A silent sinful protest!

It is not unknown that you come across some people whom you don’t like, and then some you just down right hate. Oh yeah, everyone has that list of people and I am sure you do too. So it recently happened that this ex-colleague of mine is enjoying life to the fullest extent and I am sinfully feeling bad

It has been days since I last posted, with a post on my flying with experience Vistara in drafts. It is becoming difficult, but I am positive about me posting regularly. Call me a liar.

Yeah it is sinful to think it that way!

May be not. If you take my opinion, that is. If only you could really imagine and feel what I felt when I saw some recent updates on their social profile (haha, yes s/he is on my FB friends list). This person conspired my exit from one of my previous organization, but before the sinful plans could be executed, I excused myself and quit. That surely was a win for him/her, I just avoided it from being messy and held my self-respect.

Historically, this person had always been a treasured child, which earned him/her with multiple promotions in short span of time, with more than year worth of time offs and work from home (a criteria considered negatively while promoting others) in between. These two were the very reasons I was told do not entertain a promotion conversation for one of my own team member (who thoroughly deserved it).

Yeah, it is life and I cannot but help ignore it, alas, I am human after all.

Review your term insurance

6 Essential Points People Forget Before Selecting a Term Insurance Policy

Forget to call the friend or forget to remember her birthday; there are many such instances which we forget in our daily lives. After we forget, the word ‘sorry’ comes to our rescue. There are many such instances which we forget in our daily lives and this magical word ‘sorry’ comes to our rescue. Even while writing this, I forgot to switch off my television. However, many times the life doesn’t accept our ‘sorry’ and at that time, either we or our dear ones face the brunt.

 One such instance is that when we forget to do little things before buying a term insurance. Though, you have done a good job by thinking to buy a term insurance policy but are you sure you are moving in a right direction? Or should I say, are you sure, there is nothing which you are forgetting while before buying the term insurance plan? Remember, you seldom get a second chance in the life.
So here are some points that most of the people forget before buying a term insurance plan and which you should not! You are lucky that you have a chance to learn from other’s mistakes.
1. Forgetting to calculate the life cover I need: Most people buy insurance online. On online premium calculators, the default value is set to Rs 1 crore. We don’t bother changing that and proceed to check our premium amount for the same Rs 1 crore selected. We cannot afford to forget these things because it has larger implications like family not having adequate cover, over insured, etc. So always keep in mind that your cover should be enough to replace both basic and key expenses, like child’s marriage, household expenses, loans, etc.  

2. Forgetting to consider the inflation impact: At the time of buying a term insurance plan, do consider the inflation factor. A cover of Rs 50 lakhs may look sufficient in today’s scenario, but it may not be sufficient after ten years due to increasing inflation rate. To combat this problem, many insurance companies offer term plans in which your cover will increase after 5 or 10 years. An optimum choice of insurance policy would be one with rising coverages every year. Go for plans that offer an annual increase of about 10%, and never choose a policy in which the rising coverage rate is less than the projected inflation rate.

3. Forgetting to review the insurance portfolio: Our life changes with the time and so should be our insurance portfolio. It is important to review your insurance portfolio whenever a new event occurs in your life, like marriage, the birth of a child, an increase in income, etc. In this way, you can ensure that your family will get the right coverage.

4. Forgetting to check claim settlement ratio: It is usually seen that customers prefer to go with those insurance companies which offer high benefits along with lower premiums. However, it is very important that buyers should pay attention towards the claim settlement record of the insurer. It acts as a yardstick to measure the reliability of the insurance company. Claims settlement ratio is the relationship between the number of claims the insurance firm has received to the number that they have settled and paid out. A higher number means that they pay out a larger portion of the claims they receive. So, a higher claims settlement ratio indicates a better chance that they will pay up when the claim arises.

Also, turnaround time for claim settlement is important. It will give you an indication of the time taken by an insurer to settle claims. While buying the insurance, check whether a huge proportion of claim has been settled after a delay of more than 180 days.
5. Forgetting to check solvency ratio: Ever wondered what if your insurer fails to pay death benefits to your dependents? What if the reason is genuine and the insurer becomes insolvent? Solvency ratio is an imperative factor to consider when choosing an insurer. It is a measurement of how financially sound the insurance company is and its ability to settle the claim. For instance, by 31st March 2015, ICICI Prudential had a quarterly solvency ratio of 3.37 as compared to 1.96 of HDFC Standard Life Insurance, according to the IRDAI annual report.

6. Forgetting to pay the premium due every year: This happens most when a yearly premium mode is selected. To combat this, you can select a monthly payment mode with ECS option. If you do want to stick to the yearly mode, then there should be reminders in place to make sure the policy does not lapse.

You are lucky that you got a chance to learn from other’s mistakes. If you’re planning on getting term insurance, remember to keep the above points in mind. You will also be happy to know that term plans are affordable, and they protect you and your family if you face a life-threatening illness or become permanently disabled. For instance, ICICI Pru iProtect Smart covers injuries, disabilities, and terminal illnesses to provide financial support to your family in times of need.

Hot Mumbai overheats during summer again!

Burn up the energy this summer, but don’t buy a cooler.

It is summer time again and Mumbai started to get heated up. Sun has not been among the kind to have treated us this way, unfortunately. I remember writing an article way back in about hot summer that year. And it is a post that has got more hits during summers every year.

Last Sunday, the heat reached at it’s peak this summer, with night being hot as well. It did came as a surprise since the nights have been colder comparatively. As 90% of the working class these days works in Air conditioned offices, it is but obvious that you will be relaxed during the day. With the addition of recently announced A/C train on the Central line, it would make the travel cozy as well.
Continue Reading

Responsible Blogging

I blog. I live. It is me. #ResponsibleBlogging

To talk about being responsible and put things in context, let me redirect you to one of my recent post on bomb blasts in Pakistan. It was horrible, but there was a particular behavior the caught my eye. Earlier this year and late last year, there were two other blasts that shook the world – in France and Belgium. It is a sad example, I know but one that teaches how selective we are. My Facebook timeline was flooded (Disclaimer: I did not do it on both occasions) with people updating their profile picture over-laced with the French and the Belgian flag.

But the same thing did not happen for the blasts that happened in Pakistan. Does that have to do with the frequency of blasts in Pakistan or the hatred that we carry for them? I also posted the article link on Facebook, earned absolute Zero likes and comment – may be the text I wrote there was probably in-your-face!
Continue Reading

ISI Mark has lost its sheen

ISI Mark has lost its sheen?

As a kid, I remember seeing the ISI mark advertisement promoting the new standards. Government was very much active in propagating it, and soon even manufacturers started adding it to their adverts. It soon became the standard it intended out to be, thanks to the push from the Government to make it mandatory for everyone to comply with it.

In last two years I had purchased a few electrical goods that didn’t do great, but had the ISI mark on it intact. But I do know for sure that it’s quality was compromised by the components used to make them. This led me to believe that I should never buy goods that are marked with ISI without ignoring any other standards.
Continue Reading