Tips to Increase the Chances of Avoiding Health Insurance Claims Rejection

Tips to Increase the Chances of Avoiding Health Insurance Claims Rejection

by | Jul 8, 2023 | Best Buy, Insurance

Tips to Increase the Chances of Avoiding Health Insurance Claims Rejection

Health insurance proves invaluable during challenging situations such as medical emergencies. It not only provides financial relief by covering the substantial expenses associated with major diseases but also offers peace of mind. However, this assurance is only realized when you, as the insured, receive the complete claim amount from your health insurance company.

Nevertheless, there are instances when insurance companies deny claims, leaving you responsible for the entire treatment cost. In order to prevent claim rejection by the insurance company, it is crucial to avoid making these mistakes.

  Subas Tiwari

Here are 20 potential reasons why health insurance claims could be rejected

  1. Ineligible or expired coverage:Your policy may have lapsed or you may be attempting to claim for services not covered by your policy.
  2. Non-covered services:The treatment, procedure, or medication you’re claiming for may not be included in your policy coverage.
  3. Lack of pre-authorization:Some insurance plans require prior approval for certain procedures, tests, or surgeries, and failure to obtain it can lead to claim rejection.
  4. Incorrect or incomplete information:Providing inaccurate or incomplete details on the claim form, such as personal information, policy number, or medical codes, can result in rejection.
  5. Filing deadline missed:Insurance companies often have specific timeframes within which claims must be submitted, and missing the deadline can lead to rejection.
  6. Duplicate claims:Submitting multiple claims for the same service or treatment can result in rejection unless explicitly instructed by your insurance provider.
  7. Coordination of benefits:If you have multiple insurance policies, failure to coordinate them properly may result in claim denials.
  8. Out-of-network providers:Seeking medical care from providers outside your insurance plan’s network can lead to claim rejection or higher out-of-pocket costs.
  9. Experimental or investigational treatments:Coverage limitations may exist for experimental or investigational treatments that have not been approved by the insurance provider.
  10. Billing errors:Mistakes in billing, coding, or documentation by healthcare providers can lead to claim rejections.
  11. Medical necessity not met:If the insurance company determines that a treatment or procedure was not medically necessary, the claim may be rejected.
  12. Incorrect or mismatched diagnosis and procedure codes:If the diagnosis and procedure codes reported on the claim form do not align or are incorrect, it can result in claim denial.
  13. Lack of documentation:Insufficient or incomplete medical records or supporting documentation for the claimed services can lead to rejection.
  14. Coverage waiting periods:Some insurance policies have waiting periods for specific services or conditions. If you file a claim during a waiting period, it may be rejected.
  15. Policy exclusions:Certain conditions or treatments may be explicitly excluded from coverage under your policy, resulting in claim denials.
  16. Late premium payments:If you fail to pay your insurance premiums on time, your coverage may be suspended or terminated, leading to claim rejection.
  17. Intentional misrepresentation:Providing false or misleading information when applying for insurance or filing a claim can result in claim rejection.
  18. Non-compliance with treatment protocols:If you deviate from the prescribed treatment plan or fail to follow recommended protocols, the insurance company may reject your claim.
  19. Pre-existing conditions:Some policies have waiting periods or exclusions for pre-existing conditions, which can result in claim rejections related to those conditions.
  20. Policy limitations:Your policy may have specific limits on the number of visits, services, or amounts covered, and exceeding those limits can lead to claim denials.

Please note that these reasons may vary depending on your specific insurance policy and provider. It’s important to review your policy documents and contact your insurance provider for accurate information about claim rejection reasons.

