How to use #BHIM App?
#CASHLESS #BHIM
#CASHLESS #BHIM
With growing healthcare cost, #Health insurance has become unavoidable part of financial planning. It helps us plan for unforseen medical emergencies. Not only financially, health covers acts as an emotional support system. So, it is prudent to check few medical insurance options before finalising a health cover which suits your needs and fits well with medical history of the family. All health insurance products have different sets of offerings, sub-limits and exclusion clause. Here, in this article my idea is to share some of these common exclusions in the health insurance policies.
When you decide to buy a health cover, it is an agreemeent you are about to sign based on mutual trust, that you are disclosing correct information about yourself for an agreed premium, and in return, the insurance company is bound to help you with financial support based on agreed terms and conditions. You may take the cover from private health insurer or public insurer. Check the contract twice or more to confirm on all the details.
Top 10 common exclusions in health insurance policies
1. Complete exclusion on diseases – There are certian diseases which are permanently excluded from the lists. Diseases which are sexually transmitted like HIV infection or AIDS, and others. Diseases caused by alcoholism, drug abuse etc. This is applicable for individual insurance as well as group health policies
2. Pre-existing conditions – Health Insurance companies have clause set for treatments on pre-existing diseases. It also dont cover pre-existing bodily injuries of accidents. It can very from 1-4 years depending on the insurance company and the particular policy in question.
3. Sub-limits on expense heads – Though the insurance company is liable to pay upto complete sum-assured of the insurance policy, certain expenses like room rent, doctor fee, medicine expenses may come with a cap of certain percentage of the sun assured. For example, if any policy has a cap of Rs. 2000 on room rent per day, and the actual rent paid is 4000, the policy holder has to cough up the extra Rs. 2000, even if the total treatment cost is below the sun assured.
4. Hiding medical/family medical history – this is considered to be breach of trust by the insurance company. If any existing disease or medical history undisclosed in the policy contract, insurance company has the authority to completely reject the claim settlement application.
5. Alternative treatments – ayurveda/homeopathy/Unani- Though IRDA is taking more inclusive approach towards the alternative based on growing demand on Homeopathy, ayurveda etc, still many insurance policies don’t provide for it or come with cap on the expenditures.
6. Pregnancy and childbirth – Insurance as a financial product is designed for emergency/un-prepared events, pregnancy doesn’t come under that. Hence, insurance policies don’t cover pregnancy, miscarriages, child-birth untill otherwise specified. Few policies do cover this with a higher premium and a minimum waiting period of 2 years.
7. Cosmetic surgery – Any cosmetic corrective surgery etc is not covered by insurance companies.
8. Injuries during war, neuclear radiation – The insurance company protects itself againstassive losses arising from major threatening situations like war/ public agitation related injuries etc.
9. Treatment for weightloss/gain, and other corrective dental or eye surgeries – surgery or treatment related to weight loss is gaibs are excluded for the list. Any corrective dental surgery or are surgery unless from accidental injuries are not covered under health insurance.
10. Injuries related to proffesional or hazardous sports – injuries caused in proffesional sports are not excluded from the cover.
Depending on your comfort-level you may buy online health plan or opt to call your financial advisor.
#Health insurance being one of the top three priorities in #financial planning, it deserves a certain amount of attention from the policy holders more than just financial security.
http://www.mymoneystreets.com/2016/12/ladies-yes-you-can-buy-mutual-fund.html?m=1
1. Hobby classes – Does it remind you of the leaflets inserts in your daily newspapers? about cookery, baking, pottery, mehendi tattoos and learning English speaking in just 4 classes? yes I am talking about those classes, which are popular in summer holidays. If you love baking, cooking, or any activity which can be taught in few classes and with minimum material and spending. Plan it in the next vacation season. Go print those leaflets
2. Private tutions –This is a hobby which is nurtured and driven by real passion for it as this is a long term commitment. If you really like a particular subject and having a knack for teaching, you may advertise for it and teach in your free hours over week and weekends to kids or college goers.
