Health insurance and its benefits

In a world where we are running around to earn money, become a wealthy person and lead a happy lifestyle , our health takes a backseat. This negligence takes a toll on our body . Eventually, we are trapped in a circle of diseases. More ailments call for additional expenses. Therefore, to avoid the stress of medical care, people resort to all-in-one health insurance policies for themselves and their family.
 
What is health insurance all about?

It is an investment that protects you from unforeseen medical costs that you or your family member may require. All banks in India offer different health insurance plan. Following are some of the features of a health insurance:
1) Ensures cashless medical treatment
2) Repayment facilities in case of surgeries
3) Covers pre and post hospitalisation charges
4) You can also avail of cashless therapies from certain hospitals that are linked to your bank 
  
Health insurance policies are available for every kind of individual in India:

1) Personal health insurance
2) Family health insurance
3) Child health insurance
4) Senior citizen health insurance and others

Taking up health insurance has become more of a compulsion today. Some significant advantages of applying for a   health insurance plan is: 

1) Safeguards your health: A medical insurance acts as your saviour when you are in dire need of money. Many health insurance schemes offer medical cum health check-up facilities and counselling sessions. Health counselling not only heals you mentally but emotionally as well. And nothing can get better than receiving such advises for free

2) Health costs are covered:  Although the advancement of technology has enabled the users to  get better treatment and services, it has only got costlier for the common man. If you have invested your money in buying an appropriate health insurance plan, then getting the right kind of medical treatment is not impossible. Your insurance company will manage your expenses, regardless of your financial condition


3) Best medical aid: The health insurance provides cashless treatment facility in time of emergency. This way you can avoid the delays of receiving the cash and get the treatment done on time

4) No claim bonus: You may not have the facility to claim  medical insurance benefits every year, but the insurance company provides you with a no claim bonus  in the following year. This includes all the reward you have earned over the past year , thus making it a profitable investment 

5) Top-up plans: They are like additional covers. It enables you to settle your extra hospital dues, once your initial benefit sum gets exhausted. Apart from insurance coverage, a top-up plan boosts your health insurance policies as you receive additional benefits. You have to pay a premium to obtain these reimbursements, though   

6) Covers critical illnesses: Major diseases such as cancer, heart attacks, paralysis, kidney disorders, are all uncalled events. They also require heavy treatments. Several health insurance policies offer coverage for critical illnesses. They ease off the pressure of massive    payments from the shoulder of the insured. Insurance company offer these services from the beginning of the sickness.
 
Consider these aspects when you opt for a perfe ct  health insurance plan. Do not compromise on your medical insurance because as the saying goes, ‘health is wealth.'

5 know-how about credit cards

You have received your first pay cheque. You decide to open a savings or salaried account. Now that you have your account in place, how do you plan to use the money in it? Banks offer services such as debit or credit card for such purposes. In fact, the banks in India provide an assortment of  cards that carry additional benefits like rewards, cashback, shopping miles, entertainment, etc.

After choosing a credit card of your choice, how can you go about using it? Following are some information about the credit card  that you need to be aware of:  

1) Interest rate: Remember, you are charged interest rate only when you carry forward your balance. If you pay off your bill all in once, you do not incur any interest. So, if you are someone who gets your credit card payment done entirely and on time, then interest rates should not matter

2) Annual fees: Some credit card carry annual, renewal or joining fees. So, opt for a card that does not have yearly charges.    The annual costs sometimes waiver from bank to bank if you spend above a certain limit 

3) Delayed payment: If you miss your credit card payment, banks charge heavily. They may also increase the interest rates. So, ensure to pay the bill within the specified due date, i.e. 15th or 20th of every month

4) Cash credit: By making use of your credit card to withdraw cash, can cost you heavily. They come with high-interest rates and no free credit periods. Before applying for a credit card, inquire about the cash credit details

5) Reward points: If your bank offers some reward points, do not get carried away by them. These reward points are just a small return for spending on your card. Usually, you earn 1 point for spending every INR 100

Following are some tips to remember before you choose the right credit card:

1) Know what kind of card you want concerning your requirements and benefits     
2) Do not let the bank pick the card. You know what   your needs are than the bank 
3) Do thorough research before applying for your kind of credit card
4) When applying for a credit card via tele caller, ask the necessary information
5) Spend as per your budget. Do not exceed the credit card limit
6) Pay your bills on time to avoid high-interest charges

Banks offer credit cards that suit a person's taste. You need to recognise the perfect category that you fall under. 

Demat account - how to open one?

We all hold multiple bank accounts, be it savings or current or salaried account. And if you are an entrepreneur or business person, you might be interested in Demat account. They act like a DigiLocker. Just like how a DigiLocker saves all your essential physical documents safely, a Demat account manages your assets (bonds, debentures, shares, etc.) If you are someone who purchases shares from the market frequently, then you should open Demat account right away.

What is a Demat account?

A Demat Account’s functions are similar to a DigiLocker. Now, if you want to buy or sell your stocks, you should have a Demat account with a Depository Participant (DP). Who are these entities? Just like the Indian government operates DigiLockers, the DPs manage your Demat account. Unlike a DigiLocker, the depositories facilitate transactions, though.

