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No one can predict the future and possible uncertainty arriving in your life. Life cannot be planned as per your perspective, but you can plan early for life insurance. Insurance assures to be prepared for anything that can happen in the future whether it be illness, hospitalization, retirement, or death. Life is much beyond then investing money, it’s about financial protection you are giving your loved ones.

The primary function of life insurance is to keep insured loved ones from unexpected losses, sudden death, or liability. There are different sorts of policies each one serving different purposes and different needs.

How Does Life Insurance Work?

You must choose the insurance policy that matches your needs. If you are married and have a family, a policy promises to cover the smooth upbringing of your child and most importantly their bigger expenses like education, marriage, and others.

Life insurance is an agreement between your insurance company and you. You have to pay premiums or an agreed amount to the insurance company either on a monthly or yearly basis. The insurance policies build cash value as they age. The policies increase their cash value throughout at a fixed rate and you get guaranteed returns with potential cash values. This amount of cash value is returned to policyholder beneficiaries or distributed among them.

How Life Insurance Can Benefit You at Every Stage

1. Income Replacement

Imagine if you have to deal with a medical emergency or bear the expenses when your family’s breadwinner passes away. Life insurance is beneficial as it provides life cover in case of any eventuality. Term insurance is one of the cheapest options of live cover. The insured money is paid to the policy holder’s family or nominee when he/she expires. Life insurance protects your income and replaces later so you can pay off debt or other major expenses.

2. Investment Benefit

A term plan assures you to pure life cover, while ULIPs, endowments, or money back policies assures that you get comprehensive protection and maturity benefits. With the potential to earn higher returns with ULIPs, endowment, or other plans, it helps you reach higher financial goals within a limited time frame.

3. Loan Protection

The right cover helps your family to overcome debt during a crisis. The right amount of money assured will support your family when they have to pay pending debts.

4. Tax saving

Under section 80C of the Income-tax Act, the premium paid for insurance plans are eligible to claim tax benefits. Also, payout under life insurance policies is managed by different tax rules as per various factors.

Final Words

One of the biggest worries that clutter our minds is what will happen to loved ones when they will pass away. When you buy a life cover, you would wave your worries and protect your family financially.

Life insurance is not one size fits all approach, examine and compare different plans, and pick one right policy for you.

Investments are an excellent way to grow your wealth if invested wisely. The stock market is a good source of investment during a period of market volatility. As an investor, you should adhere to the stock market basic. You might hear several stories of people who have exceptionally gained profit returns in the stock market. All this cannot be overnight, before investing you should know how to reap profits from stock marketing.

The entire procedure begins with understanding how the market works. A profitable outcome does not rely on luck, instead, you need to apply a few principles derived from experiences of investors who have spent countless hours observing stock market cycles.

Tips On Investing In The Stock Market

1. Focus On The Goal

If you are considering buying some stocks just to remain in mainstream fashion, then you have landed for the wrong reason. Invest in the stock as the market per your financial goals.

2. It Does Not Return Fortunately Overnight

Many people adopt strategies and disciplined approach which can prove them for success. Observe and study great investors from the past that give your perspective, inspiration, and appreciation for the game.

3. Understand Your Risk Tolerance

Investors should be prudent on the exposure they take in different financial products. Diversifying weaken the burden of market movement risk, investors should focus on the product that they possess knowledge and understanding of.

4. Keep an Eye and Dip Deeper

Start observing companies around you and dig deeper to find its parent company. Invest in large-cap companies at the initial stage, once you are aware of strategies and market risks, you could lead ahead in mid and small caps.

5. Track Performance and Review

Usually long term investors often omit this tip. Markets are volatile, small rumor, news, or event can either degrade or upgrade their value. As an investor, you should regularly track the performance and review it.

6. Consider for Paid Subscriptions

Not everything comes for free. Some investors consider watching or observing professionals and implement newly learned lessons. But there are a variety of paid subscription sites and agents that offer the right key for your investing.

7. Avoid Leverage

Avoid borrowed money by a broker or financial institution for executing your stock market strategy. As a newbie, many people invest money they cant afford to lose. Like other investments, stocks are inherited with risks too.

8. Learn to Choose

While investing its important to enter the market at the right time, there is a clear way of knowing when to exit the market too. It solely depends on your planned investment strategy and how you have decoded market trends. Understand your risk tolerance, financial strength, retirement goal, and much more before taking the risk.

9. Market Crashes

Booms and busts are part of the share market cycle. Market crashes are inevitable, you should learn to see a sudden collapse in the market.

