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HOW SHOULD YOU PLAN FOR RETIREMENT?

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Introduction: Early retirement planning is still a relatively new concept in India. People who reside in cities and villages still rely on their offspring after retiring, if we ask them. Some retired public sector workers can rely entirely on their children, while others can bank on their pensions.   They don't even consider the possibility of early retirement planning. How to plan for retirement in India? Here is a guide to early retirement preparation in case you are now convinced about the idea but are unsure of how to proceed. Early Start: Time is money holds true for investment goals including retirement planning as well. This is because the amount you need to save amount every month to reach your goal will depend on how much time you have to achieve the goal. It means you can reach your retirement goal with much smaller monthly savings if you begin early. However, the delay will ensure you have to save more every month. Start investing early to reach your retireme...
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Everything You Need to Know About a Joint Life Policy

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Historically, a single policyholder has been associated with a term insurance policy. However, as market and societal conditions evolved, it became increasingly important to cover many persons under a single policy in order to offer families complete security. Joint-term insurance policies are made particularly to accomplish this. Let's examine joint life insurance in greater detail so that you can make an informed decision.   Joint Life Insurance Policy: What Is It? As the name suggests, joint life insurance coverage protects both the husband and the wife under a single policy. In the event that one of the policyholders goes away, a combined term plan, such as a joint life policy, will safeguard the financial stability of the home. Similar to an individual term plan, the premium for a joint life policy must be paid at regular periods. The other member may submit a claim to receive the coverage amount if one of them dies wit...
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Location: Mumbai, Maharashtra, India
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10 Reasons Why Retirement Planning is Important

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It's crucial to think about your financial portfolio's advantages while weighing your options for  retirement planning. Securing the lifestyle, you have become accustomed to at the time of retirement is one of the main advantages. Having said that, this piece discusses the top 10 reasons why retirement planning is crucial. If you decide to invest in a retirement plan, you will need to set away cash each month. This could appear to be a reach given your existing financial circumstances. You might start to wonder if you should start thinking about retiring this early in your life. The answer to this question is always YES for the following 10 reasons: 1.   Early Retire - The ability to retire early by commencing your retirement at a young age is one of the top advantages of retirement planning. As a result, you are not required to wait until you reach a specific age before retiring. It will be much simpler to complete this process if you choose a retirement plan that enable...
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Location: Mumbai, Maharashtra, India
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Check Your Health Insurance Policy Status

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  There are various liabilities for earning individuals where you might spend your income. Purchasing a car or a piece of electronics may be viewed as a liability. The cost of a medical emergency affecting you or a loved one, though, is one of the largest liabilities you could encounter in life. Investing in a family's worth of comprehensive health insurance might easily prevent such liabilities. However, there may be times when you overlook checking the status of your coverage, particularly in the midst of a medical emergency. Here's how to make sure your coverage is still in effect and save yourself any hassles in the event of a medical emergency. Importance Of Verifying Accuracy Imagine the following case: You and your family are traveling. Your father unexpectedly becomes ill while sightseeing and needs to be hospitalized. You enter your policy information while he is in the hospital to use the cashless claim feature. However, you are told that the non-payment of prem...
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Location: Mumbai, Maharashtra, India
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REASONS WHY WOMEN SHOULD PURCHASE LIFE INSURANCE

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  Introduction In today’s modern world, gender distinctions are starting to blur. Women are achieving success in all areas, which has led to more financial independence and freedom. Women in today’s society have also started taking up the role of. By sharing the cost of housing, mortgages, and children's education, they raise the standard of living for families. Moreover, they even help their retired parents with their finances. In addition to women who work, homemakers also contribute significantly to the economy. The cost of the family will increase if outside aid is required for childcare and household chores. Hence, it is important that the income and other invaluable contributions of women, such as yourself, be protected. Life insurance is one such financial instrument that can protect your family’s financial security and ensure stability in the event of any unfortunate event. That’s why women also need to be insured. However, as we can see, women own even less than 30% of...
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Location: Mumbai, Maharashtra, India
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The Most Common Term Insurance Myths Explained

