How to Select or Choose the BEST Health Insurance Plan? is one of the most common queries posted by the readers of this blog. I highlighted the importance of health insurance plan in my post, Why do we need Health Insurance? Let me admit that to select a Health Insurance Plan is difficult or complex compared to any other insurance policy. The reason being, a large number of deciding factors in Health Insurance Plan. The plans like life insurance or critical illness plan are event specific. On the other hand, there are a lot of ifs and buts in health insurance plan. To share an example, there ... Read More
Who Is Responsible To Clear The Loan Liabilities Of A Deceased Borrower
As a borrower, loan or debt is the biggest financial liability especially high-value loan. Human life is like a financial balance sheet of the company. We have assets on one side like Gold, Property, Investments etc. On the other side, we have liabilities like loan, debt, responsibilities etc. There are two types of liabilities i.e. one in the form of responsibilities like kid's education, marriage etc. The 2nd type is more tangible i.e. financial liability e.g. debt or loan as a borrower. The balance sheet is dynamic in nature. It keeps changing. If i avail a high-value loan then suddenly ... Read More
Private Locker Service – Beware of 5 Important Points Before You Hire
Private Locker Service is gaining traction in metro and small cities. Though it is not a new concept. I belong to a small city near Delhi. I remember, in the year 1996, there were a Private Locker Service in my hometown. The reason behind mushrooming of Private Locker Service is because banks are not able to cater to growing demand. In my post, how to get a safe deposit locker from a bank i shared how difficult it is to get a bank locker. Recently, i was in Mumbai for an assignment and catch up with an old friend. He was telling me that he has hired a Private Locker Service of a one of the ... Read More
Is Life Insurance Cover 10 times Your Income Sufficient for Your Family
How much Life Insurance Cover should i avail? This is one of the most common questions creeping on personal finance forums/newspapers. Certified Financial Planners suggest that a cover of 10 times your annual income is sufficient. I find same suggestion for all such queries. Now, this advice is deep rooted in psychic of an individual who does proper research before buying a Life Insurance Cover. Recently i wrote a post, Life Insurance Plan - 5 Possible reasons why you should not buy. In that post, i highlighted 5 general cases under which an individual doesn't need Life Insurance Cover. There ... Read More
Life Insurance Plan – 5 Possible Reasons Why You Should Not BUY
Till date, all my posts on life insurance plan were focused on why we should avail life insurance plan. At the same time, it is a fact that same shoe doesn't fit all. In certain cases, a life insurance plan might not be required. To clarify that in this post, life insurance plan means term insurance plan. Normally "Insurance" in India means "Life Insurance" only :) but traditional plans like money back policy, endowment plans etc. From a personal finance perspective and as a thumb rule, if you buy any financial product then you should ask 5W's i.e. What, Why, When, Where and Who/m. The ... Read More
Tax Savings – Check the diff between Pre and Post Tax Return
Tax Savings is a magical word in India. It is easy to sell a financial product with a tag of "Tax Savings". Sometimes i fail to understand whether we invest to save tax or save tax by investing. I think it is former. It will not be an extrapolation to state that we are over obsessed to save tax. Here i am not suggesting that we should not save income tax. The pain point is when we select products for tax savings without financial calculations. In other words, most of the times we compromise on returns to save tax. Because of this reason, the traditional insurance plans like Money Back / ... Read More
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