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Get Tips on How to Make a Successful Insurance Claim

Get Tips on How to Make a Successful Insurance Claim
by Nutan Gupta 10/05/2016

The bureaucracy of insurance companies, coupled with the threat of insurance fraud while bearing the loss of a loved one, makes the process of making an insurance claim a painstaking experience. The Insurance Regulatory and Development Authority (IRDA) provides guidelines for settling insurance claims. These guidelines provide that, insurance companies are obligated to settle claims within 30 days of receipt of all claimant documents. Insurance companies, on the other hand, employ claim investigators and legal advisors who scrutinize claim applications thoroughly. A feedback of possible fraud or malpractice would result in either an extension or a denial of the claim settlement. Whenever claimants choose to take legal action and prove their case, the matters take up to six months to settle. However, there are thousands of cases that have dragged for years in the courts. Below are some tips to make a successful insurance claim.

Successful Claims Begin At The Point Of Purchasing the Policy

When applying for an insurance policy cover, it is important to make all disclosures honestly. Hiding some ‘unpleasant’ habits such as smoking or pre-existing diseases will only complicate the claim process as it will be discovered then and the insurance company may decline to pay a claim on the basis of non-disclosure of material information.

At the occurrence of a Death or Hospitalization

In the event of a health cover, it is vital to alert the insurance company by sending a claim within the shortest time possible. Insurance companies take delays as reasons to arouse suspicion and elicit deeper investigation

Comprehensive Information Should Be Given To The Insurance Company Accurately

All the relevant information on the claim application including the name of the policyholder, date, location, and reason of death, and any other appropriate information required by the insurance company, omission or inconsistencies can cause jitters in the insurance company when processing your claim.

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Top Life Insurance Myths to Get Rid Off

Top Life Insurance Myths to Get Rid Off
by Nutan Gupta 10/05/2016

Most people look at insurance as something that helps them reduce taxes and save for future. Unfortunately, these are secondary benefits of insurance and not the primary reason why it should be bought.

Insurance is bought to provide financial security to dependents in case of death of the policyholder. It should be large enough to provide income replacement of the policyholder and help clear off all outstanding debts. But when it comes to insurance, there are many more myths that people believe in. Lets see the reality behind some of these myths.

A very big myth doing rounds is that life insurance is costly. The main reason behind this belief is that people think of survival benefit plans (like endowment, money-back, etc.), when they want to buy insurance. These are of course costly as these are products with dual benefit of insurance and savings. But one can easily buy insurance policies with large enough covers at very low prices, if one goes for plain term plans. A plan with insurance cover of Rs 50 lac just costs about Rs 6,000 a year! So it’s not that costly after all.

Now the young and single believe that they don’t need any life insurance cover as the product is mainly marketed for its importance for those with families. But it must be noted that at young age, insurance policies are more economical since premiums are low for low-age groups. Premiums tend to grow higher later in life as the life expectancy risks increase with age. More importantly, this cover can be extended to the family when one starts it in future.

Working professionals are also plagued by a myth that the insurance provided by their employer is enough for them. Unfortunately, if the job is discontinued or the person retires, they will lose their insurance covers. And since premiums are very high at later stage of life, it can be very costly to buy sufficient coverage later on.

These are some of the myths that people have and that cause a lot of harm to people’s financial lives. So sooner these are busted and necessary actions taken, better it is.

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Why Insurance is Being Sold as Investments

Why Insurance is Being Sold as Investments
by Nutan Gupta 10/05/2016

Have you ever thought why your agents, bankers and brokers call you to sell insurancepolicies? This is the time of the year when you might be getting the maximum number ofcalls because most of us are looking to save tax.

When was the last time you quoted your insurance policies when someone asked you about your investments? A lot of people use the terms insurance and investment interchangeably. But in reality, these terms are not similar.

But, where does this confusion come from? Most of the people think that buying insurance is equal to investing because they are being told so by their agents. Have you ever thought why you keep getting frequent calls from your bank executives to sell insurance policies? They convince you till the time you buy a policy. This is because they get a fat commission for selling each insurance policy. Insurance policies are being sold in the name of investing for your future. While the truth is that insurance is not an investment product. The sole purpose of buying an insurance is to secure your loved ones financially.

