SHRADDHA CONSULTANCY : April 2012

Saturday, April 28, 2012

Please spare a minute to think about it

Few months back, we came across shocking news reports that India's world cup hero and man of the tournament was diagnosed with cancer. The reports also mentioned that the cricketer would be leaving to USA for medical treatments and chemotherapy. If a person who is very active and fit can be affected by a disease like cancer, what about the most of us who hardly get any time to exercise? A deadly combination of stress, junk foods, pollution, lack of adequate rest or good healthy diet will make things even worse for us. Can you imagine what will happen if one day you are diagnosed with cancer? The cricketer was lucky as he could afford the best treatment available. What about a person from an average middle class family? What will happen to him/her? Will he/she be able to afford the treatment? What about his/her family? According to the U.S. Centers for Disease Control and Prevention, 20 percent of cancer patients younger than 65 delay or refuse treatment due to the high associated cost. The cost of chemotherapy in USA can range from $1000 to $30,000 whereas in India it can vary from Rs 2,00,000 to Rs 10,00,000. A recent study has found that cancer affects Indians at a much earlier age than people in western countries. Cancer claimed 6 lakh Indian lives in the year 2010. A major finding of the study was that 70 per cent of cancer deaths were in the age group of 30 to 69 years. If you are healthy now, it is the right time to buy life and health insurance because tomorrow you may not get a chance to do so. Adequate life insurance will ensure that your family has enough money to live comfortably even in your absence. Health insurance can help you to get the best treatment and improve your chances of recovery in case of any unexpected illness. Always remember any financial planning is incomplete without adequate life and health insurance.

Monday, April 9, 2012

Saving money can be useless if you have no insurance

We all know saving money can be more difficult than making money or spending money. All those of us who have regular monthly income need not worry about inflow of the money at the end of the month. It is also true that we can hardly resist the ever‐growing temptations of spending money on new gadgets, phones, electronics, eating out, new clothes or buying a new car. No wonder it is rightly said saving money is more difficult than making money or spending money. Saving money is like climbing a hill. It requires a lot of efforts and determination. Some people never bother to think of it while others manage to save a lot. If you are a type of person who actually manages to save enough money you also need to purchase adequate insurance which includes both life insurance and health insurance. Let us understand this with the help of an example.

Rohan is salaried employee with dependent parents and draws a monthly salary of Rs 30,000. After finishing all his expenses every month he saves Rs 5000 in a bank recurring deposit and Rs 5000 in an ELSS. After three years he has a good amount of savings. However tragedy strikes unexpectedly and he is diagnosed with cancer. As he does not have health insurance he has no option but to use his break his recurring deposit and surrender the ELSS to arrange funds for his treatment. As we can see from the above example saving can be useless without adequate insurance. If Rohan had taken adequate health insurance cover earlier, it would have taken care of his treatment costs and his savings would have remained intact. Also now he cannot take a life insurance policy because insurance company would reject his policy on medical grounds. Always remember any financial planning is incomplete without adequate life insurance and health insurance.

Saturday, April 7, 2012

Your turn to take care of them

Do you have parents above 60? Do they have adequate medical insurance cover? It’s your duty and responsibility to purchase adequate medical insurance cover for them. After all they have always taken good care of you and given you the best attention and treatment even for the minor ailments you experienced. Why you should buy adequate medical insurance cover for your parents? With increasing age, health problems are also likely to increase. Senior citizens are more susceptible to different medical conditions which may require frequent medical treatment. Without adequate medical insurance cover treatment costs can take a serious toll on your finances. Other benefits You can claim a deduction of Rs 15,000 under Section 80D of the income tax act for buying health insurance policy for your parents (Rs 20,000 if either of your parents is a senior citizen). For further assistance contact: 9886823242-Shraddha Consultancy-"Where values are redefined"

