Starting is easy, finishing is hard.

Monsoon is one of the seasons that is celebrated throughout the country. With relief from intense summer heat, it not only brings down the mercury levels, but also opens itself to a host of monsoon specific activities. While these are some positives about the rains, it also raises some monsoon-specific health concerns. To enjoy this season completely, it is important for you to have a health insurance cover. It helps to safeguard against financial worries of rain-related diseases and other health concerns. With online health insurance purchase, comparison also becomes easier among the myriad range of policies. This article elucidates why you should buy a health cover specially for the monsoon. Let’s have a look –

Monsoon is notorious to facilitate the conditions for growth and spread of various organisms that cause monsoon-specific diseases. Rainfall with water accumulation in various places acts as the breeding ground for many vectors that cause the spread of infections and diseases. In addition, the constant swing between hot and humid temperatures against the cold temperatures makes you prone to common flu-like ailments. With a monsoon specific health insurance plans these ailments can be kept at bay.

What are some of the features of a monsoon specific health insurance policy?

A monsoon medical health cover helps you manage the cost of various ailments that mainly occur during the rains. Some examples of these ailments are dengue, malaria, chikungunya, Japanese encephalitis, cholera, typhoid, viral fever, diarrhoea, common cold and flu, leptospirosis, stomach infections and more. With health insurance plans for family and yourself, you can ensure treatment of these specific diseases is covered. The coverage under this policy includes hospitalisation cover as well. Moreover, any diagnostics required, outpatient doctor visits, follow ups are also a part of its scope. Some plans also provide reimbursement for the cost of ambulance services availed. For cases of critical hospitalisation, these policies can be topped up to include ICU coverage as well.

What is it that you should look for when buying insurance coverage for monsoon?

Different types of health insurance policies are available. You can opt for a standard coverage under an Arogya Sanjeevani policy or choose a disease specific plan. Here’s what you need to keep in mind

#1 Select a policy with higher sum assured

Since the costs of medical treatment are soaring high, a policy with higher sum insured can come handy. You need to consider more than one factor like age of beneficiaries, lifestyle, food habits, pre-existing conditions and more when shortlisting one. Based on the beneficiaries of the policy, you must opt for the sum assured. Say, an individual policy with ₹5 lakh coverage is sufficient whereas the same amount is shared among multiple recipients under a family floater cover.

#2 Get the right coverage

To insure yourself against the risks of monsoon-related ailments, you need to opt for the right coverage. Based on your budget, existing health conditions, this evaluation needs to be done.

#3 Reliable insurance company

Lastly, you need to look for a reliable insurance company. This will help in smoother claim settlements without any hassles.

Now that you know the importance of health insurance policies for the rains, these pointers can help to get a suitable coverage based on your requirements. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Today, the biggest segment of borrowers constitutes millennials. There’s a paradigm shift from the ‘save now’ attitude of baby boomers and Gen X categories to the ‘own first, pay afterward’ mindset of Gen Y and Gen Z. When you add digitalisation to the equation, you get further encouragement for credit demand. With so many apps and online portals that make loans available, the choice is abundant whether you want a pint-size loan or a barrel full of funds. Besides this, the shopping trend is ever-permanent, and millennials see power in the form of credit cards and tools that give them free reign over e-commerce platforms. Here’s where a CIBIL score comes into the picture.

Explaining CIBIL Score

For all practical purposes, a CIBIL score is any number in the range of 300 to 900, giving you (and lenders) information about your creditworthiness. CIBIL is a credit bureau, formed in India, under TransUnion CIBIL, a recognised credit tabulation global agency. What CIBIL does is keeps a watch on all your financial data, past and present. It tracks any past/present loans, mortgages, credit card bills, defaults on payments, repayment schedules, etc. Reviewing your credit balance helps CIBIL to calculate a score that indicates current financial standing. Apart from a number, CIBIL also generates a report. Within the CIBIL score range of 300 – 900, a good score is any value above 750. Anything above 700 is considered acceptable.