3. Blogging and vlogging – A real passion driven hobby it is. Apart from flair of writing, clicking videos, one need to have interest for expressing his/herself in an engaging manner. Monetizing a blog/vlog requires a long term commitment and patience.
4. Photography – This subject is easiest to capture (if you are good at it, ofcourse!) you can build a portfolio on your own by clicking your favourite subjects. For example, if you like wedding photography, make a portfolio of photographs you click on weddings and start out with sharing your work in your network.
5. Painting – Many people don’t have the patience or guts to make it a full-time proffesion, yet you can start out again, and making ir your #second source of income. There are network of amature painters, galleries to help out.
6. Entertainment – like playing guitar? piano or a stand comedian? you can earn your way through enjoying weekend evenings by networking and reaching out to the right people and showcasing your talent by teaming up or going solo.
7. Crafts – Like decorating wedding gifts? or love making your own sling bags? why don’t you just make samples and start out by sharing it in whatsapp and Facebook groups?
8. Chocolate/bakery/catering – This can be a perfect distresser for weekends. If you have a good networking skill, you can take orders for home bake cookies, cakes, ice-creams. If you are well equipped with infrastructure and helping hands, you can take small weekend party/gathering orders for meals and more.
9. Investing – Like saving, investing? buy high dividend paying stocks, also can opt for dividend paying mutual funds. It will generate you some extra income in regular intervals.
10. Hospitality@home – If you have a big home and can spare extra room or two, you can list yourself in airbnb and other sites to host paying guests for short period of time. If you like cooking, your friends and family goes gaga about your skills, you can also organise paid lunch gatherings over weekends by doing small bit self marketing in your network as well as social networks like facebook, Twitter etc
The above mentioned concepts of earning #second income are easier said than done.These hobbies need nurturing and good networking. The better networking skills pay off. So, keep in touch with like minded people and showcase your talent whenever you get an opportunity. Every effort towards these are worth it, if it makes you happy. Stay happy, stay cool.
#second income #extra income #mymoneystreets
http://www.mymoneystreets.com/2016/12/woman-entrepreneur-who-dared-to-follow.html?m=1
Have you ever bought an ice-cream without checking the flavour?
Have you ever done a haircut without a mirror in front of you, giving the scissor and your head to your hairdresser without discussing which look you want and took a beauty sleep when you were getting a new look?
Do you ask your vegetable vendor to chose vegetable for you or you chose yourself?
Do you simply walk-in at a 5star restaurant and order a meal without looking at the menu?
If most of the answers are in negative, I would like to know, do you look into the documents and terms and conditions while buying an insurance policy? If you are nodding your head in affirmation, it is a much bigger concern compared to any of the topics discussed above.
There are about 10% of all death claims in term plans get rejected mostly because of callous attitude of the policyholders, putting the near ones in a bigger mess after death. While choosing right amount, right insurance company with high-claim settlement ratio is important, it is equally important to go through the documentation and complete the necessary processes to obtain the insurance contract papers.
Top 5 reasons for rejection of #death claims
1. Dependence on insurance agent – The insurance agent gets a commission when he sells a policy, for him it is just another deal. He may be your best friend’s brother, but still may not be well aware of minute details which needs to be filled in the form, a small human error in date of birth/profession/annual income/source of income can cost your family members thee policy amount additional to the emotional trauma of life loss
2. Hiding personal details – Nobody is a fool here, certainly not the insurance claim settlement officers. So if one hide about nature of profession (with life risk) like in mining/fire-fighting will take no-time to decline claim incase of accidental death at work. Many a times to hide a small additional premium policyholder hide their lifestyle habit of smoking/drinking, it will cost
3. Not utilising the free-look period –there are many fine prints of inclusions and exclusions in a insurance policy document. To enable policy holders to take informed decision, the insurance policies have a feature of free-look period of 15-30 days, within which policyholder can cancel his policy citing dissatisfaction and opt for any other policy. Policyholder is reimbursed the premium after deduction of minimum processing and medical test charges incurred by the company. This is the best way to be sure of what are you buying as a guarantee for your loved ones after your death.
