cricket and investments

Khelo App ki Cricket Investments Pe

Cricket is the most popular game in the world undoubtedly, and it’s the world’s greatest sport. It’s a gentleman’s sport, full of sportsmanship. An epic journey where players and fans get to know each other over days of play, where respect is the golden rule, and integrity is very much alive. And on the contrary, Investing in the Mutual Fund is helps you to create wealth in the long/short term and helps in achieving your financial goals.
Besides entertainment, Investing is like a game of cricket.

“Your Team→ Your Portfolio
Your Players→ Your Securities.”

In this article, let us use the analogy of a cricket game in investing. When it comes to cricket, We ‘Fans’ always feel like the cricket team could have done a better job, when it comes to us, we fail to create our investment portfolio and financial success.

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health insurance

Importance of Health Insurance

“Good Health and Good Sense are two of life’s greatest blessings.”

There are plenty of reasons why health insurance is not just a good idea, but it is a necessity. The benefits will depend on the plans you buy and exclusions of the policy.
Many will face a financial crisis when it comes to medical emergencies and to meet the medical cost, people will switch into their savings, and they drain it entirely. So, in situations like this, a health insurance plan could be a real “life-saver” because it covers your hospitalization expenses.

Health insurance increases your accessibility to quality health treatments, including private healthcare, where the cost is still a barrier for many. Health insurance ensures you to get appropriate treatment promptly irrespective of their financial capability.
Especially in a country like India, people have a reduced capability to afford proper medical treatment. Medical insurance provides the much-needed financial stability to an individual.

Why is Health Insurance important?

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health-insurance

Health Insurance

Health is Wealth

At some point in life, everyone faces various types of health risks and uncertainties. And it’s important to understand these risks. Knowing the risks, you and your family may face can help you find ways to avoid health issues.

What are Health Risks?

A health risk is not something that will harm you or affect your health. Risk doesn’t mean that something terrible will happen; it’s just the possibilities. Health risks include your age, family health, and lifestyle.
There are some risks which can’t be changed. Such risks are “genes” (inherited diseases from your parents) while some risks are in your control like diet, physical exercises, etc.,
Your absence can devastate your family or your dependents. Thus, understanding the health risks can help you make smart and informed decisions.

How can you reduce the risk?

You can reduce the risk by transferring it to the insurance companies. Insurance acts as a “Financial tool” against your health risk. Let’s learn about “Health Insurance.”

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health insurance

Check out these points before you buy a Health Insurance

“In the end, it’s not the years in your life that count. It’s the life in your years.” 
—Abraham Lincoln

Buying health insurance is like a back-up plan for your life. Health insurance covers the whole or a part of the medical expenses incurred by you. Various insurance companies are offering numerous policies. The need for health cover is increasingly becoming more critical, and hence choosing the right health plan is essential.

Here are a few points that you need to check before you pick up a Health Insurance:

  • Lifetime renewability:

The regulating authority of health insurance companies is IRDA (Insurance Regulatory Development Authority of India). As per IRDA regulations, health insurance companies are mandatorily required to offer health insurance for up to 65 years. Most of the private companies do not have any such age limits in their plans. Once the policy is issued, individuals will be solely responsible for renewing the policy timely. If the individual fails to renew the policy, at the time of claiming, they will lose the real benefits of such a lapsed policy.

  • Pre-existing ailment/ diseases

A few health insurances are for pre-existing illnesses. The coverage of pre-existing is conditional depending upon the individual’s honesty while making the medical disclosure at the time of buying the policy. In case, if the insurance company suspects that the individual is aware of his pre-existing disease at the time of purchasing the policy, then the company may refuse to issue the policy. Thus, it’s essential, to be honest, and disclose any pre-existing diseases at the time of buying a policy.

  • Sub-limits

Sub-limits in health insurance has become a vital feature to keep an eye on. The total medical cost includes the doctor’s fee, room rent, and other operating charges. Sub-limits refer to limiting reimbursement under each cost head or a limitation on what the company will pay out for a specific purpose. Hence, always look for the policy with no sub-limits.

