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MONEY NEWS ONLINE

Curated news items for a quick read

MISTAKES THAT IMPACT RETIREMENT PLANNING

Top Life Insurance mistakes people make

IMO, the topmost mistake is to combine life insurance with other financial goals, and treat the life cover as a ‘bonus’. Life insurance is an income replacement for the family, in case an untoward incident happens. Let it remain sacrosanct to the extent of the envisaged amount.

CLICK HERE TO READ ABOUT OTHER MISTAKES


Letting lifestyle inflation costs impact retirement planning

Lifestyle costs are increasing at a rate higher than the inflation rate of 6-7%. Most of us are addicted to certain items or activities, or find it socially embarrassing to withdraw from a certain event. It leads to an inordinate increase in lifestyle costs, if we do not rein those in time.

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Exiting mutual funds without consulting a financial planner

There are number of factors to be considered before exiting a mutual fund.

  1. Change of fund manager
  2. Change in investing strategies or sectors targeted by the MF
  3. Charges
  4. Timing
  5. Impact on long-term financial goals

It makes sense not to use a dip in the stock market, or unforeseen needs as the reason to exit a mutual fund investment.

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HOW TECH IMPACTS CONSUMER OF FINANCIAL PRODUCTS

How will Central Bank Digital Currency impact financial transactions in the country

Central Bank Digital Currency is being embraced worldwide by the big players, owing to the sovereign sanction that it carries.

Payments and other transactions on this platform cuts through several layers of connectivity, and becomes amazingly fast.

It may not pose a threat to bank deposits, as CBDC is not an interest-earning product. Yet, payment operators have a lot to fear.

CLICK HERE TO KNOW MORE


You are being targeted

Marketing communication has become increasingly personalised. All because data is the new oil.

AI professionals have been embedded into different verticals of financial institutions to help them understand the business, and then apply algorithms to create a personalised experience for every user of financial products and services.

Do you stand to gain or lose?

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Balancing financial inclusion and security for financial inclusion

The entire financial system in India is geared for last mile connectivity in the last seven years. The challenge is to manage security and avert frauds with increased levels of digital transactions.

Tech gets those on the periphery into the whirlpool of connectivity and inter-operability, but also exposes them and many more to being duped by tech-savvy fraudsters.

CLICK HERE TO LEARN MORE

HEALTH INSURANCE TODAY

Common health insurance mistakes people make

Do you give incorrect information for small benefits?

What are the errors which can lead to non-payment or less payment by insurance companies in times of need?

Ensure that you are not making any of these mistakes


LIC launches Aarogya Rakshak

LIC launches a new health cover – AAROGYA RAKSHA

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While it covers a limited number of diseases, it offers ambulance and health check-up benefits. It offers a lump sum amount irrespective of actual medical expenses.

It is available on individual as well as family floater basis.

Read more about the policy here


Sanaa Health Insurance makes health insurance easier

Sana Health Insurance is a start-up which lists around 150 health insurance policies on its site.

It makes the task of comparison and buying easier.

Click here to read about the startup


Deepak Parekh asks IRDAI to allow insurers to sell pension and health policies

Distribution networks play a key role in penetration of markets.

There is no denying the fact that population segments in remote and underprivileged sections need health insurance and pension plans more than ever?

Will IRDAI allow life insurers to sell health insurance?

Click here to read more

LET’S TALK ABOUT LOANS

Are you considering a Covid Loan?

Banks are providing personal loans to tide over illness – the kind of emergency expenses people face in pandemic times.

Get all details here


Best interest rates on gold loans

Gold loans remain the quickest way to raise money in times of need. But are you aware of the interest load it brings on your future finance?

Click here to stay updated on interest rates


Where do you find the best home loans?

Check out the rates of interest offered by banks, for home loans below Rs.30 lakhs.

Click here to know the top 15 banks


Are you the guarantor on a loan?

Have you wondered why your credit score is low, despite never having defaulted on a payment?

Did you stand as guarantor on a loan?

Click here to read more

IS YOUR FINANCIAL PLAN ON THE RIGHT TRACK

Have you got your financial plan audited?

Yes. There are firms and practitioners specialising in finding the gaps in your financial plan.

Click here to read more


Are you investing a part of your money in non-traditional products?

Cryptocurrency showed dreams of unusually high returns in a short time. Many entered the fray to make a quick buck.

However, governmental action in many countries is changing trends.

Click here to read what Nassim Taleb, the one-time advocate of Bitcoin has to say

Read the latest report of Guardian on cryptocurrency future


Can you suffer a loss in bonds?

Bonds remain the most popular product offered to retired people, being considered low-risk.

However yields do fluctuate, and the mechanism is not well-understood by the layperson.

CLICK HERE TO READ MORE ABOUT LOSSES IN BONDS


Do you have adequate life insurance?

The pandemic has brought a renewed focus on life insurance. Term plans are more popular than they have ever been before.

At the same time, insurance coupled with investment products is being discouraged.

CLICK HERE TO READ MORE

BITS & BYTES ON BITCOIN

Cryptocurrency – the devil lies in the definition

The major fear is that private cryptocurrency will be banned. What exactly is private cryptocurrency?

Are Bitcoin and Ethereum insignificant enough to be banned without causing ripples in the economy?

Click here to read more


Beginner’s guide for investment in bitcoins

What are the basics one should know before taking in cryptocurrency as an asset class?

Click here to read more

Get a more comprehensive view on Bitcoin


Asset allocation matters more than anything else

Asset allocation is another mantra, after Power of Compounding, meant to help you lead a happy retired life. Retirement planning gets more important than ever, as the likelihood of early retirement increases.

The author classifies retirement planning into four stages:

  1. Jet-setting, Go-getter Stage (below 40)
  2. Settled Down Stage (40-50 years)
  3. Reflection Stage (50-60 years)
  4. New Beginning (Beyond 60 years)

Another classification to deal with after our Grihasthashram, Vanaprasthashram and SanyasAshram stages 🙂

Click here to read more


When should estate planning strategies start?

Do you think estate planning starts at 40+, after a death or divorce or parenting crisis?

You can live in peace, if you kick off the process early?

Click here to read more

If you need more clarity, Deepak Balani, an estate planning lawyer is willing to answer one question, and reward you for asking.

Click here