Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills.

There are two common mistakes when it comes to buying life insurance and health insurance.

• People don’t act at the right time, and
• When they realize that they have made a mistake they try to over-compensate by buying too much insurance.

There is a popular saying about health insurance: “Buy health insurance when you don’t want it, because you may not get it when you want it.”

Currently, majority of the salaried professionals are provided health insurance cover by their organizations. Majority of the employees are increasingly dependent on such health insurance cover to counter their health contingencies. However, they often fail to assess their health insurance requirements and don’t realize the benefits. It is advised that professionals opt for personal health insurance cover as well.

The following points signify the importance of personal health Insurance cover.

1. Insurance cover provided by your current health insurance plan
Most of the organizations provide a basic health insurance cover. The basic health insurance might cover individuals from minor ailments and provide a decent amount of coverage. However, this amount might often be insufficient in case of a major emergency. It is important that individuals prepare themselves for such major contingencies and make a provision through adequate health insurance cover.

2. Validity of your health insurance provided by your organization
The validity of the health insurance cover provided by the organization is connected with the time span of your association with the organization. Such health insurance policies lapse once you leave the organization. A potential job change, job loss and retirement are situations when an individual faces a no health insurance condition. Individuals would then liquidate their savings or assets to meet any medical contingencies. This might affect their budgeting and financial plans they hold for achieving their goals. A personal health Insurance cover is valid as long as the payments are made.

3. Start early: Benefits of buying health insurance young
Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age. As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance. Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims.

4. Tax benefit
The icing on the cake by opting for a personal health insurance policy is the tax benefit. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals less than 65 years of age can claim a deduction of up to Rs 15,000 for the health insurance premium paid for themselves, or for their spouse, children or parents. However, it should not be the driving force behind making the decision of taking a personal health insurance policy. The need to improve risk management should be the driving force behind opting for a personal health insurance policy. One should scientifically calculate the amount of health insurance required with the help of a proficient financial advisor and make sure that they are adequately covered.

We at Life N Legacy can provide you with the Top and Best Health Insurance. Details Call 7208810886 or Give A Missed Call on 1800 3000 2630

Accidents can happen at any time and when you least expect them.
Today’s active lifestyles may make you more susceptible, too.

It is very important to have an accidental policy as part of your
insurance portfolio. It will always provide financial support to the
policyholder if he is disabled after an accident. At the same time, even minor accidents like fracturing an arm, a leg while playing a game or falling off a bicycle are covered in the policy.

Even the best medical plans may leave you with extra expenses
to pay out of your own pocket.As good as the health care is that you
receive today, an accident can require a variety of treatments, testing, therapies and other care and services to assist in recovery. Each of these services usually means extra out-of-pocket costs for you to pay, beyond what your medical plan may cover.

A personal accident policy is recommended to individuals not only to protect their families in the event of accidental death (which life
insurance already does), but also to cover disablement, leading to loss of earning capacity, at competitive premium rates.

“It is all the more important for those who have taken loans (mortgage loan, vehicle loan, personal loan, etc.) to take the personal accident cover because this would offer protection towards repayment of outstanding balances at the time of any accident affecting the repayment capabilities”

Will be happy to send you the premium details. Please write me on [email protected] or Just drop a message on 7208810886

By Anisa Virji | Sep 11, 2015

We hadn’t really grasped the enormity of the retirement issue until we saw a recent article in The Times of India.

India among the worst places in the world to grow old, the report stated.

According to the Global Age Watch Index, India scores the lowest on the elderly healthcare front, an average 60-year-old is expected to live only about 12 years in good health, one in two elderly people don’t have friends or relatives to count on when they are in trouble, and almost 70 percent are not receiving any pensions.

Of course, we don’t want to pack up our bags and leave our beloved homeland to retire elsewhere. But there is a solution.

Every aspect of your retired life can change by taking one simple step now – creating a solid retirement plan.

If you are not already convinced that in this environment where growing older is getting tougher, you should still plan for retirement, here are some more reasons why…

#1. Money is fickle… and the markets are fair weather friends.

The stock markets have been swinging wildly over the last few weeks, and it has some of our stomachs turning. You are trying to get past your sinking heart and queasy stomach to make rational, Warren Buffett-inspired  decisions. If you have some cash in hand you try to invest it now, if you have some money in the markets you try to hold on and get past the lows…

But if you don’t have a plan, with clear financial goals, you won’t really be making the best decision for your specific context.

For example, if your retirement is nearing you might be tempted to cash out of the stocks you hold and buy into bonds. Or, if your money is all tied up elsewhere you will be unable to profit from the market low. To be protected and make rational decisions, you need a retirement plan which defines your ideal investment strategy.

#2. Life is a toss-up… and sometimes you will fall.