  • Exclusions

Before buying a policy, always look for the diseases that the policy will cover, terms and conditions, the medical services that the policy does not cover.

  • Disease waiting period

Health insurance companies will have a period during which they will not pay any claim. It’s good to know about the diseases covered under this clause before buying the policy.

  • Daycare procedures

Daycare procedures is an essential requirement for health insurance claims. Many health insurance plans have started covering claims for daycare expenses such as dialysis, chemotherapy, etc. Check for the daycare clause and know how much will be paid.

Thus, while choosing a health cover, you should start comparing two different companies plans. You should have a close look at the inclusions and exclusions offered by the company. Do not choose a policy based on the premium amount; instead, look for the plans with simple conditions and restrictions.

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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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:

1. Avoiding dealing with family issues
Not wanting to deal with family issues is a big reason a lot of people don’t make their wills. Having to confront the issues of the past can be extremely uncomfortable so due to this reason people avoid to make a will.

2. Not ready to make important life decisions
If you think your will has been the “be all end all” document and you’re just not ready to make such huge and overwhelming decisions, think again. A will is something you create for right now not for some vague time in the future.

3. Unsure where to start
You can start by doing some research online; you can start by organizing your thought on paper, or you can start by making a will meeting a professional who can help you in making a will.

5. The belief that young people don’t need will
Sometimes making a will in the early stages of life helps a lot during emergencies. If you are making a will when you are in your 30’s that is an empowering exercise which is been taught to your children. You’re never too young to start planning. 

6. Believing that only wealthy people need will
The idea that only wealthy people need will is simply not true. Everyone needs a will whether you are old, young, rich, poor, male, female, married, single, children or you don’t have children. Moreover, if you own any property you should make a will because it’s a smart thing to do.

How to make a Will?

One should have a map of current assets – bank deposits, bonds, mutual funds, stocks, properties, gold, jewelry, vehicles, assets created overseas, books, art, wine, and whatever you want to give to your heirs. It’s always a good idea to put down details like passwords to an online bank account or in a password protected dynamic Excel sheet. Put down in writing the location of property papers and locker keys.

Once these details are done, indicate who should get what. For example, if you own two flats and want to leave one to each kid, do specify which goes to whom. If there is jewelry, mention who gets what. Maybe take pictures and specify who gets what.
Also, don’t forget to appoint an executor of the will. This could be a trusted family friend, your lawyer, your financial planner who ensures that the will is executed as per your requirements.

Why make a Will?

  • A will makes it much easier for your family or friends to sort everything when you die.
  • If you don’t write a will, everything you own will be shared in a standard way defined by the law – which isn’t always the way you might want.
  • Writing a will is especially important if you have children or family who depend on you financially.
  • After you die someone needs to help wrap up your estate. You can use the will to name an executor to carry on this task.
  • The most common and simple reason to make a will is to decide who will get your property when you die.

Do I need a Will when nominees are in place?

A common mistake done by an individual is they think that instead of making a will make the person as nomination but that does not mean that the nominee gets the assets. In your head, the nominee and the legal are the same people, but in the eyes of the law, the two could be different.

In the legal context, the nomination is only a provision for calming of the property by the nominee as a custodian, in case of the demise of the owner of the property.

The legal heir, as opposed to the nominee, is the individual who has the right and entitlement to succeed the wealth and property of the deceased individual under the signed legal will, else personal succession of law is applicable. The legal heir will be mentioned clearly in the will, as the key inheritor. The legal heir can be one person or multiple persons as well

Life is unpredictable. We really don’t know what happens tomorrow. So be prepared for unplanned events which make things easy. One should have a valid will no matter whatever your age (it’s okay to have a will at age thirty-five). One should have a rough estimate of assets and who gets what. In summary, dying without a will can mean that your loved ones are left with a financial and emotional mess to deal with.

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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