At the moment, three entities are handling the Demat accounts in India: Securities and Exchange Board of India (SEBI), National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

How to open Demat account?

You cannot directly open an account through CDSL. You have to open Demat account through a DP of CDSL. Following are the steps to open one:

1) You must first choose a DP based on your budget and convenience
2) You have to fill a Demat account application form along with the following documents:
- Age and address proofs
- Bank account details
- PAN card
3) Prior to opening your account, you have to sign an agreement that includes the rights and obligations of both, the DP and you
4) Upon opening Demat account, you will receive a beneficial owner identification number that should be used for future transactions
5) You will also be allotted a unique Demat account number that ensures debit/credit of securities
Note: You can open Demat account can be maintained even with a nil balance

What are the benefits of owning a Demat account?

1) You do not have to pay stamp duty, which in turn reduces your transaction cost
2) Convenient and instant electronic settlements
3) Less paperwork concerning transferring of securities
4) The chances of fake certificates and theft get reduced
5) Can sell n number of shares
6) You can also invest via your Demat account, courtesy internet

Remember to open a trading account as well when you open Demat account to conduct buying and selling of shares. Go to your closest bank and get one now!

5 reasons to take up personal loans

Money plays a huge role in shaping our lives. They have the potential to turn our dreams into reality. However, there is one hurdle that stops us from nearing our goals – the financial setback. Lack of funds can be detrimental on several occasions. Nevertheless, there are many avenues by which you can secure your dreams. One such solution is a personal loan.

What is a personal loan?
Simply put, a personal loan is an unsecured loan that requires no collateral as security. These can be taken from banks or non-banking financial companies (NBFC). Personal loans are available with much ease and provide flexible options. They offer immediate financial relief as well.

What are the personal loan eligibility criteria?

Those who take up personal loans need to fulfil conditions based on income level, repayment capacity, employment history, etc. The criterions are as follows:

1) Age: You should fall between the age group of 21-60 years

2) Income: To avail a personal loan, you should earn a minimum salary of 20,000. This is applicable for salaried employees. If you are self-employed, you should be drawing at least INR 2 lakh per annum


3) Employment stability: You should have been in your current business or organisation for at least 3 years

4) Credit score: Your rating plays a crucial role to determine if you can   pay back the loan on time. You must have a rating anywhere around 650-700 
   
Although personal loans are taken to fund your requirements, there are times people use it for impractical events. It is imperative to know when to avail of a personal loan:

1) Holiday: Lengthy working hours, stressful work environment, improper eating habits, are some factors that contribute to our health problems. To counterbalance all this, a vacation is an ideal solution.  If you cannot afford the expenses of the ho     liday entirely, you can always take up a personal loan for the same.  Banks do not back out from offering loans for such reasons, provided you have your trip documents in place.       

2) Wedding: A wedding calls for expenses that could leave a hole in your pocket. Considering weddings are a one-time affair, people do not hesitate in spending lavishly. Indian weddings involve several ceremonies, and that adds on to your budget. In such scenarios, you can   opt for a personal loan. These loans are generally quick in nature and ensure the wedding takes place smoothly. 

3) Clear existing debts: There are times we need loans to meet some of the other financial emergencies. That leads to multiple investments in our name.    It is better to clear them off with one single loan, i.e. a personal loan. Most banks do not refuse to sanction personal loans to clear existing debts.  

4) Health: Let’s be honest, medical emergencies are erratic. The cost of healthcare is too much to handle. Health insurance could bail us out for that  moment, but additional expenses could emerge. At such times, a personal loan comes to the rescue. It offers some amount of relief and is an extremely viable option due to its immediate processing.      

5) Home renovation: No house is complete if it does not give you a homely feeling. We always want the best amenities for our home. Whenever you want to make some changes to your home or purchase new equipment, a personal loan acts like your best ally.

Regardless of the reason, a personal loan should be treated with respect as it always provides us with relief from a significant burden.

Top 5 benefits of purchasing a two wheeler loan online

With the magic of the internet, the entire world has become smaller and smaller. Things that looked impossible a decade ago have suddenly become the new norm. While it was understandable that one could buy clothes, accessories and even food online, no one thought that a day would come when people could purchase bank loans online. That’s right, in this modern, 21st century; online shopping has been taken to a whole new level where you can apply for bike loan online. Here are a few benefits of purchasing your loan off the internet.

You can get lower interest rates: As we all know, online aggregators are highly competitive. You get discounts not only on the product, but there is also a good chance that purchasing a loan online can result in a lower interest rate percentage. If you visit a bank or a financier’s office, you will mostly find them offering the loan, at say 14% for 3-4 year tenure, whereas, when you apply for the loan you may get a 2% discount on the bike loan interest rate, resulting in a lot of savings.

Additional discount on processing fees: Most online aggregators try to win your business by giving you as high as 20%-50% discount on processing fees, further reducing the total price you pay. The rates are reduced further if you purchase the bike during festive seasons. Some will adjust it to lower one entire EMI, allowing you to save a lot more than you would have, had you visited the dealership to purchase the bike on loan. Plus, they would also throw in free bike servicing for the first year.