‘Things fall apart’ sometimes, as the title of a famous novel by Chinua Achebe goes. But it’s really just a fact of life. There are ups and downs, smiles and frowns, and sometimes, both of these, can cost us.

Maybe your child got into that Ivy League university you never thought they would get into, and you’re hit with an unexpected exorbitant bill.

Maybe the roof of your house caved in, and you now have to spend heavily on repairs and reconstruction.

Good news and bad news… If you haven’t planned for them financially, they could both end up becoming bad. In our new book, 10 Things EVERYONE Wants from Retirement, we talk about the role financial independence can play in helping you plan your dream retirement (you can get the free book here).

#3. Aging can be a pain… in the wallet.

Thinking about getting older is a little like thinking about moving to Mars, a very real idea that is just too alien to properly grasp. You look around at older people and you think, ‘I can’t ever be like that, right?’

But, with aging, comes aching. Things inside your body will hurt, deteriorate, get rusty – the good news is we can put them all back together most of the time with good healthcare. But you need to plan ahead for good healthcare because it is expensive.

#4. As you run out of time… you run out of time for magic.

We have said it before, we will say it again, and we are happy to keep saying it forever, because we think Einstein was brilliant. He said, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” And we think that thought is worth our consideration.

Compound interest is magic. If babies could work, I would recommend that they make money and put it away, and they would be able to retire in their teens. As it were, I suggest as young as you learn this lesson you put it into practice.

#5. Your family loves you… and they need you.

And although I was joking about babies putting away money, that is not so far-fetched. Parents should put away money for their children when they are born. Uncles and aunties should contribute to the child’s fund.

Watch the magic of compound interest grow their net worth with their age, eventually giving them what they need – funds to start a life, to get that education, to start that business, to start their own retirement plan someday… if you plan ahead, you can think of not only yourself, but everyone your life touches.

#6. You are not too young… and you’re not going to live forever.

This was hard for me to say. I have been saying it to myself to gear myself up for retirement planning, and at first it made me go, ‘ouch’ and then I got used to it and began to make sense.

I really want to live every day to the fullest. I want to swim in every ocean, read a thousand books. These things don’t just happen. You have to plan because you only have one lifetime to get everything done.

And while I’m planning for my dreams I don’t want to be bogged down by financial worries. I want to get sorted, so I can start living.

And I certainly don’t want to waste my money on short-term pleasures because I didn’t have the foresight to dream big for tomorrow. As Franklin Roosevelt said,

“The only limit to our realization of tomorrow will be our doubts of today.”

So, instead of doubting today, dream today, and plan to make those dreams real tomorrow.

# 7. I hope you live a hundred years… and you probably will.

We are, in fact living longer and longer. Living to a hundred is not such an enormous deal anymore as it was when Morarji Desai turned a hundred years old. With our own greater interest in health and fitness as a society, and the vast advantages in medical technology, pretty soon we will all be living well into three-digits. In fact there are some societies in which living to a healthy hundred is standard, and there are lessons we can learn from them to extend our own healthy years.

Health Plans offer financial security to meet health related contingencies. Due to changing lifestyles, health issues have not just escalated, they have increasingly become more complex in nature. It becomes imperative therefore to have a health insurance plan in place, to ensure that no matter how critical your illness, it does not impair your financial independence.

In the race to excel in our professional lives and provide the best for our loved ones, we sometimes neglect our most important asset – our health and in effect our lives. With increasing levels of stress, negligible physical activity and a deteriorating environment due to rapid urbanization, our vulnerability to diseases has increased at an alarming rate.

Evidently, lifestyle diseases are set to rise to distressing levels. The result is increased expenditure as also contingent expenditures, meaning being jolted by a financial shock when you least expect it. In many cases, people are forced to borrow money or sell assets to cover their medical expenses.

This can be negotiated easily with health insurance plans.

By opting for a health insurance policy or critical illness insurance rider you can ensure your health never gets in the way of your finances. All you need is the financial discipline to pay marginal amount as premium, which is a small price to pay to keep your health and finances in order.

Please feel free to call us on 7208810886 for more details.

It is always a pleasure serving my clients.

14-Jul-2015 Source Economic Times

Move to stop premature withdrawals will ensure social security for workers in old age.

The government is planning to put a cap on premature withdrawal of provident fund (PF) money. The move is aimed at ensuring social security for all in old age.

The Employees’ Provident Fund Organisation (EPFO) has proposed that an employee be allowed to withdraw only 75% of the overall kitty, instead of 100% as permitted under the existing Employees’ Provident Funds Scheme, 1952, in case of resignation from a job or for any other use before retirement.

This is  a clear indication that retirement is a major challenge to be faced when you cross the age of 60. My request to my clients is to build a proper road map to your retirement which has to be continuously monitored and actioned.

Please write to me or speak to me, where we can sit for a cup of tea and discuss your road map for your retirement plan.

Thank You.