4. Improper nomination – Life insurance Policy is a very long term investment. Many a times policies are bought by unmarried individuals, they nominate their parents as nominee, as time passes by, gradually nomination needs to reviewed after marriage or death of parents, so that settling claim doesn’t suffer due to ignorance in documentation work.
5. Policy lapse – Keeping your policy alive is solely your responsibility. Pay your premium timely. Generally, insurance companies have a grave period of 15-30 days after the air date, failing which, your policy is considered to be lapsed, and no chance of #claim settlement
6. Suicide/missing person case – This area has little less to do with the adhering to policy rules, but one must not now out noticing this part of the agreement. Incase of suicide within first two years of policy, many insurance company can simply reject the claim. Missing person claim is one more painful thing to handle for the family members. Often in calamities or terrorist attacks, many deceased persons cannot even recognised or the deadbody is simply buried beyond recovery, in this cases, insurance companies follow the list shared by government. If the policyholder’s name doesn’t reflect in the list, insurance companies will follow 7 year rule. Under this rule one cannot claim settlement untill 7 years and within these years, the family members have to keep the policy alive by paying regular premiums.
The point here is about taking informed decision and doing a periodic review of the insurance policy to avoid inconvenience in future. Stay happy. Stay alert.
#term insurance #claim settlement #insurance policy #life insurance
http://www.mymoneystreets.com/2016/11/10-reasons-why-we-are-obsessed-about.html?m=1
Financial awareness important for women
#Mutual fund as an investment vehicle is an easy answer for all these worries. For every time horizon for our investment, there is a category of mutual fund.
Mutual fund caters to investors of all risk appetite. From a fresher at a job to a middle aged employee, retired pensioner to a small retailer.
Mutual fund has schemes designed which manages wealth depending upon the risk profiles of diverse set of investors with various time horizon for investments.
For example, an investor who wishes to get fixed returns like bank deposits on his investments and has a investment horizon of less than one year can opt for debt funds like – liquid funds, ultra short term funds. These funds have very low risk and manages to offer better return than savings account and short term deposits. These funds invest in money market instruments, ultra short term government securities etc.
An investor with time horizon of 1-3 years can invest in short term debt funds, dynamic bond funds. These funds are also low-risk products and offers higher return compared fixed deposits of banks of the similar tenure.
An investor who has a medium term horizon 3-5 years can opt for balanced/hybrid funds which are debt centric. But also have some exposure to equity giving it better capital appreciation with a limited market risks. Investor with over 5-7 years horizon can look at equity based hybrid funds.
Where the downside risk is mitigated by the debt portion and opportunity to take advantage of the upside of equity markets.
For an young investor or any investor has a long term goal, pure equity mutual funds – like Large-cap funds are the best option to begin with. Over long term equity mutual fund is expected to give much higher inflation adjusted and risk adjusted returns.
Why we are obsessed about ELSS mutual funds
5 reasons of choosing mutual funds over direct investments
1. Individual good quality share comes at high price, where in mutual fund SIP can start with as low as Rs. 500 for monthly instalments
2. Buying and selling direct equities within a year attracts capital gain tax, and high brokerage, mutual fund managers can keep transacting at any point of time, investors don’t need to pay any taxes of he holds the equity scheme units for more than a year.
3. Investment in mutual fund is manged by a experienced research and find management team which is difficult doing at individual level.There is a guideline defined in the asset allocation capping exposure to individual companies as well as sectors.
4. Mutual Fund team has a risk mangement team in place which assures the quality of the investment and proper due-diligence to mitigate various risks which also enable fund managers to manage funds and sell risky security at right time.
5. Liquidity – Mutual funds can be easily bought and sold online over few clicks and the payout is 1-3 days, making it convenient for investment.
#Mutual funds #equity schemes