You can use an EMI calculator to check your

eligibility: Before you apply for the loan, you can do a quick check of the loan amount and interest you would be eligible to pay, on the bike loan EMI calculator. You simply have to answer a few questions such as your personal details and provide a few documents like your salary/income certificates, pay-slips etc. In just a few seconds, the algorithm will tell you the interest you can pay as per the tenure you select.

Your loan gets approved faster: Once the eligibility check is completed, you can get the two-wheeler loan approved much faster, eliminating any reason to visit the branch. Note that if you opt to apply for the loan online from a bank with which you have a working relationship (current/savings account), your chances of getting the loan approved increase further. The bank sends over an agent to complete the formalities, saving you a lot of time.

You can get 100% financing: Since most bikes are not that expensive, you don’t have to think a lot before taking out a loan. What’s more, you can get 100% bike loan, so you don’t have to worry if you initially had a low budget.

The Advantages of Sending Money Online Instantly

Moving funds around via cheques, pensions and financial brokers is so “old school”. Exorbitant commission fees and lots of time goes in this process. The process of the money being transferred through these methods is painstakingly slow. Thanks to the advancement of technology, it is now possible to send money online instantly with the help of online money transfer apps. This is also a saving grace for those who want to send money immediately to different countries, as the current exchange rates are shown during the process or transfer. Online transfer of funds is also beneficial for those who want to make instant bill payments.

These transfers can be done online or with the help of online money transfer apps on the mobile phone

Some of the benefits of transferring money online are:

1.    Need for Speed
One of the most significant advantages of online funds transferring is that is it quick and hassle-free. Cheques take weeks to be processed and going through a financial manager is also time-consuming. The fast speed of online money transfers makes it easier to manage finances and make bill payments on time, saving you from the late fee penalties.

2.    Safe and Secure
Sending money in the mail or through another person can always be risky as there is a possibility that the money might get stolen and not reach the recipient. Furthermore, if cheques are sent by mail, and these get stolen, thieves can gain access to the account listed and drain your bank account. To avoid such situations, online money transfer apps are a much better, and safer option.

3.    Flexible
Several accounts can be set up in different banks, and money can be moved back and forth from the accounts at one's own will. To make an expensive purchase, the ability to transfer money online from one account to another will come in handy, as every account has a spending limit. This process of sending money online instantly also comes in handy in emergency situations, and to avail higher interest rates from different banks.

4.    International Transfer
Gone are the days when one needed to carry loads of cash with them when travelling abroad. Now, if anybody runs short of money, friends or family can instantly use an app to transfer money from different banks, and across seas when the other person is in need of it. This makes the process simple and hassle-free.

Top 3 online shopping offers during the festive season in India

The sale might be over in the malls, but you have plenty to shop from the online portals. The sale periods on sites like Amazon, Flipkart, etc. never stop. They keep running deals and offers on a frequent basis. India runs  online shopping offers on two occasions: end of season and festivals. End of season sale last for a more extended period, approximately for two months. Then you have the festiv e deal  that lasts for not more than 4 to 7 days.
        
During this period, you have offers on electronics, clothes, accessories, etc. There are also offers on essential commodities such as day to day groceries and even,    gomutra (cow urine)! To  avoid unmanageable traffic on one day, e-commerce websites release deals occasionally. They also have some strategies in place before coming up with these discounts. Some of the upcoming  and ongoing online shopping offers in India are:  

1) Flipkart: From August 10, consumers can enjoy a limited period sale  on Flipkart which is also called the ‘Big Freedom Sale.’ They will run till 12 August midnight. Their primary focus is on smartphones.  Some of the deals during this phase are: 

- There is an INR 3,000 off on Honor 7A. The phone initially costs INR 10,999 for a 32GB model.    The phone was launched in April 2018  
- You will also get the iPhone SE for INR 17,999, the actual cost for which is INR 26,000
- Flipkart is giving away Honor 9 Lite for INR 10,999. They have chopped the rates by INR 6,000
- Google Pixel 2, the phone on demand, will be sold for INR 41,999. The original price was as high as INR 61,000 for a 64GB variant

2) Amazon: The big players who are providing offers on online shopping are Amazon. They have already begun their sale from August 9 and will be on until August 12. This sale is conducted on the eve of 72nd Independence Day. Amazon is offering over 20,000 deals  across categories that include electronics and smartphones. They are also offering huge deals on Amazon products such as Echo, Echo Dot, Echo Spot, Fire TV Stick and Kindle. Depending on the popularity of the product, Amazon is changing offers almost every day.   

3) Paytm: Going by the ‘freedom’ theme, Paytm are running the ‘Freedom Cashback Sale.’ It began on August 8 and will go until August 15. Paytm in connection with 1,000 other brands are promoting this offer. People can select from an array of options  for an attractive price offer during the Paytm sale.
Make maximum use of the online shopping offers and flaunt your purchase in style this Independence Day.