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How to Choose the Best Life Insurance Policy?

Life insurance is an essential financial tool that can provide you with long-term financial goals and secure the future of your family members.

But choosing the best life insurance policy is an overwhelming task.

So here in this task, we will discuss choosing the best life insurance policy.

Steps to choose a life insurance policy

Assess your life insurance goals

Goals vary from individual to individual. When you are buying life insurance, You must have a plan for the goals with the help of a suitable life insurance policy.

If you are safeguarding the financial security of your family member, you can buy a term insurance plan that offers high coverage at affordable rates.

So first assess your life insurance goals.

Calculate the optimal insurance cover that you need

Most financial advisers suggest that the life insurance policy cover should be at least ten to fifteen times your annual income. However, there are several other elements that you need to consider while estimating the ideal life insurance amount.

Determine the amount that you can pay as the premium and find the best policy

Looking at your income and expenditure, you should determine the money that you can pay as a premium and find the best policy within that amount of money.

Compare different companies' plans to find a policy that offers the highest coverage at rates that fit your budget. You can also assess your premium paying term based on your earnings for the coming years.

Select the correct policy term

The policy term should ideally be the number of years your family will be financially dependent on you.

You can use the general thumb rule for deducing the ideal policy term by subtracting your current age from the age at which you are expecting your income to stop or wish to accomplish a particular life goal.

Do not hide facts from your life insurance provider

Before buying insurance, you shouldn't hide facts from your provider. If you consume tobacco or alcohol, or work in a hazardous industry, you should inform your life insurer about these details.

You should also declare any existing illnesses or family history of critical ailments. These factors may influence your risk profile. Providing proper and accurate information is vital for the prevention of claim rejection in the future.

Read the final policy document carefully

Understand all the terms and conditions clearly, before making any final commitment. Find out other relevant details like the lock-in period and the circumstances in which the claim may not be valid.

Buy life insurance while you are young

The Life insurance premiums are lower when you are making an investment while you are younger. So, you can save the cost of your premium if you are buying your life insurance policy as soon as you start earning. You can also start with lower coverage and add more riders as your income increases.

Choose a comprehensive plan

Different medical contingencies might affect your income in a negative manner. Thus, it’s essential to choose a comprehensive plan, along with appropriate riders for yourself.

Evaluate your life insurance needs regularly

It is very essential to assess your life insurance needs on a regular basis as your financial goals may change with age and life events like marriage or childbirth.

You can also review your life insurance needs from time to time and adjust your coverage as per that. It will also take care of inflation.

Conclusion

As we discussed the points to consider before buying a life insurance policy, consider those and choose wisely.

#insurance #life insurance

7 Best Forex Robots You Could Buy

Robot trading has become versatile. There are countless countries that are availing of robot trading styles, strategies, and systems.

There are also several types of traders doing robot trading and with different methods of working.

One of the important characteristics of robot trading is the split between those who want to trade manually and those who want to utilize automated trading systems with the best Forex robots.

So here in this article, we will discuss everything you need to know about the 7 best forex robots you can buy.

Best 7 forex robots

Forex Fury

Forex Fury is one of the good places for you if you want to go when you need help making wise decisions as an investor. You can clearly make the most of your trading investments by allowing this Forex Fury to do most of your work.

This Forex Fury robot also makes sure that you would get the best service along with several unique features.

Coinrule

Coinrule is another best fully automated cryptocurrency trading robots that either helps you to create your own automated trading rules without having to know how to code or you can also choose from more than 150 trading rules provided by the platform for automatically trading cryptos.

This robot trading bot also seeks the most effective market indicators and helps you to automatically allocate your funds to the most profitable cryptocurrency markets.

The 1000pip Climber forex robot trading system is one of the best FX robots available in the market. The impressive combination of an extremely advanced trading algorithm in a very easy-to-use and affordable package makes this robot stand out.

The robot is particularly perfect for inexperienced traders as this robot is very easy to install and use.

Unlike some other robots, all complexity in this robot is kept internal and there are almost no settings for the user for any kind of adjustments.

The interface in this robot has also been kept clear and simple so that even beginners can find it easy to use. Another main advantage of this system is that it comes with 24/7 support and free updates for life.

