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OLM Desk - 28 February 2021

Divesting Life From Insurance

The union budget was most unique. I still remember reading tons of articles on the expectations from the budget and almost every industry needed help because of the bruises caused by the pandemic. The announcement regarding the Initial Public Offering (IPO) of LIC was indeed a big one, and Outlook Money did a wonderful job of explaining its impact. Thanks for helping us understand how investors will get an opportunity to be a part of the biggest and oldest brand of the country that is built solely on trust and confidence.

Swathi Sen, Kolkata

Cost Is The Key

I was thrilled to learn about the new-age Unit-Linked Insurance Plan (ULIP). Since I prefer to hedge my investments from volatility, this information was quite sanguine. Honestly, a few of my friends and I, often discuss the fading importance of ULIPs, and I was glad to learn that IRDAI is taking steps to make it attractive. I would also like to highlight the section where you have mentioned which funds to choose and what important aspects must be kept in mind before delving into ULIPs.

Darshika Jaiswal, Delhi

Escape From Premium Spike

I had a tough time dealing with the hike in general and health insurance premium, as this plan covers my parents. Without any doubt, the reason behind this spike is COVID-19 and the requirement for advanced technologies. I would like to thank Outlook Money for coming up with such an article and cautioning us about porting to another insurer. I was shocked to know that there are chances that the wellness benefits may not get transferred to the new plan.

Jyotika Sharma, Mumbai

A Small Saving Every Month

I had a great time reading this article on Dvara SmartGold and how they are creating a safety net through gold micro-saving schemes for vulnerable households, who had been borrowing small loans to meet their immediate requirements. I would be delighted to browse through more of such stories.

Pankaj Tripathi, Mumbai

Seek A Career, Not A Job

The world is moving fast, and it is very hard to keep track of the tree of growth and competition. Today, if 20,000 colleges and universities are providing education in the field of commerce, it doesn’t take a genius to call it is a tough race. On top of that, the pandemic has made the situation even more panicky, where it is very hard to get the desired job. I highly appreciate Prof Ujjwal K Chowdhury for guiding the generation on redefining career goals, re-strategising the journey, refocusing on specifics, and re-learning after much unlearning.

Pratyush Kumar, Guwahati

Husain, Raza, Or Souza?

Since one of my friends is a sculptor, whenever I get time, I visit some exhibitions and therefore take a special interest in topics related to art.  The auction market has generated an estimated turnover of Rs 715 crore in 2020 as against Rs 710 crore in 2019. Hence, just like other investors in equity, it was a great year for the Indian art market. It is a unique article on several levels, as we hardly get to read stories guiding us on how to invest in art. Good to learn how lucrative the field is for investment.

Taniya Kundu, Pune

The Debt Trap

I remember reading out this horrendous news to my son while having breakfast one day. I believe we need to be more cautious as we take further steps into the digital era. I had goosebumps while going through the suicide cases of defaulters. The road that makes these young and educated borrowers fall into the prey of loan scams, where they are humiliated as defaulters, receive threats, abuses, blackmail, with forged documents from the recovery agents, is indeed heart-wrenching.  What is more upsetting is that these agents are hired and trained to use abusive language and shaming tactics to harass customers and to recover the money. They are given a target sheet of the defaulters, along with their past performance scores or ability to return the money and bully.

Vaishali Reddy, Bangalore

Scary Unsecured Loans

The story is carefully curated, warning us about the loan app trap. We live a fast life, where we desire to get everything at our fingertips, and in that process, we fall prey to a world of crime. We forget that there are two sides to a coin. If we are technologically designing our lives, then we must also maintain a checklist for awareness. In this case,  what is the data the app seeks access to? Who is the real lender? Did you receive a sanction letter mentioning it? As rightly said by Matthew Flannery, CEO and Co-Founder, Branch Personal Finance App, “Digitisation of lending comes with real promise if the process is diligently followed.”

Soham Viswanath, Bangalore

There’s No Age For Investment

I have gathered a ton of inspiration from this article. I hope people like Joseph Bhaskar Iswariah get to meet advisors like Rowthri Sivashanmugam, who miraculously offer courage and understanding to build financial fortunes. Also even at 93 people can trust the equity markets and reap handsome returns. This is no rocket science. Simple calculations and complete trust in the guidance provided by your fund manager can help you achieve this. It was truly an eye-opener.

Sanjay Singh, UP

Tick These Boxes For Hassle-Free Claim Settlement

As mentioned in the article, I am also one of those who shy away from buying life insurance for its perception of being a sunken cost where claims could be denied. This article provided a valuable lesson on the claim settlement ratio. While insurers pay all genuine claims, customers should also take a few important measures to avoid repudiation and ensure hassle-free settlement.

Krish Jain, Chennai

Earn, Don’t Look After Money