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August 2020

Finance

Guaranteed Income Plans – Should You Invest in Them?

by Abram Jayce on

Coronavirus has led to increased awareness about the risks associated with investment products. Given the current state of the country, many people are facing financial difficultly. The risk to life and health is increasing, along with the cost of healthcare.

Individuals want to know how to invest money and increase returns. Considering this, life insurance is an ideal product that serves the purpose of safeguarding the financial needs of the dependant family members when the policyholder passes away. One such life insurance plan, which offers life cover along with regular payouts and maturity benefits, is a guaranteed income plan.

What are guaranteed income plans?

As the name suggests, the insurance company assures the payouts in case of a guaranteed income plan. As the plan offers a package of life insurance with maturity benefits and regular payouts, it is perfect for risk-averse investors.

A guaranteed income plan will offer a regular payout at a specific percentage of the sum assured, as chosen by the policyholder at the time of purchasing the policy. Moreover, you have the option to receive the income on a monthly, quarterly, half-yearly,or yearly basis.

This plan is a goal-based product. It offers guaranteed returns on investment to help you accomplish major milestones in life. You can purchase the plan to cover the expenses of your child’s education and wedding. Before you choose a plan, you need to know when to opt for a life insurance cover. If you are the sole breadwinner and have dependent parents, children, and a spouse, you must invest in a life insurance plan at the earliest.

Additionally, guaranteed income plans offer conservative returns, and you should factor in inflation before going ahead with the investment decision. This way, you will not get low returns.

What are the highlights of a guaranteed income plan?

In a guaranteed income plan, the assured monetary additions will accrue over time. You will receive these returns during maturity. You need to be careful when choosing the duration of the policy. In case of any untoward incident, your beneficiaries will receive the death benefit. Usually, the insurer waives off the premium in such a situation.

 Benefits of the plan

Here are some of the prominent advantages of a guaranteed income plan:

 Suitable for risk-averse investors

The plan offers a guaranteed return on investment, and it is appropriate if you have a low to moderate risk appetite. You will receive an insurance cover with guaranteed earnings in the form of periodic payouts.

  • Tax benefit

 A huge plus point of investing in a guaranteed income plan is the tax deduction. You can avail of a deduction on the premium paid under Section 80C of the Income Tax Act, 1961. Furthermore, the maturity benefits are exempt from taxation under Section 10(10D) of the Act, making this plan an effective tax saving investment.

  • Goal-based investment plan

You can invest in the plan to achieve long-term goals like retirement or purchasing a new house. Keep your objectives in mind before selecting a plan.

Should you invest in it?

Now that you are aware of how a guaranteed income plan works, you will be in a better position to decide. If you want a guaranteed return on investmentat low risk, you must opt for this plan.

If you want to retain a specific amount of corpus or wish to receive regular income over a period, this plan is a feasible investment option. While the returns may not be significantly high, they will be guaranteed. If you are looking for efficient tax-saving investments, this plan can prove beneficial.

A guaranteed income plan is a specially designed plan that cushions the corpus and keeps your investment safe from market fluctuations. So, if you have a low risk-taking capability, and are looking to earn decent returns, you can opt for this investment avenue.

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News

Why do you Need Professional Services of a Personal Injury Attorney 

by Abram Jayce on

Why do you wish to hire the services of an injury lawyer? It would be in your best interest to look for Hialeah personal injury attorney suitable for your claim handling needs. The injury claim should not be handled without the assistance of a personal injury attorney. Only a professional injury attorney would be your best bet for handling all kinds of claims in the best possible way. The injury attorney would ensure that you get the best services for an affordable price. If you were worried about your claim handling needs, consider looking for the one offering quality services without hampering your budget. 

To save money on hiring a professional injury lawyer, most victims to an accident would look forward to handling the claim on their own. Their DIY stint could prove hazardous to their claim winning needs. Winning a fair compensation may be a far-sighted dream; the victims to an accident may not receive any compensation at all from the negligent party. Rest assured an experienced attorney would represent the negligent party. The attorney for the negligent party would work hard to prove no injuries incurred due to the accident. He would do everything that could help save his client from paying a hefty compensation amount. 