One of the major point of differentiation between insurance and investment is that insurance does not give you any return (apart from securing your family financially),while investments give you high returns in the long run. Life insurance demands premium either annually or semi-annually, and these premiums are not very low. So it does notmake sense to pay high premium for a product which is not even deriving any profit. It is better to opt for term insurance which has lower premium and serves the purpose of insurance as well. A bank fixed deposit earns you a return of around 9 percent while the return on insurance is just around 3-4 percent.

The ideal way of differentiating insurance and investment is by identifying the basic purpose they serve. A person opting for any of these should be very clear what he wants. If you want to secure your family, go ahead with insurance. If you are looking to make a profit, go ahead and invest. Insurance distributors are paid to sell you policies, and it is a part of their job to convince you to buy insurance policies. It is you who will decide if you want an insurance or an investment. Choose wisely!

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5 Stocks Recommendation For Feb 25th, 2019 – Mar 1st , 2019

Stock recommendations
by Gautam Upadhaya 21/07/2017

1) Balkrishna Industries Ltd - Buy

 

Stock Balkrishna Industries Ltd
Recommendation The stock has witnessed a breakout from its sideways consolidation
backed by an uptick in volumes on the daily chart. It has also shown
positive momentum on the daily MACD-Histogram, an indication that
the uptrend will continue in the short term.
Buy/Sell Range Target Stop Loss
Buy (Cash) Rs850-855 Rs892 Rs827
NSE Code Market Cap (in Rs cr) 52-week high/low 200-Day EMA
BALKRISIND 16543 Rs1467/741 Rs987

 

2) REC Ltd - Buy

 

Stock REC Ltd
Recommendation The stock has witnessed a consolidation breakout backed by an uptick
in volumes on the weekly chart. Derivative data indicates fresh long
positions in the stock.
Buy/Sell Range Target Stop Loss
Buy (Cash) Rs131-133 Rs139 Rs127.8
NSE Code Market Cap (in Rs cr) 52-week high/low 200-Day EMA
RECLTD 26068 Rs148/89 Rs119

 

3) Mahindra & Mahindra Ltd - Buy

 

Stock Mahindra & Mahindra Ltd
Recommendation The stock has witnessed a rounding bottom formation and has managed
to close above its 10-DEMA, short-term resistance level on the daily charts.
It has also formed a bullish hammer candlestick on the weekly charts.
Buy/Sell Range Target Stop Loss
Buy (Cash) Rs641-647 Rs672 Rs625
NSE Code Market Cap (in Rs cr) 52-week high/low 200-Day EMA
M&M 80272 Rs992/615 Rs771

 

4) Raymond Ltd - Buy
 

Stock Raymond Ltd
Recommendation The stock has witnessed a breakout above its resistance levels backed by an uptick in volumes on the daily charts. It has also shown strong momentum on the daily MACD-Histogram.
Buy/Sell Range Target Stop Loss
Buy (Cash) Rs721-728 Rs755 Rs705
NSE Code Market Cap (in Rs cr) 52-week high/low 200-Day EMA
RAYMOND 4478 Rs1151/593 Rs806

 

5) HDFC Bank Ltd - Sell

 

Stock HDFC Bank Ltd
Recommendation The stock has formed a bearish engulfing candlestick pattern backed by an uptick in volumes on the daily chart. Derivative data indicates fresh short positions in the stock.
Buy/Sell Range Target Stop Loss
Sell (March Futures) Rs2105-2120 Rs2030 Rs2164
NSE Code Market Cap (in Rs cr) 52-week high/low 200-Day EMA
HDFCBANK 569029 Rs2219/1830 Rs2041

 

Research Disclaimer

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What Stocks/Shares (Equity) Are And How Do Shareholders Make Money?

how do Shareholders Make Money
by Priyanka Sharma 05/08/2017

Jargon is the biggest hurdle to every new investor, particularly when it comes to those who want to invest in stocks. For that reason, it's important that before someone starts focusing on losses and gains, or the BSE versus the NSE, it's important to understand what stocks really are and what they represent. You can't make any money until you grasp the fundamentals of the tools you're working with, after all. 