Forex Diamond

Forex Diamond is another best robot trading system that combines three independent trading systems and offers a self-updating algorithm that has a profitable 40+ recovery factor.

Along with the best option to run Trend Retrace, Counter Trend, or Counter Trend Scalping independently or a mixed combination, this robot trading system offers real-time calculation which helps trades be more successful.

ForexVPS is another company that provides servers specifically for trading. A Virtual Private Server (VPS) in this system is always on all the time, with no downtime which makes it an ideal option for those who are running Expert Advisors on platforms like MT4 or 5.

For well, this EA requires you to be on all the time, so if there are any kind of problems with your internet connection or the terminal goes offline, you may lose all your opportunities and money.

Learn2trade

Learn2Trade is a semi-automated robot trading platform that is used in forex trading signals. This provider is also involved in cryptocurrencies, indices, stocks, and commodities.

The signals sent by this system tell you exactly which orders should be placed at your chosen trading platform – on the basis of research which is performed by the team at Learn2Trade.

Pionex

Pionex is a cryptocurrency exchange and robot trading platform which incorporates various trading algorithms to allow investors to automate their trading.

Currently, this platform offers 12 different trading algorithms, all of which are quite free of charge for users. Thus when you are investing with this platform, you are able to reduce the need to constantly monitor the market, as your strategy will be automated.

Conclusion

As you read this article this far, you might have known about the different best forex robots.

Then choose the platform wisely according to your convenience and trade in a better manner.

#forex #forex trading #robo trading

Insurance vs Assurance – Let’s have a brief difference

Insurance and assurance are two types of common products which are widely sold in the market these days. But both insurance and assurance are two completely different products offering more or less the same thing which is confusing and misunderstood.

Here in this article, we will discuss insurance vs assurance which will help you to learn the key differences between both and how these two are separated from each other.

Insurance vs assurance

Definition

Insurance can be defined as the financial arrangement in which the insurance company commits or enters into an agreement to indemnify the loss of an insured person due to any kind of natural calamity or any personal mishappening that happens to the insured person.

In that case, the insurance amount might be small, or some percentage of this loss caused to the insured, or else it can also be a lump sum amount of money for which the insured has subscribed for.

On the other hand, assurance can be defined as an agreement between the insurance company and the insured person that the company will provide cover for an event that may likely happen sooner or later in the life of the person getting insured.

Objective

Insurance provides financial stability in case of any uncertainties where an assurance pays out predetermined money when an event takes place.

Allowable Number of Claims

One major difference between insurance and assurance is that all policyholders associated with insurance can file several claims, whereas those with assurance can only file one.

Different Types of Policies

Insurance generally includes things like car insurance, health insurance, and mobile phone insurance, among other things while Assurance involves life insurance, term insurance, endowment plans, ULIPs, and other financial products.

Principle

The primary principle of Insurance is the principle of indemnity on the other hand assurance is based on the principle of certainty.

Policy Duration

Insurance policies are usually for short-term whole life while the policies primarily based on assurance are usually long term.

The Nature of Risks

Another primary difference between insurance and assurance is that theft, burglary, catastrophes, fire, accidents, and other unknown risks are generally covered by insurance, while assurance only covers death.

Conditions

Insurance plans have several conditions on which the company decides what kinds of loss or damages are covered within that policy. Along with that, the amount is definitely payable.

On the other hand, an assurance general comes with specific plans or paths to save and protect a definite benefit at maturity. Thus they are usually life insurance plans, for example, whole life insurance, endowment plans, and to a specific degree term insurance.

Claim payment

The claim payment is approximately equal to the amount of loss in the case of insurance. For example, the cost of repair and replacement of vehicle parts, hospitalization bills, etc. are generally covered by insurance.

Whereas Pre-decided amounts are generally covered for a specific event in case of assurance. For example, a major illness such as cancer, the death of the policyholder, etc.

Conclusion

Although insurance and assurance are two similar things as they both provide financial compensation, both of them are quite different from each other in their scope and usage.

So it is very important for you to know, understand, and be well acquainted with all these terms if you want to purchase insurance.