Your compensation claim amount will secure your future and that of your family. Therefore, you should not be complacent with your choice of attorney to handle your compensation claim. Neither you nor any inexperienced person should handle the claim. It would be essential that you find the best injury attorney for your claim handling needs. To ensure that you do not make a mistake while hiring the best injury attorney, consider scheduling an initial consultation with the potential attorney. During an initial consultation with the potential attorney, you should determine the competency of the attorney by asking numerous questions and receiving satisfactory answers. 

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News

How to Determine the Precise Compensation Amount for the Accident Claim 

by Abram Jayce on

Why do you need to hire the services of a Rochester car accident attorney? You may be competent to handle the claim on your own. Without a car accident attorney at your behest, you may not have the expertise to file the claim. If the claim is wrongly filed, you may hamper your chances of winning a deserved compensation. On the same note, is you were late in filing the claim or failed to file the compensation claim within the stipulated time, you would also lose your claim to compensation. The compensation amount you intend to seek from the negligent party or the insurance company would secure your future. 

If you had suffered severe injuries in a car accident or might have lost a limb in the accident, chances of working again would be far sighted. In such an event, you would be required to file a compensation claim against the negligent party seeking a deserved compensation. What would be a deserved or fair compensation for you? It would be in your best interest to look for a qualified and competent car accident attorney to handle your claim in the best possible way. If you were to file the claim independently, you may not have adequate expertise to determine the precise amount to be quoted in a compensation claim. 

When you have to determine the precise amount as compensation claim, you would be required to consider several aspects. The most important aspects would be the extent injuries suffered by the victim, lost wages, pain, and suffering of the victim. These aspects would help you determine the precise amount to be quoted in the compensation claim. The car accident attorney would be experienced to handle various kinds of car accident claims. He would use his experience and expertise in the legal arena to help you seek a fair compensation. 

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Insurance

Costs of Health Insurance During COVID-19 Pandemic

by Abram Jayce on

Insurance penetration in India is amongst the lowest across the globe. However, in the wake of the coronavirus (COVID-19) pandemic, an increasing number of people are looking for coverage. As the number of positive cases continues to rise, the Insurance Development and Regulatory Authority of India (IRDAI) is asking health insurers to offer short-term COVID-19 plans.

With inflation affecting the healthcare costs and the uncertainty created by the pandemic, consumer sentiments have seen significant changes. People have started looking for health and overall insurance coverage to safeguard their financial stability.

Based on a study, the following research has come to light:

  • Life and health insuranceplans have gained prominence in the country
  • One out of three people has searched for new plans
  • One in four people has bought a new policy
  • Retail health insurance segment showed a 25% year-on-year (YoY) growth

As the coronavirus pandemic continues to spread, the future of medical insurance is seeing major developments.

Here are a few of these:

  • Millennialsare understanding the importance of getting comprehensive health coverage against new diseases
  • Women are more eager to avail of insurance coverage as compared to men
  • Individuals will opt forhealth insurance plans that reward them for staying fit and active
  • People have become more concerned about rising healthcare costs

As theIRDAI urges insurers to offer health insurance for coronavirus, the pandemic has been an eye-opener for several people. Health coverage is no longer considered as a ‘good to have’ option; today, it is perceived as a ‘must-have’ insurance policy. For individuals who currently do not have coverage, the Corona Rakshak Policy is an ideal alternative to purchaseCOVID-19 health insurance.

The plan offers coverage between INR 50,000 to INR 2.5 lakh. It is a short-term policy available for 105, 195, and 285 days. The premium on this plan is affordable, ensuring financial stability in case of a positive diagnosis. This coronavirus health insurance policy covers hospitalization and quarantine expenses at an authorized facility.

For people who still do not have health coverage, they must buy this insurance plan without further delay.

Here are three reasons why one must buy cashless health insurance:

  • Healthcare costs are increasing due to medical inflation, which is approximately twice the rate of regular inflation
  • Premium on health plans may rise by 5% to 25% later in 2020
  • Government healthcare infrastructure is poor, and without mediclaim policies, it may be impossible to seek top-quality treatment in a private facility

As per expectations,

more people may buy health coverage during this pandemic, ensuring treatment and hospitalization costs become affordable.

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News

How to stay safe during online payments

by Abram Jayce on

Undoubtedly, technology has done us plenty of good by making our lives effortless and convenient and fulfilling all our wants just at a click. We no longer have to resort to conventional methods of functioning, which were irksome and tedious.