To expedite the process of getting health insurance claims in India, consider the following tips:

  1. Understand the claim process:Familiarize yourself with the claim filing process outlined by your insurance provider. Understand the required documents, claim forms, and procedures to streamline the process.
  2. Keep documentation ready:Maintain an organized record of all necessary documents required for claim submission, such as medical bills, prescriptions, diagnostic reports, discharge summaries, and any other supporting documents.
  3. Submit claims promptly:File your insurance claims as soon as possible after receiving medical treatment. Delaying claim submission can prolong the processing time.
  4. Complete and accurate information:Ensure that all claim forms are filled out accurately and completely, providing the necessary information, policy details, diagnosis codes, and treatment details. Any errors or missing information can cause delays in processing.
  5. Submit electronic claims:If your insurance provider allows electronic claim submission, opt for this method. Electronic claims are generally processed faster than paper claims.
  6. Follow up promptly:Regularly follow up with your insurance provider to inquire about the status of your claim. Stay informed about any additional documentation or requirements that may be needed.
  7. Maintain open communication:Stay in touch with your insurance company’s customer service representatives and claims department. Promptly respond to any requests for information or clarification to expedite the process.
  8. Utilize online portals:Many insurance providers offer online portals or mobile apps for claim submission and tracking. Utilize these platforms for convenience and faster processing.
  9. Seek pre-authorization when required:For planned procedures or treatments that require pre-authorization, obtain the necessary approvals from your insurance provider before proceeding. This helps ensure smooth claim processing later.
  10. Opt for cashless claims:If your insurance policy offers cashless facility, choose network hospitals where you can avail cashless treatment. This eliminates the need for reimbursement claims and speeds up the process.
  11. Maintain regular premium payments:Ensure that your insurance premiums are paid regularly and on time. Non-payment can lead to claim rejection or delays.
  12. Utilize technology:Take advantage of digital tools and services offered by your insurance provider, such as online claim tracking, e-mail communications, or mobile apps, to expedite the claim process.
  13. Provide additional information if requested:If your insurance provider requests additional documents or information to process your claim, provide them promptly to avoid delays.
  14. Be persistent but polite:In case of delays or issues with claim processing, remain persistent in following up with your insurance provider. However, maintain a polite and cooperative demeanor to facilitate a smooth resolution.
  15. Seek professional assistance if needed:If you encounter significant delays or challenges in getting your claim processed, consider seeking help from a professional insurance advisor or broker who can provide guidance and escalate the matter if necessary.

Remember that claim processing times can vary depending on various factors, including the complexity of the claim, documentation provided, and the efficiency of the insurance provider’s processes. By following these tips and maintaining proactive communication, you can increase the chances of receiving your health insurance claims faster.

If you have a complaint related to health insurance in India, you can follow the below process to escalate and seek resolution:

  1. Contact the Insurance Company:Start by contacting your health insurance company’s customer service department. Explain your complaint and provide details of the issue you are facing. You can reach out to them through their dedicated customer care helpline, email, or online complaint portals.
  2. Maintain Written Documentation:Keep a record of all communication with the insurance company. Maintain copies of emails, letters, or any other form of correspondence exchanged during the complaint resolution process. This documentation will be useful if you need to escalate the complaint further.
  3. Escalate to the Grievance Redressal Officer:If your complaint is not resolved satisfactorily by the customer service department, escalate it to the insurance company’s Grievance Redressal Officer (GRO). The contact details of the GRO are usually mentioned on the insurance company’s website or policy documents. Submit a written complaint to the GRO, clearly explaining the issue and attaching relevant supporting documents.
  4. Await Resolution:Once you have lodged the complaint with the GRO, the insurance company is expected to investigate and resolve the issue within a specific timeframe, usually within 15 days. During this period, the insurance company may request additional information or documents for their investigation. Maintain regular communication with the insurance company to track the progress of your complaint.
  5. Approach the Insurance Ombudsman:If your complaint remains unresolved or you are not satisfied with the resolution provided by the insurance company, you can approach the Insurance Ombudsman. The Insurance Ombudsman is an independent authority appointed by the Insurance Regulatory and Development Authority of India (IRDAI) to address grievances related to insurance. File a complaint with the Ombudsman providing all relevant details, including the complaint history, correspondence, and supporting documents. The Ombudsman will review the case and provide a resolution within the framework of the IRDAI guidelines.
  6. Seek Assistance from IRDAI:If you are not satisfied with the resolution provided by the Insurance Ombudsman, you can escalate the matter to the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI has a Grievance Redressal Cell to handle complaints against insurance companies. File a complaint with the IRDAI Grievance Redressal Cell, providing all necessary details and supporting documents. The IRDAI will investigate the matter and provide a resolution based on their findings.

