Budget: Rs 1 to Rs 1.5 croreBusiness Standard brings you a snapshot of average current rates and unit sizes in localities that offer property in a price range of Rs 1 crore to Rs 1.5 crore. If you are looking at buying real estate and your budget falls within this range, an idea about prevailing rates would come in handy

Realty check

Business Standard

Today,  Rakesh Jain, chief executive officer of Reliance General Insurance, answers your questionsI am planning to get ayurvedic treatment for my chronic back problem. Will my health insurance policy cover this if I get admitted to a hospital? Or if the doctor suggests the treatment can be done at home, such as the massage, etc, can I claim if I produce valid bills and doctors' reports? You should first check whether or not your health policy covers ayurvedic treatment. Second, check the sub-limit for the treatment, i.e. is the sum insured available for ayurvedic, homeopathic or unani treatment, capped up to a certain percentage of the total sum insured. Sometimes, policy terms also mandate treatment in government, government-approved, Quality Council of India or National Accreditation Board-approved hospitals. The most important thing is that illness should warrant hospitalisation. Usually, treatment taken at home, such as massage, etc, is generally excluded from the policy.My individ

General Insurance: Rakesh Jain

"Tea demand continues to be robust, with per capita consumption growing from 690g per person in 2006 to 750g per person in 2013," says a Tea Board official. Why am I starting this personal finance article with an imaginary quote from the Tea Board? Bear with me for a minute and it will be clear to you."The life insurance penetration has declined from 4.6 in 2006 to 3.10 in 2013." This or similar statements appear frequently in the media. I have found it strange, as it measures the life insurance premium paid as a percentage of gross domestic product (GDP). It is akin to the Tea Board official saying that the amount of money spent on tea as a percentage of the GDP has come down. Whilst market forces decide on the price paid per kilogramme of tea, the Tea Board official is right in feeling satisfied that the per capita consumption has gone up, as his job is primarily in promoting the use of tea.Contrast this with the statistics that the insurance sector or Insurance Regulatory and Develo

Is life insurance penetration low in India?

Since the technology is the same as the one used for mobile banking, it is safe and instant

Use Facebook, ATMs for transferring money, too

As the difference is 5-75 bps, there is money to be made. However, take this option only if confident of selecting the right scheme; first-time investors are better off with a distributor

Direct plans will benefit over the long term

These plans are expensive but the benefits outweigh the costs

Five reasons to buy whole-life plans

If you fit the professional profile a country is looking for, it could be much easier. However, it's not a short process

Migrating isn't that difficult

Only 35 per cent of Indians have accounts with financial institutions, according to World Bank estimates. To service the remaining population, the Reserve Bank of India (RBI) has created two new banking categories, called small finance banks and payment banks.Small banks will be similar to existing commercial banks but will offer only basic products such as deposits and loans. At least half of a small bank's loan portfolio should constitute loans and advances of up to Rs 25 lakh, according to RBI.Payment banks are meant for simple banking transactions. These institutions will not be allowed to lend or accept term deposits. Customers can't keep more than Rs 1 lakh in their account.Let's take a look at services these banks can and cannot offer:Are the account opening formalities for these different?No. The central bank has said a customer needs to provide the same set of documents as required by exiting commercial banks.Will these banks have higher or lower charges for services?These cha

BS Primer: Banking on small and payment banks

BS Reporter

Jairam Sridharan, retail lending head, Axis Bank, answers your questions

Readers' Corner: Banking

Demand for housing from nearby business complexes

Hot Spot: Kanjurmarg, Mumbai

Prafull Bahadure had bought a Classic Life Plan Policy from Birla Sun Life Insurance. The policy was taken on May 19, 2011

Companies cannot justify delay due to slow decision process

Business Standard analyses one family's finances and suggests a way forward

Case study

Invest 20-30% of your surplus in equity mutual funds and the rest through SIPs; think like a company's owner and don't panic if the market corrects sharply

Road map for first-time investors

Avoid common mistakes pertaining to credit card transactions, online fund transfers and closing of credit cards and loans

Defrauded? Don't always blame your bank

RBI is buying lots of forex. So, it may have to cut policy rates simply to prevent currency over-appreciation

In time of competitive devaluation

Open a dialogue as your finances need to marry, too

Before you say 'I do'

"I bought my Premier Padmini through a government allotment in 1964 for Rs 23,000," says R C Bhargava, chairman, Maruti Suzuki (India). By his own admission, he was lucky because the waiting period for a Premier Padmini was several years in the 1960s and '70s. The only way to fast-track an allotment was to have friends in either the government or Premier Automobiles.Car sales, as a result, were muted. According to data from the Society of Indian Automobile Manufacturers (Siam), the total number of passenger vehicles (cars and utility vehicles) sold annually in the 1970s was 32,000 units - less than even one week's sales today. In 2014, 2.5 million units were sold, ranking India as the sixth biggest car market globally. In growth rate, India was at number two.The government's growth-stifling licence raj was a major deterrent in the 1970s. "Volumes were significantly lower than demand, leading to long waiting lists. There were other irritants like requirement of full payment and unoffici

40 years ago...And now: From 32,000 cars a year to 2.5 million

Buying on the internet is the future but be wary of the fine print and make sure you get a genuine product

Navigating the online shopping minefield

High savings, aggressive asset allocation and a frugal lifestyle can help you hang up your boots a decade early

How to retire at 50

Variants like staggered payout, higher entry age, return of premium are being introduced to tap insurance-seeking customers

More than only protection from term plans

If RBI continues to cut rates, banks and other financial firms'out-performance is likely to continue

Page 45 - Investment