Understanding the meaning and significant difference between insurance and assurance can surely assist you in better way to comprehend the insurance plan’s benefits.

#insurance #type of insurance

Difference between e-rupee and cryptocurrency

Prime Minister Narendra Modi has recently launched a new digital payment mode which is named e-RUPI. This digital currency or e-rupee primarily aims to ensure that the monetary benefits of government directly reach citizens in a ‘leak-proof’ manner.

Although the e-rupee is a basic term the combination of the terms 'digital' and 'currency' has led many people to speculate this currency as a new form of 'cryptocurrency'.

Well, financial experts have discarded all such theories and advised avoiding any comparison between these two terms.

So let's dive into the article below to find out what is the difference between e-rupee and Cryptocurrency.

What is e-rupee?

E-rupee Or digital currency is basically the electronic form of money that can be easily used in various contactless transactions. So the Central Bank Digital Currency (CBDC) or shortly termed as e-rupee is a digital form of rupee which is issued by a central bank.

According to RBI, the e-rupee is the legal tender that is issued by a central bank in a digital form. This digital currency is the same as a fiat currency and is also exchangeable one-to-one with the fiat currency. The form is only different.

What is Cryptocurrency?

In easier terms, cryptocurrency is basically decentralized money, which is free from any government or central bank’s chains. This digital form of currency relies on blockchain technology and uses cryptography to secure all transactions done by users making it impossible to counterfeit.

All cryptocurrencies are generally generated through a rigorous process which is called mining. The miners or users use computers with high-end GPUs or smartphones to solve various complex mathematical problems and puzzles to get these cryptocurrencies as a reward. It may take days and even months to mine crypto of your own.

Rather than mining, people can also buy those cryptocurrencies from any currency owners and exchange platforms like the stock market, and they can also sell them to other individuals, too.

These cryptocurrencies bought can be stored in digital wallets, which are either hot or cold. The hot wallet is connected to the internet. However, cold storage keeps your holdings offline.

Difference between e rupee and Cryptocurrency

The major difference between the e-rupee and Cryptocurrency is that the e-rupee Or CBDC is centralized which means it is controlled by RBI however Cryptocurrency is decentralized which means it is not linked to or regulated by any government.

Central Bank Digital Currency is a legal tender that can be kept in bank accounts where cryptocurrencies need to be stored in digital wallets.

CBDC is much safer when compared with Crypto because of the control of the government in this. On the other hand, Cryptocurrencies like Bitcoin, Ether, and others are generally used for the purpose of money laundering, tax invasion, and terror financing.

Along with this announcement, RBI has also declared that they are planning to launch within a month, another digital currency for the retail segment along with in dome select locations in closed user groups which comprised of customers and merchants within a month.

Unlike cryptocurrencies, digital currency isn’t a digital asset or a commodity or claims on commodities. So Cryptocurrencies have no issuer to issue them.

As per the RBI announcement, cryptocurrencies are not money which means they are certainly not currency as the word has come to be understood historically.

Bottom Line

The primary aim of the introduction of the digital rupee is that the RBI expects to address problems associated with existing physical currencies, cryptocurrencies, and cross-border transactions.

Cross-border money transfer and converting money into foreign currency for use is tedious, overwhelming, and expensive.

With the launch of the digital rupee, RBI initiate the instant cross-border money transfer which is set to make bank cash management and turn operations more seamless.

#e-rupee #cryptocurrencies #digital currency

Having a credit card from a specialized bank is a great way to manage all your finances during any critical condition of the cash crisis. A credit card allows

#personal finance

So let's dive into the article below to find out more about the most sustainable supply chain management which is green supply chain management.

#supply chain management

The Indian rupee has turned into a super senior citizen last month when it crossed the 80-level mark recently. Most people have their remarks about the recent

#rupee depreciation

Using different responsible environmental practices as a part of supply chain management is not only just the moral thing to do, but it is also good for any business. Most businesses are adopting g…

Why is green supply chain management necessary these days?

Using different responsible environmental practices as a part of supply chain management is not only just the moral thing to do, but it is also good for any business.