It’s important to note that the specific process and contact details for filing complaints may vary depending on the insurance company. It is advisable to refer to the policy document or visit the insurance company’s website for the exact procedure to lodge a complaint.

Related

Unravelling the Secrets of Ghee

Unravelling the Secrets of Ghee

by | Jul 8, 2023 | Best Buy, food, resources

Unravelling the Secrets of Ghee

With a fascinating history that spans through the ages, ghee goes beyond a mere addition to our plates—it demands our attention as discerning consumers. In this article, we will uncover its ancient origins, explore the diverse range of types available, and delve into the unique nutritive compositions that set them apart. Along the way, we will carefully evaluate the pros and cons of incorporating ghee into our diets, unveiling its potential health benefits and important considerations to keep in mind. Get ready to embark on a journey that will deepen your appreciation for this culinary gem, as we unravel the remarkable world of ghee.

                                                                                                                                                                                                                          Richa Pande

Ghee is a type of clarified butter that has been used for centuries in traditional cooking and healing practices. It is made by simmering butter to separate the milk solids and water, leaving behind a golden, pure fat with a rich, nutty flavour. Ghee is highly regarded for its high smoke point, which makes it ideal for high-temperature cooking. It is also known for its potential health benefits, such as being a source of some essential vitamins, aiding digestion, and potentially possessing anti-inflammatory properties.

Ghee has a fascinating history that spans centuries and traverses different cultures. Its origins can be traced back to ancient times, with early references found in Indian Ayurvedic texts dating back over 5,000 years. Ghee holds a prominent place in Ayurvedic medicine and Indian culinary traditions. It was revered as a sacred substance and was used for various rituals, as well as for its healing properties. Ghee’s popularity spread to neighbouring regions and cultures, including the Middle East and Southeast Asia. Over time, ghee became an integral part of many cuisines worldwide, celebrated for its flavour, shelf stability, and versatility. Its rich history and cultural significance have cemented ghee as a timeless ingredient, treasured for its culinary and holistic attributes.

Ghee is a versatile ingredient that offers a multitude of benefits. It serves as a rich source of fat-soluble vitamins which contribute to maintaining healthy skin, supporting immune function, and promoting good gut health. With its high smoke point, ghee can withstand high cooking temperatures without breaking down or producing harmful compounds, preserving its nutritional properties and imparting a delicious flavour to dishes. In Ayurvedic medicine, ghee has been used for its digestive benefits, stimulating the secretion of stomach acids and aiding in the digestion and absorption of nutrients. Its lubricating properties may also provide relief from constipation and promote regular bowel movements. Ghee contains butyric acid, a short-chain fatty acid known for its potential anti-inflammatory properties. This can be particularly beneficial for individuals with inflammatory bowel diseases, as well as the omega-3 and omega-6 fatty acids present in ghee. Furthermore, ghee is lactose-free and shelf-stable, making it suitable for those with lactose intolerance and offering a longer shelf life compared to butter. Last but not least, ghee adds a delightful, nutty flavour to both sweet and savoury recipes, enhancing the overall culinary experience with its unique aroma and taste.

Buffalo Ghee

Buffalo ghee is a type of clarified butter that is derived from the milk of buffaloes. It is highly regarded in various culinary traditions, particularly in South Asian and Middle Eastern cuisines. Buffalo ghee has distinct characteristics that set it apart from other types of ghee. Buffalo ghee is known for its rich and intense flavour profile. It has a strong, slightly tangy taste that adds depth and complexity to dishes. The aroma of buffalo ghee is robust and distinctive, often described as earthy and nutty. In terms of its nutritional composition, buffalo ghee is a source of fat-soluble vitamins. It contains higher levels of fat compared to other types of ghee, making it a dense and energy-rich ingredient.

