Wednesday, May 30, 2018

Avoid Getting Ripped Off From Payday Loans Explained

Avoid Getting Ripped Off From Payday Loans Explained: Payday loans can, at first, seem like the long awaited answer to all your financial problems. Payday loans offer customers the opportunity to be pre-approved no matter what their credit history and receive quick, easy, cash loans prior to their next payday. What could go wrong? In fact, payday loans can put uninformed customers in debt much faster than typical loans. Payday loans usually come along with an extremely high interest or APR rate that presents a problem for custom...

Payday loans can, at first, seem like the long awaited answer to all your financial problems. Payday loans offer customers the opportunity to be pre-approved no matter what their credit history and receive quick, easy, cash loans prior to their next payday. What could go wrong? In fact, payday loans can put uninformed customers in debt much faster than typical loans. Payday loans usually come along with an extremely high interest or APR rate that presents a problem for customers. Instead of getting regular interest rates, customers who take out payday loans find themselves having to face double and sometimes triple the normal interest rates for loans. 

It is important for customers who think they may be interested in taking out a payday loan to put in plenty of research to educate themselves about payday loans, particularly if they have never taken out a payday loan. If you research the terms and services and are familiar with the ins and outs of payday loans, it is easy to get an online payday loan with a low APR rate, which allows you to get a quick loan and pay it back in a short amount of time with low interest rates. 

Payday loans are meant to be paid back within a short period of time. The idea of a payday cash advance is that you receive a payday advance prior to receiving your pay check. Once you have received your next pay check you are expected to pay back your loan. If you do not plan to pay back your loan this quickly or if you do not have the funds to pay back your loan this quickly then a payday loan may not be the right choice for you. It might make more sense for you to take out a regular loan, and although it may take longer and be more involved to process, you will not be expected to pay back your loan as quickly and your interest rates will be considerably lower.

If you work with an honest company that is not just out to rip you off, you will be able to get a quick loan to cover expenses, bill or other finances. However, make sure you will be able to pay back your loan within a short amount of time; otherwise you may want to consider a different type of loan with lower APR rates. When working with the right loan company you will be very satisfied with your online payday loan and the convenience it offers you. If you are able to find the right company to take out a payday loan from and are sure it is the right choice for you then you will undoubtedly be happy with the convenience if the service.

Monday, May 28, 2018

Posible Reasons For Personal Loan Rejection Must Read

Posible Reasons For Personal Loan Rejection: Was your Personal Loan application rejected again but you aren’t sure why? There are a number of reasons why loan applications are usually rejected by lenders. But don’t worry, there are a handful of things you can do to improve the chances of your loan being approved.

So, if your bank turned down your application lately, it could be due to any of the reasons listed below.

Constant job hopping

Unstable employment is another common reason for rejection. Lenders value job stability a lot as it is a sign that the borrower will be able to pay his/her dues without fail. So, if you have been changing your job every six months or the like, your loan application will find its way into the rejection pile. Nowadays, most lenders have placed conditions such as ‘at least one year in current job’ or ‘two years of total work experience’ as their eligibility criteria. And individuals who do not meet the requirement stand a higher chance of loan rejection.

Too many loans

Knee-deep in loans already? Your lender may reject your current application. Wondering why? If you’re holding several loans, then lenders will need to check whether your income is sufficient to support the new loan’s repayments. Your debt to income ratio is very important to lenders.

Too many applications/rejections

Did you know that each loan application and rejection gets recorded on your credit report? Each time you apply for a loan, the lender will approach your credit bureau for your Credit Score and credit report. And your credit bureau will consider this as a ‘hard inquiry’. So, the more number of applications that you make, the more will be the number of hard inquiries, and this will bring down your Credit Score too.

Poor credit history

Have you been paying your existing Credit Card bills and loan EMIs on time? If you’ve defaulted on payments, then you are likely to have a low Credit Score and negative remarks on your credit report. And a poor track record of repayments is a strong reason for lenders to reject future loan or Credit Card applications. Also, if you have a thin credit history, there are chances that lenders will turn down your application. A thin credit history means that you do not hold any financial products – i.e. Credit Cards, loans. Hence, lenders cannot assess your financial behaviour, and therefore, are hesitant to sanction your loan.

