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4. Emergency Fund: retirement planning, ensuring a coverages for the any
Financial planners often recommend building an kind of losses post retirement.
emergency fund alongside insurance coverage. This fund
acts as a financial buffer to cover deductibles, out-of- 2. Tax Efficiency:
pocket expenses in cases of specific exclusions of the Financial planners explore tax-efficient insurance
insurance product or any temporary loss of income due solutions, helping clients minimize their tax liabilities
to insurable events. while maximizing benefits. In many countries, certain
types of insurance premiums are tax-deductibles. For
5. Investment Integration: example, health insurance premiums are often tax-
deductible in some jurisdiction. Also, insurance pay-outs
Beyond protection, financial planning in general
insurance can include investment strategies. Some are not considered as taxable income. If you received a
insurance policies, such as whole life or investment-linked pay-out from a policy due to a covered event, such as
home insurance claim for a disaster, the amount received
plans, offer opportunities for wealth accumulation. These is a tax-free. This can be particularly advantageous if
strategies must align with the client's long-term financial
you need to rebuild or replace property after a loss.
goals. Now IRDA may also allow life insurance companies
to sell health insurance policies.
Conclusion:
In conclusion, financial planning in general insurance is a
III. Long-Term Financial Goals: critical component of overall financial well-being. It provides
Financial planning in general insurance extends beyond a safety net against unforeseen risks, customizes coverage
immediate protection. It contributes to long-term financial to individual needs, and integrates insurance into long-term
stability by: financial goals. Effective financial planning ensures that
individuals and businesses can navigate life's uncertainties
1. Retirement Planning: with confidence, maintaining security and stability in an ever-
Insurance policies like annuities can be incorporated into changing world.

95% surge in Maharashtra enrolment boosts PM crop insurance
area by 12%

The Centre's flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) or the PM Crop Insurance Scheme has seen
coverage of 30.14 million hectares (mh) in kharif 2023, which is 12 per cent higher than year-ago. The maximum
increase has been noticed in Maharashtra, which received 39 per cent below-normal rain in August.

Maharashtra's insured area has nearly doubled to 11.4 million hectares (mh), after the State government decided to
take the burden of the premium, whereas it is almost at last year's level in other major States such as Rajasthan,
Madhya Pradesh and Uttar Pradesh. But, insurers are now waiting for September rain as the pan-India deficit in
August has reached 35 per cent, threatening crops in many parts.
"Though some more additions may be made during data compilation, enrolment of farmers in almost all States ex-
cept Jammu and Kashmir has been completed," an official said. Enrolment under PMFBY in Jammu and Kashmir will
end August 31.
There has been a big jump in enrolment of non loanee farmers as the area insured by them has witnessed a 71 per
cent rise to 14.25 mh whereas loanee farmers have insured 15.89 mh, a fall of 15 per cent from year ago.
Official sources attributed the trend to the Maharashtra government's decision to subsidise farmers' premiums in
crop insurance by allowing enrolment only at Rs. 1 has increased the coverage, the surplus rain in mostly irrigated
Haryana in July has reduced enrolment.

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