Cow Ghee – How pure is your ghee?

by cv | Jan 9, 2021 | ghee

Cow Ghee – How pure is your ghee?

Indian cuisines are famous for its delectable taste and aroma. Thanks to our age-old cooking tradition that uses a lot of spices and desi ghee. Desi ghee or cow ghee makes our tadka dal savory, mutton biryani lip-smacking and our paranthas complete. Besides the taste and aroma, cow ghee is good for health too.

During the lockdown, Indians had been busy experimenting with different cuisines and one item that has been used vigorously is cow ghee. It is a carrier of fat-soluble vitamins including A, D, E and K, which our bodies need in very small quantities but can’t make for itself. These vitamins perform many essential functions.

These vitamins perform many essential functions. Similarly, the essential fatty acids, which cannot be synthesized in our body, are also supplied by ghee. Cow ghee is the pure clarified fat-derived solely from milk or curd or desi butter or from cream to which no colouring matter flavor or preservative gets added. Ghee is an important dairy product that enters inter-state trade too. Due to variation in its composition from region to region and season to season and also because it depends on the type of animal and the feed given, the establishment of its purity often involves elaborate analysis, as well as tests for its keeping quality.

Why cow ghee is more yellow?

Cow ghee is more yellow because of the pigment (the natural colouring matter of animal or plant tissue) beta-carotene. Beta- carotene comes from the cows’ diet, which consists mostly of dried grass, grass, grains and cereals. The amount of beta carotene in the cow ghee depends on a few factors:

Cow feed is the most important (grass-fed dairy products contain more beta carotene than cows who are fed grains).

Cow’s breed.

The season of the year is also important. The biological makeup of milk changes throughout the lactation period.

Disclaimer:

As there is no validated test method to authentic cow ghee, we could not carry out authentication tests. Comparative testing was conducted as per prescribed parameters in national standard for Ghee.

Consumer VOICE team this time singled out 11 popular /regular selling cow ghee brands and tested on different parameters including vitamin A, milk fat, adulteration, flavor and taste among others.

So the next time you are going to buy your cow ghee, make sure you are acquainted with the correct information. To know what constituents make the cow ghee brand best for you, get a copy of the report from the Consumer VOICE magazine.

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Best Health Insurance Cover for your Family

by cv | Jan 9, 2021 | Insurance

The importance of Health Insurance is undisputed. It gives one respite during times of emergency. Some of the benefits of health insurance which can’t be ignored are cashless treatment, Pre and post hospitalization cost coverage, No Claim Bonus and Tax benefit among others. However, with a number of insurance companies in India having their own health insurance policies choosing the right one could be a tricky task.

No one thinks about taking a health insurance until they are hit badly by a need. However, given the spurt of diseases, everyone should take a suitable health insurance cover to meet the medical care expenses. You must know a health insurance is an agreement between an insurance provider and an individual wherein the former guarantees to take care of certain medical costs of the latter based on the premium paid without default.

In today’s time buying a health insurance policy for yourself and your family is extremely important. Medical care is very expensive, especially in the private sector. Hospitalisation can burn a hole in your pocket and ruin your finances for a lifetime. So a health insurance policy will lessen your stress in case of medical emergencies.

Now, choosing the health insurance that meets your need is not easy and most of the time we consult our friends and colleagues to understand what kind of plan to choose. To make it a hassle-free exercise, Consumer Voice team has evaluated 6 health insurance companies and reviewed them on parameters including pre-hospitalization (days), post-hospitalization (days), day-care coverage, domiciliary treatment, maternity treatment among others and identified the best one for you.

To know the best health insurance policy, get the latest copy of Consumer VOICE

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How to buy the best cancer insurance policy

by cv | Jan 9, 2021 | Insurance

Did you know that the existing health insurance cover by way of a critical illness plan does not fully cover the costs of cancer treatment (which may stretch for a longer time). Once a person is diagnosed with cancer, there are insurance policies that cover treatment only in advanced stages of the ailment. The additional financial burden that cancer brings may be more than what the patient/ patient’s family is able to bear, even after taking their existing insurance policies into account.

When buying a policy, the insured sum and the premium to be paid are decisive factors. At the same time, a host of other factors also come into play, such as the type of plan chosen; the age of the individual buying the same; and one’s expectations from the plan.

As of now, only five life insurance companies offer cancer insurance plans. Almost all of them offer non-linked (not linked to market for growth as indicated in units) and non-participating (no bonus or any other benefit) insurance plans.