Cow Ghee

Cow ghee is a type of clarified butter made from cow’s milk. It holds a prominent place in various culinary traditions, particularly in South Asia. Cow ghee is widely valued for its unique flavour, rich aroma, and numerous potential health benefits. To make cow ghee, butter is traditionally prepared from cow’s milk, which is then heated and simmered to remove the water content and separate the milk solids. The resulting golden liquid is strained, leaving behind pure cow ghee. One of the distinct characteristics of cow ghee is its mild and subtle flavour profile. It has a delicate, buttery taste with a hint of nuttiness. This makes it a versatile ingredient that can enhance the flavours of both sweet and savoury dishes.

Bilona Ghee

Bilona ghee is a traditional and artisanal form of ghee-making that has been practiced for centuries. It involves a meticulous process where curd made from whole milk or cream is hand-churned using a wooden churner or bilona. The manual stirring or whisking of the curd helps separate the butterfat from the buttermilk. The separated butter is then slow-cooked over a low flame, allowing the milk solids to caramelize and settle at the bottom. This slow-cooking process imparts a distinct aroma, rich flavour, and golden colour to the ghee. Bilona ghee is highly regarded for its superior taste, nutritional benefits, and the traditional craftsmanship involved in its production. It is cherished for its purity, quality, and the traditional touch it adds to dishes. The labour-intensive and time-consuming nature of bilona ghee-making makes it a revered and sought-after product, appreciated by those who value the authentic and artisanal approach to ghee production.

Grass-fed Ghee

Grass-fed ghee is a type of ghee made from the milk of cows that are raised on a natural diet of grass and pasture. Unlike cows that are fed grains or confined to feedlots, grass-fed cows produce milk that is rich in essential nutrients and beneficial compounds. One notable advantage of grass-fed ghee is its higher content of vitamin K2, a fat-soluble vitamin that plays a crucial role in bone health, cardiovascular health, and proper calcium metabolism. Vitamin K2 is found in greater quantities in the milk and butterfat of cows that graze on fresh, green grass. By consuming grass-fed ghee, individuals can potentially increase their intake of vitamin K2, which is known to have important health benefits. Grass-fed ghee not only offers the traditional qualities of ghee, such as a high smoke point and rich flavour, but also provides an additional nutritional advantage through its naturally occurring vitamin K2 content.

A2 Ghee

A2 ghee is often marketed as a healthier alternative to regular ghee, claiming to be made from the milk of cows that produce A2 type beta-casein protein. However, the notion that A2 ghee is superior is largely a misleading marketing strategy that preys on consumer concerns. Firstly, ghee, by its very nature, is clarified butter where the milk solids, including proteins, are removed during the manufacturing process. This means that ghee, regardless of the type of milk used, contains negligible to no protein content. Therefore, claims about A2 protein in A2 ghee are baseless. Furthermore, the exaggerated prices of A2 ghee compared to regular ghee only add insult to injury. Consumers end up paying more money for a product that offers no significant nutritional advantage or health benefits.

Herbs and Spice Induced Ghee

Adding herbs and spices to ghee is a popular practice that enhances both the flavour and potential health benefits of this versatile ingredient. Turmeric ghee combines the anti-inflammatory properties of turmeric with the nutritional richness of ghee. Brahmi ghee may support cognitive function and memory. Garlic ghee infuses the distinct flavour and potential immune-boosting properties of garlic. Shatavari ghee is believed to promote hormonal balance and female reproductive health. Ashwagandha ghee is known for its adaptogenic properties, potentially reducing stress and promoting overall well-being. Incorporating these herbal-infused ghee variations into your diet can be a flavourful and convenient way to enjoy their potential health benefits.

Smart Consumer Practices: Tips for Buying and Handling Ghee

When purchasing, handling, and consuming ghee, there are several important tips that consumers should keep in mind to ensure they make the best choices and derive maximum benefit from this versatile ingredient. Here are some essential consumer tips:

Quality and Purity

 Look for ghee that is made from high-quality ingredients, preferably sourced from organic, grass-fed, or pasture-raised cows. Check for certifications or quality seals to ensure the authenticity and purity of the product.