Too many loans

Knee-deep in loans already? Your lender may reject your current application. Wondering why? If you’re holding several loans, then lenders will need to check whether your income is sufficient to support the new loan’s repayments. Your debt to income ratio is very important to lenders.

Saturday, May 26, 2018

How To Invest In Gold Through ETF (Exchange-Traded Fund )

How To Invest In Gold Through ETF: Investing in a Gold Exchange Traded Fund (ETF) can give you better returns than investing in physical goldThe frequent crashes in the stock market have made people even more interested in gold. Now that even Fixed Deposits aren’t giving great returns, many have started diversifying their portfolio by investing in gold. Want to know how? Read on.

What is Exchange-Traded Fund?

Loading the player... DEFINITION of 'Exchange-Traded Fund (ETF)' An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares, making them an attractive alternative for individual investors.

What is Gold ETF?

Gold ETF is an ETF that tracks physical gold prices. The first gold ETF in India was launched by benchmark Mutual Fund in 2007. One unit of gold ETF is usually equal to a gram of gold. These ETFs are backed by physical gold of the highest purity. Gold ETFs were launched in India only a decade back. Unlike a Mutual Fund, an ETF will be listed on stock exchanges and are traded like stocks. Using a gold ETF, you can easily invest in gold in small amounts at different price levels to ensure higher returns. Presently, there are 14 gold ETFs in India. While for some of them, one unit is equal to one gram of gold, for others, one unit is equal to half a gram of gold. For instance, if you invest in an ETF where 1 unit is equal to 1 gram of gold, the units will be allotted in such a way that the value of each unit you buy corresponds to one gram of gold. So, if you invest Rs. 27,000, when the price of 10 gram of gold is Rs. 30,000, you will be allotted nine units. You need to check the unit value before investing.

The difference

Ideally, all gold ETFs where the unit of gold is the same should have the same NAV. However, NAVs do differ slightly. Why? This is because a gold ETF will not only buy gold it will also invest in some other assets like bonds and Government securities. Sometimes the ETF also holds cash in order to buy gold at lower prices. This is why the NAVs of different funds are different. Another point is the expenses incurred by the ETF. When the fund buys and sells gold on your behalf, they need to pay a number of charges such as brokerage fees, Value Added Tax (VAT), custodian charges, among others.
Depending on the accounting policies of the Mutual Fund house, the NAV of the fund will be adjusted for these expenses on a daily basis. Note that you pay fund management charges for investing in the fund. This is the reason why the NAV of the funds differs. For example, the NAV of Birla Sun Life Gold ETF stands at Rs. 2,783 while that of IDBI gold ETF is Rs. 2,790. Note that, usually, these differences in NAV are minimal if the funds have the same unit value. So, there won’t actually be much difference in the returns generated by them.

How does it work?

Gold ETFs are funds that are managed passively and their returns will closely follow that of physical gold in the market. For redeeming your units, you can approach either the Mutual Fund house or the stock exchange.
Note that the Net Asset Value (NAV) of each of these funds will be different. Now, why is that?

Check before investing

There are certain factors that you need to look at before you start investing in gold ETFs. Here’s the list.

Expenses: All Mutual Funds incur expenses and these expenses reduce your returns. So, the lower the expenses, the better it is. How do you know which fund incurs low expenses? Check its expense ratio. The lower the expense ratio, the better will be your returns.
Tracking Error: As you know now, gold ETFs track physical gold and for this, they use a benchmark. However, there usually is a slight difference between the returns that the benchmark generates and the fund’s returns. This is known as tracking error. The lower this error, the better because you want your fund to replicate gold prices as closely as possible.  So, ideally, you should be going for funds with lower tracking error.

Liquidity: You should be able to sell your ETF when you need money and quickly, right? Since gold ETFs are traded in stock exchanges, you need to understand how liquid they are. The higher the trading volume for the gold ETF, the more liquid they are. The more liquid the ETF, the easier it is for you to sell it.

How to go about it

In order to invest in gold ETFs, you will need a demat account. If you already have an online trading account with any broker, you can buy gold ETFs yourself or by giving instructions to your broker.
  • Open a demat account with a depository participant like National Securities Depositories Limited (NSDL) or Central Depository Services Limited (CDSL).
  • Open an online trading account with your broker.
  • Allocate money for the purchase.
  • Choose the ETF that you want to invest it.
  • Check its availability and price on the stock exchange.
  • Place the buy order using the trading account or through your broker.
  • Most Mutual Funds have a minimum investment criterion. Check before you invest.
  • The units will be credited to your demat account. You can check the units credited and the amount at which they were purchased.
  • You can redeem them anytime using your online trading account.

