PLIGHT OF PRIVILEG

Let me share with you two events (but not fiction) that occurred at different places but brings forth two perceptions.
An old woman, kantabai, age 45, died in deprivation. She couldn’t avail medical treatment due to short of funds. Her grieved husband lamented, had he had money his wife would have surely lived longer. But alas... he didn’t have sufficient money to bear the medical expenses. Eventually she died.
On the opposite end an affluent family said NO to health insurance as they are in healthy wealthy mode and couldn’t foresee any such medical emergency even in remote future.
Was the old lady under privileged or the rich family over privileged?
One more question arises here, whether we as an individual, as a society or nation, utilising the resources properly?
Corporate is already taking care of employees’ health while govt employees too are well protected. But a large chunk of population is out of these two spheres.
Indian insurance companies offer a great deal of health insurance plans which covers almost every ailment except AIDS. Besides standard health insurance plan which insure an individual protection against diseases. Good thing is that, gone are the days of hectic claim procedure. If your hospital is empanelled with your health insurance company, you don’t need to pay either for admission or discharge (as long as your medical bills reaches touches the upper limit of your cover). You can select a high tariff room and ask your doctor to visit any no. of times since room and doctors visit charges are covered in these plans. Further more there are some plans which added some more features in standard plans i.e.
As I mentioned above we do have plans to cover almost all prevailing ailments. There are plans to cover maternity, a special plan for old age and retired people. Some special plans even cover pre-existing diseases, plans to cover cancer, dibetiese. Furthermore, u might be surprised there are plans under which you are entitled to get stipulated money if any of the enlisted disease is diagnosed, regardless of the medical expenses. If the plans stipulated to give u five lacks in case a specific disease is diagnosed, you gonna get it, not matter what your medical expenses gonna be.
For proper financial planning one should first get a sound life cover and in second step take a health plan for his family. When these two aspects are covered properly then he should go for purely investment.

First step towards Financial Planning

You may have come across the term "financial planning" in some investment that u made in past. Furthermore you may have decided to get down to prepare your own financial plan but the ebullience soon blew over as you pan down your clueless thoughts.
Here we (financial planners) come into the picture.
Personal financial planning is one of the most important aspects of personal finance.Financial planning is the process of meeting your life goals through the proper management of your finances. The process involves gathering relevant financial information(your asset and liabilities), setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.

Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement.
The financial planning process consists of six steps that help you take a "big picture" look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.
The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.
In order to move forward with a solid personal plan, you'll need a clear picture of your current finances.

· Do you have a clear picture of your goals and dreams?
· What benefits do you receive from your employer?
· How do you track your current income and expenses?
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