How Are The Payouts Done Or Claims Paid In Case Of A Person Is Afflicted With Cancer?

All policies offer lump-sum payouts once the policyholder is afflicted with the disease.
Lump-sum payouts are given at early stage (also called minor/mild stage), major stage (also called moderate stage), and severe stage (also called critical stage) of cancer.
The lump-sum payout at any stage will be reduced to the extent of any payouts at an earlier stage. For example, if 25 per cent has been paid in the early stage, the same will deducted and only 75 per cent of the sum insured will be get paid at another stage.
There is an initial waiting period of 180 days from the date of commencement of the policy or from the date of reinstatement of the policy, for the diagnosis and valid claim to be admissible under this policy.
There is no death benefit. If a patient dies within the waiting period, 100 per cent of the premium is refunded to the family.
In some plans there is a mandatory seven-day survival period, according to which a cancer patient has to survive for seven days from the date of diagnosis to make an insurance claim.
While some plans offer waiver of future payouts of premium (also called waiver), some offer death benefit to the nominee.
While most of the companies also offer surrender benefit (after a specific lock-in period), some offer a loan on assignment basis to meet the insured individual’s need (for which they could be surrendering the policy).
Once a lump-sum payment has been made for treatment (for any stage of cancer), the policy gets extinguished.
Some companies offer a combination of heart diseases cover and cancer cover, with the option to receive monthly income for prolonged treatment for both ailments.
No claim is entertained within 180 days of the policy date – this is called the waiting period and it starts immediately after the policy has been bought.
The maximum entry age under this plan is 65 years.

What Is Not Included In The Cancer Insurance Policy Or What Are The Exclusions Of A Cancer Insurance Plan?

Sexually transmitted diseases (STD), AIDS or HIV
Any preexisting condition c) Any congenital condition
Any critical illness or its signs or symptoms having occurred within the waiting period of 180 days from policy commencement
Complications arising due to the influence of narcotic drugs, alcohol or other such psychotropic substance not prescribed by the treating doctor
Treatment for injury or illness caused by activities wherein chances of getting injury are high. For example, injuries caused during activities like hunting, mountaineering, racing, scuba diving, and aerial sports like hang-gliding and ballooning are not included under the cover
Unreasonable failure to seek or follow medical advice, or delayed medical treatment in order to circumvent the waiting period or other conditions

Takeaways For Consumers

Go for a plan that offers a combination of death/nominee benefit with maximum benefit during the three stages of the disease (such as gold/platinum plans).
Go for maximum sum assured with minimum exclusions and maximum inclusions.

Not many know that the health insurance plan that you have does not cover cancer. Because of the high mortality rate, only 5 companies in India offer cancer insurance coverage. Consumer VOICE experts compared all of these and have built a comparative chart for you to know which is the best cancer insurance policy.

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7 Things you should know before buying a Health Insurance Policy

by cv | Jan 2, 2021 | Insurance

Life has its ups and downs and one needs to be prepared. Medical adversities can occur at any point in your life. Having a health insurance is very important, for both yourself and your family.

The main function of a health insurance is to safeguard you financially if any unforeseen medical adversities arise and not only for tax saving mode.

There are many health insurance companies in the market and that confuses the customer. One has to look into their own need specifically. Health policies provide several benefits such as maternity benefits, OPD cover, quick claim settlement etc. Moreover, insurance companies are now offering customised health insurance policies for individuals, families, senior citizens etc.

Here is a list of things that your should look at before buying a health insurance:

Family requirement: A different plan exists for nuclear families and that of family with senior citizens. The age of family members have to be determined. Considering medical history is also important before taking up any insurance policy.
Cover amount: The cover amount is for a year, so the insurance cover amount needs to be decided on the basis age, income level and the add-ons in the policies.
Cashless Hospitalisation Option: Choose insurances that give the option of cashless payments. This helps the family, in case there is a medical emergency then members don’t have to get hassled with tedious paperwork.
Maternity benefits: If you are planning a baby it’s best to choose a health insurance cover which provides maternity benefits. The pregnancy costs have already gone through the roof and the hospital bill for mother and baby care can become a real burden.
Pre and Post Hospitalization: It is advisable to check if the health insurance covers the pre and post hospitalization charges. There are many tests, ambulance costs, consultation fees etc. This is a beneficial option.
Claim Procedure: The claim process should be simple. If the claim doesn’t happen rapidly then it’s not a beneficial option. In case of an emergency, it will be a hindrance. Ensure that your health insurance provides easy and quick claim process.
Cumulative Bonus: This means the increment in the sum insured if no claim has been made against the policy in the previous years. This amount is usually added to the sum insured at the time of policy renewal. It is advised to look at this point before purchasing your health insurance.