Why CIBIL Score Matters

Research conducted byTransUnion CIBIL, in 2018, showed a growing level of credit-consciousness within the population of Indian millennials. These Indians were precise in self-monitoring practices, keeping an eye on what they spent on, how much they spent, and how it affected their CIBIL scores. Notably, this self-evaluation grew by 58% during the span 2016 – 2018. Furthermore, the report claimed that millennials were among the most conscious consumer categories regarding their credit. These individuals regularly tracked their CIBIL score ratings and were careful enough to maintain scores at an average of 740. More conclusive data from the report suggested that millennials checked on their CIBIL report at least six times per year. A large number of these millennials, 64%, were in the habit of applying for credit within three months of their score checks.

Continuing Trend

Analysts state that this trend will continue among millennials as they want to be future-ready to gain loan approvals for big-ticket items like cars and homes. A satisfactory to high CIBIL score can be advantageous in such circumstances. Moreover, millennials have realized the importance of developing a quality credit stamp, with the maintenance of scores in the CIBIL score range from 700 – 900, as they are not only  assured of loan approvals in the future, but attractive interest rates offered on those loans. This compels them to pay cognizance to their CIBIL report, immediately rectifying scores if they fall below standards.

Always on Point

Millennials seem to be on top of their game as they constantly want to improve their CIBIL scores. The TransUnion study also showed this, and 51% of millennials who had low scores made successful attempts at improving scores by an increase of 65 points or more. Learn more about CIBIL scores and how to maintain and improve these at Finserv MARKETS.

Natural calamities have a catastrophic effect damaging the not only life, but also property worth billions. This damage cannot be estimated, and it is better to stay prepared for it. For accidents there is health insurance, for your homes there is home insurance cover and accordingly for vehicles, there is vehicle insurance. When you have an insurance cover, you need not worry about the expensive repairs that are required for your car or bike followed by a natural disaster.

In the recent past, two cyclones had a devastating impact, Tauktae and Yaas, landing on the west and east coasts of India, respectively. Not only human life was impacted, but also property in form of homes and vehicles. The regions of Orrisa, West Bengal, Gujarat, Goa, Maharashtra, Daman and Diu were some of which where the impact was heavily felt. With reports from all over these regions about trees uprooting damaging vehicles a comprehensive car insurance policy is the one that covers these damages.

Among the two types of vehicle insurance policies, third-party and comprehensive plans, a third-party policy is the minimum requirement. The Motor Vehicles Act of 1988 makes it mandatory to have this coverage as bare minimum. However, due to its limited coverage, a comprehensive policy is preferred by many. In situations like cyclones or other natural calamities, a comprehensive policy is the one that offers coverage for all necessary repair costs. Moreover, these comprehensive plans can be customised using add-ons that help to extend the coverage of your insurance plan.

Here’s how an insurance claim can be raised for damages due to cyclones and other natural disasters:

Step 1: Start with intimating your insurance company about the damage caused to your vehicle. This intimation can either be via a telephonic conversation or via an e-mail. It is critical to inform about this damage to your insurance company as early as possible, nevertheless the time limit is also mentioned in your policy terms.

Step 2: Once you have informed your insurer about the damage, you need to provide evidence about such damage. This includes relevant documents along with photographs evidencing the damage due to cyclones and other perils of the nature.

Step 3: Depending on your insurance policy features, your coverage will either be a cashless policy or a reimbursement one. For cashless claims, the repairs only need to be carried out a network garage. For such cashless claims, no repairs should commence before the inspection by the insurance surveyor. Any lapse in such procedure for a cashless claim must be avoided. For the reimbursement claim, there is no such requirement and the repairs can be done at any preferred service facility. However, all repair bills need to be kept for submission to the insurer at time of claim.

Step 4: After completion of the repairs, the insurance company directly pays the network garage in cashless claims. Any repair cost exceeding the policy terms shall be required to be paid from your own pocket. On the contrary, reimbursement claims need to be evidenced with all necessary invoices only after which the insurance company compensates for the admissible expenses.

This is you can make an insurance claim for damages to your vehicle due to natural disasters. Whether you have purchased a private or commercial vehicle insurance online, the process remains more or less the same. So, make sure you read the terms of the insurance contract and understand the claim procedure thoroughly. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Fixed deposit is a safe method of saving and investment commonly used by risk-averse investors. They offer assured returns that can be calculated beforehand. Fixed deposits are offered by banks, non-banking finance companies (NBFC) and the post office at varying rates of interest. The interest on fixed deposits compounds over time, ensuring that investors make good returns. The interest rate provided by the bank or financial institution depends on the prevalent FD interest rates.

