Oaktree Financial Planning

Because it is so important, this is a matter that should be thoroughly considered. Let's examine the importance of term plans and the ideal moment to buy them in order to get the answer to this query.  Financial decisions: While aiming to reduce our spending on pointless items, we frequently buy things for our family. We consider the usefulness and product quality while making purchases of items like toothpaste or cars. Before making a purchase or making an investment, it only makes sense to carefully evaluate the product's quality and financial advantages. Similarly to that, we ought to be aware of the monetary worth of each of our lives. If the price of human life is less than your current insurance coverage, term insurance is urgently required.  Loss of income: We quickly get relaxed when we have a cough, cold, fever, or any other medical condition. We may not currently recognize it as a temporary loss of income because we are still receiving pay. Your financial plan should...

What is Health Insurance? Medical insurance (Mediclaim), commonly referred to as health insurance, is a strategy for financial stability that covers unforeseen expenses related to care, hospitalization, and surgery. It provides financial aid to pay for surgery, hospitalization, and medical treatment costs. It is a type of insurance coverage that covers an insured person's medical and surgical expenses. What is a pre-existing illness? Diseases or health conditions the insured had before purchasing a health insurance policy are pre-existing conditions. According to IRDAI, a condition is regarded as pre-existing if the insured person had a diagnosis of it up to 48 months before enrolling in insurance. All chronic medical disorders, including diabetes, asthma, thyroid illness, high blood pressure, etc. are considered pre-existing conditions. Pre-existing diseases in a health insurance plan Every health insurance policy has a pre-existing condition clause. Those who have pre-existing di...

Definition Plans for endowment insurance are designed to offer a sizable payout in the event of death as well as, if necessary, survival, and maturity, and can be profit sharing or non-profit sharing. Policy term The Policy Term is the period for which the Insurance Company is at risk and signifies the existence of a valid policy contract. Premium paying term The Premium Paying Period is the period of time during which the policyholder must continue to make premium payments to keep the contract in force. The length of the insurance term matches the typical premium payment period. The insured may, however, be able to choose a premium payment schedule that is shorter than the policy term under some insurance arrangements. The period of the policy shall not exceed the term of the policy. Under no circumstances may the Insurance Term exceed the Premium Paying Term. Regarding the Policy Term and the Premium Payment Period, the codification marks a significant departure from the prior regime...

INTRODUCTION The fragility of life is overwhelming. With the current epidemic problem, uncertainty has also shocked the world. In these situations, solid insurance coverage becomes crucial. A breadwinner's key duty and a major cause of stress are ensuring that the family will be protected when they are not around. Life insurance coverage is useful in these circumstances. Nevertheless, what if a calamity occurs and your family is left in financial difficulty because they are not aware of your life insurance policy? After obtaining the insurance, the process is not over. The insured should also inform the family about the policy. Why your family has to be aware of your life insurance policy: - Prior knowledge to understand the claim process and make a timely claim:   The main objective of a life insurance policy is to safeguard the family's financial stability in the case of the insured's demise. However, to secure your loved one's financial assistance, you must make them...

WHO IS A BENEFICIARY? A beneficiary is a person who gains something, often from a trust, will, or life insurance policy. The beneficiary is a term that is rarely used in India. A beneficiary in a life insurance policy is a person having a financial interest in one’s life and is entitled to receive the benefits or guaranteed death benefit of the life insurance policy in the event of the untimely demise of the insured. In India, one must designate a beneficiary who has the authority to receive the death benefit. One should add beneficiaries very carefully to any life insurance policy, as it may have implications on the livelihood of his or her family. WHO CAN BE ADDED AS BENEFICIARIES? Two types of beneficiaries can be added to life insurance contracts: - Primary life insurance beneficiary - a person named as a beneficiary in the policy who will be entitled to receive the death benefits in the event of the untimely demise of the insured person.  However, no money can be claimed in t...