hesitant about health insurance

Why people hesitate to buy a Health Insurance?

“Some things are so unexpected that no one is prepared for them. “
-Leo Rosten

We buy health insurance because we treat insurance as a means for saving money to meet hidden health expenses in the future. It will be challenging for a family to arrange the funds required for the treatment in case of emergencies. Thus, we can say that health insurance serves as a “financial tool” for an individual.
However, it is also necessary to have a clear understanding of health insurance so that you can be shrewd in your buying decision.

Here are some of the reasons as to why people are hesitant to buy health insurance:

  • Cost:

One of the main disadvantages of health insurance is cost. Paying the premiums can be very difficult for the middle-income group. And health coverage for all the members in the family seems like a burden to people, especially if he is the sole earner in the family. One must not consider paying premiums as a financial burden because, with health insurance, you are ensuring that you and your family can bear the cost of medical expenses without mortgaging any property or gold.

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types of health insurance

Types of Health Insurance

As we know, the hospitals are now offering better facilities, and the cost incurred when we opt for better facilities is very high, and you should be ready to deal with this situation if you or your family member is hospitalized. Health insurance acts as a “financial tool” to protect you against the risk of incurring the high cost of medical expenses.
The different types of health insurance are:

1. Individual health insurance:

It is the simplest of all the other types of health insurance and one of the best available options. This plan ensures that it will cover individual medical expenses within the cover limit. Like other insurance plans, you need to pay a regular premium amount to buy the cover. If you need a large cover, then the premium you pay will be high.

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Indian Equities, Tax Surcharges, Foreign Investors and more…

While most indicators were well in order, bellwether Indian indices slumped through the week. The only plausible explanation is that hot foreign money was pulled out as an aftermath of the proposed tax surcharges reflecting concerns around appreciation potential on a post-tax basis. In our opinion, this is atypical of a knee-jerk reaction and is expected to be short-lived as the markets adjust and price-in the proposed tax amendments.

To offer context, the Union Budget for 2019-20 proposed a hike in the surcharge applicable on the income of HNI/UHNIs. Below is a snapshot of the steep hike in surcharge proposed.

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Will

The importance of making a Will

Making a will can save your loved ones a large amount of money and stress. A will is a legal document that stipulates your wishes as to who will receive your property and possessions when you die. It is important that you have a valid will to ensure your estate is distributed to those you wish.

The statistical data says that 80% of Indians do not have their wills made and the reasons for it are many. Here are some of them:

  • It’s too early to think about.
  • Making a will is a lengthy process
  • I am not aware of rules and regulations
  • I have told my spouse and children of my intentions that I will do
    And many more…..

While each person’s situation varies, here are seven reasons to have a will:

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Difference between secured and unsecured loan

Difference between a Secured and Unsecured Loan

“Do not save what is left after spending….but spend what is left after saving.”
-Warren Buffett.

What is a Secured Loan?

A secured loan is a loan given by the financial institutions where assets are collateral for security for the loan. One can use the house, gold, machine, etc. to avail a loan amount, which is equivalent to the asset value. In the case of a secured loan, the financial institution or bank will hold the ownership until the loan is paid off.

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Unsecured Lending

What is unsecured lending and how does it work?

“Financial freedom is a mental, emotional, and educational process”.
-Robert Kiyosaki

First, let’s understand what loan means?

In simple words, the loan is when you receive money from a friend, bank, or financial institution in exchange for further repayment of the principal, plus interest and tenure duration. The principal is the amount which you have borrowed; interest is the amount charged for receiving the loan, and tenure is the time duration of the loan.

Classification of loan.

Loans are divided into two categories

  • Secured loan
  • Unsecured loans

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Gold

Digital Gold a smart way to invest in Gold

“Opportunity is missed by most people because it is dressed in overalls and looks like work”.
-Thomas Edison

We all know that for Indians gold is a hedge or an investment option. For us, gold is an important part of our culture and traditions. People in India prefer the pure variant of yellow metal i.e the 24K gold for the investment purpose. Just like your home, which is most of the time not an investment but it is handed over from one generation to another, gold is also possession and precaution during emergencies where gold is one of those assets that can help in your rainy days.
However, with time the methods of investing in gold have changed. And nowadays people prefer to invest in Digital Gold if the prime motto is an investment.

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direct-vs-regular

Difference between Direct & Regular Plan Mutual Funds

“One of the only ways to get out of a tight box is to invest your way out.”
-Jeff Bezos

A Mutual Fund is divided into two categories:

  • Direct Plan Mutual Funds
  • Regular Plan Mutual Funds

And in this topic, we will dive deeper into these two broad categories to understand how they work and who should invest in them.

Direct Plan Mutual Funds

The Securities And Exchange Board Of India (SEBI) introduced Direct Plan Mutual Funds in January 2013 making is compulsory for all the Asset Management Companies (AMCs) to provide an option to invest in Mutual Fund scheme directly. When an investor invests in a Mutual Fund directly with an Asset Management company(AMC) without the help of any broker, distributor, banker or any kind of intermediary, that is known as Direct Plan Mutual Fund. One can apply to Direct Plan Mutual Fund just by visiting the Mutual Fund house or visiting the company’s official website or through an online app such as MyWay Wealth that provides the option on investing online.

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stock market

Get to know more about Stock Market and Index

“Patience is the key element of success.”
-Bill Gates

What are the stock indices?

A stock index is a statistical measure that shows the changes happening in the stock market. The criteria for selection of stock could be the type of industry, size of the industry, and market capitalization. The value of the stock market index is to be calculated using the values of the underlying stocks in the market. If any changes happen in the underlying stock prices it will impact the overall performance of the index. If the price of the underlying security falls the index will also fall and that could be also vice versa. In this way, a stock reflects the overall market view and direction of price movements of the financial products and commodities in the market.

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Top 5 budget announcements that have a direct impact on you!

Did you know?

Indira Gandhi assumed the designation of the Finance Minister of India during 1970-71 as additional charge while she was the Prime Minister of India.

So, Nirmala Sitharaman may not be the first female finance minister of India but is definitely the first full-time finance minister of India.

The Union Budget 2019-20 was not just the first time a full-time female finance minister presented the budget, it is also Modi 2.0’s first budget and had the world wait with bated breath. The budget was not overwhelming but was definitely prudent. Given the increasing income disparity and India’s tepid economics, the government clearly indicated its intent to revive the economy through prudent capital allocation and income redistribution – or in simple words, revive the most troubled yet essential factions of the economy along with extending economic support to the low earning groups while drawing in financial support from the high earners.

While the budget, by nature, is comprehensive and has several assertions and announcements, we’ve tried to make life simple by listing and explaining the top 5 announcements that should matter the most to you.

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