Post office fixed deposit interest rates

In the case of the post office fixed deposit, the interest rates are revised by the government at the start of each quarter. This calculation is made based on the yield of government securities. Based on these interest rates, the FD returns can be calculated using a post office fixed deposit calculator. Here are the rates of interest for post office FDs for the second quarter of FY22:

Based on these interest rates, investors can calculate the returns they will receive upon maturity with a post office FD calculator. The total maturity amount can be calculated using the equation

A = P (1 + (r/400))^n

Where

A refers to the maturity amount

P is the principal amount

r stands for the interest rate

n is the number of quarters in the period chosen

Consider that the principal amount invested in the fixed deposit is Rs 2,00,000 for three years at an interest rate of 10%. So, A= 200000 x (1+(10/400)^ (4 quarters x 3 years) = Rs.2,68,978. The interest earned over three years when it is compounded quarterly is Rs.68,978.

Conclusion

The interest earned on a post office fixed deposit continues to increase as the number of years for which you have invested in the FD. With a post office time deposit calculator, you can get an estimate of the returns on your FD. A post office fixed deposit is a more attractive option for investors because post offices offer high interest rates.

Riding a bike lets you enjoy your commute with the wind in your face. Other than that, it also adds a lot convenience by helping you weave through heavy traffic. This means you save a lot of time while others must wait for it to open.

There is no end to the list of advantages that a bike can offer you. But for all its advantages, there are a lot of dangers to riding a bike as well. Making a single mistake on the road can lead to dire consequences for both the bike and you. The best way to avoid this situation is to drive safe. However, despite all the caution, accidents can happen at times. Hence, the best solution for you is to have bike insurance.

Bike insurance during lockdown

Since more than a year, the country has been under lockdown due to the COVID-19 pandemic. As part of this lockdown, the movement of people across their respective regions. This means that there is little to no reason to drive your vehicle. Due to this, a lot of people of have parked their bikes for the foreseeable future. Hence, it is natural to forget about everything associated with the bike. This includes bike insurance as well. There may be a situation where you forget about your bike and the insurance policy on it. Due to this, you may fail to renew it and it may expire.

What happens when your bike insurance policy expires?

A bike insurance policy expires when you don’t pay the premium in the stipulated time of the coverage. This means making the payment before the last day of coverage. In the case you don’t make it and the coverage expires, the insurance provider will offer you a break-in period of 90 days. This break-in period serves as a chance for you to reinstate your plan. This way, you can restore all the benefits of the policy as they were. But you will not have coverage during the break-in period. If somehow, you miss this time window as well, your policy is terminated.

Upon termination, all types of coverage and benefits of the policy are considered null and void. This implies that you not only have no coverage for own damages to your bike, but also for third-party liabilities. Hence, the next time you get into a situation like accident, theft, vandalism, etc., you will have to cover these expenses out of your own pocket. While there is a lesser chance of accidents during lockdown, but there is no sense of taking the risk of being in this situation with insurance coverage. Moreover, riding a bike without insurance is illegal. Getting caught riding a bike without insurance means you will have to pay a heavy fine.

What can you do if this happens?

Missing the renewal of your bike insurance policy may be a bad thing, but its not a crime. But if you want to ride your bike, you need a two-wheeler insurance policy. So, in the case of your policy expiring, the only thing that makes sense for you to do is to buy a new policy.

Ideally, it would be better if you make the premium payment before your policy is terminated. But missing this opportunity could be a blessing in disguise. This implies that now you can buy a policy with better benefits and coverage options. Hence, as soon as your policy is terminated, you need to start looking for another policy.

The most obvious doubt here is that with everything closed due to COVID-19 lockdown, how do you exactly buy a policy or even look for one. The simple answer is through online mediums. The first step is always comparing polices which can be done through third-party comparison websites. To buy a policy you can go to an insurance provider’s website and make the transaction.