Retirement may be many years ahead, but what you do today will determine how smoothly you handle your post-retirement life.

Dreaming about your retirement is the first step; planning and working towards your retirement goals is what will actually get you there.

Here are some of the common mistakes to avoid and what to do instead.

Mistake #1: Not creating a retirement road map

What does your retirement plan look like? Retiring in your own farm house? Taking an exotic vacation? Or doing all the things on your bucket list?
Create a retirement road map to help you know what you want to do, how much you need to save and how you will achieve your goals. Here are some useful questions you could ask yourself to help you identify your retirement goals

What kind of lifestyle do I wish to lead when I retire?
Will I continue working during retirement?
Will there be medical expenses based on my current health and that of my family?
What are my family commitments? Is my spouse and children dependent on me?
Will I still be paying rent or a home loan, or do I want to own a house?
Will I have travel plans? And how long will I want to travel and where?
Will I want to pursue a hobby that costs money?

Recommendation

A great way to map your retirement plan is to visualize what your retired years will look like, to give you a sense of how you can be prepared.

Mistake #2: Not knowing how much you need at the time retirement

Mr. Gupta is 55 and he has plans to retire at 60. He has so far saved 50 lakhs for retirement. However, to maintain his current lifestyle in the future, he needs to save at least INR 3 crores. With just 5 years to retire and INR 2.5 crores short, Mr. Gupta is in trouble.

Recommendation

While there are complex spreadsheets, a simple calculation can help you arrive at ‘the magic number’. For Calculations call 1800 3000 2630

Mistake #3: Not starting early enough

Mr. Gupta and Mr. Sinha followed a disciplined investment process. Both of them invested INR 10,000 every year. However, Mr. Sinha started investing at the age of 25 and stopped at the age of 35, whereas Mr. Gupta started investing at the age of 35 and continued all the way until he was 65.

By the time both of them retire @65, Mr. Sinha would have acquired as much as 2.5 times the amount Mr. Gupta has, even though he invested only for 10 years, compared to Mr. Gupta who invested for 30 years. That’s the power of compounding.

For instance, you invest INR 10,000 that generates INR 1,000 interest in the first year, assuming interest rate to be 10%. In the second year you will be able generate an interest amount of INR 1,100. The interest earned in a year will generate additional interest in the next year. This is how compounding works to grow your money.

Recommendation

The effect of compounding is only realized if you give time for your money to grow. The earlier you start to save, the earlier you can retire. Call on 1800 3000 2630, we show you how you can retire 7 years early with 10 crores as retirement corpus.

Mistake #4: Not including contingencies such as health care expenses in your retirement plan

In your retired days, medical expenses is the most common contingency that you need to prepare for. Just one medical bill can exhaust your savings, leaving you vulnerable. You must ensure emergency funds are allocated to cater to your health care in your old age.

Recommendation

Make sure you factor in the costs of medical insurance and health care expenses post retirement when you plan for your retirement corpus.

Mistake #5: Not making smart investment decisions

Mr. Gupta invested in a bank FD which promised his a return of 9%. While it seemed to match inflation rate, Mr. Gupta did not factor into account the impact of taxes on his returns. Since he was in the 30% tax-bracket, his net return fell to a little over 6%- much less than the inflation rate.

Recommendation

Invest in assets like company shares or equity mutual funds that give you inflation beating returns (14-16% after tax) in the long term. This will help you speed up the retirement corpus accumulation and also get started with lower monthly investments.

When planning for retirement, it’s important to realize where you want to be, in order to know what you need to do to get there.

Courtesy: scripbox

Retirement is one of the most important life events many of us will ever experience. From both a personal and financial perspective, realizing a comfortable retirement is an incredibly extensive process that takes sensible planning and years of persistence. Even once it is reached, managing your retirement is an ongoing responsibility that carries well into one’s golden years.

While all of us would like to retire comfortably, the complexity and time required in building a successful retirement plan can make the whole process seem nothing short of daunting. However, it can often be done with fewer headaches (and financial pain) than you might think – all it takes is a little homework, an attainable savings and investment plan, and a long-term commitment.

Let’s sit together for a cup of coffee and plan a well structured Retirement Plan for you.
If you want to be the pilot of your family even after retirement, then you need to take some time out of your busy schedule to find out how much you require and how much to save.

Feel free to call me for calculations.

Regards,
Elayaraja Nadar

Greetings For The Day!!!

We at Life N Legacy Financials would like to ensure our clients and their family do not come under financial burden due to Medical Expenses.

We need to broadly understand the benefits of the health insurance.
Many clients are working in corporates and they are covered by the Employers Group Medical Insurance.

However i would like to brief you the necessity of having a personal mediclaim as well.

No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other important benefits.
Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills.

There are two common mistakes when it comes to buying life insurance and health insurance.
• People don’t act at the right time, and
• When they realize that they have made a mistake they try to over-compensate by buying too much insurance.

