FLAME Newsletter - August 21, 2013


QUOTE OF THE WEEK:

“India’s economic situation does not look that pessimistic in Washington as in New Delhi because of too much self-criticism by Indians. Pessimism on India is greater within India than abroad” - Kaushik Basu, World Bank chief economist

YOUR FINANCE DEMYSTIFIED:

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.

There are a number of things that you must understand regarding your life insurance policy and this document is a guide to help you check the same. Mentioned below are major key parameters to weigh once you receive the policy document... Read more

Nomination vs assignment in life insurance policy

Importance of life insurance for NRIs

Indians have spread to virtually every corner of the globe and have made their mark in the chosen line of business or profession. As an Indian living abroad, it definitely makes good financial sense to connect with the roots of your lineage and make wise investments back at home, especially when the country is in a developing phase.

Whether you are pursuing a dream job abroad and at some point wish to settle back in India post retirement, or if you have ageing parents living on their own in India and are dependent on you for financial support, it is prudent to take calibrated financial decisions, especially at a time when uncertain economic conditions are prevailing in the more developed countries... Read more

Manage your insurance policy effectively to make it work better for you

What should I expect from my life insurance agent?

DID YOU KNOW?

How to improve your CIBIL Score from 600 to 750?

Improving a credit score is no big deal for someone with a sense of financial discipline. But it could be a humungous task for someone who doesn’t have any kind of norm or procedure to invest and spend the money they earn... Read more

TERM OF THE WEEK

What are participatory notes? 

Participatory notes are not used within the country. They are used outside India for making investments in shares listed in the Indian stock market... Read more

IN THE NEWS THIS WEEK

MFs offload Rs. 237 billion in debt schemes in July

Wrong business practices tops Insurers' risks: Survey

IRDA asks insurers for guidelines to TPAs

Central Insurance Repository gets IRDA Repository License

ABOUT FLAME

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.



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