Friday, May 25, 2018

What Is A Life Insurance and Group Of Life Insurance

It Is A Sort Of Life Insurance Strategy That Falls Into The Whole Insurance Class. It Offers Unadulterated Insurance. Fundamentally, It Covers The Threat Of Passing On. In This Arrangement, The Aggregate Guaranteed Sum That Your Back Up Plan Guarantees To Pay Would Be Given To The Chosen One Or Recipient As Expressed In The Strategy Report In Case Of Protected’s Demise. If You Get By In The Strategy Term Period, You At That Point Can Get Nothing Or Can Recover Your Top Notch Which Fundamentally Changes From Safety Net Provider To Insurer.If You Are Getting Ready To Purchase Unadulterated Life Insurance, At That Point Term Insurance Is The Best And Least Expensive Kind Of Extra Security Arrangements.

Complete life insurance:

Remaining Designs Which Go Under Life Insurance, For Example, Blessing Design, Cash Back Plans, ULIP, And So Forth Gives Scope To The Guaranteed To A Specific Age-Significantly 65 To 70 Years, While An Extremely Presence Design Gives Scope To Your Life. In This Arrangement, For The Most Part The Guaranteed Is Given A Decision To Pay For Lessened Sum Till The Predefined Time Which Will Be Otherwise Called Development Period. On The Off Chance That The Safeguarded Individual Achieves Development, At That Point He Or She Has The Decision To Keep Precisely The Same Till Death Without Paying Any Additional Premium And Encashing The Aggregate Guaranteed Or Rewards.

Enrichment Plan:

Not At All Like Term Plan, Gift Design Pays You Out The Aggregate Guaranteed Joined With The Benefits In The Two Cases-Demise And Survival. This Arrangement Of Activity Charges A More Prominent Premium That Is Destined To Be Being Devoted To The Benefit Advertise Equity And Debt. A Gift Is A Use Of Life Insurance In That The Back Up Plan Guarantees To Cover The Single Amount Sum Amid The Season Of Development. Significantly Developments Are Ten, Fifteen Or Twenty Years Up To And Including Distinct Age Confine. A Few Designs Additionally Pay A Sum In Case Of Basic Disease. Blessings Sums Can Be Gotten The Money For Ahead Of Schedule And The Guaranteed Will Get The Surrender Esteem Which Might Be Resolved Premise To What Extent The Approach Has Been Running And Exactly What Amount Has Been Committed To It.

Wednesday, May 23, 2018

4 Best Auto Insurance Tips – Find It The Right Way

Auto Insurance Is A Protection Strategy Purchased By The Auto Owner To Safe Watch His/Her Vehicle Against Robbery, Mischance And Some Other Misfortune Caused. You Can Purchase Auto Insurance For Any Of Your Auto Portable, For Example, Auto, Truck Or Transport.Auto Insurance Covers Protected Vehicle And Safeguarded Party, As Well As A Few Times It Covers Outsiders Too. Diverse Accident Protection Approaches Have Distinctive Terms, Standards And Conditions Under Which, These Things Are Secured.

 Here Are A Few Hints, Which Can Be Utilized To Locate The Best Accident Coverage For Your Dark Boomer.

1. Before Marking Your Application Shape Read Every Last Purpose Of Fine Print, As They Can Secure Your Right.
2. Now And Then Insurance Agencies Give Particular Offers. Therefore Dependably Search For Offers, As They Can Deduct Your Premium From $100 To $300.
3. In The Wake Of Contrasting Car Insurance Cites Apply For The Best One For You And Your Vehicle. While Applying Given Them Points Of Interest As Much As You Can, For Example, Your Name, Address, Postal Division, Your Conjugal Status, Auto’s Yearly Driving Miles And Security Highlights In Light Of The Fact That As Default They Can Offer You High Statements With No Particular Advantages. Thus, To Purchase A Modest And Best Car Insurance Dependably Give Full Insights About You And Your Vehicle.
4. To Find Best Auto Insurance, You Are Asked For To Make A Pursuit All Alone. Above All Else Go To Nearby Auto Insurance Suppliers. Think About Accident Coverage Cites Gave By Them. The Majority Of Auto Insurance Suppliers Have Their Sites, You Can Go There And Ask For Auto Protection Cites On The Web, In The Event That You Possess An Auto. Analyze Their Statements And Discover Best Collision Protection For Your Vehicle. Keep In Mind Forget That Bartering Is The Way To Purchase Shoddy Auto Insurance.Visit Song Lyrics Help for Best songs lyrics
In Light Of Keeping These Straightforward Tips You Can Discover Best Car Insurance Policy..