10. Invest Regularly and Continuously

Don’t panic if your portfolio either goes too well or too bad in the first few months. Instead of adding a lump sum investment one time, it is crucial to invest in the long term continuously and regularly.

Final words

There is no sure-shot formula for learning, every time you learn something different in the stock market. Don’t limit your learning and knowledge, keep observing, and get advices to improve your strategies for investment in the stock market.

Since the last few years, we have seen the economic environment fluctuating from the recession with layoffs, bankruptcies, unemployment, and other financial problems. Change in the economic environment impacts the cost of living. From basic food to fuel, clothing, everything soars the cost of living. When people lack the opportunity to match the cost of living with their financial income, they seek to earn extra cash and fill the gaps.

Whether you are struggling financially or thinking positively about the future, there are no side effects in improving your income. We have enlisted some of the proven ways so that you can improve your income.

1. Search For A Passive Income or Side Business

Beyond your primary business or job, everyone needs an extra source of earning. Side businesses are all the rage.  As per your skills, you could invest in different businesses, or you could open a business similar to your job profile. You could explore lucrative side business ideas or passive income ideas.

2. Teaching Online

With most degrees, you can improve your earning power with your profession as you move from bachelor to master. Build your own online coaching business or there is an online teaching source where you could sign up to educate without investing much of your time.

3. Earn with Creativity

You might not know but you could create cash with your hobbies. Do you knit, or make jewelry or have a hobby of creative artifacts?  If you are creative, sell your crafts or artwork online. You could register on Etsy, Craft Foxes, Cargoh and sell it to art enthusiasts.

4. Virtual Assistant

Some people need Virtual assistants who could manage their email, schedule appointments, dispute charges on credit cards, and much more. You and don’t have to be located in the same city, place, or location. You could find these types of jobs on freelancing sites.

5. Online Surveys

Some websites pay you for your opening. You could share your opinion and help brands to improve their products or services. You could survey during your lunch break or spend time while sitting in your garden.

6. Become a Driver

Uber, Ola, and different cab companies are hiring part-time or full-time drivers. If you have a cab, you could substantially gain shuttling around.

7. Sell Your Old Stuff

Whether it be your old TV, Washing machine, or unused products. You could sell it on OLX or other platforms.

8. Host Guests or Rent Your Place

If you have an extra room or space, you could rent it and make money while renting out. Some sources allow you to upload your location and turn it into a money-making source.

9. Capitalize Your Inner Chef

If you have extraordinary cooking skills that can impress your friends and family, you can cook delicious meals for clients.

10. Blogging

If you have any area of expertise, you could create ads, affiliate links, and earn hard cash through it.

Life insurance is an angel who will guard your children, parents, spouse financially, either as a lump sum amount or regular payments when you depart this life journey. It depends on you, how much you want to include. With flexible plans, you can invest from Rs. 500 a month to above, as per your choice.

Since life is unpredictable and can impose many dangers. Leaving your loved ones suffering emotionally and financially can be devastating. An adequate term insurance policy can provide you with reassurance to you and dependents to be looked after.

Husband and wife are partners of sorrow and happiness. Term insurance with your spouse is a sensible option and beneficial in many ways. It can be a blissful source of funds at the time of emergency strikes.

Invest in affordable term insurance plans for married couples. The terms’ plans can be customized as per your requirements and extended to duration as per your preference.

Benefits of term insurance plans for married couples.

1. Double income Families – Families where both the spouses are working share the household expenses can opt for a term insurance cover or separate insurance for each one. Couples can protect their family and dependants for future expenses. The sum assured could be multiplied 10 times their annual income.

2. Helping Agents for Spouses – Though emotional gaps can never be filled financial gaps can work as helping agents in times of crisis. Secure the lives of your partner with appropriate policies that can make their future less uncertain. 

3. Future Requirements – Marriage entails different kinds of expenses at various stages of life. Although, the future requirements have a never-ending list, with a small investment on a daily basis can help you in the future. Always keep a thumb rule, cover at least 10 to 15 times of sum of your annual earnings for covering long term goals. 

4. Financial Secure your Dependent Children – The death of a spouse can be devastating for a survival partner, especially if they have dependent children. Your children’s higher studies, decent marriage, or other major expenses can get jeopardized. Along with your selfless love, invest in term insurance that can support them in the future.

5. Inheritance for Loved Ones – Your loved ones can buy term insurance for their lifetime. Once they gain a substantial amount either a lump sum or monthly, they will appreciate your efforts and the right step.