  • AGMARK Certification:AGMARK is a quality certification mark issued by the Agricultural and Processed Food Products Export Development Authority (APEDA). It verifies the quality and purity of ghee products according to specific standards, including fat content, acidity, and sensory parameters.
  • ISO Certification: Ghee manufacturers can obtain ISO certification, which demonstrates compliance with international quality management system standards. ISO certifications such as ISO 22000 or ISO 9001 indicate that the production processes, quality control, and food safety measures are well-established and maintained.
  • Organic Certification:Organic ghee can be certified by organizations such as the National Programme for Organic Production (NPOP) or the Agricultural and Processed Food Products Export Development Authority (APEDA). Organic certification ensures that the ghee is made from organic milk obtained from cows raised without the use of synthetic chemicals, hormones, or antibiotics. 

Packaging

Choose ghee that comes in airtight, light-proof containers to preserve its freshness and prevent oxidation. Glass jars or tin containers are preferred over plastic containers, as they are less likely to interact with the ghee.

Storage

Store ghee in a cool, dry place away from direct sunlight. Refrigeration is not necessary, as ghee has a long shelf life due to its low moisture content. However, if you live in a hot climate, refrigeration can help maintain its quality.

Handling

Use clean, dry utensils to scoop or measure ghee. Avoid introducing moisture or contaminants into the container to prevent spoilage.

Cooking Temperatures

Ghee has a high smoke point, making it suitable for high-heat cooking methods such as sautéing, frying, and roasting. However, avoid overheating or burning ghee, as it can lead to the formation of harmful compounds. Use medium to low heat for longer cooking durations.

Portion Control

Ghee is calorie-dense, so it is important to consume it in moderation. Consider your dietary requirements and consult a healthcare professional if you have specific health concerns.

Always Read Food Labels

Reading labels empowers consumers to be aware of the nutritional content of products and make conscious decisions that positively impact their health and well-being. Consumers must be vigilant and prioritize reading food labels, specifically comparing the values of saturated fats and polyunsaturated fatty acids (PUFA).Pick a brand with lesser saturated fats and more PUFA content.

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Mutual Fund-Liquid Funds

Mutual Fund-Liquid Funds

by | Sep 17, 2022 | Best Buy

Mutual Fund-Liquid Funds

Most of the people in our country keep their money in a savings account. Although there is no special return on this money, but you can earn more profit by investing your money in liquid funds. Now, what is a liquid fund and how does it work? Let’s learn more about it.

                                                                                                                                     Subas Tiwari

 What is ‘liquid’ about them?

Liquid funds are in the category of debt mutual funds, which collect money from several investors and invest this amount in bonds of reputed companies and government bonds. Liquid funds are those mutual funds that offer high liquidity. This means, the units of these funds can be sold immediately, and the invested amount can be redeemed quickly.

How do Liquid Funds Work?

 To understand how liquid funds work, you need to know where they invest and how they generate returns.

Where do Liquid Funds Invest?

A liquid fund will typically hold securities that are short term, of good credit quality, and highly liquid. A recent set of guidelines issued by SEBI has helped to reinforce these fund features.

Liquid funds can invest only in listed commercial paper, and they have an overall exposure limit of 20% in a sector. They are not permitted to invest in risky assets as defined by SEBI norms. These norms aim to contain credit risk in the liquid fund portfolio.

Further, liquid funds must hold at least 20% of their assets in liquid products (cash and cash equivalents such as money market securities). This ensures that they can quickly meet any redemption demands.

Sources of Earnings

Liquid funds earn mainly through interest payments on their debt holdings; a very small part of their income is generated via capital gains. This is a defining feature of liquid funds, so let us understand it in some detail.

When interest rates fall, bond prices go up. When interest rates rise, bond prices fall. The negative relation between bond prices and interest rates is stronger for long term bonds. This means that the longer the maturity of a bond, the more it responds to changes in market yields.

