Mutual Funds | Insurance | Investment |

Health insurance space is one of the few business areas which have boomed during the COVID pandemic. Hundreds of crores of premiums are being collected by insurance companies due to the increased interest of the people in health insurance. With COVID treatment bills running in lakhs, people have become aware of the advantages and the shield on personal savings that health insurance provides in case of medical emergencies. Today, one thing is for granted that this interest in medical coverage among people is going to rise further. And with increasing awareness companies will have to introduce and sell feature-loaded plans. The latest product offering from Max Health Insurance precisely provides everything that the customer looks for in a health insurance plan. The product named REASSURE provides unlimited claims to the customer up to sum assured during the year. The product is available in individual and family floater plans. The need for such a product is even more pronounced in the...

Let's start with a small exercise. Let's list down all our expenses on a monthly basis from January 2020 till July 2020. You may not have a ready record but you can still note down your credit card dues every month. Also, from your bank account statement, you can get a rough idea of inflows and outflows every month. The result should look somewhat as described below. Have you done your charting? Are you surprised? You already knew that you are spending far less than what was your average expenditure during the pre-lockdown phase, but you will realize the quantum of fall only by performing this exercise. In the real-life example presented in the table above, the person was able to curtail expenses by more than 50% during the lockdown. Even post-lockdown the expenses are down around 20% from average despite the fact that impulse spending has increased due to the long halt on spending. A few questions that one may ask oneself based on the exercise are: What is the major portion of...