Friday, May 18, 2018

Car Insurance: Here’s What You Should Know

Car Insurance: Here’s What You Should Know. If you are the owner of a car, then a Car Insurance policy is a must to protect your vehicle from damage, theft and mishaps. Read on to know how a Car Insurance policy helps.

In simple terms, any damage to property, injury or death caused to any third party is covered under this. A comprehensive auto insurance safeguards your vehicle against most eventualities, including natural calamities, breakdowns, and can also protect components typically not covered by a standard insurance.

In this article, we discuss the need for a car insurance, and what should be considered before buying car insurance.

What All A Comprehensive Car Insurance Covers

Besides the third party insurance, a comprehensive policy can cover the following.
  1. Protection from natural calamities: This covers things that are not in your control, natural disasters like earthquakes, floods, hurricanes, lightning, storms, cyclones, landslides and tsunamis.
  2. Personal Accident Cover: This protects the insured in case of injury or death due to mishaps.It will secure your family’s future in case you suffer permanent or temporary disability or death in the eventuality of an accident.
  3. Robbery or terrorist attacks: A comprehensive policy comes to your help when there is a terrorist attack, robbery or damages due to an accident.
  4. Breakdown Assistance: The policy also comes to your aid when you have a breakdown in terms of flat tyre or fuel shortage. The on-road repair cover assists you with an access to the mechanic, towing of the vehicle and accidental repairs or replacements of tyre and tubes.
  5. Lost Key/Lockout Assistance: This will assist you in case there is a loss of, or damages to, or the replacement of, the car’s keys, locks or alarm system.

Things To Keep In Mind For A Strong Claim

  • Keep your vehicle always in a road-worthy condition with proper insurance-related documents.
  • If a person other than you is driving the car, ensure they have a driving license and are not driving under the influence of alcohol or drugs.
  • In case of an accident with a third party, ensure you take them to the hospital immediately.
Keep all the above in mind while going for a comprehensive car insurance and do compare offerings by different companies to grab the best deal.

Different Types of Car Insurance

There are two types of car insurance products – Third Party Insurance and Comprehensive Insurance.
As mentioned above, third party insurance is mandatory which covers the vehicle owner from legal liabilities caused by death or damage caused to a third party.
The second type is the Comprehensive Insurance Policy. This provides overall protection for any damages caused to your own self and your vehicle. Additionally, this also protects your vehicle against accidental fires, theft, or natural calamities.
Like any insurance product, you need to pay an Annual Premium to avail these benefits. Your car insurance premium is based on factors like the model of the car, purpose of the vehicle (personal or commercial), safety devices installed within the car, and the insurance zone, which is the area of your residence and location where your car is registered.

What Is Typically Not Covered

Most car insurance policies don’t cover the following.
  1. Aging, wear and tear, etc. of the vehicle
  2. Depreciation
  3. Electrical or mechanical breakdown
  4. Damage to tyres and tubes. However, if the vehicle is damaged at the same time, the liability of the company will be limited to 50% of the replacement cost.
  5. Damage caused by a person driving without a valid license.
  6. Damage caused due to drunken driving or driving under the influence of drugs.
Loss/ damage caused by war, mutiny or nuclear risk.

Thursday, May 17, 2018

5 Factors To Consider Before Take A Car Loan

5 Factors To Consider Before Take A Car Loan: A Car Loan comes to your aid when you are short of funds. Read on to know what factors can help you in grabbing a good deal.

This is where a Car Loan comes to your aid. It adds up the deficit amount, enabling you in fulfilling the dream. The payback mode is via EMI’s over a mutually agreed period. 

