Friday, September 23, 2016

How to Select the Best Health Insurance Plan or Policy: Tips to improve and increase Cibil Score?

How to Select the Best Health Insurance Plan or Policy: Tips to improve and increase Cibil Score?: Many of us think that financial concern is the greatest stress point. A poor Cibil credit score can just increase the financial proble...

Tips to improve and increase Cibil Score?

Many of us think that financial concern is the greatest stress point. A poor Cibil credit score can just increase the financial problems. Your Cibil credit score can be rebuilt and it is connected to improving overall finance management.
Credit score for any person can lie anywhere between 300-900. A score of more than 700 is usually considered good while no matter which below that is not preferred by banks. Data indicates that loan applications are usually green for customers with a score of 750 and above.
Factors that negatively affect your credit score
  • There are many factors that create or break your credit score. Some of them have been highlighted below.
  • Payment history and the number and occurrence of payment defaults or delays
  • Total amount of debt detained by you at any point of time
  • Types of credit that you have availed e.g., personal loans, car loans, credit cards etc.
  • Number of new credit requests made to different lending entity
  • Utilization of your credit limit, i.e. the amount of available credit that you have used
How to keep the CIBIL score good
If someone meets all the criteria of age, monthly income for a loan or credit card applications, it could be still rejected if the CIBIL Score is not good. The best way to avoid the situation is to instill certain habits that will help ensure that CIBIL Scores will never suffer.
Pay on time
There is no doubt that on-time payments are the most preferred payments. If the payments are made on time it can indicate an accountable behavior towards credit, which in turn means that the credit score is not exaggerated negative. If a credit card or loan payments are not made on time then it indicates lack of proper financial planning can bring down the credit scores.
Full payments for credit cards
There are two options every credit card holder has when the bill come. The first option is to make the whole payment in one go and the additional is making the smallest amount payment indicate by the bank. While going for the second option may get the banks off your back about the amount due, for CIBIL the amount not paid back is measured as an late amount which means that the customer’s financial management is not good. To shun this, for all time make sure you go in for option 1; pay all credit card bills in full.
Earn more, spend less
Earn more and spend less does not denote that salaries have, no matter which to do with CIBIL scores. It just means that don’t use more than you earn. When the expenses exceed the earnings the need for credit arise, which in turn may lead to more spending and collection of debt. Creating an emergency fund is a good way to keep away from credit for small things.
Never default
If you have taken a loan or own credit cards, make convinced you make all the payments. If you miss a compensation or default, it gets famous in the credit history and brings the score down or creates problems when the time comes to take a loan in the future.
Don’t be credited hungry
Credit hungry behavior could be continuously applying for loans. Every time a loan is applied for, the bank checks the credit report, for every check the CIBIL score come down a small piece. This will guide to a lowering of the in general score. The best thing to do is to not apply for a loan till you absolutely need one. Another thing to do is to check CIBIL scores yourself as that will not have a negative crash on the score.
Keep the borrowing balanced
Keeping a balance in the borrowing means that a fit combines in loans. In its place of just taking one type of loan all the time, obtain a home loan, then a personal loan and then maybe a car loan, etc. If there is a too much unsecured credit, personal loans or credit card debt, it makes prospect lenders careful about yielding loans.
Don’t close credit cards
It may seem counterintuitive to not close avenues that could get you into trouble with credit histories, but the easy fact is that if you close all your credit cards, then you won’t have a basis to actually construct a history when you need to get a loan. The perfect thing to do would be to take the card and use it very wisely.

Tuesday, September 6, 2016

How to Select the Best Health Insurance Plan or Policy

Every individual should go with the Health Insurance. Usually most of the people stop with employer provided health insurance but that should not be the case.
Taking care of your health is almost certainly the best health insurance that you have. But the question is why do you need a health insurance policy if you eat right, exercise, don’t smoke and are fit and healthy?
Let’s face it, life is unpredictable! Getting yourself health insured will protect you from financial shocks in the event of a grave medical emergency.
Buying Best Health Insurance Plan
Health insurance policies are intricate products that have evolved over time to provide to the exact needs of consumers. The IRDA issued a list of rules in 2013 for the standardization of various policies available in the market.
The new Policies are issued after the standardization of rules has a higher age entry of 65 years. Also, according to the new rules, the insurer is bound to present settlement within 30 days of the claim request.
  1. Don’t Wait to Get Sick to purchase a Policy –
Have you been to come for the perfect health insurance product to get yourself health insured? There are basically two types of policies: indemnity plan which cover hospitalization costs and the other is benefit policy which offers a lump-sum amount to the insured upon diagnosis of a disease.
Every policy might differ in some way or the other, but these are two broad frameworks within which they operate.
  1. Individual Policy or Family Cover –
If you are the bread winner of the family then you must think of getting your entire family’s health insured. Getting your parents insured when they are relatively young is essential as risk of diseases shoots up with age and health insurance policies for senior citizens offer limited benefits.
After you have decided upon getting your family insured, what you make a decision next is whether you want to take entity policies or a family floater.
A family floater is a policy where all the members of the family are covered beneath the same policy. It is measured to be the preferred option because they offer a higher cover at a lower cost.
  1. Decide the Cover Amount –
While buying a policy, the most vital thing is deciding the cover. One of the main mistakes that you might create is to take a policy on the foundation of current healthcare costs.
Remember a health insurance policy covers you for lifetime; therefore you must take an amount that sufficiently covers you for a minimum of 25 years.
You must also take into account your lifestyle and choose the best health insurance policy that suits it. If you are most important a healthy lifestyle, you might be at a lesser risk to fall victim to diseases but if not then you must prepare for the unexpected.
  1. Know the Hospital “network” –
Hospital network refers to the list of health care providers that have an agreement with the insurance company to provide “cashless treatments” to policy holders. The insurance company in such a case will pay the hospital straight.
  1. Know the Policy Wordings
Being ignorant of the policy wordings might land you in problem during claims settlement. Go through the entire policy document yourself. Also make sure that you go through the Customer Information Sheet which contains all the key circumstances that you must be conscious of.
The Policy wordings that not only states the terms and conditions but also includes what is covered and what is not covered in the policy.
  1. Compare Policies –
It is very necessary to compare different policies while business health insurance. Even though premium is an significant criterion in relation to your income and financial condition that should be last thing you should compare policies on.
Compare policies on the in general insurance contract which may comprise features, reimbursement, terms and conditions and other factors such as network, post hospitalization expenses, loading, no claims discount, no sub-limit, no room rent limit and more.