Always read the policy document thoroughly as it’s not possible for the agent to explain every single thing. It’s a good idea to look into online feedback from customers. It’s okay to ask all your doubts to an agent or the customer care department before purchasing your health insurance policy.

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National Pension Scheme (NPS): Eligibility, Joining Process and Types

by cv | Jan 2, 2021 | pension plans

National Pension Scheme or NPS scheme is an initiative of the government of India. It is a contribution-based pension scheme that allows a person to create a retirement corpus. Men and women can use it as a saving-investment or post-retirement tool. It was earlier created for government employees only, but since May 2009, it has been extended to include all citizens of India. It is applicable on a voluntary basis and is managed by Pension Fund Regulatory and Development Authority or PFRDA.

National Pension Scheme Benefits

The topmost National Pension Scheme benefits are listed right here.

Income for Old People

It allows old and retired people to stay independent and financially stable during the last leg of their life.

Reasonable Returns

The scheme offers reasonable market-based returns if you stick to it for the long haul.

Security Cushion

This scheme offers old age security cover to all Indian citizens.

National Pension Scheme Tax Benefits

There are many National Pension Scheme tax benefits that an individual can avail. When you invest in Tier 1 NPS, you can get tax benefits of up to INR 2 lakhs per annum. As per section 80C of the Income Iax Act, 1961, deduction amounting to INR 1.5 lakh under NPS is covered. You can also be eligible to get an additional tax deduction of INR 50,000 as per section 80CCD(1B).

Less Risky

This scheme ensures low default risk to your hard-earned money because the experts handle it.

Eligibility for NPS Scheme

Now, if you are intrigued and you want to join the National Pension System then you should know that any Indian citizen who is between 1 to 65 years of age is free to join NPS anytime given he or she abides by the KYC norms. If a person joins this scheme after he or she is 60 years old, special rules are applied to such a case. Also, a person is free to contribute to an existing NPS account until he or she reaches 70 years of age. NRIs who have a bank account in India and a communication address in the country are also eligible. If an NRI who is contributing to this scheme changes his or her citizenship, the NPS account needs to be closed.

The Joining Process of National Pension System

If you are wondering how to join the National Pension Scheme, then you need to follow these steps.

Open an account with Point of Presence entities by reaching out to a bank or financial institution that offers it.
PFRDA can let you know about branches of the point of presence service providers that act as authorized collection points.

Online Joining

You can use the eNPS platform to open an NPS account. In this process, you will need to provide your Permanent Account Number (PAN) and details of a bank account that is impaneled PFRDA as authorities will use it to ensure perfect completion of the KYC process. Here is a sample form

Offline Joinings

If you are not computer savvy and you fear about how complicated a National Pension Scheme form could be then you should know that there is nothing to be afraid of. You just need to visit the nearest one among Points of Presence appointed by the PFRDA, and they will walk you through it.

Documents You Must Provide

The KYC process needs you to provide the following documents:

A canceled cheque
Proof of address (Passport, Aadhar, etc.)
A self-certified copy of any proof of identity (Aadhar, PAN, etc.)

Things to Remember

While learning the National Pension Scheme details, you should remember that a resident, individual or NRI can have only one NPS account at a time.

You should also know that an NPS account is portable across various jobs, locations, and sectors.

Key Types of NPS Accounts

There are two types of NPS Accounts, Tier 1 and Tier 2.

Tier 1

This is a type of account in which you cannot withdraw the money until you reach 60 years of age. Partial withdrawal is allowed in certain scenarios like critical illness, buying a house or wedding. All central government employees must contribute 10 percent of their basic salary to this account as well as DP and DA. The minimum amount that needs to be contributed in INR 6,000 a year. If you invest in this account, then you can get a tax benefit of up to INR 2 lakh per annum.

Tier 2

This is more like a savings account as there are no restrictions on when and how much money you can withdraw. You need INR 1000 to open this account and need to ensure that it has INR 2000 at the end of the year. There are no tax benefits you can avail by opening this account. It can be said to be a better version of mutual funds’ investments as the costs are 0.25 percent as compared to 1.5-2 percent.

What is NPS Corpus?

NPS corpus simply means the money invested over the years in an NPS account. As per rules, a minimum of 40 percent of the NPS corpus needs to be converted to an annuity when the time for maturity arrives. The annuity amount is tax exempt.

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