Federal bank is one those banks who are adopting digital banking solutions to provide hassle free and convenient banking to their customers. The bank has recently introduced ‘missed call balance enquiry’ service to allow customers to know their account information right from their houses or offices. Now, The Federal Bank has launched a new service called ‘missed call based mobile recharge’. Missed Call Based Mobile Recharge is a first-of-its-kind service that allows customers to recharge their mobile numbers by just giving a missed call to predefined numbers.Continue Reading
Punjab National Bank has launched a smartphone app for PNB and Non-PNB customers. This app is tailored to help customers find nearest PNB ATMs with the help of Global Positioning System (GPS) or ATM address.
Modern banks provide superior level of services for their customers. Many online banking solutions have been eliminating queuing system at bank branches. Internet banking or online banking is a core banking solution; which allows users to perform transactional and non-transactional banking activities. In the hustle and bustle of daily life, no one has sufficient time to visit a bank branch to perform a banking activity. Banks have taken this issue into account and introduced many online baking solutions to offer more freedom to customers. Internet banking is a one stop solution for all banking needs; with online banking or internet banking, customers can perform transactional and non-transactional banking anytime, anywhere.
Government of India has introduced a new crop insurance scheme called Pradhan Mantri Fasal Bima Yojana; which would replace both National Agriculture Insurance Scheme and Modified National Agriculture Insurance Scheme. The Union Cabinet has approved PMFBY for formers’ welfare; this scheme will provide financial support to the farmers in the event of failure of the crop due to natural calamities, pests, and diseases. In the event of failure of the crop, farmers face financial crisis and as a result farmers become unable to continue farming. Previous schemes (NAIS & MNAIS) had high premium rates due to which few farmers adopted these schemes; but new PMFBY offers maximum sum insured at very lucrative premium rates.Continue Reading
To provide financial services in affordable manner to the weaker sections and low-income segments, in the annual statement policy 2005, Reserve Bank of India had advised banks to review their existing account related conditions to align them with the objective of financial inclusion. With a clear goal to achieve higher financial inclusion, banks were advised to offer ‘no-frills’ accounts either with nil or very low minimum balance requirements and also with no or low charges. When they didn’t see any significant growth in financial inclusion (after offering ‘no-frills’ accounts); then RBI had decided to modify the guidelines to open basic banking ‘no-frills’ accounts.
Digital baking has been advancing by leaps and bounds. Banks as well as their customers are adopting modern banking solutions delightfully. Banks are moving from traditional banking to digital banking; which is far better than traditional banking. Banks have dramatically improved their banking facilities to provide high-quality and reliable services to their clients. Digital banking brings your bank accounts at your finger tips; you can carry out almost all of your banking right from your home or office. Online banking service, helping banks to eliminate queuing system at banks branches.Continue Reading
You probably know that in order to drive a vehicle on road in India, you should have a liability only motor insurance or comprehensive insurance; it is imposed by Law. There are basically two types of motor insurance or vehicle insurance exist in India; Liability only Policy and Package or Comprehensive Policy. Liability insurance policy covers your legal liability towards third parties for injury, death or property damage; and also provides accidental coverage to driver against death or injury. On the other hand, a package policy or comprehensive policy provides a high level of protection for example; it also pays for the damages to insured vehicle due to an accident.Continue Reading
Motor Insurance or Vehicle Insurance covers an individual and his vehicle against theft, damage, injury, third party liabilities etc. Traveling is a part of our life; we use certain types of vehicles to travel here and there; and probabilities of collisions are high, because thousands of vehicles run on road at a same time. If your vehicle hits an individual or his/her property; then that person may seek compensation, in such scenario, you have to pay for the loss caused by your vehicle. Here motor insurance comes into play; a motor insurance policy pays for the damages you cause to another person/property in an accident. Some motor insurance policies (Comprehensive or Package motor insurance policies) also pay for the damages to insured vehicle due an accident.Continue Reading
Insurance is a fastest growing marketplace around the world; it offers coverage against insured event for example; life insurance covers an insured person against death, health insurance provides reimbursement for medical expenses incurred in a hospital. In the same way, auto insurance or motor insurance covers vehicle and third parties against accidental damages. Motor insurance is a part of general insurance. In our daily life, we use certain types of vehicle to travel here and there. Though, no one wants to be hospitalized; but in reality, everyone is exposed to danger while traveling on road. Motor insurance or auto insurance helps us to bear the financial loss in case of an accident. As per law, it’s mandatory to have liability insurance if you own a vehicle for example; car, motor cycle, commercial vehicle and the like. If your vehicle hits a person or an object then you’re liable to pay for the loss (as per law).Continue Reading
Insurance: By definition, insurance is a legal agreement between policy holder and insurance company; in which, one pays premiums (policy holder), and other pays (insurer) on the event of loss.