There is a popular saying about health insurance: “Buy health insurance when you don’t want it, because you may not get it when you want it.”
Currently, majority of the salaried professionals are provided health insurance cover by their organizations. Majority of the employees are increasingly dependent on such health insurance cover to counter their health contingencies. However, they often fail to assess their health insurance requirements and don’t realize the benefits. It is advised that professionals opt for personal health insurance cover as well.

The following points signify the importance of personal health Insurance cover.
1. Insurance cover provided by your current health insurance plan
Most of the organizations provide a basic health insurance cover. The basic health insurance might cover individuals from minor ailments and provide a decent amount of coverage. However, this amount might often be insufficient in case of a major emergency. It is important that individuals prepare themselves for such major contingencies and make a provision through adequate health insurance cover.
2. Validity of your health insurance provided by your organization
The validity of the health insurance cover provided by the organization is connected with the time span of your association with the organization. Such health insurance policies lapse once you leave the organization. A potential job change, job loss and retirement are situations when an individual faces a no health insurance condition. Individuals would then liquidate their savings or assets to meet any medical contingencies. This might affect their budgeting and financial plans they hold for achieving their goals. A personal health Insurance cover is valid as long as the payments are made.
3. Start early: Benefits of buying health insurance young
Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age. As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance. Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims.
4. Tax benefit
The icing on the cake by opting for a personal health insurance policy is the tax benefit. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act.

Feel free to connect us on 1800 3000 2630 for more details.

Regards,
Elayaraja Nadar

Hope you are doing great.

We are delighted to inform you about the launch of our financial planning services to privileged clients like you. A lot of time we make our major financial decisions without understanding the bigger picture. With this, chances are that we may end up buying products that might not be suitable to us.

Consider this; have you ever faced the following questions?

• How much money will I need when I retire? How much should I save each month to comfortably retire?
• How much money do I need for my kids marriage and education? How much should I save each month to comfortably retire?
• What is the right amount of insurance I need to protect my family?
• Am I saving enough towards my tax planning?
• Am I taking too much risk or too little risk?
• Am I keeping undue amount of money lying idle? Can I earn better returns on them?

That is where a financial planning exercise helps. It is a holistic approach to managing ones complicated personal finances in a refreshingly simple way.

Our step by step approach to financial planning helps you get organized like never before.

We have really exciting fee structure for you. 50% discount for first 1000 enrolments.
Please Visit www.lifenlegacyfinancials.com for more details and signing up.
Else just give a MISSED CALL on 1800 3000 2630

What do I get in return?

• A comprehensive and customized financial plan covering all aspects of your personal finance personally presented by us
• An online account to help you track your personal finances like never before
• A goal tracking system to help you understand whether you are saving enough or not
• A <yearly/semi-annual/quarterly> review of your finances
• A reminder system to remind you of your renewal premiums, due EMI, SIP reminders etc.

We have outlined below the financial planning process for your benefits

1. Signing up: Signing up and information gathering

• We kick start the process once you agree to sign up for the services at the pre decided fees.
• Next up is Information gathering. Information gathering is a comprehensive exercise. We require data inputs from you like your personal information, incomes, expenses, investments, loans, insurance policies and most importantly your life goals that you want us to help you on
• Enter information through the online portal provided to you or if you find it intimidating just call us. We will guide you through it. Still find it difficult? – no worries. Just send us the list of documents that are required for us to make sense of the data. The document list will be provided to you once you sign up.

2. Analyze: Information analysis and plan writing by us
3. Once we receive the information we start analyzing it – scheme by scheme, policy by policy, and account by account.
4. We may call you in between to get some clarity
5. A customized financial plan is written in about 3-5 working days
6. Post plan writing, we set an appointment with you for the plan presentation
7. Action!: Plan presentation and implementation
8. We set up an appointment with you and presents the plan to you
9. If any changes are required we modify the plan accordingly
10. An action plan is generated which outlines what needs to be done in order to kick start your goal saving process
11. We will help you in implementing the action plan to make sure you do not have to take any external assistance
12. Track: Track your goals 24/7
13. The best thing, we believe, about our service is our goal tracking system
14. This is where the fun begins. If you follow the action outlined in the action plan you can start tracking your investments goal wise
15. You can manage and track your goals 24/7 through the online portal provided to you or ask us for the goal based statements anytime.
16. If you have any query regarding any of your personal finances call us. Any query is just a phone call away.

Regards,
Elayaraja Nadar | Financial Planner | Android App At Google Playstore: lifenlegacy |
Life ‘N’ Legacy Financials | Insurance & Investments |Mumbai & Navi Mumbai | [email protected] |
Mobile: 7208810886 | 9702360202 | Website: www.lifenlegacyfinancials.com | Toll Free: 180030002630 |

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