QUOTE OF THE WEEK:
"Growth is as much a challenge as inflation. If the government has to walk alone to face the challenge of growth, then we will walk alone" - P Chidambaram, Union Finance Minister
YOUR FINANCE DEMYSTIFIED:
7 ridiculous insurance myths debunked
Don’t let these insurance myths, keep you from achieving your financial goals. Planning for contingencies like death and hospitalisation forms an important part of financial planning. Buying a life insurance cover provides money to the dependents of the bread earner on his or her death.
However, there are a number of myths associated with life insurance that should be debunked first to ensure that one buys adequate life cover to protect the family... Read more
Buy insurance online for easy claim settlement
What to look for in your insurance contract
Life insurance is the only financial tool which offers the triple advantage of risk coverage, long term savings and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, consumers need to develop a better understanding of the life insurance products that they buy... Read more
Smart Indian Consumer? Not really, when buying life insurance products
DID YOU KNOW?
What is Consumer Protection Act, 1986
The Consumer Protection Act, 1986 was enacted to provide a simpler and quicker access to redress of consumer grievances. The Act seeks to promote and protects the interest of consumers against deficiencies and defects in goods or services. It also seeks to secure the rights of a consumer against unfair trade practices, which may be practiced by manufacturers and traders... Read more
TERM OF THE WEEK
Married Women's Property Act (MWPA)
Married Women's Property Act 1874 (MWP Act) was created to protect the properties owned by women from relatives, creditors and even from their own husbands. The Section 6 of the MWP Act covers life insurance plans. Any married man can take a life insurance policy under MWP Act. This includes divorced persons and widowers. The policy can be taken only on one’s own name, i.e., the life assured has to be the proposer himself. Any type of plan can be endorsed to be covered under MWP Act... Read more
IN THE NEWS THIS WEEK
FM seeks support on Insurance, Pension Bills
India ranked lowest in basic money mgmt skills: MasterCard
Ban on e-series: What happens to your e-gold
FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.
In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.
Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.
This portal is but one of the various IIFL initiatives that would be part of FLAME.