However, technology might be too good to be true. Although it has made our lives easier in many ways, it has also introduced new problems and challenges. It’s our duty as vigilant citizens to try our best to be safe while engaging in online transactions.

Some of the ways you can do the same are mentioned here:

  1. Always read the policies of the platform you are using for online transactions

Online platforms such as Paytm, Amazon Pay, Google Pay, etc. are often used for various day-to-day purposes such as payment of bills or online recharges. It is fundamental for every user to thoroughly go through the terms and conditions that are available on such platforms for their knowledge so that they know beforehand the extent of the damages the platform is ready to incur in case of a mishap.

  1. Be mindful while making payments

Everyone is expected to be vigilant and mindful of who he/she is paying and how. The same is the case with airtel online bill payment or other bill payments as well. Remember to always have the necessary information about the one you are entering a transaction with. Sometimes, these people can turn out to be hackers as well who can track your account details and maybe even steal money from you.

  1. Keep changing your account passwords

If a hacker is able to hack into one of the many accounts you have, he can always use that information on other platforms, and someday, he will find a way into another account. So, it is very important to keep changing your passwords significantly, not just a letter here and there. Always remember to keep separate passwords for every account so that even if one is hacked, you can save the others.

  1. Enable the two-factor verification in your accounts

As the name suggests, two-factor verification means that there are two stages to log into your account. When this feature is enabled, you would need to provide two steps of verification in order to advance a payment instead of directly continuing with it. The second step of verification provides extra safety for you and a challenge for the hacker.

  1. Beware of Phishing

Phishing is a trick that allows hackers to divert you to a fake website to make payments instead of the authentic website. It is extremely difficult to determine whether a site is fake or real, but you can save yourself from phishing by installing a good anti-virus, being aware of suspicious websites, never uploading your account details on any unknown website, and enabling two-factor verification.

Increased crime has led to increased security, as well. There are numerous laws that penalize cybercriminals, which can destroy their future forever. If we keep the above points in mind, we can ensure our security and engage in seamless transactions!

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Insurance

Things to Know About Travel Insurance for Over 80 Years Old 

by Abram Jayce on

The most ideal approach to guarantee that explorers over 80 years old remain safe during their outing is to get a complete protection strategy that gives the significant inclusion required at this age.

There is very less number of inclusion plans accessible for those over 80 years old and over, due to the fact that age is one of the essential components insurance agencies consider as a hazard. Along these lines, most policy designs for voyagers over 80 years old have confined arrangement of greatest choices, diminished advantages, and a higher premium.

In any case, in light of the fact that numerous seniors over 80 years old of age are at a higher danger of sickness and injury, it’s critical for them to have travel clinical protection. Without protection, a specialist visit could cost a lot.

Numerous seniors of this age are hesitant or dreadful to travel due to the related dangers; however, there are a few arrangements choices that offer significant protection for older people, for example, 100% inclusion for crisis clinical consideration. With such protection, seniors can go with genuine feelings of serenity realizing they are secured for the unforeseen.

While thinking about a strategy for senior explorers over 80 years old, it is important to observe the following.

Their Overall Wellbeing Condition 

While purchasing medical coverage, it is essential to think about the voyager’s overall wellbeing. On the off chance that they are more defenceless to affliction or injury, it is important to buy a higher arrangement plan, which may be more costly. In the event that the voyager, who is over 80 years old overall wellbeing is steady and they don’t become ill frequently, they might need to pick a lower inclusion plan fundamentally to cover likely mishaps or wounds.

Exercises They May Take an interest in During Movement 

Before buying the correct medical coverage for those over 80 years old, it is critical to consider what they intend to do during their voyage. On the off chance that the voyager is bound to remain inside without voyaging a lot or taking an interest in bold exercises, they may pick a constrained inclusion plan. For older individuals, even a short vehicle drive starting with one spot then onto the next can be difficult and lead to disorder or injury. On the off chance that the person wishes to take an interest in various exercises during their stay, they should consider an exhaustive inclusion strategy.

Length of Their stay 

The longer the individual stays in the place the higher the odds of having a physical issue. In this way, if the guest is remaining at the destination for quite a while, a higher strategy greatest ought to be picked.

Suggested Plans 

For individuals who are over 80 years old, extensive travel clinical protection plans are suggested, in spite of the fact that they are more costly than other inclusion plans. Be that as it may, plans are likewise available for the majority of the unforeseen occasions.

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