Here are the "5 Factors To Consider Before Take A Car Loan"

Ensure Loan EMI Stays Within Payable Limit

EMI affordability is another factor that you should certainly check before taking a loan. You should assess and calculate all your expenses before taking a call on how much Car Loan EMI you can afford. It will be wise to ensure that your Car Loan EMI along with any other existing EMIs (home or any other loan) do not cross 40% of your monthly income. You can also choose to close any unwanted loans before applying for a Car Loan to ensure you stay below the threshold limit for easy repayment without facing any financial burden.

Processing Fee Charges

The processing fee is the percentage of your loan amount that banks charge for processing your loan. It varies from bank to bank. Many banks often waive off the processing charges through special offers or discounts. When a bank waives off your processing fees, be cautious and do check that no other charged has been introduced or a higher interest rate has been charged to offset their loss.

Know The pre-closure Charges

There are some banks which levy pre-closure or pre-payment charges. While selecting a lender for your Car Loan, you should check about the pre-payment charges. It would be wise to read all the documents to avoid falling prey to hidden charges. Clearing your debt before the end of the loan tenure is not a crime, however, you should not be penalized unnecessarily for such a good deed.

Interest Rate

The rate of interest is one of the most important factors to consider as it will decide your monthly EMI outgo.  Since the figure varies from bank to bank, it is wise to do a comparison of interest rate offerings of different banks to bag a good deal. A lower interest rate means lower EMI and lower amount of interest to be paid. You can also get a good deal if you maintain a healthy Credit Score. Negotiating a good deal would not be tough if you have good terms with your bank.

Down Payment

Car Loans nowadays are available for up to 100% of the ex-showroom cost of the vehicle. While this may appear to be a great and attractive option, but it means that you will have to pay higher EMIs to clear the debt. While looking for a Car Loan, try to arrange for a down payment that can keep the EMIs lower. You should also opt for a shorter tenure to reduce your interest cost. This may mean higher EMIs, but do it only when you are not compromising on your other financial and investment goals. It would be wise to go for a loan only after you have saved enough for your Car Loan down payment. For example, if you are looking for a Car Loan worth Rs. 7 Lakhs with an interest rate of 12.5% for a 5-year tenure, the total interest payment will come to Rs. 2,44,913. Now if you down pay Rs. 2 lakhs and seek a loan of Rs. 5 lakhs, the interest component comes down to 1, 74,938 resulting in a saving of Rs. 69,975.

Tuesday, May 15, 2018

No-Claim Bonus?What To Do If Your Health Insurer Is Withdrawing

No-Claim Bonus?What To Do If Your Health Insurer Is Withdrawing: A number of public-sector insurers are withdrawing no-claim bonus and other benefits on their insurance plans. Let’s find out what recourse you have in such a situation. 

Here you can find if Your "Health Insurer Is Withdrawing and No-Claim Bonus"

What is a no-claim bonus?

The no-claim bonus offered on a Health Insurance policy is in the form of a cumulative bonus. Insurers offer this on indemnity-based Health Insurance policies. The policyholder must meet the following conditions:
  1. If one makes claims during overlapping periods of two Health Insurance policies, one will receive the benefit of the available sum insured. The cumulative bonus will also not reduce to zero.
  2. The cumulative bonus will expire if the person does not renew the Health Insurance policy by the due date.
  3. Each year the sum insured increase varies from 10%-50%.
  4. The cumulative bonus that a policyholder is eligible to receive on his/her Health Insurance will be stated in the policy document.
  5. Insurers apply the cumulative bonus to the sum assured for a 3-year period. This can help to renew the policy by the due date as well.
  6. There is a progressive increase in the sum assured, by a value of at least 5%. This is the cumulative bonus accrued during one policy year in which no claim has been made by the insured. The cumulative bonus can be accumulated for a maximum period of 10 years.
Experts advise that people who are above 50 years of age, should consider switching to a health policy with no-claim bonus benefit. Although this will result in only a marginal increase in premium costs, the benefit is useful.

Disbursement of no claim bonus:

An insurer can withdraw the no-claim bonus but it can also provide it to the policy-holder as a part of the sum insured after deducting the premium payable for the policy.

Renewal of Health Insurance policy:

The no-claim bonus will also act as a discount on premium payable for the Health Insurance policy at the time of renewal. Generally, in order to avail this benefit, one has to renew the policy within 30 days of the due date for renewal.