Most businesses are adopting green supply chain management, a more sustainable supply chain that is also a less wasteful supply chain.

But why? Why the introduction of green supply chain management is necessary these days?

Read this following article below to find out.

What is the Green Supply Chain?

Green Supply Chain Management refers to the delivery of different products and services from suppliers, and manufacturers to end customers through the process of material flow, information flow, and cash flow in the context of the environment.

The evolution of the process of green supply chain management as a practice in businesses can be attributed to the increasing awareness and concern among different levels of people, governments, and organizations with regard to increasing pollution, carbon emissions, global warming, and deteriorating environmental conditions.

Importance of green supply chain management

Following are some of the major importance of implementing green supply chain management.

Eco-efficiency

Many sustainable actions regarding green supply chain management reduce costs and are also eco-friendly.

Eco risk mitigation

If any business is not implementing green supply chain management in its supply chain, it may be attacked by NGOs, government regulatory bodies, the media, and even by the different consumer groups you serve which may reduce its sales and stock prices.

Hedging

Developing the offering in the green market to understand it in a better manner, know the demand patterns of customers, know the suppliers, etc, and the market change such as demand, regulations, etc. Thus it can be used in the form of experimentation.

Improved Environmental Sustainability

Green Supply Chain Management practices can help to improve the environmental sustainability of the effective operations of a company.

This is because green Supply chain Management practices often lead to reduced resource consumption, waste generation, and improved energy efficiency of a business.

In return, these benefits of a company can help it to reduce its environmental impact of it and improve its overall sustainability performance of that business.

Improved Resource Efficiency

It is always said that greening your supply chain will make it more resource-efficient.

In fact, one of the main goals of implementing green operations in the supply chain is to minimize waste and optimize processes.

So by working with green supply chain partners, a business can make sure that they are also committed to resource efficiency and waste reduction. Green supply chain management has also the potential to share best practices and learn from each other to use further green operations.

Reduced Waste

It is evident that every year millions of tons of food is wasted within the supply chain. By taking certain efforts to reduce these wastes through various improved process management and the adoption of lean policies, companies can eliminate costly losses that reduce their TCOB.

Reducing the amount of waste not only can lower the total cost of any business (TCOB) while also enhancing the industry’s reputation. This is just one more important reason why the implementation of green supply chain management is important.

Lower Transportation Costs

Companies nowadays are typically trying to bring down the weight of shipments along with making trips shorter when they are trying to reduce their greenhouse gas emissions.

This results in lower transportation costs because lower trips use less fuel and trucks suffer minimized wear and tear.

Conclusion

As you read this article, you might have come up with the idea of why green supply chain management is important.

Then implement it in your company, encourage your business perspective and have the benefits of implementing green supply chain management.

#supply chain management #green supply chain

Future of customer onboarding in banking sectors

Customer onboarding refers to the process that new users are provided with through which they acquire the necessary and adequate knowledge, skills, and behaviors in order to become “up and running” and effective users of the banking service.

There are a lot of challenges relating to the customer onboarding system.

To overcome all the challenges relating to customer onboarding, different financial institutions and banks are now moving towards cutting-edge technologies to improve their efficiencies and effectiveness.

Thus it helps a bank to kill two birds with a common stone as they can satisfy the regulatory standards of the customer along with offering a seamless experience to their end customers at the same time.

As we are gradually progressing in this blog, we might see customer onboarding utilizing the following means in their future model.

Future of customer onboarding

Artificial intelligence (AI)

Artificial intelligence or AI is the technology through which computer software can make decisions like a human. A lot of companies like PayPal are using this technology for their benefit which has continuously reduced its false fraud alerts by almost half with the help of an AI monitoring system that identifies different reasons for bad behavior. Moreover, different banking sectors in India have also decided to pledge to AI technology.

Blockchain

Different Banks and financial institutions can currently use distributed ledger technology (DLT) like Blockchain for the KYC process in customer onboarding which would help users to manage their digital identity with high-grade security. Moreover, it can also help these banks, financial institutions, and businesses to manage data efficiently with reliability and ease.

