Thanks to insurance providers, many people get confused between Health Insurance & Critical illness Cover. In layman terms, Health Insurance takes care of Hospitalization expenses whereas Critical illness covers specific Life threatening diseases like Cancer, Kidney Failure, Major organ transplant, Paralysis etc. Critical illness cover is restricted only to life threatening diseases included in your policy. The biggest misconception among insured is that all the life threatening diseases are covered in critical illness cover, which is not true. Normally health insurance is an annual policy ... Read More
Marketing Practice to Create an Artificial Demand
In Economics, Price of a product is determined by the difference between Supply & Demand. If supply is more & demand is less than the price will fall and vice a versa. This relation between demand and supply is used by Marketers intelligently to command premium for a product. Its an art to fine tune the demand & supply to command right premium. Even a slight error can spoil the entire game. The Marketers leverage this by creating Artificial Demand for product by cutting down supply of a product in demand. The basic assumption is that product should be in demand to create Artificial ... Read More
Truly Fixed Interest Rate Home Loans
There are 2 kind of people i.e. Risk Taking and Risk Averse. Risk Taking people invest in Equity, Mutual Fund etc whereas Risk Averse people invest in FD's, NSC, Debt Instruments etc. Majority of Indians are Risk Averse as they would not like to part away with their hard earned money due to volatility. They prefer low return but risk free debt investment tools. In short, Risk Averse people don't like uncertainty and prefer assured, stable & predictive path. This is the reason, why debt instruments are more popular compared to equity. While availing Home Loan this majority class of Risk ... Read More
Online Term Insurance Plan
Have you ever wondered why LIC is not offering Online Term Insurance at lower premiums. Though the experts say that LIC's high premium is because of High Mortality rate. In my opinion, the real reason is that LIC would not like to offer low premium online term insurance else it will outrage its huge sales force / agents. The premium of LIC term insurance plan is 3-4 times of online term insurance policy like Max Life Online Term Plan, HDFC Life Click2Protect etc. LIC is still following the Mortality table of early 90's to calculate premium for term insurance. Contrary to that in last 15-20 ... Read More
Tax Benefit on Preventive Health Check-up u/s 80D
Some time back i wrote an article Why do we need Health Insurance Policy? It is quite unfortunate that in India, people buy insurance only for investment purpose that too with a carrot of Tax Benefit. Recently, one of my friend was explaining me the benefits of Health Insurance Policy. I was glad that atleast few people are realizing the true benefit of Health Insurance and thinking beyond tax benefit. After 15 mins, he told me that the key reason for buying health insurance is tax benefit under section 80D :) He paid a premium of Rs 10,240/- for family floater plan and was regretting that ... Read More
Chit Funds – Flexibility to Save and Borrow
When i was kid, i used to eagerly wait for 5th of every month. Sharp at 7:20 PM, i used to be in front of Chit Fund office to participate in 7:30 PM Chit Fund Auction. My mother was regular Chit Fund Member. In North India, Chit Fund is also referred as "Committee". The incentive for me was 50 Rs additional pocket money to attend Chit fund Auction on behalf of my mother. I understood this scheme at early age of 10 years as i was very active participant. Let me explain the same from my experience. Chit Fund is nothing but group of members or investors, who pool money for fixed period. Lets ... Read More
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