Currently, many studies and researches are being conducted on turmeric and its potential against combating fatal cancer. While a lot of people are not aware of its health benefits, it is being recommended by experts that people should start a proper intake of turmeric into their food regime, and also avail the benefits of a sought-after cancer care policy to lead a life secured from the dreads of cancer.

Undoubtedly turmeric is one of the most widely found and extensively used ingredients in almost every household in India. A spice as this has a lot of health benefits associated with it, often considered to contain properties that help combat cancer owing to its following properties.

• Rich in powerful antioxidants
• Rich in anti-inflammatory properties
• Prevents the growth and formation of free radicals that can create cancer cells

Curcumin and Cancer

Numerous research and studies have found out that an ingredient found in turmeric, known as curcumin is potent against combating liver, colon, prostate, breast, pancreas, lung and many other types of cancer. Curcumin is the yellow colored pigment that is extracted from turmeric and happens to be one among the three curcuminoids in turmeric. The properties of curcumin prevent the cancer cells from dividing and it also facilitates apoptosis, a programmed process which helps in getting rid of the damaged cells in our body. Though the curcumin found in turmeric kills cancer affected cells, it doesn’t harm the healthy and thriving cells present in our body.

As per research, the countries where its people incorporate turmeric in their dietary regime on a regular basis for an extended period of time tend to show a much lower rate of certain types of fatal cancer.

However, besides incorporating curcumin in your life, you must also get your loved ones insured with a critical illness cover to protect them against cancer.

Let us now look into the multifarious ways of how turmeric helps us fight cancer.

• The Medicinal properties – Turmeric has been an integral part of Ayurveda and Chinese medicinal practices for ages. The medicinal properties of turmeric include anti-microbial, antiseptic, antioxidant, anti-inflammatory and anti-mutagenic properties. These properties can be used effectively against skin diseases, liver ailments, wounds, digestive disorders and many other problems.
• The Anti-inflammatory properties – Do you know inflammation in the body is a potent process that has been linked with the formation of cancer cells? Apparently, inflammation can create room for the formation of the cancerous cells in our body. The anti-inflammatory properties of turmeric deem it potent against the formation of inflammation in our body and simultaneously tackle problems like heart diseases, cancer and Alzheimer’s. Though turmeric has properties that help prevent the formation of certain cancer cells in our body, get insured with a good cancer care policy that helps you combat its ill-effects with ease.
• Benefits of curcumin – The component curcumin is found in turmeric which is deemed potent against the prevention of the growth and spread of the cancer cells. Curcumin affects the DNA composition of the cancer cells and damages them over time; include turmeric in your diet to reap the benefits of curcumin against cancer. It is always a wise decision to be insured with a health insurance policy for having a safe and secure future against critical illness.
• Prevention of angiogenesis – The physiological process in which our body starts creating blood vessels on the new tissues is known as angiogenesis. It is also responsible for garnering the growth of cancer cells. Including turmeric in our diet tends to prevent the onset of the process of angiogenesis in our body and protects it from the same in the long run.
• Boost in antioxidants – Turmeric is rich in antioxidants, which helps our body to combat the ill-effects of free radicals and at the same time helps to destroy them. Pollution, stress, poor lifestyle choices and chemical exposure are responsible for the creation of free radicals in our bloodstream, which tend to damage our cells and weaken its structure. Include turmeric in your daily diet to minimize the risk of weakening our cellular structure. Get a critical illness cover for yourself and your loved ones and live life stress-free.

Indulge in a healthy lifestyle and dietary habits, and get insured with a health insurance policy, especially a critical illness cover for yourself and your loved ones, to always stay guarded against unexpected medical emergencies.

Reference Sources – 1, 2, 3

Becoming a crorepati is generally a lifelong dream for most people, but it is not as unattainable as it may seem. Given the right combination of patience and commitment, you can easily hit the 1 crore mark before you choose to retire. Assuming you are just starting out in your career, this plan for the distant future requires a solid long-term strategy to help you achieve your objective.