Life insurance for sale – Only for those who love their family

According to a study, there are more than a million ways in which a person could die. Yet most people feel they will die only after a long time. Let’s see understand the above picture with respect to an average Indian family. Image 1 – Progressing ahead The family consists of a husband, wife and two kids. Husband is the only earning member in the family. He is earning well and takes good care of the family. All the monthly expenses are well taken care off from his salary. Now they are planning to purchase a car. Image 2 – Going backwards Husband dies unexpectedly due to an accident. Wife and children are left without any support. Apart from the mental stress they don’t have money to continue life as before or even take care of basic necessities. Image 3‐ In deep financial trouble The situation becomes worse when the family is forced to sell the house and belongings to fulfill their basic necessities. Lessons to learn from the above story You don’t need life insurance if you feel you have enough savings in your bank account which will last for a lifetime for your family. To calculate the amount multiply your monthly expense amount with 12(for 12 months) and multiply the result with 50(Assuming your family will live for minimum 50 years). For eg if your monthly expense is Rs 10,000 you will need Rs 90,00,000 in your bank account now. Yes you read it right Now. Also keep in mind we have not included inflation in the calculation. If we include inflation the amount required would become much higher or even double. If you don’t have this much in your account, you can still take ensure the best for your family with adequate life insurance. You can calculate the amount of life insurance cover required by multiplying your annual income by 12‐ 16 times. For example if your annual income is Rs.5,00,000/‐ you need to take a life insurance with risk cover of approximate 60‐80 lakh rupees minimum. For further assistance contact: 9886823242-Shraddha Consultancy, "where values are redefined"

Thursday, April 5, 2012

Delay can be dangerous

Diabetes, Cardiac diseases, Cancer, High blood pressure. Hypertension,... Are you suffering from any of the above? Is there any way to guarantee that you will not suffer from any of the above in future? Before you answer this question let's have a look at the statistics in India. 50.8 million people living with diabetes 2.6 million predicted to die due to coronary heart disease Cancer killed 5,56,400 people in 2010 1 in 5 Indians suffering from high BP 1 in 5 Indians suffering from hypertension (Source:www.worlddiabetesfoundation.org, www.whoindia.org)

Delay in purchasing life insurance can be dangerous for your dependents. People often wonder, what is the right time to buy insurance. The best time to buy life insurance is when you are young, because premiums will be at their lowest. As you get older your life insurance cover also becomes expensive and there is a risk of contracting some illness. Insurance company mayeven reject your policy. Adequate life insurance will ensure that your family has enough money to live comfortably even in your absence. Always keep in mind that any financial planning is incomplete without adequate life and health insurance. Call 9886823242 now Shraddha Consultancy- "where values are redefined"

Wednesday, April 4, 2012

According to a recent report by World Health Organization (WHO) people in India, are now living longer and the population of India is ageing and will continue to age steadily in the next few decades. The ageing of the population has major implications for the Indian health system and society as a whole "The challenge for India, as for all countries over the world, is not only to add further years to life but more importantly to add life to years and to ensure that the elderly can live full, enriching and productive lives. For this to be possible, good health is essential,” said Dr. Nata Menabde, WHO Representative to India. The report also states that with the steady increase in life expectancy and the elderly population, the burden of non‐communicable diseases (NCDs, like heart disease and stroke, cancers, diabetes, mental health problems, vision and hearing impairment) will continue to grow, putting significant additional demands on health services. "With trend towards nuclear family, care of the elderly population at the family level will become difficult In simple words what it means It is more likely that you are going to live longer due to increased life expectancy. With increasing age the health problems are also likely to increase. Senior citizens are more susceptible to different medical conditions which may require frequent medical treatment. So what you should do about it? 􀀹 Take a pension plan which will provide you pension for lifetime 􀀹 Have a contingency fund for emergencies. 􀀹 Take adequate medical insurance cover with lifelong renewals FOR SUITABLE ACTION CONTACT : 9886823242-SHRADDHA CONSUTLANCY,” Where values are redefined”

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