Marriage is a stage when you are entangled with more responsibilities and you must secure the lives of dependents. Invest in the right valuable solution of term insurance that helps you ensure a financial legacy for your loved ones. Along with other aspects, you need to secure and financially protect your loved ones with peace of mind.

When buying term insurance policy when the sum assured is higher, people often doubt if they would get a complete settlement towards a claim or not. The concern is genuine, life insurance claim rejection is the worst thing that can happen when you are not around. As per the annual report issued by IRDAI, the companies reject about 9,286 out of 8.24 lakh claims per year. Often, rejecting claims is not intentional, there are so many people that expected to fall ill or contract the disease under specific conditions. If a person fails to meet the condition as per the specific policy, the company is bound to reject the claims on certain deaths.

There are certain specifically designed insurance coverage plans that exclude certain death events too. We will briefly discuss the types of death not covered under the plan.

1. Murder of The Policy Holder

If the nominee is a murderer or investigations prove that nominee was involved in any crime, the insurance company can retain death benefit payable. The claim would be settled to the heirs of the life assured.

2. Suicide

If the policyholder commits suicide within a year or policy commencement or revival, the beneficiary will not receive only a part of the 80% premium paid. If the policyholder has a linked plan and commits suicide within a year or policy commencement or revival, the nominee will receive 100% of the sum of premium paid.

3. Accidental death under the influence of drugs or alcohol

If the policyholder has undergone an overdose of drugs or alcohol or there found an influence of alcohol, there would be no compensation to the beneficiaries.

4. Life-Threatening Activities

Many people are fond of sports, you are free to participate in adventuring and hazardous activities, but your insurer is not bound to it. If there is death occurred due to participation in skiing, paragliding, scuba diving, or any other activities, the insurer can reject the compensation for it.

5. Any pre-existing medical condition, not complied under policy terms

If the policyholder or nominee has pre-existing illness or disease, then the company abides to reject the claim. Usually, while purchasing a policy, the applicant has to mandatorily declare all pre-existing illnesses. Insurers often investigate the cause of the death of the policyholder.

6. Any illegal activity involved

If the death of the policyholder is caused due to the participation of illegal activities, then company has the rights to reject the claim. No claim would be settled if the nominee was involved in any sort of criminal activity as per under the law.

7. Pregnancy complication

If the cause of death is due to pregnancy complications or childbirth, then the company would not pay the sum of assured.

8. Natural Disaster

If the policyholder demises due to natural disasters like Tsunami, earthquake, hurricane, then-nominee would not be able to claim from the company.

Bottom Line

Before buying the policy, it is mandatory for the policyholder to undergo the terms and conditions described in policy documentations. You need to understand the inclusions and exclusions of the policy to prevent any discrepancies during the claim procedure.

Looking for a loan? But not sure whom to pick? We will guide you in getting home/property from the best bank by asking below questions from them. The property grows in value, but not all properties are an asset. Before applying for a loan ask these questions that will help you identify a suitable bank and a suitable property.

1. How Much I Earn?

Understand your earnings and savings, see how much are you able to save and how much shall you be able to pay. You don’t want to lose the house of your dreams but maintaining such a house requires monthly maintenance money, make sure you are able to handle it.

2. Which banks are providing lower rates?

A bank is a good option that will lend you credit money that will buy your dream house. But there is a catch, you have to pay interest monthly. The lower rate of interest the better is considered since you can be paying less. The rate of interest is an additional amount that you have to pay a bank for providing your loan over a period of time.

3. Additional benefits?

There could be additional benefits given by the government to its citizens. You might want to check such benefits. Some benefits could be based on the area, your age group, financial status, credit score, job or business, or minority.

4. What is a credit score?

The banks decide if a person is worthy of credit based on criteria like his/her employment, past debts, ability to repay a loan. The credit score is evaluated by credit bureaus — Equifax, Experian, and TransUnion. The data is shared across all banks before the credit could be given. The higher the credit score, the safer is the person. The safer the person, the lesser is the interest rate. Make sure you pay your debts regularly.

5. How long shall I have to pay?

A simple calculation online on many interest rate calculating websites can tell you this answer. Once you have decided on the rate of interest, the price of the property and how much can you clear debt in a month, it’s easier to calculate the time. Go and check on websites, the rate of interest may vary, paying a mortgage for a longer time the banks may increase the rate of interest.

6. Last but not least, is my property worth buying?

Check the locality, future projects of the government, and interest of people of that area. If you buy a hefty property in underdeveloped area chances are you may incur a loss in the near future.