However, chalking out a strategy is only one part of the process. It is the actual follow through that distinguishes wealthy investment gurus from aspiring investors. So, what are the steps you can take to reach this goal as early as possible? Let’s discuss them here.

1. Assess Your Present Situation

The first step is to map out the distance to your destination. So, before you start making any concrete decisions, first consider your current net worth. For example, if you already have a net worth of Rs. 20 Lakhs, and you are aiming to become a crorepati in 20 years, you need to invest an average of 13,000 per month at an interest of 8% per annum, to meet your target.

It is equally important to assess your age, income, expenses, and family situation at this point. This will allow you to set a realistic time-frame for achieving your goal.

2. Start Investing Immediately

Investments may be a secondary source of income, but they are the primary source of wealth creation. Once you have charted a fair timeline and a realistic savings amount, start investing the money immediately. The sooner you begin, the more time you will have to build a sizeable corpus for the future. This will result in one of two things – you’ll either be able to retire earlier than expected or save more money than planned thanks to the compounding effect.

3. Spread Out Your Investments

You can make smart decisions and investments, but that doesn’t guarantee it will be your big ticket to wealth. When it comes to creating a cache this big, you will need to take a fair amount of risk. Aside from real estate, which requires large capital, you should consider putting your money in mutual funds, retirement accounts, and ULIPs. The best ULIP plan is one that provides maximum growth opportunities and adequate coverage along with some much-needed flexibility. It is ideal for individuals who are willing to invest long-term. You can even buy ULIP online if you want to skip the hassle of physical forms.

4. Save First, Spend Later

Contrary to the norm that exerts ‘saving money after expenses are paid’, it is a better idea to do the exact opposite. First, save a fixed amount every month as per your goal, and then move on to your expenses. This will acclimatize you to the habit of setting aside a predetermined percentage of your income and help you live within the confines of a budget. That doesn’t mean you can’t indulge yourself once in a while, but remember, a target like 1 crore requires some sacrifices.

By taking these steps and focusing on your goal, nothing can stop you from becoming a crorepati before retirement and living the rest of your life in carefree comfort and luxury.

Life is uncertain. One cannot rule out the probability of an unfortunate event of death. Though you may not have control over every imminent uncertainty, you may secure your financial well-being through a term plan.

Understanding term policies

Before purchasing such a policy, it is imperative to know what is term insurance and the benefits of such a policy. A term plan is the simplest form of life cover, which provides coverage for a pre-determined term. In case of an unfortunate event during the policy term, your loved ones are entitled to receive the sum assured amount. Such plans do not have a maturity benefit.

Term plans – Protecting your big plans

Through a term insurance plan, you may meet your short-term and long-term goals rather easily. Such a type of cover is an excellent choice for individuals in their family formation years when the need for protection is the greatest. A term cover allows you to invest in high levels of coverage at an affordable price, thus making it a perfect product for your insurance needs.

Following are five major reasons why a term plan aids in protecting your big plans.

1. Financial security

This is one of the most important advantages of a term plan. In the case of an untoward event, your family is well protected against various financial obligations. They may use the received sum assured amount to fulfill their big plans such as higher education, meeting wedding expenses, purchase of an asset, or even meeting funeral expenses. They may continue meeting lifestyle expenses without any financial constraints. Purchasing such a plan, therefore, provides peace of mind that their needs will be taken care of even in your absence.

2. Great choice for single parents

Many single parents are burdened with finances and therefore avoid investing in a life cover. However, the truth is that your child solely depends on you. You need to ponder over the fact that they may be left financially crippled if you are not around them tomorrow. Term plans, given their affordable nature, is an ideal option for single parents. With the help of the death benefit amount, your children may continue living their life and achieving their dreams.

3. Conversion to a life policy

In certain cases, you may convert your term policy to a whole life policy and start building cash value. This not only aids in supporting your dependent but also helps in building savings. You may use the amount in whatever way you seem fit such as meeting your retirement goals, estate planning, down payment for a new home, or a cushion for emergency expenses.