Importance of Insurance: Insurance plays a significant role in an individual’s life. It covers an individual against unforeseen events like; Life Insurance covers insured person against death, Health insurance provides coverage for medical expenses incurred in a hospital, Mortgage insurance provides cover for mortgages and loans taken by insured person etc; and insurance also protects individual’s family against financial crisis by giving financial support to them. Many people face a common phobia that what will happen to their family if they die? It is indeed that death is certain but the time of death is uncertain; insurance cannot stop the occurrence of death, but insurance can certainly protect your family against financial crisis upon your death.Continue Reading
Annuity or Pension plans provide financial support to an individual when he/she reaches at a stage of life; in which he/she cannot do work to cover his/her basic living expenses. After retirement, everyone wants a regular income source; that’s why, many employers set up occupational pension schemes for their employees to provide a regular income source to them. It is immensely important for individuals (whose employers do not provide occupational pension schemes) to plan for post-retirement expenses to live a hassle free life after retirement.Continue Reading
In this day and age, you can find numerous insurance products in insurance marketplace. For an individual it would not be important to know, “what are the different types of insurance?” But for professionals like; financial advisors and insurance agents, it’s very important to know all the basics related to an insurance industry. It helps to build their self confidence level as well as it helps them to give professional advice to their customers. In this post, we will be discussing on fundamental types of insurance. Though, insurance market has grown up over the years but it’s still working under the same principles.
In today’s hassle and bustle, health insurance and life insurance are becoming necessities. These tools protect us from unexpected expenses of hospitalization due to an injury or illness. Health insurance reimburses you and your loved ones if something undesirable happens. Therefore, Health insurance is a best option when you’re looking to protect your loved ones against unforeseen health expenses. Usually, health insurance covers medical expenses incurred in a hospital for the treatment of an injury or illness; health insurance also provides financial support to insured’s loved ones, in case of insured person death. Undoubtedly, insured person’s family suffers from unbearable pain when they loose their loved one; but it also makes family members’ life harder. Therefore, a health insurance or life insurance gives you peace of mind that your family will not face financial crisis upon your death. All of us should buy a health insurance policy but with full awareness of what does your policy cover and doesn’t cover? Many people feel cheated when they can’t settle claims with their insurance companies. There are many medical conditions under which your insurance company will not pay you any claim; some of are permanent exclusions and some of are waiting period basis (Read: Health Insurance Exclusions: Medical Conditions Your Health Insurance Policy Doesn’t Cover).Continue Reading
The term exclusion is used in health insurance when an event of medical emergency/need is excluded from an existing health insurance policy. There are many types of medical conditions that are not covered by your health insurance policy; therefore, it would be good for you to read carefully what does your policy cover and doesn’t cover? Usually, after buying a health insurance policy, insured receives a copy of terms and conditions along with a list of doctors in his network through email or post. It is immensely important to read all terms and conditions related to a health insurance policy to minimize the chances of claim rejection. It is remarkable that insurance companies strictly follow their terms and conditions stated in specific policy; which means customer’s claim will be rejected if claimed medical emergency is not stated in their terms and conditions page. Therefore, it is advisable that after buying a health insurance policy promptly read all terms and conditions of your policy to understand what does your policy cover and doesn’t cover? You may request your insurer to send a copy of terms and conditions before buying a health insurance.Continue Reading
In today’s uncertain world, Life insurance is becoming a necessity. By definition, Insurance is a legal agreement between two parties (Insured and Insurer); in which one party (insured or policy holder) agrees to pay premiums, and in return, another party (insurer) agrees pay certain amount of money on the event of loss. Now in this day and age, everyone should have an insurance policy because the probabilities of mishappenings have been increased due to today’s hustle and bustle.Continue Reading