Since a liquid fund invests only in short term securities, its market value does not respond much when interest rates change in the market. This means that liquid funds do not have significant capital gains or losses. In a rising interest rate environment, liquid funds often outperform other debt funds because (i) their interest earnings are going up (ii) their market values suffer only to a limited extent due to capital losses. In market jargon, we say that liquid funds have a very low-interest rate risk.

Where do the fund managers invest these funds?

These funds are invested in short-term debt instruments with maturities of less than one year. Investments are mostly in money market instruments, short-term corporate deposits and treasury. The maturity of instruments held is between 3 and 6 months.

What returns do they bring to your coffers?

The returns from liquid funds don’t vary much as they invest in similar underlying securities. However, when looking for a liquid fund, the past return should not be the only factor for consideration. Other factors like size of the fund, credit quality of underlying securities and track record of the fund house should also be kept in mind.

 How are they different from other “liquid’ investment schemes?

LIQUID FUNDS

ULTRA SHORT TERM FUNDS

SAVINGS ACCOUNTS

Risks are lower in this type of fund due to higher liquidity.

 Risks are a notch higher as compared to liquid funds due to their short-term nature of investment.

Liquid funds cannot be a full-fledged substitute for a savings bank account. Barring some funds, you cannot withdraw money instantly (like you do with an ATM).

 
Returns are ‘decent’ as these are not linked to market forces. These instruments may also be traded in the market. Hence, the NAV may swing in response to market movements, making returns ‘a little modest’ than returns of liquid funds. These funds pay low interest rates (about 4 per cent mostly and 6-7 per cent in the case of one or two banks) in savings account.
Liquid funds do not suffer exit load. A few ultra-short-term funds may levy exit load for exits made immediately after investment (time for exit may vary between funds). Amount in savings account can be withdrawn at any time without any ceiling.
NAV of liquid funds is not volatile as the only change in their NAV is mostly as a result of the interest income that accrues. In other words, given their short-term maturities, these instruments are hardly traded in the market. They are held until maturity. Hence, their NAV only sees a change to the extent of interest income accrued, every day, including weekends. The NAV of ultra-short-term funds may swing in response to market movements, making it a little more volatile. In savings account, the income is steady as the rate of deposit has not been changed for a long time.

Features of Liquid Fund

  • Liquid fund is popular as it is the only fund which pays dividend on ‘daily’ basis in addition to weekly, fortnightly & monthly options. This suits businessmen/traders who suddenly find that they have a cash surplus (due to additional foreign exchange earnings as a result of FOREX fluctuation especially in export transactions and/or additional profits due to a ‘spiral’ in the cost of the product in the market) desire to ‘park’ their surplus funds by investing in a ‘safe’ fund for a short-term period. So, individual investors can choose the daily dividend plan, weekly dividend plan or monthly dividend plans according to investor preferences.
  • This fund is easily encashable say, within a couple of days of short notice, which adds to its popularity.
  • This fund also enjoys income tax benefits like any other mutual fund. Besides, the tax is deducted at the hands of the fund houses & NOT at the hands of individual investors.
  • This fund is considered to be of ‘low/average risk’ because there is no lock-in period.
  • This fund does not have any Entry/Exit load. So, individual investors need not weigh this option while choosing the ‘ideal’ fund.

 Limitations of Liquid Fund

  • This type of fund is not very popular among brokers & fund advisors because of the rate of brokerage/commission paid to them is lower than other investment products. Due to this, the first-time mutual fund investors, many a time, are not told about this product, thereby affecting the growth of this fund.
  • Due to its modest rate of return(as compared to other MFs), this type of fund has very few takers in the investment market.
  • Very few would be made aware of the fact that this mutual fund does not have the “Systematic Investment Plan’  (SIP) tag, as it is a liquid fund & does not insist on a minimum period of investment under SIP; so any investor can exit at any time & get ‘returns’ for the period of holding. This singularly could be a dampener for first-time investors.
  • There is a perceptible hesitancy in the minds of the investing public in going all-out for these liquid funds because of the rider –minimum investment, which also acts a dampener while taking investment decisions. Some feel that the minimum investment could be further brought down to Rs.1000 to enable widening of the net to attract small & retail investors.