4. The benefit of additional coverage

Riders, also known as add-ons, provide additional coverage at an extra premium. These riders supplement your existing term plan and allow you to enjoy a customized cover, as per your needs and requirements. Some of the common term riders include critical illness rider, waiver of premium rider, accidental death rider, accidental disability rider, and income benefit rider, among others.

5. Tax benefit

Term plans are an excellent instrument to lower your tax liability. The premium paid towards your plan is eligible for tax deduction under Section 80C of the Income Tax Act, 1961. You may enjoy a maximum deduction of up to INR 1.5 Lakh from your taxable income and save a significant amount of money.

A term cover has numerous benefits. It offers the much-needed protection for all your big plans in life. You may, therefore, purchase a term plan at the earliest and usurp the many benefits such a policy has to offer.

With slow-paced earnings and fast-growing expenses, people are always seeking different ways to effectively boost their wealth. While there are several options available in the market to do so, investing in a vehicle like life insurance can help accelerate the process.

Life insurance not only includes extensive life cover for the insured but also financial security for the beneficiaries, in case of the policyholder’s untimely demise. And, if planned properly, the other life insurance benefits can further allow one to amass more wealth.

Having said that, let’s take a look at some of the wealth building benefits of life insurance:

1. Guaranteed protection

The most salient feature of life insurance policies is that they include a savings component called cash value. Along with payments made on your policy, this value increases. The premium you pay is divided and distributed into the death benefit, administration and investment fund, with most of it going towards the investment fund.

In time, as the investments flourish, so does the value of the policy and thereby, the policyholder’s wealth. But most importantly, much like your bank, these policies provide guaranteed protection to your investment and payouts.

2. Instant availability of cash

The untimely demise of the sole breadwinner in a family can result in a major financial crisis. During such a time, the life insurance cover provides the beneficiaries with some much-needed cash required to help cover all the incurred expenses. Further, the assured cash value can help the family sustain their standard of living, and live free from any financial burden whatsoever.

3. Exemption from taxes

Amongst the several benefits offered by life insurance policies, this one qualifies as one of the most prominent ones. In compliance with Section 10 D of the Income Tax Act, the funds accumulated from such policies are non-taxable. Moreover, even the fund growth isn’t subject to taxes, thereby increasing the cash value of the funds over time.

4. Elimination of Debts and Liabilities

During a policyholder’s demise, the dependents may be faced with numerous liabilities or unpaid debts. Acting as a strong financial tool, life insurance can help alleviate these pending debts and liabilities, such as a child’s college education, marriage expenses etc.

Given these life insurance benefits, procuring a life insurance online or even through an agent could make for a healthy investment. It can also help increase your wealth prudently. Thus, it would be wise to learn all about life insurance and effectively build your wealth.

The direct answer to the question in the title is yes. However, things are not that simple. It is better to acquaint yourself with the intricacies involved with car modifications and car insurance to understand their correlation in detail.

Read ahead to know more about the same.

What is car modification?

A car comes with a certain type of wheels, accessories, engine, etc. When you change such factory-made components by adding or removing certain parts, it is termed as car modification. Such car modifications are often related to performance enhancement or aesthetics.

How does car modification affect insurance?

Car modifications are almost always related to enhancing the car’s value. Be it tinkering with the engine or changing the interiors, modifications increase the car’s value. An increase in car’s value will increase its insurance premium as well.

Factors affecting a car’s Insurance Premium

In order to understand the correlation between car modifications and car insurance premium, it is important to know which factors affect a Comprehensive plan’s insurance premium. Here’s a handy list.

