Korean food brand recently forayed into halal sector
I am a 30-year-old resident of Dubai. How much should I put aside for my child's college education in 10 years’ time every month? Our family income is Dh20,000/month. Do you suggest education plans provided by insurance companies?
Given the income that you have mentioned, it may be ideal to contribute an amount in the range of Dh1,000 to Dh1,500 per month (that would translate into Dh12,000 to Dh18,000 per annum) if your monthly budget permits. You may opt for a child insurance plan that covers educational expenses and withdrawals and such an insurance cover may be customised to suit your requirements in terms of withdrawals after 10 years or as desired. On maturity, you would be receiving a lump sum amount, that would assist you in making a downpayment for your child’s future education requirements when he/she goes for higher studies. Several options are available from leading insurance companies operating in UAE for you to evaluate the benefits being offered vs premiums being paid. For such a cause, an insurance plan with minimal downside risk and capital protection is ideal as you may not want to lose any sum from the amount contributed.
I recently purchased a house in Dubai. Is it advisable to take home insurance, and why? And what is insured under home insurance plans? Am I entitled to tax benefits in India if I have home insurance in the UAE?
From your query, we assume that you have purchased an apartment in Dubai for your own use. Please note that building insurance is mandatory in UAE and such insurance cover is opted for by the owners association /building management. This excludes any insurance coverage of contents inside the individual apartments that are covered by the individual owners based on their requirements.
You may choose to avail of a home insurance policy that covers you from the risk of damage to home appliances, furniture, fixtures, personal belongings, jewellery, watches, electronics etc, that might be caused because of fire or natural calamity, or theft.
Additionally, insurance cover may also be extended to seek compensation for the cost of alternate accommodation in case your premises is unliveable due to any damage caused due to fire or natural calamity.
As to the second part of the query, we assume that you are a Non-Resident Indian (NRI) for Income Tax purposes in India. In this case, any home insurance cost incurred in UAE is not eligible for any tax deductions or benefits in India.
Dhaval Jasani is a chartered accountant and the founder and CEO of ZTI. Views expressed are his own and do not reflect the newspaper's policy.
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