Location: God's own country
Posted on: 28-05-13 09:38:26
CD's,
Would like open an updated thread about the savings options that are available to Desi Canadians.
Life insurance (term) is the best.
You pay a minimal amount monthly / yearly for a term period (10-20 years) and are assured a lump sum benefit in case you die within the term.
In Canada, you can go with AIG or Manulife etc.
In India, OCI's are allowed only minimal options. LIC has a cap of 50 lakhs (with recommendation from broker is a must). SBI does not allow. HDFC / Aviva (broker only) allows term insurance.
For example, a 40 year old , taking a 50 lakh insurance for 20 years, will pay around Rs. 12,000 a year.
In India, IRDA controls the insurance companies and sets very firm guidelines. So they say that the firms going bust is minimal.
ULIP plans or plan linked to stock market is a No, No. CD's / OCI's should avoid it. This is b'cos of high management charges. Your profit will be very less after the deduction of management fees. So see the next line.
Also In India, medical insurance is taken by many. Since my office gives me medical insurance and I have Canada to fall back on , in case of cancer etc., I have not personally taken.
Critical insurance is one option that I would like to explore.
India recommends SIP (systamatic investment plan). This is investing a fixed amount, each month, into various mutual funds. Managers say that at the end of 10, 20 or 30 years, you will gain most , irrespective of how the market behaves.
Buying a house is one of the best options available.Your mortgage actually is an amount deducting your rent and your house appriciates anyways. In India, you pay around 9-11 % on housing loans, and Rs. 1.5 lakhs a year is tax deductible. All know how real estate rises in India.
If you have children, you can always send them to Canada for higher education. They can take student loans and pay back later or parents can pay back for them since interest rates in Canada, will always be low.
Looking forward to hear in what other avenues Desi's in Canada invest for their future.
Murali
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I am a Gents and not a Ladies.
TK given an choice the best investment I see is education be it for your kids or yourself .
It yields the maximum benefits with minimum risks . Especially in countries like India , we know good education can be quite pricey starting from KG . If I was in India , I am doubtful that I will be left with any money to invest in Housing , jewellary or bonds after paying tution fees ( as I would have chosen the best of best ) .
I had stopped investing in all other avenues for a while even here in Canada .
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Growing Old Is Mandatory ..Growing UP is Optional
Location: God's own country
Posted on: 06-06-13 09:27:46
Ashwani:
Surprised that you are saying that.
Canadian school education may be free but you need to spend a ton staying in Canada and endure hardships. Indian education is not that costly. My friends spend around Rs 15,000 a year on decent english medium schools.
University education is also very cheap in India. I agree that teachers may not be as good as Canadian univ. teachers but univ. education is costly in Canada.
When US and Canada are facing unemployment in droves and the govt. keen to increase population, do you feel that all children studying in Canada can get a good job upon gradulation. That age is all gone, dude !
Peace my Murali
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I am a Gents and not a Ladies.
Yeah dude, and original post was feel better post more to show off how you have better choices in India compared to that are in Canada or anywhere in the world. God bless you TK, enjoy your life, you have gone thru hardships in Canada. Hoping that there will never be a need for you to use that fall back plan. Stay healthy!
TK
I can reply but I know that this thread will than become another 'India VS Canada" . So I am refraining to hi jack the original post .
Dont know about the rural areas but in Delhi you need atleast 3 lac rs just to get admission in KG . Fees ( read as donation ) required for Engineering and Medical is way beyond of reach for people like me .
None of us have crystal ball to predict what lies in future for kids educated in India or NA , but I am glad that I don't worry about there safe return home every evening .
99 % people landed here in hope to make the kids future bright and many of them have done it successfully .
I wish good luck to everyone what ever outcome may be .
Last but not least - Hardships do slow the growth process but it does not close all doors / avenues . I had lived and worked in 10 different countries prior coming to Canada and I must say that it is indeed a land of opportunities . It is just us who are unable to realize all .
Quote:
Originally posted by tamilkuravan
Ashwani:
Surprised that you are saying that.
Canadian school education may be free but you need to spend a ton staying in Canada and endure hardships. Indian education is not that costly. My friends spend around Rs 15,000 a year on decent english medium schools.
University education is also very cheap in India. I agree that teachers may not be as good as Canadian univ. teachers but univ. education is costly in Canada.
When US and Canada are facing unemployment in droves and the govt. keen to increase population, do you feel that all children studying in Canada can get a good job upon gradulation. That age is all gone, dude !
Peace my Murali
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Growing Old Is Mandatory ..Growing UP is Optional
