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The COVID-19 pandemic has taught individuals the need for health insurance as well as emergency funds. There have been several cases wherein people have faced problems due to the absence of these important personal finance assets. According to Abhinav Angirish, founder, Investonline.in, health insurance, just a year ago, was looked upon as an unnecessary expense. Though, today the situation is different. "But having health insurance is not adequate," he stresses. In this pandemic, health insurance has some exclusions. For instance, nebulizer kits, steam inhalers, thermometers, or sanitizers are not covered in health insurance. Also, as Angirish points out, there are reports that policyholders are receiving only 50-55 percent of claims. Having said that, it’s important that customers consider the scope of the coverage and weigh the balance between the premiums paid and the benefits the plan has to offer. "If an individual is employed then he/she would be covered under gro...

The second wave of COVID-19 has created unprecedented chaos and forced the healthcare system to be stretched at maximum. The management of health insurance and emergency funds have assumed even more importance. A salaried individual would most likely be covered under the group health insurance scheme. However, in the wake of pandemic-induced job uncertainties, it is important to protect oneself and family during volatile times. Just a year ago, health insurance was looked upon as an unnecessary expense. The pandemic has changed everything. Many are caught on the wrong foot due to lack of health insurance. Senior citizens are the worst affected group. As per data, senior citizens account for nearly 50 percent deaths due to coronavirus in India. More importantly, it is difficult for a senior citizen to obtain a policy without co-pay clause and in some instances the co-pay cost can be as high as 25 per cent. Besides an insurance is just not enough. There have been instances of insurance c...

SIP is an investment strategy where you invest a fixed sum of money at regular intervals, similar to a recurring deposit scheme. Generally, most Systematic Investment Plans are associated with an investment in mutual funds. A SIP can therefore be used to invest in debt funds, equity funds, and hybrid funds as well.  One of the main reasons why Systematic Investment Plans are rising in popularity is that they are extremely customizable. Right from the amount of money that you invest to the period as well as the frequency of investment, every aspect of the plan can be customized according to your needs. You can take into account various factors like your investment budget, your long-term goals, and your risk profile before starting your SIP.  What makes a Systematic Investment Plan so powerful? The power of a Systematic Investment Plan lies in the fact that it utilizes the concept of rupee cost averaging. Let's take a brief look at this concept to better understand the full powe...

The millennial generation is different from its peers when it comes to investing. The high disposable income makes many millennials wary of budgeting.  The millennial generation believes that saving should complement spending, and this is evident from the rising savings rate among them. But simply saving might not be enough. It is important to have a clear roadmap of one's financial goals. In the long run, proper planning of one's financial goals will reap rich rewards ensuring that one can maintain a comfortable lifestyle even after retiring. The millennial generation has the advantage of technology. Online mode of investments have replaced physical mode and coupled with information on their fingertips, this generation is making the most of opportunity.  Savings is useful only if money can work for itself. Young people have time by their side, and they are better equipped to take advantage of the power of compounding. A small investment today makes a huge difference 20 years ...