At the international level, A consortium of OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG), and Infocom Media Development Authority (IMDA) in Singapore has become the first financial institution to come up with a prototype of a Blockchain-based KYC solution in South-East Asia.

Digital identities

A digital identity is a tool that will be used by banks to identify and verify if you’re the one you claim to be. This technology has already been underpinned and used by Electronic Identification and Trust Services of Singapore for Electronic Transactions Regulations 2016. So it will help the bank to encourage transparency and interoperability across various entities of the country.

Biometrics

Biometrics is inherent characteristics of an individual customer which are being used for recognition purposes. These biometrics are based on the behavioral or physical traits of that person like face ID, fingerprint, voice recognition, and iris scanning.

Biometric technology is already being used by different big banks in international banks like BBVA, Maybank, OCBC, etc; however, this technology has yet to gain across-the-board acceptance.

Although iPhone X has come up with its own Face ID and is making a huge claim on this system that only one out of a million can be duplicated. However, it is a widely accepted method and one must not be surprised if this system becomes an industry standard in the near future.

Data collaboration

The Chartis RiskTech100 Research 2015 demonstrates that around 71% of the respondents have already accepted the fact that there was a requirement to integrate some of the anti-money laundering (AML) and anti-fraud systems into a single technology environment to prevent some risks and fraud.

It will help different financial institutions or banks to mix their external and internal client data and gain some useful insights into their customers.

Although it is not advisable to get rid of all the customer onboarding process, however, such collaborations can offer their banks the advantage of collective knowledge that can streamline the process to offer a rich customer experience.

Conclusion

As you read this article this far, you might come up with the idea of different current challenges associated with customer onboarding and the future of these onboarding processes that will overcome these challenges.

#onboarding #customer onboarding #KYC

The customer onboarding process is probably one of the most important stages of a customer lifecycle. When this process comes right at the start of any

#indian ecomonics

Stocks vs Bonds - Which is Better?

Investors often put their money in both stocks and bonds to diversify their investments. However, they should expose their portfolio to a certain extent by considering different time horizons, risk appetite, and individual goals.

But they often got stuck upon stocks vs bonds and confused about where to put their money.

But nothing to worry about!

We got your back. We have prepared the article on stock vs bonds with proper information.

So dive into the article below to choose which is better for you.

What is a bond?

In general, a bond is a debt instrument in which an organization including government organizations, non-profit organizations, and cooperation pools money from the investors for its work and returns along with a certain return. However, it comes for a period of time.

The bonds market is otherwise named the credit market and is generally traded in stocks. However, bonds have lower risks than stocks.

Bonds are the liability of a company as they are a loan to the organization, with a proper set interest payment, a maturity date, and a face value that the borrower will get repaid. However, they tend to be far less volatile than stocks.

Pros and cons of bonds

Pros

· One of the stable, low-volatile sources of income.

· Lower risk of permanent losses.

· Greater yield than the invested amount

· help to protect your savings against inflation.

Cons

· May lose your value if the bond issuer is unable to make interest payments or repay your savings at maturity.

· May lose potential value if you sell the bond before maturity time and interest rates have increased.

· Being a long-term investment it generally acts as an under performed stock.

What is stock?

Fundamentally, stocks are the equity investment instruments which is each unit of share of a company. Stocks are considered to be liquid when compared to the fixed income instrument.

When the business wants to increase its money, it can generate money from the investors and in return, it issues some shares. Each part of the share is considered a stock.

The sole proprietor, corporation, and partnerships can issue stocks which then put forth an IPO. Ideally, stocks are traded on NSE and BSE.

Stocks are the ownership of a company which means when a person buys some stakes in a company, he/she becomes the partial owner.

Pros and cons of stocks

Pros

· Upside potential is only limited to the ability of the company to increase earnings per share.

· Easily accessible to everyone with some disposable income.

· A reliable long-term wealth generator with a very long track record.

Cons

· Higher risk of permanent losses of money if a company struggles or fails.

· Volatility may increase losses, especially for short-term investors.

· Different swings in the market can make it emotionally difficult to hold through stock downturns.