Good claim record incentives:

By maintaining a low claim record, one can avail a rebate on premium as well as enhanced protection.

Low-value claim:

When the policyholder files a low-value claim, he/she does not lose the entire No Claim Bonus. The insurer only deducts a small percentage from it.

Sunday, May 13, 2018

Popular Education Loans In India for Students

Education Loans In India for Students: Planning to go for higher studies? Securing the right Education Loan could be a daunting task. Here are 4 popular Education Loan schemes in India to help you pick one that fits your needs. 

Here is a list of four popular Education Loan schemes in India:
  1. State Bank of India’s Student Loan

Loans under the SBI Student Loan Scheme are available for all job-oriented professional, technical graduation degree courses, including diplomas, graduation and post-graduation courses.
Under this scheme, you can get a loan up to Rs. 10 lakhs for higher studies in India, and 20 lakhs to study overseas. The SBI student loan comes with no processing fee and offers an interest rate of between 8.30% – 10.70%. The repayment of the loan commences one year after completion of the course or 6 months after securing a job.
The scheme covers expenses such as the cost of a two-wheeler up to Rs. 50,000, travel expenses, fees payable to the school/college/hostel, purchase of books, etc.
  1. United Education Loan Scheme

The scheme offered by the United Bank of India is for meritorious students seeking higher studies in India and abroad. The loan is applicable for all post-graduation and professional courses like engineering, medical, law, etc. Courses offered in India by reputed foreign universities and evening courses of approved institutes are also covered under the scheme.
Under this scheme, you can get a maximum loan of Rs. 10 lakhs for studies in India and Rs. 20 lakhs for studying overseas.

Repayment of Loan:

For loans up to Rs. 7.5 lakhs – not exceeding 10 years.
For loans above Rs. 7.5 lakhs – not exceeding 15 years.

Rate of Interest:

Up to Rs. 7.50 lakhs:  10.95%
Above Rs. 7.50 lakhs: 10.90%
The scheme offers 0.50% concession from the card rate to all female students.
  1. Axis Bank Education Loan

The scheme aims to provide financial assistance to students who want to pursue professional or technical education in India or abroad. You can avail a minimum loan of Rs. 50,000 and maximum of up to Rs. 75 lakhs for studies in India and abroad.
The scheme also offers zero processing, pre-payment and pre-closure charges, which makes it an attractive option.


You are eligible to apply for Axis Bank Education Loan if you meet the following criteria:
  • Secured at least 50% marks during HSC & graduation
  • Secured admission in India or abroad through an entrance test / merit-based selection process post completion of HSC (10+2)

Rate of Interest:

Up to Rs 4 lakhs: 15.00%
Above Rs. 4 lakhs and up to Rs. 7.5 lakhs: 14.50%
Above Rs. 7.5 lakhs: 13.50%
  1. HDFC Bank Education Loan

HDFC Bank offers an Education Loan of up to Rs. 10 lakhs for studies in India and Rs. 20 lakhs for studying overseas. The loan is offered to all Indian citizens aged between 16-35 years.
As a loan applicant, you don’t need to provide any collateral for loans up to Rs. 7.5 lakhs and for loans greater than Rs. 7.5 lakhs, the bank requires tangible collateral like a house, car, land, etc. Besides offering quick disbursal and easy repayment, it also gives you the option to secure your loan by opting for insurance protection through the Credit Protect scheme from HDFC Life.

Other loan options

Pradhan Mantri Vidya Lakshmi Karyakram

If you are tired of visiting every bank’s website to find and apply for the best Education Loan, then Pradhan Mantri Vidya Lakshmi Karyakram is just what you need!
It is an Education Loan portal launched by the Government of India where students can apply for a loan to multiple banks on a single platform. All you require is to register on the website, fill out a simple form and apply. That’s not all! The website helps you track the status of your loan application, provide feedback directly to banks in case of any complaints, etc.

HDFC Credila Education Loan

HDFC Credila offers customised solutions and offers different interest rates depending on the institute, co-borrower details, collateral security offered and the academic background of the student.
It offers loan both for studies in India and abroad. There is no upper limit on the loan amount being offered by Credila and it covers the entire tuition fee as determined by the college/university. The scheme also covers up to 100 percent of other expenses including living and hostel expenses, travelling expenses, examination fees, travel fare, etc.

Sunday, May 6, 2018

How to choose the best Health Insurance Plan for Senior Citizens?