 Who Should Invest in Liquid Funds?

  • Investors with a short investment horizon: Liquid funds are best suited for those with an investment horizon of up to 3 months, as the funds invest in securities with comparable maturities. Investors with longer investment horizons‐say 6 months to a year‐ should invest in slightly longer duration funds (say ultra-short duration funds) so that they can earn higher returns.
  • Investors who invest in bank deposits: Investors who keep their surplus funds in bank deposits can benefit from liquid funds on two fronts: greater withdrawal flexibility and better returns. In a traditional bank fixed deposit, funds are locked‐in for a fixed period; and an interest penalty is imposed on premature withdrawal. In contrast, liquid funds offer flexible holding periods with easy exit options. Money in bank savings accounts can be withdrawn at any time, but they offer around 3%‐4% interest only, which is lower than the 5% plus usually earned by a liquid fund.
  • Investors who want to keep contingency funds: The purpose of liquid funds is to provide liquidity and safety while generating a low return. Hence investors can park an emergency or contingency corpus in a liquid fund, with the assurance that it will be safe and can be redeemed when necessary.
  • Investors who need to park funds temporarily: Liquid funds are cash management products that are designed to keep funds safe while earning a small return. Hence, a large sum of money, say, from a bonus or sale of property or inheritance, can be temporarily parked in a liquid fund until the investor decides how to invest the corpus.
  • Medium to route investments in equity funds: Investors can hold funds in a liquid fund and use an STP to route investments systematically into an equity fund. This enables them to invest in equity periodically, while at the same time, the corpus in the liquid fund earns stable returns.

Keep These Things in Mind Before Investing in Liquid Funds

Liquid funds are among the least risky debt funds and often viewed as substitutes for bank deposits. However, low risk does not mean zero risks! Investors should understand that liquid funds also carry a few risks.

First, like all mutual fund products, returns are not guaranteed. Bank deposits will always pay the promised interest amount on maturity, but the return from a liquid fund is variable because it depends on market interest rates. That is why investors should check the track record of a fund and opt for funds with consistently good performance.

Second, liquid funds are not immune to credit risk. During the IL&FS downgrade in 2018, it was discovered that some liquid funds had invested in lower-rated debt securities to boost their returns. When these securities defaulted on interest payments, their credit rating was downgraded, and the liquid funds lost market value. Investors can reduce credit risk by choosing liquid funds with the highest quality portfolios.

Third, liquid funds are not wealth-creating products; rather, they provide safety and liquidity for a modest return. Investors must ensure that their financial goals and return expectations are in tune with the features of liquid funds.

Finally, liquid funds must be evaluated based on returns as well as expense ratios. Liquid funds are mainly generic products, so most liquid funds earn similar returns at any given time. Therefore, a fund with a high expense ratio will end up with significantly lower returns. For example, consider two liquid funds with yields of 6% and 6.5% respectively. If their expense ratios are 0.3% and 0.9%, then the running yields (yield minus expenses) are 5.7% and 5.6 %. Note how a large expense ratio has reduced the return to the investor.

Sourced : ET Money

Tips to Find the Best Liquid Fund

In evaluating a liquid fund, the main criteria of analysis includes returns, expense ratio, fund size, and extent of portfolio diversification.

  • Returns: Since liquid funds invest in short term debt with maturities up to 91 days, investors should look at one-month or three-month returns to measure fund performance. Returns over a longer horizon (one/three years) are not meaningful for a liquid fund. A well-performing liquid fund should beat its benchmark as well as its peer funds, but investors must also verify that the fund has done well consistently. This can be checked by looking at one/three-month returns over the past few years.
  • Expense Ratio: There is not much variation in the returns earned by liquid funds from different fund houses, because all these funds invest in similar short-term debt securities. Hence it is necessary to compare their expense ratios, which is the annual amount charged by the fund for managing the investment portfolio. The higher the expense ratio, the lower the final net return to the investor.
  • Fund Size: Liquid funds are largely used by institutional investors. In case of a sudden large redemption by an institutional investor, a small liquid fund would lose a significant part of its assets, which in turn would adversely impact its ability to invest and generate returns. Hence liquid funds with relatively larger assets under management (AUM) are preferable to small-sized funds.
  • Portfolio Diversification: Liquid funds are held for their ability to keep the invested corpus safe and stable. Thus, investors should evaluate the portfolio of a liquid fund to ensure that it is invested in several securities across different issuers. This will minimize the damage to the portfolio in case of default by any issuer.

