Four Key Benefits of Owning a health Insurance plan

Life is full of ups and downs that may spread a smile or wipe one. Like life, your health is also supposed to be uncertain with illnesses and medical conditions taking a toll on your well-being. Illnesses, accidents, critical medical conditions, etc. can affect your health severely. Such times call for proper medical help, or even hospitalization.

For such uncalled times, you may have saved some extra cash. At times, however, your savings may not prove enough to cope with the rising medical care charges and high cost of medications for you and your family. To avert such indefinite financial crisis, many insurance companies in India provide comprehensive family health insurance policies.

There are several advantages of owning such insurance policy, apart from the complete health cover for the family. Here are four indisputable family health insurance plan’ benefits that will compel you to buy one.

1). Lower Premium

Family health insurance plans carries lower premium than individual health plan. This is because the entire health risk of the family is concentrated into a single pool, instead of different pools. As a result, comprehensive premium becomes lower.

2). Access to best hospitals

Several cashless hospitalization plans provide access to top class hospitals and Medicare facilities, without having to spend more. Based on the amount of sum assured, you can get yourself and family treated in best hospitals easily.

3). Financial freedom

With healthcare plans for family, you will not require to save separately for any medical emergency. A small premium is enough to take care of all the medical needs of your whole family. Individual savings will never such kind of extensive financial freedom.

4). Free Medical Check-ups

Many comprehensive health plans offer free health check-ups to the purchasers before the issue of policy. This is to ensure whether the applicant is free from ailments and medical conditions that are devoid of cover. Such free health check-ups help to diagnose any medical condition without having to spend any money.

Things to consider before availing a gold loan in India

After all these years Indians have finally realized gold is not meant to be kept in lockers. Finally they are using it to avail loans, something that one could not even imagine earlier. With more banks providing loan against gold, Indians are finally getting the idea that gold ornaments can help you in a much better way that just helping you in enhancing your beauty.

Gold loan is a credit given to the borrowers against the mortgage of gold. Several public and private sector banks offer this type of loan at attractive rates. People avail this type of loan for various purposes such as financial crunch, children’s education, marriage etc.

There are several benefits of availing a gold loan. Some of them are listed below.

• Unlike other loans, you are not required to present your credit history.
• It doesn’t require much documentation and paperwork.
• Interest rate is quite low as compared to personal loans.
• By pledging your gold with a bank or a financial institution, you will get 80% of the gold value as loan.

Although the benefits are amazing there are a few things that you need to consider before availing a gold loan in India.

Interest rates: the first and the foremost thing you need to consider before availing a gold loan is interest rate. Although any gold loan will charge lesser interest rate than a personal loan, you have to choose between a bank and NBFC. Sometimes banks provide better rates than NBFC while other times it’s vice versa. Research well before deciding on the financial institution.

Credibility of the financial institution: dealing with NBFC and other small financial institutions it is important to be careful about the credibility of the institution. They will make lucrative claims but the end of the day you have to keep a track of their past performances.

Method of price calculation: Every financial institution uses a different method to calculate the price of gold. Some institutes have fixed price while some charge it as per prevailing rates in the market i.e. gold loan per gram.

Procedures for loan against gold are extremely simple and convenient, also these are apt for people who in need of urgent money.