Stocks vs Bonds - Major differences

· A bond is basically a debt that is made with an investor for cash in exchange for payouts of interest. However, stocks are the claim to assets of a company, and earnings pay dividends along with the voting right to the investor.

· Bonds provide fixed income to the investors through interests and you will get the repayment of money after the maturity of a bond. However, the value of any stock changes on the basis performance of the company. Dividends may be paid but not guaranteed.

· The level of risk in bonds is low however the returns are low. But in the case of stocks, the risk is higher along with the returns.

· The bonds have earned around 6% each year since 1929 however stocks have earned around 10% each year.

Conclusion

As you read this article this far, you might get the idea of stocks vs bonds. So choose the best among them and invest as per your wish.

#bond #stocks #stocks vs bond

Benefits of Investing Early in Mutual Funds

The twenties is the time for one when they begin to understand the concept of savings, investments, and returns. Along with a basic understanding of financial planning, one can have a lot of savings in his hand at this time.

Among all the investment options, mutual funds are one of the best options for people who wish to invest early.

Below are the benefits of investing early in mutual funds from your younger days.

Benefits of investing early in mutual funds

Get benefits from the power of compounding

Compounding can be referred as the earning returns from existing returns. Due to repeated compounding, with time, your investments may grow at a relatively rapid pace as compared to the scenario when you are investing late.

So, the earlier you start to invest, the better you can have the benefits of mutual fund returns you are going to get at the time when you reach your retirement age and require the money to fulfill your goal.

Being the investment tenure is long, the investment amount will be small

When you start investing from an early age, you will have a lot of time for investment. As your investment tenure is long, you can invest a lower amount of money that may not affect your pocket and surely reward you with a great return.

Secured Future

There are certain times in your life when you will require urgent money to meet unavoidable expenses. During such critical times, the investments that you made at an early age can prove to be very handy and the invested money will help you get through the tough times all by yourself.

So the need of borrowing money from others will decrease drastically with early investments and will help you to have a secure future.

Wealth Creation

It is suggested to start early investment in mutual funds so that it provides you with the luxury of time to create wealth, along with the flexibility to make your financial plans over a longer period.

The saving amount that you saved acts as the foundation of any financial plan to succeed. Besides, the stronger the foundation, the more robust your financial plans. So saving your money in mutual funds can help you to create wealth for your financial planning.

Saving for retirement

When you are young you don't have anything apart from the time to get a jump start on your retirement. If you start investing from a young age, you should focus on growth.

As a youngster, your primary focus should mainly be on investing in equities like individual stocks along with mutual funds because these asset classes have usually grown more rapidly than inflation over time.

Longer Timelines allow for More Risk

Your time horizon is the expected time that you have left before you are planning to use the money you’re investing. Your time horizon will be 40 years if you’re 20 now and you are planning to retire at 60.

So young adults have longer time horizons with the opportunity to take on more risk as they are more likely not to need the money for many years to come.

Adding Financial Discipline to your life

The earlier years of life, especially your 20s are always the best learning times. So if you start to invest your money at an early stage of your career, you have already committed yourself to your financial plans.

Mutual funds enable you to make regular investments across different market ups and downs and thus inculcate a sense of financial discipline into your lives.

Conclusion

A mutual fund is an investment platform where you can have the best future earnings and returns.

So the earlier you start investing your money, the better it is. So, if you have some savings at hand and you are looking for the best time to invest in the best types of mutual funds, remember that ‘time in the market’ always beats ‘timing the market’ every time. So start with small regular investments now and have a best-secured future.

#mutual funds #mutaul fund #best mutual funds #investment

Are you one of those investors who are searching for the 'top 7 mutual funds on the internet to invest in?

#uti flexi cap fund

Bankruptcy! It is such a term that you all may be acquainted with. It is such a condition when you are unable to pay your debts and file a petition to the

#disadvantages of bankruptcy

Moonlighting has become one of the hot topics in the gig economy these days. The concept of moonlighting has seen a tremendous rise, especially amidst this

#moonlighting

Financial Planning-A Detailed Overview

Financial planning is one of the most important aspects of everyone's life, whether it's an individual person or a business. http://www.economicbuddy.com/personal-finance/financial-planning/

#financial planning

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