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  Amit, who was 28 years old, met his friend Sumit, 35, who was married and had two children, by chance while on a work trip. Amit was constantly busy because his job required extensive traveling. That was one of the rare occasions when Amit got an opportunity after the conference to sit down and chat with his friend over coffee. As they sat together and talked, the conversation soon drifted to personal finances, when Amit mentioned that he had bought a term insurance plan at the very young age of 25. This startled Sumit, who had assumed Amit was too young to purchase insurance. It led to an interesting course of conversation. Sumit: I don't know much about term insurance, but I have heard of it. And how did you come to buy a term plan at the young age of 25? Isn’t that too soon to purchase life insurance at such a young age? Amit: Well, the sooner, the better when it comes to life insurance. The earlier you purchase a term plan, the less premium you will have to pay. The m...
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Location: Mumbai, Maharashtra, India
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HOW TO CHOOSE THE RIGHT HEALTH INSURANCE POLICY WITH ADEQUATE COVERAGE IN YOUR 30s?

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  What is Health Insurance? Health insurance, often known as medical insurance, is a financial protection instrument that covers unexpected medical, hospitalization, and surgical expenses. It provides financial support for compensating medical, hospitalization, and surgical expenses. Health concerns Don't wait till you're old to get sick, especially with today's lifestyle. Frequent hospitalization can make a big dent in the savings of even those who are as young as 30 years old. This could severely deplete their finances. In such situations, health insurance plays a crucial role. Moreover, if you buy health insurance at young age, you may afford high coverage at a lower premium. But there are a few important questions that often come to mind. But how much health insurance coverage do you need? What are the things to look at while buying health insurance when you are in your 30s? Buying a health insurance policy when you are young  Purchasing a health insurance pol...
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Location: Mumbai, Maharashtra, India
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KNOW YOUR HUMAN LIFE VALUE AND IT’S IMPORTANCE WHILE ASSESSING INSURANCE COVERAGE

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  Introduction The biggest concern for any breadwinner of the family is what will happen to his or her family in his or her absence due to any unfortunate event, such as death. Human Life Value (HLV) determines the monetary loss that one’s family will experience in the event of an unfortunate event that leads to your death. An HLV calculator may be used to estimate the economic worth of human life. Life is uncertain, and hence it is important for us to be prepared for the worst. Life insurance is an excellent financial instrument that can protect your family financially if any unfortunate event results in your death. Your life insurance policy takes over in your absence to financially secure your family. However, it is crucial to choose an appropriate life insurance policy to make sure that your family does not have to compromise on anything after you are gone. Your family can achieve their goals with the help of appropriate insurance coverage. This is why, while purchasing a...
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Location: Mumbai, Maharashtra, India
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SHOULD YOU OPT FOR INSURANCE COVERAGE WITH MUTUAL FUND INVESTMENTS?

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  Mrs. Sharma and her husband could buy their own dream home at a very young age because they started investing early in mutual funds right after starting their first job. Within six years of their job, they acquired a good amount of corpus together for the down payment of the booking price for the house. This is how the power of compounding does wonders in mutual fund investments. In today’s scenario, almost all of us are aware of mutual fund investments and their importance to achieve our financial goals over the long term. Also, how crucial are mutual fund investments in our lives to plan and invest to achieve a desired corpus in the future to achieve our financial goals and objectives, such as buying our dream car or dream home, planning an overseas vacation, our children’s higher education, starting a start-up, retirement funding, etc. Today, the only person who hasn't heard of mutual funds is someone who lives under a rock. We have been exposed to mutual funds since we were...
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Location: Mumbai, Maharashtra, India
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RIGHT FINANCIAL TOOLS FOR WEALTH CREATION: UNDERSTANDING ULIPS AND ENDOWMENT PLANS

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  In today’s scenario, everyone understands the importance of investing for the future. Everyone understands that it is necessary to build a comfortable corpus to meet our future financial goals and objectives. Among all the available investment tools in the market, insurance is one of the most important tools to plan for your future financial goals and objectives, as well as for protecting your family from any unexpected incidences and fulfilling their dreams and aspirations even in your absence. One might consider Unit-Linked Insurance Plans (ULIPs) or Endowment Plans to meet his or her financial goals. Both offer insurance coverage with added benefits. Let us understand how to choose the right plan as per your needs and goals. What is ULIP? The full form of ULIP is Unit Linked Insurance Plan. ULIP is an insurance plan that offers the dual benefits of insurance and investment. Insurance is to financially protect your family and investments to fulfill your long-term goals. A p...
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Location: India
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