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Talking about a life insurance is little dreadful because the concept of this insurance forces buyers to think about his own mortality. Customers need to think about what would happen in case policyholders had to leave his family behind.

But, you have to deal with this thought as it is very much important to create a strong financial support not only for you but for your family as well. It pays only in case of breadwinner’s demise and gives peace of mind to the insured knowing that your loved ones are still financial independent even if you are not around.

Talking about a life insurance is a more palatable issue of dinner table conversation. Also, this insurance can help to track your financial stability and meet your goals. Customers tend to think this policy is more expensive which is absolutely not true.

If you buy this insurance at early age, then it is more affordable. In fact, insurance experts recommend that person buy policies worth at least five times their yearly household income, but specific requirements differ. Selection of the best insurance plan depends on individual’s current income, budget and number of dependents.

Do not forget that your family loves you, so be responsible towards them in every possible way. It covers you and your loved ones at affordable costs and meets your responsibility with ease.
Whether you are traveling locally or internationally. Whether you are traveling on vacation, on a business trip, or on a student visa, there are travel insurance plans for every need. It is important to recognize that while travel can be fun, it is also fraught with risks – loss of baggage, accidents, medical emergencies, political risks, etc. Therefore, it is important to stay protected. Think of travel insurance as a low-cost way of securing your travel. Unfortunately, travel plans are highly ignored. Unless you are traveling to countries where travel insurance is mandatory by the Law, most people seldom go for a travel plan. However, it is rather unwise to ignore a travel insurance coverage given the nature and types of risks associated with travel.

Let us discuss the factors to consider while choosing a travel insurance

1. Risk

Travel is fraught with many risks. These could include loss of baggage, injury to self or family members, accident, medical situation, the outbreak of violence in destination nation, etc. Therefore, it is important to assess your travel risks.

2. Destination

Travel insurance is costlier for countries where medical costs are high. The insurance premium is likely to be lower in countries where the cost of treatment is much lower. Further, nations which have a history of natural calamities are perceived as high-risk and therefore attract a higher premium. For instance, countries with a frequent history of cyclones or earthquakes, will see a higher premium. Further, countries that are unstable politically will attract a higher premium due to the perceived risk.

3. Duration

Travel insurance premium varies based on your travel type and duration. If you are planning a 7 day trip , it would cost you lesser than if you traveled to the same country for 2 weeks.

4. Plan Type

If you are a business traveler, you can opt for a single-trip plan for a short tour or a multi-trip plan if you are a frequent flyer with a multiple-entry visa for a particular country. On the other hand, there are other plan types specifically designed for students, leisure travelers, and senior citizens, etc. based on their specific travel needs.

5. Sum Insured

Decide the sum assured based on the destination of your travel and the cost of treatment in the destination country. A higher sum assured will attract a higher premium.

6. Add-on Features

Depending on your specific needs, you can consider add-ons that are not part of the standard travel insurance plan. For instance, some companies provide transit insurance coupled with your travel insurance plan, if you are carrying important documents or expensive items when you are traveling internationally. Also, there are “missed connection” covers for those who visit more than one city or country in a single trip. In the extreme eventuality of you getting arrested while traveling abroad, there is a bail bond insurance available. Furthermore, travel plans pay for legal assistance, etc based on the type of plan one has availed. The premium increases with each additional feature and add-ons chosen.

7. Service Efficiency

Evaluate service features offered by the travel insurer you are considering. Check if the insurer provides emergency assistance round the clock, do they have a toll-free helpline that operates 24X7, a well-networked hospital access across destinations, etc before buying your travel plan.

Person between age of three months to 80 years can have health insurance policies. Majority of people are not aware with the fact that when is the right time to purchase a mediclaim policy.

People should know the purpose behind purchasing healthcare plans. Customers need to understand that these plans are designed to cover medical expenses for accidental injuries, diseases, illnesses during the policy tenure.

Based on the medical condition, buyers can also purchase critical illness rider, an add-on benefit offered by both life and general insurance companies in India.

However, it insures policyholders in case they are diagnosed with some major diseases and the need for this is due to expenses incurred in the medical treatment of such diseases are too expensive.