• Engine’s Cubic Capacity – As mentioned in the car’s registration certificate.
• Fuel type of the car – Whether it is a fuel-driven or CNG-driven car.
• PIN code – The location where you drive/register the car.
• Claim history – Number of claims raised in the past.
• Add-on covers – Additional covers chosen while purchasing the insurance policy.
• Car’s Insured Declared Value [IDV] – IDV can be referred to as the approximate current market value of the car. However, it shouldn’t be considered as the car’s resale value. IDV is the value the insured person receives in case the car faces total loss [irreparable damage/theft].

Factors, Modifications, And Insurance

From the points mentioned above, here’s a list of the factors that increase the car insurance premium with respect to modifications.

Engine’s Cubic Capacity

The Insurance Regulatory and Development Authority of India [IRDAI] states the insurance premium of a Third-party Liability component based on the car engine’s cubic capacity. If a modification increases the engine’s cubic capacity, the premium will increase accordingly.

Insured Declared Value [IDV]

Certain external and internal modifications to the car will increase its IDV. Such modifications that increase the IDV will increase the car insurance premium.

Accessories Cover Add-on

A basic Comprehensive plan will not cover the extra-fitted accessories. Thus, they need to be insured with the help of the Accessories Cover. If you opt for an Accessories Add-on for the extra modifications in your car, your insurance premium will increase.

Inform the insurer

You should inform your insurer about the technical and aesthetic changes you make in your car. Consider this example for better understanding – Suppose you modify your car after you have purchased the policy and have not informed your insurer about the same. In case the car is involved in an accident and you raise a claim, the insurer will inspect your car before settling the claim.

At that time, the inspector will find out that the modifications were not disclosed. Such non-disclosure can lead to claim rejection. Thus, it is beneficial for you to disclose the modifications made to your car to avoid any surprises related to claims settlement.

Contacting the Insurer

Whether you have opted for offline vehicle insurance or online vehicle insurance, you should contact the insurer as soon as you make any modifications to your car. As mentioned above, such changes will increase car insurance prices, but that shouldn’t stop you from getting in touch with your insurer. You can call or email your car insurance company to inform them about the change in your vehicle. They might send an inspection team to gauge the modifications and change the car insurance prices accordingly.

It is common to make mistakes when you are doing something for the first time. Similarly, you may make some mistakes while buying bike insurance as well.

In this article, we will discuss these mistakes and how you can avoid them.

Forgetting to analyze your needs

Before you buy two wheeler insurance policy, do not fail to analyze your requirements and then explore numerous choices. Carry out a comparative study of the advantages and premiums of various two-wheeler insurance policies that fit your budget. This could assist you to seek out similar coverages at a far cheaper premium rate. Carrying out research on the insurance company and customer reviews will help you to shop for the most beneficial policy in the market.

Opting for the cheapest option

Price is unquestionably the purpose of concern for each buyer, be it a bike insurance policy or any other product. Particularly for the policy that provides multiple advantages and coverage. The policy with cheap premium may seem to be the most effective choice for you, however, you make be left underinsured in cases of total loss or theft. Continuously hunt for a reasonable two-wheeler insurance policy that fulfills both needs – affordability as well as decent coverage.

Opting for Deductibles

Opting for deductibles may lower the price of your bike insurance policy, however, you will be financially exposed in case of major damages to your bike. This is because opting for a higher deductible will result in a lower claim amount. Paying the compulsory deductible is beyond the control of the policyholder, however paying a voluntary deductible is his/her personal decision.

Not checking the No Claim Bonus

In case you are doing not build any claims throughout the policy term, you’re eligible to receive a No-Claim Bonus at the time of shopping for a brand new policy or at the time of renewal. The No-claim bonus could be a discount offered by the insurance firm to the customer on the premium due for the consequent year. So, keep this in mind at the time of two wheeler insurance renewal your 2 wheeler contract.

Not going through the terms and conditions

This is one among the foremost common mistakes we tend to make when shopping for two-wheeler insurance policies. So, make sure that you read the policy thoroughly and don’t ignore the exclusion list of the policy. It should be that the most vital coverage you are looking for falls in the exclusion list of the policy. Before paying for the policy, do scan the underwritten terms and conditions.

