time is right for your company and give you a recommendation of what to expect in terms of demand from investors.

The amount of capital you want to raise

Another factor to examine is how much money you want to raise through the IPO. It will determine the type of investors you target and how much paperwork you must complete.

The structure of your company

When it comes to deciding on the structure of your company, there are a few things to take into account. For example, do you want to be a publicly listed company, or will a private placement be more suitable? What type of shares will you issue (ordinary, preference, convertible)? It’s essential to get professional advice to make the best decision for your business.

The listing venue

Decide where you want to list your company. Several venues in Hong Kong offer different benefits and drawbacks. Choose one that best compliments your company’s needs.

The disclosure requirements

When you go public, you will be required to disclose a lot of information about your company to investors. It includes financial statements, business forecasts and insider trading policies. Understand disclosure requirements so you can be prepared for them.

The underwriter

An underwriter is a financial institution that helps companies launch their IPOs. They pose as a middleman between the company and the investors and play an essential role in ensuring a successful IPO. It’s essential to choose an underwriter who has experience in the Hong Kong market and understands your business.

The listing fees

One of the costs associated with an IPO is the listing fee paid to the stock exchange where your company is listed. The fee amount varies depending on the stock exchange and the size of your company. Make sure you budget for this expense when planning your IPO.

The legal and accounting fees

Another cost you need to consider when planning an IPO is the legal and accounting fees. These fees can be expensive, so it’s essential to get quotes from a few different firms and choose one that fits your budget.

The marketing expenses

Launching an IPO takes a lot of work and a lot of money. One of the most significant expenses is usually the marketing budget, which promotes your company to investors. Set enough money aside for this to generate as much interest in your IPO as possible.

The timeline

Finally, it’s essential to have a clear timeline for your IPO and stick to it as closely as possible. It will help ensure a successful launch and avoid any last-minute surprises.

It’s essential to keep in mind that an IPO is a complex process, and there are many things to consider before launching one. 

By understanding these factors, you’ll be in a better position to make the right decisions for your business.

Link to Saxo and visit their website for more information.