Buy Insurance; Buy Term

Life is precious and we all long to become immortal which is impossible, but the fact is that we fear death. When it comes to your family and loved ones, you never want to compromise on anything. If you are head of the family, you have a great responsibility and what if you are a single parent? Life is so unpredictable and full of unexpected situations, we don't even know what will happen the next second. So, what is the solution to it- sit and worry, think over it and lose hope, Que sera sera (whatever will happen, will happen)?

Life

No, this kind of an attitude won't work. Here is the best option you can do to protect your family. One cannot stop the mishaps but one should always be prepared for such things. That is where insurance comes in. But which insurance? So, let me say two things upfront. First, buy insurance at the earliest and then when you are deciding to buy what kind of insurance to buy, opt for Term insurance. It is the best option of all. But you might ask what is it and why it is the best?

Term insurance is a life insurance plan which provides protection financially to the family of the policy holder in case of death of the holder during the term period. In simple words, it is a sum or amount assured in the form of death benefit to the family of the holder at the time of his death.

Why is this different?

This should be preferred because it offers flexibility of choosing your own term or the number of years as per your need at low price. The premium amount of the term insurance is low when compared to other insurance plans and at the same time the sum offered is high. It does not offer any returns like an endowment policy or money back policy, which is why it is cheap. Most people end up buying expensive Money Back or Endowment policies or ULIPs, but the returns are poor. Agents typically do not market it as their commissions on it are low and neither do the insurance companies. However, they are available and even available on line, where the premiums are even cheaper. In any case, insurance and savings should never be mixed. There are many other options investment options available, which will provide much higher returns.

The best time to buy insurance, is the moment you start earning and the amount depends on your salary, standard of living and how much monthly payment would be sufficient for your family after your unfortunate death. Hence, the amount you pay as premium will be calculated on the basis of the years or term you choose. Buy insurance, buy Term Insurance… Now!

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BITCOIN – Tomorrow’s Currency ?

This year began with interesting twists and turns and many more surprises might come our way. With changing policies and trends, we see a world shifting from manual to tech freak. Then why digitisation would lag behind. Expect the unexpected and its effect would be drastic though positive. Since, every wave brings along both sides of the coin. With the dream of our Prime Minister of digital India, new technologies come our way to make our efforts easy. One of which is Bitcoin.

Bitcoin is an innovative mode of payment through a secured network. Through bitcoin, one can make transaction from anywhere in the world to any person directly without interference of any intermediary. With this, immediate direct transfer, the transaction fees remains low. Also, anything can be purchased using bitcoins. Since, the world is turning digital, it is the best way to transfer money as it involves the block chain technology and is highly secured. People confuse it with currency but in actual, it is a commodity in exchange of which transactions can take place.

The question comes, where can we get bitcoins. So, there is a Bitcoin Exchange where you need to open your account and get registered. All you need to do is initially fund your account. Then place an order and once the order gets executed, you can receive your bitcoins and these coins are available in almost all currencies or rather can be used for overseas transactions as well. The proceeds taking place is mentioned below which will give a clear idea on how does it work.

Imagine bitcoin as a mobile app that provides an e-wallet from where you can transfer any amount of money to any person directly. The bitcoins are secured by individuals called miners who verify your transactions. The internal process taking place is little complex and the technology is called block chain where blocks are created and connected through a network to form a chain. Certain codes are generated for every transaction taking place which get registered in a transparent public ledger. The interesting fact is that anyone can view the codes generated for the bitcoin transactions. You might think why we should make use of Bitcoins in spite of other alternatives. So, to answer this, ask yourself- Is there any option in your alternatives which is so much transparent yet highly secured. You need not reveal your personal information while making transaction through bitcoin as in any other plastic money. Also, bitcoins are virtual while all other plastic cards occupy physical space. The most important of all is since there are no intermediaries, you need not worry about bank holidays etc and hence, fees charged is low.

Listing all the above reasons, you have enough reasons to choose bitcoin out of all the other options.

This is a digital era and India does not lag behind when it comes to technology and also adapting to the innovations. With recent demonetisation effects, e-wallets have grown rapidly and people tend to use these mobile wallets often. As per the facts and observations, it was noted that bitcoins are becoming strong rival of Gold when it comes to safe haven. Hence, it is in high demands and is trading at a premium of 25% i.e. at a higher price than its worth. Few months ago, Unocoin and Mobikwik partnered with one another to boost up the usage of bitcoin. No doubt that people are depending on it and it is increasing at a fast pace especially because of the announcement of demonetisation by our Prime Minister.

When the world goes cashless especially India, people who transact in cash also ultimately use e-wallets and rely on them. And why not when they are safe, highly-secured, accessible and the most important of all is that they are quick mode of payment which offer hassle free service..

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