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Financial food for thought
There are varied opinions on the right age to purchase Term Insurance, but there is a unanimous verdict on its necessity amongst today’s youth. Term insurance may be a pure life insurance product, giving benefits only upon the death of the policyholder, however, that has not deterred more people from seeking it out.
There is a popular saying which goes " The only things certain in life are taxes and death" which is quite true. Mishaps or accidents can happen at any time. Moreover, increased stress levels or lifestyle diseases have rendered life more and more uncertain. Even though it is true that one should have positive thoughts always, it doesn't hurt to be prepared for the worst.
Insurance is only for earning people - This is a common misconception amongst the general public, who feel insurance is just a replacement for the lost income. This has developed into a lack of interest in insuring female lives who are non-earning members of a family. This mindset is fast changing though.
Health care industry in India is one of the important sectors that is witnessing a rapid growth. Health insurance policies can be taken both for an individual and family members. It can safeguard your family from any unexpected illness, which might otherwise dig a deep hole in your pocket. While taking a health insurance policy, it’s important to note that the following benefits are available in the policy.
It is the dream of majority of Indian folk to buy a house, and it is the single largest and costliest investment that anyone makes in their lifetime. After you purchase a beautiful house, it’s important that you give a complete protection to your assets against any unfortunate incidents. Catastrophic events such as a fire accident, cyclone, flood, earthquake and burglary can throw you in the most difficult situation of your life. In such circumstances, having a house insurance can spare you from the horror of rebuilding your house all over again or getting a refund for the valuable items lost.
Rajesh took his family and parents on a vacation to the US. Unfortunately, his father fell ill and was diagnosed with a heart ailment which required immediate hospitalization. The cost of the treatment and hospitalization came up to $20,000 (Rs 14,00,000). It was a huge amount and Rajesh had to pay through his nose after gathering some help from friends and relatives.
A home is much more than a combination of 4 walls and some contents like furniture and gadgets in it. To protect it, you may put the heaviest of the locks, hire an army of security guards and install CCTV cameras all around, yet all that together cannot protect your home from certain damages like in case of a natural calamity.
Owning a vehicle (especially a car) brings is a sort of fulfillment/achievement. For many, it is a childhood dream to possess your own fancy set of wheels. When so many emotions are attached with a car and you have paid a neat sum to own them, you must take every possible precaution to ensure the safety of your car.
Imagine the agony and pain one would have to go through if your home gets washed away in floods, like the recent one in Kerala or if it falls apart like a pack of cards in an earthquake or it is broken into. Though you might not even want to think of such situations, it is quite possible that anyone can land up in such a situation. So what do you do in such circumstances?
Your life insurance policy should cover minimum and basic expenses of your family. Your dependents life should not significantly alter in your absence. If you are spending INR 15,000 per month for your family, your insurance should make sure that your family is able to get the same amount after your death. If necessary, a little extra amount should be taken to adjust for inflation.
The importance of buying a health insurance policy has not been understood by many in India as people have not considered it seriously except that it can save taxes. A sudden illness or unforeseen medical treatment could shatter your finances and leave you debt ridden. A financial trouble over a health trouble is really too much to bear for anyone with a moderate monthly income. Hence buying a health insurance policy at an early age could lessen your worries on healthcare at old age and offer you a peace of mind.
There are different types of insurance plans catering to various needs of the people. Term insurance is a plan that provides financial protection to the family of the policy buyer after his/her demise. It is not repayable if the policyholder survives at the maturity date. It can benefit the buyer’s family only in the event of death.
The premium on the travel insurance depends on the length of your trip. Longer stay in a foreign country usually attract higher premiums. Moreover, older people may have to pay higher premium as travel insurance increases with increase in age, as it is considered a risk profile.
Ever since private companies could solicit insurance policies, there has been a steep growth in the insurance sector. With more people realising its importance, the future looks promising for the insurance industry.
Insurance, as we may know it, is a financial tool that helps in reducing the economic crisis that might occur due to unforeseen events. It is a contract or agreement with an insurance provider whereby the company provides you financial security in exchange of a small amount known as a premium that is paid over a set period of time. The financial loss caused due to a peril is compensated through the insurance.
Insurance sector is one of the fastest growing sectors in India and the number of policy takers are expected to increase by more than 4% in the following years. Though initially was managed by the Government, India allowed private companies to solicit insurance policies in 2000 which widened the horizon of Insurance sector.
Thank you for following our series on the basics of investing, we hope that you have a basic knowledge of stocks, stock market and the different types of stock available along with the prerequisites for trading in the stock market, it is time to move on to the next phase – Understand how the stock market works and how to buy or sell stocks.
We trust that you would have read the first part which covers the basics of investing in stocks, now it is time to move a little deeper and look at what you would need to be equipped with before investing.
Saving for retirement seems to be on everyone’s minds especially the millennials who have taken an interest in understanding of financial concepts like savings, investments and returns with better data available to them instantaneously thanks to the internet. This interest in other financial instruments like investing through stocks and funds have increased fueled by the fact that traditional saving methods like Fixed Deposits do not yield enough returns.
Bajaj Allianz 3-year long term two-wheeler policy – All you need to know about Its benefits, policy coverage and how to apply.
Your 20’s are the best time to experiment and discover yourself. This is the age when you should be doing what you are really passionate about. Do not get stuck in a job that does not make you happy. A few years down the line you will reflect back on this time and think to yourself, ‘’Why didn’t I follow my heart?’’. If painting is your passion, join an art school or become an apprentice for an artist. If writing is your passion, devote yourself fully to it and take creative writing workshops to get better at your craft. Instead of falling prey to the rat race, take a leap of faith and change the course of your life. You’ll never get your youth, freedom and singledom back.
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