Below are some plans provided under health insurance:
  • Under cashless mediclaim policy, amount directly paid to the network hospital when the policyholder is admitted.
  • Family floater plan covers the whole family under one plan whereas the individual health insurance covers only one person during policy period.
  • Critical health insurance covers only limited set of diseases which are mentioned in the policy documents.
  • Hospitalization plan is made to pay only the room rent in hospital and does not insure any medicines or treatments.
  • Maternity insurance covers pregnant women during the pregnancy and child birth complications.
  • Senior citizen health insurance is meant for people of 60 years of age, but it is advisable to purchase it as early as possible.


While there are tons of tips on financial planning out there, here are six tips for beginners that you can’t afford to miss. Youngsters who have just started a career may find a direction on how to make a beginning with their financial planning.

Planning is one of the significant characteristics of human beings. When it comes to money, planning needs to be done as there are enough variables that can affect your financial planning. There are a few milestones that are very important in your life. Be it your first car, your own house, your children’s education or their marriage. It is your responsibility to plan finances to fulfil these needs. Financial planning is a process of making a concrete plan to meet your financial goals in a specific period of time. It is crucial to invest your money from now to make it easier to achieve your short as well as long-term goals.

Here are some crucial financial tips for beginners which will help young investors to give their financial goals a kick start.

1. Manage your finances:

Managing your money need not be boring. It's not rocket science. Also, you need not be from a financial background. All you need to do is show a bit of commitment. Deciding to save money is the very first step towards money management. Saving money is a powerful tool towards greater financial independence.

2. Regulate your expenses:

If you are living on your paycheck and struggling for money even before the end of the month, then there is a chance you are living way beyond your means. This can happen if you have a lot of unplanned expenses! Unwanted expenses might leave you with no money for the necessities. However, there is a way out of this. Try making a budget. You may start by categorizing your monthly expenses into fixed and variable, necessities and luxury, urgent and non-urgent. This way, you can create a full inventory of expenditures in front of you. Make sure that you commit to your budget. Consider this as a commitment instead of a burden.

3. Create an emergency fund:

Out of 20% savings from your monthly income, the first thing you should do is to accumulate at least your three months income. Keep it in a liquidate form to manage emergencies such as health-related problems or job loss. Emergency funds will help you to avoid unnecessary debts. If you have to handle an emergency, you are likely to swipe a credit card or look for soft loans at a high-interest rate. Moreover, the emergency fund will also help in ensuring that your EMI payments do not get bounced.

4. Buy adequate insurance:

Just as investing is essential for wealth creation, insurance is vital for wealth preservation. But investment and insurance are two different things which many of us don't understand. You need to realize that your life and your property is vulnerable to risks. These risks can lead to a complete loss of income and put you and your dependents in a financial difficulty. Ideally, you need to buy a cover for at least ten times your annual income. Apart from life insurance, you may also need health insurance. It will help you to access high-quality healthcare at a reasonable cost. It is important to understand that you must not shell out more for less. Before buying an insurance policy, you can talk to your advisor and choose the one which satisfies your insurance requirements at affordable premiums.

5. Plan your taxes:

It is equally important to analyse your finances from a tax efficiency point of view. You can take advantage of the various tax deductions, exemptions and benefits so that you can lessen your tax liability at the end of the financial year. Even though tax planning is legitimate, you need to make sure that you don't indulge in tax avoidance or tax evasion. You can invest your money in several tax saving options. Section 80C of the Income Tax Act is the most efficient way to take advantage of tax deductions.

6. Manage your debt smartly:

Absence of debt management may eat up a significant portion of your monthly income. You may end up borrowing fresh to pay off older loans. Your crucial life goals may get sidelined, and even your retirement may get delayed because of excess debt. However, strategising your debt payment will keep you away from such troubles. Chalk out a schedule to pay off your debts and stay informed about how much you owe to whom.

In case you have more than one debt on your shoulder, start paying off the most expensive one. A credit card has been considered as the most expensive form of debt. As soon as your monthly income gets credited, pay off your credit card balance in full. Make sure to use the credit card only in case of financial emergencies. It is advisable to keep a loan as a last resort.

Managing finances should be backed by proper learning. It is crucial to learn that wealth can't be generated overnight. Planning your finances at an early stage is important, as it helps to develop a behaviour that will stay for long. Hence, you should try and impart financial aspects and should start working on it as soon as you get your first pay check. If you don't know where to start, never hesitate to take advice from from your advisor.
Please mark all your queries / responses to
Information provided on this newsletter has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. and its affiliates, information providers or content providers, shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this newsletter, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. , its affiliates, information providers and content providers shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this newsletter.