Put simply, stocks represent a share in a company. If someone goes online and buys a share of ONGC stock then that individual now has a stake in how well ONGC does. If the company does well, the investor does well. If the company does poorly, then the investor can lose money. How much one stands to gain or lose depends on how much stock that person has in the company, and how that particular company performs.

Let's use an example to make this a little bit clearer. Say that Company ABC wants to attract investors. As such it divides itself up into 5,00,000 shares of stock. For every person who buys stock, that money goes to the company so it can hire new employees, build new stores and generally attempt to get a bigger share of the market. Seen this way, it's clear that trading stock is great for the company. but how do you, the investor, make money?

Method 1: Make Money Trading Stocks
Trading stocks is the most well-known way to make money on the stock market. The price of a stock is liquid, climbing and falling within the space of days or even hours. The trick to make money as a trader is to buy the stock when its price is low, and to sell it when the price rises. So, say that a stock broker heard Reliance Industries is claiming a bigger part of the market and it's poised to rebound from a slump. He or she might buy stock at Rs.50 a share, and wait. If the stock goes up then the broker can sell it at a profit. So if the stock climbs to Rs.90 a share the broker has made a Rs. 40 per share profit. That's not terribly impressive for a single share, but if the broker purchased 100 shares, or 1,000 shares then that profit is going to go up pretty quickly.

It doesn't matter whether you hang onto a stock for an hour, a year or a decade; if you sell it for more than you paid for it you made a profit.

Method 2: Making Money With Stock Dividends
When someone is a stockholder in a company, that company's profits are also the stockholder's profits. The increasing value of a stock is just one instance of this. Another may be dividends paid to shareholders by the company. In plain English, that means that every quarter the company will take a segment of its profits, split it up and give those profits to stockholders according to how much stock someone has. The more profit the company makes, the more money the stockholder gets paid at the end of the quarter. The ideal situation for you to be in is to hold stock in a company that pays dividends, and which is making record profits. If you hold onto your shares then as long as the company is making money, you're making money. In essence you're being paid to own the stock, because when you bought it you paid for a share of the company. That share of the company comes with your own little piece of the profits pie.

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The ABC’s of Investing

ABC's of Investing
by Nutan Gupta 25/09/2017

The money that you earn is partly spent and the rest is saved for a rainy day. Savings refer to the funds that are kept aside in safe custody, such as a savings account. Instead of keeping this money idle, you can invest your savings in various financial instruments which will pay you a hefty return in the near future.

The question that arises now is how and where to invest this money. Potential investors can always take the help of a financial advisor and an investment advisor, both of who are capable of providing detailed knowledge on the subject on investment and investing money. Investors can start investing after fulfilling the following simple steps:

  1. Obtaining documents relating to Personal Identification Proof and Address Proof.
  2.  Approaching intermediaries like a broker, RM etc.
  3. Filling up the KYC form and furnishing the details required.
  4. Filling up of the broker-client agreement.
  5. Opening a DEMAT Account and linking it with a savings account.

As soon as these steps are completed, an investor can start investing in the financial market.

The investment options can be well classified into 2 parts. They are:

  1. Physical assets: It comprises of tangible items like real estate, commodity, goldand silver in the form of jewelry and even antiques. 
  2. Financial assets: It comprises of FDs with banks, small savings instruments with the post offices, provident fund, pension fund, money market instruments and capital market instruments.

The money market gives the scope of short term investment options. It deals with debt instruments such as bills of exchanges, commercial bills, treasury bills, certificate of deposits etc. These have relatively low risk and relatively low returns. However, they are one of the safest investment options, especially for those investors who want to play safe.

A capital market is an option for long term investment. The various instruments of capital market are shares of companies (equity), mutual fundsSIP investmentderivatives market, IPOS, etc. These have a higher risk and higher returns in comparison to the instruments of the money market. Although stock investing is considered to be more rewarding, the high risk factor associated with it can result in loss if there is a downswing in the activities of a company.

The investment strategies of an individual depend on certain factors, such as:

  1. The risk taking appetite of investor
  2. The time horizon of investment
  3. Expected return
  4. Need for investment

Investments make our fund grow over a period of time whereas savings is just idle cash. Our short term needs can be fulfilled with the help of our savings but for the achievement of our long term financial goals, investment is a must. This is only possible with financial planning.