QUOTE OF THE WEEK:
At times, customers are not aware about the things
that their policy covers or does not cover. They claim for illnesses that the
policy does not cover, which leads to disappointment later. It is important
to discuss all the terms and conditions very carefully with the insurer at the
time of purchase Manasije Mishra, CEO, Max Bupa Health Insurance
YOUR FINANCE DEMYSTIFIED:
Do you need a financial planner?
It is often said that Indians are good savers,
but poor investors. Indians usually lack the financial knowledge to plan for
the long-term. They fail to save for their retirement but won't think twice
before breaking their savings to splurge on a foreign tour, weekend home, etc.
Most do not even maintain accounts of their monthly expenses and savings. They
are unable to provide rough estimates of how much is spent on what purpose...
Why should one not mistake credit as income?
Every credit or a loan needs to be paid back. It
is not to be treated as money earned or income. When we earn the money from
salary or wages, etc, it is our income whereas credit or loan is not our income.
On the other hand, repayment of the installments of credit is the expense...
How best to manage your finances?
Our finance is like a pitcher with a tap for outflow
at the bottom of it. The water flowing into the pitcher is our income and the
water flowing out of the pitcher are our expenses... Read
How do I financially educate my child?
Giving your children whatever they want, whenever
they want is poor parenting. It could leave the child unprepared for financial
challenges in the future... Read more
DID YOU KNOW?
What does opportunity cost mean for your finances?
Opportunity cost is a benefit or profit that you
pass by to acquire or achieve something bigger. It is mostly used to analyse
decisions that require allocation of money by companies or individuals... Read
TERM OF THE WEEK
The process of determining retirement income goals
and the actions and decisions necessary to achieve those goals. Retirement planning
includes identifying sources of income, estimating expenses, implementing a
savings program and managing assets.
IN THE NEWS THIS WEEK
Affordable insurance must for lower income groups:
IRDA gets ready for product refiling process
AMFI extends fee waiver for
new distributors till Sept
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 Indias 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 nations 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.
IIFLs 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.