Best Health Insurance for Senior Citizens: A senior citizen health insurance plan is designed to cater to the health-related needs of elderly people.  It serves as a financial guard against medical expenses that incur due to unforeseen medical emergencies. You only need to pay the premium each year to the insurer to get the sum insured which will meet high medical costs during hospitalization. This type of health plan can be availed by the ones who have acquired at least 60 years of age.

Choose the best Health Insurance Plan for Senior Citizens

Adequate sum insured: 
Due to ill health, senior citizens need frequent medical attention that increases medical bills. So when you are seeking a senior citizen health plan, it is essential to primarily assess the health condition of the person you are buying the plan and also consider the factor of health uncertainty while judging an adequate sum insured for a senior citizen. It is advisable to choose a right sum insured under the plan, considering health condition, treatment & surgery costs, medical inflation, etc.

Illnesses covered: 
People at an old age have higher chances to have some pre-existing illnesses. When going to buy a health plan for seniors, firstly you should get a medical screening to ascertain the illnesses they are suffering from and then check the number of illnesses that are covered under the health plan, you want to buy. Make sure the health plan you choose, offers coverage for all existing illnesses and major illnesses as well.

Age limit: 
Most of the insurers offer senior citizen health plan who are aged 61 years or above. Some insurance companies offer health plans for senior citizens aged up to 80 years. Some plans have restricted entry age and some plans put no age restriction for buying the health plan. It’s thus advisable to compare different health plans and choose the one which fulfills your criteria. You should choose a senior citizen health plan that offers coverage from your current age to the maximum number of years possible.

For senior citizens, health policy renewal is a crucial factor that you should consider before buying. You need to check the age up to which the health plan you want to buy can be renewed. Different plans have different age limits for renewal. You need to choose the one, considering your age and health conditions. It’s advisable to pick a health plan that offers lifetime renewability, so you remain covered for your entire life.

 It refers to a percentage of the claim amount that will be borne by the insured and the rest of the amount will be paid by the insurer. People usually opt for co-payment while buying the policy, as it will reduce the premium amount. However, with a co-payment clause, you might not get a complete coverage against specific illnesses.

Waiting period: 
Insurers usually offer coverage for pre-existing illnesses or other specified illnesses after some waiting period. When it comes to buying a health plan for senior citizens, you need to check the waiting period and pick a plan that has a lesser waiting period.

Coverage under Senior Citizen Health Insurance:

In-patient hospitalization expenses: A senior citizen health plan offers coverage towards the medical expenses incurred upon hospitalization for more than 24 hours. It usually covers room rent, ICU charges, nursing, medical practitioner, surgical appliances, operation theater charges, etc.
Pre-hospitalization expenses: Expenses related to your medical treatment when incurred before the actual hospitalization is covered for 30 days to 60 days, as specified in the plan. It may include doctor’s visit, cost of medicines, laboratory tests, etc.
Post-hospitalization expenses: Expenses related to your medical treatment incurred after discharge from the hospital is covered for 60 days to 180 days, as specified in the plan. It usually includes follows up with doctor, medicines, diagnostic tests, etc.
Daycare procedures: Certain procedures/ treatments don’t require 24 hours of hospitalization because of technological innovation are also covered. Every insurer specifies the number of daycare treatments covered under the senior citizen health plan.
Domiciliary treatment: The medical treatment when taken at home under medical advice which otherwise requires hospitalization is covered under the senior citizen health plan.
Hospital daily cash: A fixed amount as hospital cash allowance is payable on a daily basis, depends on the policy terms. This cash benefit can be utilized to meet expenses that are not covered under the health plan.
Organ donor: Medical expenses incurred towards the treatment of the organ donor during an organ transplant are covered.
Ambulance cover: Expenses incurred towards ambulance service, when used to carry the insured to the hospital for hospitalization. The amount covered depends on the terms specified under the policy.

Tax Benefits under Senior Citizen Health Insurance Plan
Upon paying the premium amount under the senior citizen health plan, you can avail a tax deduction of Rs 50,000 (w.e.f 1st April 2018). Till the financial year 2017-18, this limit was Rs 30,000. If you are paying the premium for a senior citizen (yourself, spouse & parents), you are eligible to avail the tax benefit under section 80D of the Income Tax Act 1961.