How LifeYield Software Can Help Firms Form Optimal Tax-Smart Income Planning Strategies
A tax-smart asset location strategy is key to improving outcomes for clients and firms alike. The right tool will identify opportunities for engagement and help firms develop an optimal strategy for tax-smart income detective planning. The key to a comfortable lifestyle is a plan, and not retiring without one can be a huge mistake. However, there is a solution. With LifeYield, firms can identify opportunities to engage with clients. Here’s a look at how this software can help you engage your clients and formulate a tax-smart income planning strategy.
Schwab Intelligent Income
The goal of Schwab Intelligent Income is to provide investors with the greatest chance of achieving a comfortable retirement lifestyle. The Schwab Intelligent Income system will analyze your financial profile and recommend an investment portfolio with risk levels that correspond to your risk tolerance and needs. It will also calculate a personalized withdrawal amount based on your goals and risk tolerance, and run simulations to determine your likely investment performance. Once you’ve selected a portfolio, you can begin withdrawing money automatically, or manually.
Schwab Intelligent Income can be used to create an automated retirement plan. The automated process helps you track your goals, and can offer recommendations if you fall off track. The service’s live representatives are available year-round to answer questions and help you implement it. In addition, if you want more comprehensive financial planning, you can purchase Schwab Intelligent Portfolios Premium. For more information, read the Schwab Intelligent Income article. Here are some of the benefits you can expect:
Exide Life Smart Income Plan
The Exide Life Smart Income Plan offers flexible premium options that you can choose depending on your financial situation. Its Term Edge plan has three variants – a Term Income Plan that allows you to make payments on premiums throughout the policy’s tenure, a Term Premium Plan that lets you make one single premium every month, and a Whole Life Plan that provides lifelong coverage. The Term Income Plan pays a death benefit and accumulated bonuses. It also waives off future premiums if you die within the policy’s term. In case of death, the death benefit is not repaid, but you receive income for 60 months after your death.
The Exide Life Smart Income Plan is a participating plan, so it is eligible for applicable bonuses. However, bonus payouts are not guaranteed, and the rate of bonus fees will fluctuate depending on the performance of the fund. In addition, tax benefits are subject to change. This policy also offers enhanced protection via riders. You can choose from one of these options based on your situation and investment goals. Besides, it allows you to make payments via debit card, credit card, or net banking.
SBI Life Smart Income Protect
SBI Life has come out with the Smart Income Protect Plan, a traditional insurance plan that provides guaranteed returns. Although there is a premium payment term, the policy starts its payout period only after the premium payment period is over. The plan also provides tax benefits, and the policy owner can choose riders for an additional premium. The following illustration illustrates how these riders can benefit an investor. Let us look at an example: Mr. Raman, 35, opts for a plan to save for his future. He chooses the Smart Income Protect plan with a sum assured of Rs. 10 lakh, and a premium payment term of 15 years.
SBI Life Smart Income Protect plan offers several options for paying premiums. The premium is calculated based on the term of the policy, the policyholder’s age and gender, and the amount of the sum assured. The policyholder can choose to pay the premium through monthly or yearly installments, or in full at the time of the policy. SBI Life Smart Income Protect also offers several optional additional riders. For instance, you can choose to have an additional rider that covers a certain deductible, or opt to cover all expenses in the event of a death.
Pramerica Life Smart Income
The Pramerica Life Smart Income Plan is a comprehensive financial product that offers tax benefits under the Income Tax Act. The policy has a 15-year policy term and a 12-year premium-paying period. Mr. Raman pays an annual premium of Rs 1 Lac. His policy provides him with an annual payout of Rs 1.94 Lacs, which helps him meet his financial goals. Upon death, his family is protected by the Death Sum Assured, a financial benefit that is not taxed.
The Pramerica Life Smart Cash Protect plan provides protection for your family, child progress, and a guaranteed maturity benefit. These policies offer a range of premium payment options, including monthly premiums. The plans also offer guaranteed maturity benefits and accrued maturity additions. A number of other features of these products include the option to pay premiums regularly, including a choice of limited payment terms of twelve, fifteen, and twenty years. Loans against these policies are also available to policyholders.