In the world of finance, risk management or FinnRisk refers to the practice of identifying potential risks in advance, analyzing them & taking precautionary steps to reduce/curb the risk.
FinnRisk is the process of evaluating the risks faced by a firm or an individual and then minimizing the costs involved with those risks. Any risk entails two types of costs. The first is the cost that will be incurred if a potential loss becomes an actual loss. An example is the cost of rebuilding and reequipping an assembly plant that burns to the ground. The second type consists of the costs of reducing or eliminating the risk of potential loss. Here we would include the cost of purchasing insurance against loss by fire or the cost of not building the plant at all (this cost is equal to the profit that the plant might have earned). These two types of costs must be balanced, one against the other, if risk management is to be effective. Most people think of risk management as simply buying insurance. However, insurance, although an important part of risk management, is not the only means of dealing with risk. Other methods may be less costly in specific situations. And some kinds of risks are uninsurable—not even an insurance company will issue a policy to protect against them.
If a risk cannot be avoided, perhaps it can be reduced. An automobile passenger can reduce the risk of injury in an automobile accident by wearing a seat belt. A manufacturer can reduce the risk of product failure through careful product planning and market testing. In both situations, the cost of reducing risk seems to be well worth the potential saving.
Businesses face risks as a result of their operating procedures and management decision making. An analysis of operating procedures—by company personnel or outside consultants—often can point out areas in which risk can be reduced. Among the techniques that can be used are:
The risks involved in management decisions can be reduced only through effective decision making by virtue of Insuring the Risk.
We at Master Mind FinnAsset, provide insurance assistance & guidance in both Retail & Commercial Lines.
Due to changing lifestyles, health issues have not just escalated, they have increasingly become more complex in nature. It becomes imperative therefore to have a health insurance plan in place, thus your financial planning is incomplete if you have not accounted for health. A Health insurance plan helps cushion your family finances from unexpected large medical expenses. Health Insurance is a kind of insurance that provides coverage for medical expenses to the policy holder. Depending on the health insurance plan chosen the policy holder can get coverage for critical illness expenses, surgical expenses, hospital expenses etc.
A Health insurance plan helps cushion your family finances from unexpected large medical expenses. The Health Insurance Plan ensures cashless treatment, reimbursement of medical expenses & day-care hospitalization along with coverage of pre & post hospitalization expenses etc. Furthermore, health insurance premium paid also give tax exemption under section 80D of Income Tax Act.
People without health coverage can sometimes lead people without coverage into deep debt or even into bankruptcy.
It’s easy to underestimate how much medical care can cost with inflation spiraling up by 1% Year-On-Year in India:
You worked harder, longer and saved every penny to give yourself and your loved ones the security of a home. It’s only understandable that you should want to secure your most important asset from any possible kind of natural or man-made catastrophe. We realize the need of home insurance that cater to everyone’s home insurance needs. After all, homes are not built every day.
What does Home Insurance covers and what it does not?
Do you have your own house? Does it have multiple heavy duty locks, CCTV surveillance, a guard? Well, all of this would definitely go a long way in protecting your house, but mishaps still happen. Houses still robbed. And a guard or CCTV can’t protect your house from rain, fire or other natural perils. This is why you need to protect it with a home insurance too.
To make things easier for you, we’ve compiled a list of things that are covered and not covered by an average home insurance:
A home insurance will cover damage to or due to
1. The structure: Any damage or loss to your house, the fixtures & fittings inside, and the renovations will be covered if caused by fire, earthquake, flood etc. This also includes extended parts such as garage, drainage, and sewer too.
2. Contents of the house: The coverage also extends to the contents of your home such as valuables, appliances and jewelleries. You are also covered for the loss or damage to them during transportation.
3. Burglary: Should anyone burgle your your house your home insurance would cover you for the loss of your possessions.
4. Alternate accommodation: In the case of a loss to property, you may have to stay in other accommodation for a while. Your policy may reimburse you for such expenses.
5. Liabilities: Certain policies may also cover you for any legal or medical liability that arises out of injury to domestic employees or third party
Life is all about creating memorable memories with our loved ones. Amidst all the fun and fervor; however, do not let the uncertainties of life take away the happiness and peace of mind.
Life insurance most important function is to replace the earnings that would cease at the death of the insured. If the bread earner dies during his/ her earning years, the family would suffer a severe monetary loss. Unfortunately, after the demise of the sole bread earner the family would still have to pay its regular bills, education funds, and outstanding debts/ loans. Unless one is independently wealthy, achieving these goals may be virtually impossible for the family with the loss of the steady income. Life insurance offers a path for one’s family to continue living comfortably and without worry. Life Insurance can only ease monetary loss nothing beyond.
Life insurance thus provides protection to the beneficiaries of the insured. The amount of insurance needed depends very much on their circumstances like – earning, expenses, number of dependants or liabilities.
Life Insurance plan is essentially a contract between an individual (policyholder) and an insurance company (insurer). Under the contract, the policyholder pays a certain sum of money as a premium to the insurance company. In return, the insurer promises to pay a specific sum of money (sum assured) to help cover all financial expenses in case the policyholder (life assured) experiences a catastrophic event (a list of such events is available in the policy document)
We at Master Mind Financial Advisory, always recommend purchasing term insurance plan, by accessing the requirement as per one’s cash flow, the life insurance cover/sum assured that will assist one’s family to cope with the sudden loss of income and maintain their current lifestyle is ascertained & coverage is proposed.
