1. What is a Nominee? According to law, a nominee is a trustee, not the owner of the assets. In other words, he is only a caretaker of your assets. The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs, if a will is not done. It is essential that one needs to execute a will. It is the ultimate source of truth and replaces the succession law. Nominee can also be one of the legal heirs. 2. Why is the concept of Nominee? If the nominee does […]

Data collection has been a major challenge in the preparation and review of Financial Plan(s). Technology has provided easy solution through account aggregator. They are registered entities to provide individual clients data on request and in a secured manner. It will make the clients life hassle free from the botheration of collating client’s financial data in a safe, secured and convenient manner.   What is an Account Aggregator? An Account Aggregator (AA) is a type of RBI regulated entity that helps an individual share information securely from financial institution(s) to any other regulated financial institution/intermediary. Data can only be shared with […]

Finance is difficult for many investors due to a lack of knowledge and time. When investors desire to seek help, they come across investment advisers, Financial consultants, wealth managers, etc. The investors get confused about the designations and are not aware of the difference between SEBI Registered Investment Advisors and Distributors. The investing public has the wrong notion that distributors who are actually selling products are advisors. This wrong perception makes them engage with distributors and seek “advice” from them. The “advice” which they offer is tailored to sell the product. Since the distributors are remunerated by way of commission […]

Arogya Sanjeevani policy is a new, standard health insurance policy formulated by the IRDAI and will be offered by all health insurance companies in India starting from 1st April 2020 onwards. The name of the policy will be ‘Arogya Sanjeevani Policy – Insurance company name’. The coverage and terms & conditions of this policy are universal for all twenty-nine health insurance companies. The buyer has the choice to purchase this policy from any insurer. However, the premium rates and customer service can vary from one insurance company to another. It is suitable for lower and middle-income group families who have […]

With the global spread of the COVID19 pandemic, health has become the primary focus everywhere. There is huge pressure on the health infrastructure and the cost of treatments through hospitalization has increased. Unless individuals have adequate health insurance, the financial position will be severely impacted. We have examined a few health insurance policies and found Optima Restore is a good one. This was earlier known as Apollo Optima Restore but after the merger of Apollo health Insurance Co with HDFC Ergo, the policy has been named HDFC Ergo Health Optima Restore Insurance Policy.  Hospitalization expenses for COVID19 are covered under […]

Nassim Nicholas Taleb brought the concept of Black Swan events. In statistics, it is interpreted as a 1% chance event which is beyond the mean and three standard deviations. In actuarial science, this is called extreme events. The history of mankind has been shaped by Black swan events. Coronavirus originated in Wuhan province of China and in a matter of three months has brought the entire world into crises; medical systems, economy, the daily life of citizens. Currently, it is total uncertainty about the future across 199 nations of the world. But there is a positive side to it also. […]