Getting the insurance policy transferred in your name

If you are running tight on the budget or if you are a learner, you might decide on opting for a second-hand bike. In this case, you need to make it a point to get the insurance policy of that bike transferred in your name. If not, you will be completely exposed to financial risks that might arise from an unfortunate event.

Forgetting the expiry of your current policy

It’s quite common to see several bike riders on their bikes with no bike insurance coverage. Without an insurance policy, you may have to burn a big hole in your pocket. Some of the incidents that could financially drain you are third-party liabilities like damage repair, hospitalization costs, and compensation. Other may include damage to your bike due to accidents, theft, calamities, fire, etc. Other than that, it is against the law to ride without insurance and you will be penalized for the same.

How to buy two wheeler insurance?

You can buy two wheeler insurance either online or via offline methods. The process will be easier if you buy bike insurance online as it will save a lot of your time and efforts. To buy bike insurance online simply visit your preferred insurer’s website, navigate to bike insurance, fill your details, select a plan and make the payment.

Just as it is necessary to register your two-wheeler in a Regional Transport Office [RTO], it is also important to purchase a two-wheeler insurance policy. Both these things can be arranged for you by your bike dealer. However, unlike the RTO registration process, the bike insurance process is not one a one-time activity.

It is a recurring activity which needs to be performed periodically. And it is not necessary to purchase or renew your bike insurance policy from your bike dealer or an agent or a branch office of an insurance company for that matter. It can be easily done from your mobile phone provided you have an internet connection and know the exclusions of the policy. Read ahead to know more about bike insurance.

Basic insurance terminology

In insurance terms, the person purchasing the policy is known as the first party, the insurance company issuing the policy is known as the second party, and those affected by an accident caused by the insured vehicle are known as third party. Their property is known as third-party property.

What is third party bike insurance?

Third party bike insurance or third-party liability insurance is a compulsory policy that every rider must purchase. The Motor Vehicles Act, 1988 has made it a mandate to purchase this type of policy. The compulsion is directed towards insuring the pedestrians and others that might be affected by a vehicle accident. This policy is designed to save you from legal and financial complications arising out of an accident caused by your bike as well.

What are the exclusions of third-party two-wheeler insurance?

The Third party two wheeler insurance premium rates are specified by the Insurance Regulatory and Development Authority of India [IRDAI]. Similarly, the cover’s exclusions are also stated by the body. All insurers have to abide by the rules and regulations stated by the IRDAI.

Here are the exclusions of a third-party liability policy

• This policy does not cover damages to your bike due to fire
• This policy does not cover damages to your bike due to accidents
• This policy does not cover damages to your bike due to man-made calamities such as riots
• This policy does not cover damages to your bike due to natural calamities such as flooding
• Bike theft is not covered
• Damages shall not be covered if it is found that the bike rider was under the influence of alcohol at the time of accident
• Damages won’t be covered if the rider does not have a valid driving license
• Damages shall not be covered in case of a lapsed policy
• You cannot buy Add-on covers such as Roadside Assistance, Zero Depreciation, etc. with only a Third-party Liability policy
• Pillion rider is not covered

Upgrading your third-party two-wheeler insurance policy

As it is evident from the above exclusions that a Third-party two-wheeler insurance policy is not at all extensive. It is a minimalistic cover. If you wish to go for an extensive cover, you can opt for a Comprehensive plan. It includes the mandatory third-party cover and insures your bike from accidents, calamities, and theft. It also includes a Personal Accident cover that comes along with the Third-party policy. You can choose to strengthen your Comprehensive bike insurance plan with suitable Add-on covers as well.

Online Two-wheeler Insurance

Whether you choose to purchase the basic third-party cover or go for a Comprehensive plan, you can insure your bike within minutes. Online two wheeler insurance is easy, quick, and hassle-free. With online two-wheeler insurance, you do not have to visit the insurance company’s branch or chase an agent, you can simply insure your bike from your mobile phone within minutes.