One can use an online life insurance calculator to get an estimate of the highest possible life cover that is available under the plan and the premium amount payable. This way, you can make sure that you have the best possible financial protection for your family.
Moreover, life insurance can help you avail significant tax benefits under section 80C of the Income Tax Act and by opting for Critical illness benefit rider (available at an additional cost) will protect you against serious health issues, such as heart conditions, cancer, brain tumor etc.
One must remember that, term insurance is the purest and most affordable form of life insurance.
A term plan offers a high death risk cover at affordable premiums for a specific period. Thus, in case of untimely demise of the insured during the policy tenure, the insurance company will pay the death benefit to the nominee.
Moreover, one has the option to choose the death benefit payout method (payable as a lump sum, monthly payouts, or their combination).
Motor insurance is no longer a formality for your vehicle’s upkeep and maintenance! It is the legal minimum to have your two-wheeler and four-wheeler out on the road.
So, while you invest your best in eyeing that perfect car or bike model, we will invest our best to offer you the perfect cover to protect your vehicle against financial liabilities arising out of unforeseen contingencies.
Be it new buy or renewals, two-wheeler or four-wheeler, our expert assistance is just a call away to get you the maximum benefit in minimizing the risks of your vehicle!
So, give your vehicle the care it deserves!
Car Package Policy
Fewer wheels don’t mean lesser care needed. Your two-wheeler takes you through longest of distances and the narrowest of streets, so why not return the love they deserve. We understand all the risks, and the protection required to keep your rides smooth and carefree.
Liability Only Policy
As per provisions of Motor Vehicle Act 1988, no person can use the vehicle in public place unless the vehicle is covered by a insurance policy with minimum coverage of Third Party Liability. The mere presence of a motor-vehicle in a stationary condition in a public place will constitute the “use”. Accordingly Liability Insurance cover is mandatory cover for vehicles. Liability only policy not only covers Third Party Property Damage but also provides cover for Death or bodily injury to third party. Liability only policy can be taken for private car, two wheeler & commercial vehicles also.
Accidents inflict physical trauma and increase expenses via hospital bills. In some cases, an accident can impair the earning ability of the accident victim. Personal accident insurance is a security against such situations. Here, the policyholder pays a fixed premium for a stipulated period. This also covers the policyholder’s spouse and children. So, go out and live your life with a protective cover and peace of mind.
Even after an accident, you can enjoy financial stability and peace of mind. This is what Joy Sharma discovered after an accident. The law professional was heading for a client meeting when the accident occurred. Another vehicle crashed into his car. Joy sustained fractures on both his arms. He was bedridden for three months. Luckily, his personal accident insurance took care of the loss of income. He received weekly payouts, as specified in the policy, until he was back at work.
Imagine if Joy had not opted for a personal accident cover. He would have paid all the medical expenses from his own pocket. At the same time, he would have to deal with the income loss. Such a policy works as a buffer against any unforeseen situation. It gives you peace of mind.
There are other benefits too that you can get with an IPA insurance stated below:
1. Accidental death: INR 5 lakhs to INR 5 crores.
2. Permanent total disability in an accident: The policy also covers loss of speech, loss of vision in both eyes, and hearing loss in both ears.
3. Permanent partial disability: This is applicable if a person has partially lost their hearing in one ear or suffered eyesight loss in one eye.
4. Transportation benefit / Air Ambulance / Ambulance Cost
5. Accidental Hospitalization Expenses
6. World Wide Coverage
7. Coma Benefit
8. Loan Shield
9. Child Tuition Benefit
10. Cost of Wheel Chair/ Crutches/ Artificial Limbs/ Fractures/ Burns
11. Hospital Daily Cash
12. Funeral benefits & Repatriation of Remains
Whether travelling solo, with family or on a business, leisure or study trips, a peaceful journey is all we need during a trip. And for us at Master Mind Financial Advisory, your journey is as important as your destination!
Now, be it home turf or international locations travel insurance plans will cover your back at every step of the journey, taking care of you and your family against any adverse situations, be it medical or any trip inconvenience.
You could be on a domestic or an international holiday. A travel plan will try to ensure nothing spoils your perfect vacation.
Why Travel Insurance is important?
Loss of passport, baggage, or documents:
In case of a lost passport, your insurance will reimburse the cost of acquiring a duplicate or a new one. In case of missing belongings, you will be compensated for your loss up to an approved sum; while if your baggage gets delayed, you will be reimbursed for the personal effects that you might have to buy for the meanwhile. This can be a huge help as you wait for your baggage to turn up.
No one wants to fall ill while on vacation. But medical complications or a serious bodily injury could arise at any time. It will ensure you get the necessary medical attention in case of an emergency be it to take you to an hospital or have a close family member flown to you if you are a student. If required one may also avail cashless hospitalization with travel insurance.
Flight cancellation or delay:
This is a common glitch nowadays. It could be airline’s fault, a natural hazard, or a personal problem. In all the cases, you will be either reimbursed or refunded a certain amount as per the policy schedule. In case illness at the eleventh hour or a sudden death in the family can affect your plans. Suppose you need to cancel your travel plans. What happens to the money you spent on the air ticket and hotel bookings? It does not get wasted. Your insurance will reimburse you the unused hotel cost and travel tickets. In case of a delayed flight, your travel policy will cover additional expenses. This may include an unplanned night stay at a hotel and food, among other things.
Emergency medical evacuation:
If a medical condition requires you to be transported from the scene of incidence to the nearest hospital, you don’t have to worry about the expenses.