Unit-Linked Insurance Plans [ULIPs] are attractive investment products for those who want to grow their wealth along with availing of a life insurance cover. ULIPs serve two purposes- investment and insurance. They invest a portion of the funds into investment products and the remaining into covering for your life. ULIPs have a dual advantage and offer various benefits.

If you are a goal-oriented investor, ULIPs are an ideal investment option for you. Bajaj Allianz Life, a leading insurance provider has tied up with India Post Payments Bank for its life insurance service. It offers a goal-based plan, which has numerous benefits for you. The unique features of the plan are the benefits through the ‘Return Enhancer’ and the ‘Return of Mortality Charges’. The ‘Return Enhancer’ benefit allows you the option of an additional 0.5% of each installment due in cases when the benefit is given in the form of installments over a tenure of five years. The ‘Return of Mortality Charges’ is a facility where the company guarantees the cost of life cover on the maturity of the policy, which enhances the value of the maturity amount.

Consumers have always preferred investing in ULIPs and the returns have been consistently increasing. The charges on ULIPs have come down over the years. Today ULIPs are quite different as compared ten years back when it comes to investment. ULIPs are a dependable investment option as they help you in diversifying your investment portfolio. Moreover, they are a viable investment product if you are looking to invest for a long period.

Why ULIPs are an ideal product for you

Higher returns

ULIPs have shown better returns than any other investment or insurance product and this is because of the equity advantage. The premium paid by you will be invested into different asset classes, which will help you gain maximum returns from the investment. The amount of maturity will depend on the performance of the equity market and the tenure of your investment.

Flexibility

With ULIPs, there is an option of switching the funds during the tenure. This allows you to choose from equity, balanced, growth, and income funds as per your risk appetite and your investment goals. You can make four switches in one year without incurring any charges in your ULIP investment and you need to keep a track of the companies in which the fund invests. You need to choose the policy and change the allocation of the funds anytime in the term.

Dual advantage

Term insurance offers life cover and helps save tax. However, it offers no returns. With ULIPs, the tax advantage is up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. They will help you achieve your long-term financial goals and provide life insurance coverage simultaneously.

Lock-in period

There is a lock-in period of five years in ULIPs, which will help build financial discipline in your life. It is a long-term contract; hence, you can choose to invest in a single ULIP. You do not need to invest in multiple products for insurance and investment purposes, as this one investment product will meet all your financial needs.

Comparison of ULIPs and mutual funds

Many investors who were once inclined towards fixed deposits are shifting to mutual funds and ULIPs. It is important to understand the difference between ULIP and mutual fund. They both are different types of investment products that serve different purposes. Firstly, ULIP is an insurance cum investment product and serves the dual needs of the investors whereas mutual fund is solely an investment product. There is limited liquidity in ULIPs because of the five-year lock-in period and in case of mutual funds, the liquidity is very high because you can withdraw the funds as per your needs and requirements.

ULIPs offer a tax deduction under Section 80C of the Income Tax Act, 1961 for an amount of INR 1.5 lakh. In addition, the maturity benefit is also eligible for tax benefits under Section 10 (10D) of the Income Tax Act. In the case of mutual funds, only the profits from Equity-Linked Savings Scheme (ELSS) are tax-free below the amount of INR 1 lakh as per Section 80C.

Before you make an investment decision, it is important to understand and compare the products. You can compare ULIPs online and choose the one that fits your financial goals. If you are a new investor and aim to make the most of the stock market, you can choose from a range of investment products based on your goal and investment horizon.

ULIPs are much more investor-friendly as compared to when they were first introduced in the market. Today, they are showing steady returns and the cost associated with them has declined. However, it helps to remain invested ULIPs for a long tenure. ULIPs are a great wealth-creating investment option combined with the benefit of life insurance coverage. You can choose the best ULIP plan based on your risk-taking ability and then determine the tenure. You will have to remain invested until the end of the lock-in period to gain maximum benefit from the investment product.