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ELSS Mutual Funds

ELSS Mutual Funds

An Equity Linked Savings Scheme (ELSS) is a mutual fund scheme primarily focused on investments in equity and equity-related securities. ELSS funds...

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Tips to Increase the Chances of Avoiding Health Insurance Claims Rejection

Why are Cardiac Health Insurance Plans Essential?

by | Apr 15, 2022 | Best Buy, Insurance

Why are Cardiac Health Insurance Plans Essential?

Poor lifestyle, bad eating habits and stress is making people prone to heart diseases at an early age. Many celebrities like cricketer Shane Warne, TV star Siddharth Shukla, South’s superstar Puneet Rajkumar, actor Rajiv Kapoor, etc. have died due to heart attacks. The list is quite extensive. Moreover, many of these celebrities were quite young.

In reality, the biggest fear in a heart attack is that it all happens very fast and we do not get the chance to get medical help. Sometimes, life ends in a few minutes. Many a times, heart problems starts from earlier but we are not aware of its symptoms or just brush it away as fatigue. Remember, this disease has nothing to do with age at all.  

                                                                                                                                    Subas Tiwari

 Heart attack is caused by a low supply of oxygen to the heart. Heart attack happens when the blood in the veins of our body does not flow smoothly. This results in clotting of blood. This clotting cuts blood flow to the heart.

Causes of Heart Attack at a Young Age

According to the American Heart Association, poor lifestyle and bad eating habits are making people prone to heart diseases at an early age. Smoking has emerged as the leading cause of heart disease and heart attack among young people. Some of the other major causes are

  • Consumption of drugs: One of the biggest cause of heart diseases is the use of drugs. Blood pressure increases due to drinking too much alcohol or consuming drugs. The direct effect of increasing BP falls on the blood arteries, due to which the heart starts pumping, which increases the risk of heart attack.
  • Consumption of spicy and oily food:Too much consumption of spicy and oily food is also bad for our heart. Fried and spicy things increase the amount of calories in our body and spoil our heart health.
  • Stress:Stress is a major cause of heart problem. If you want to keep the heart healthy, then keep your mind cool and stay away from stress.
  • Obesity:Increasing obesity also causes heart attack. Excess fat in the body starts to accumulate on the sides of the veins, which results in the narrowing of the veins. This results in a risk of clotting which ultimately results in a heart attack.
  • Metabolic syndrome:Metabolic syndrome is a cluster of conditions that increases the risk of heart disease, stroke and diabetes. This include increased blood pressure, high blood sugar, excess body fat around the waist, and abnormal cholesterol or triglyceride levels.

 Health Insurance for Heart Patients

As per Indian Heart Association, more than 50% of all heart attacks are reported in individuals below the age group of 50 years. While 25% of heart attacks are seen in people below the age group of 40 years, which makes the need for cardiac health insurance plans even crucial. It helps the policyholder keeping up with the rising medical costs that can otherwise wipe most of their savings.

Cardiac health insurance plans cover acute heart diseases such as refractory heart failure, myocardial infarction or heart attack, cardiomyopathy, etc. Besides, to handle these medical emergencies without any financial stress, it is essential to buy health insurance for heart patients.  

 Importance of Health Insurance for Heart Patients

The rising number of cardiovascular ailments like heart attacks, strokes, high levels of cholesterol along with the increasing cost of treatment put an emphasis on the importance of health insurance for heart patients in India. It is a specific health insurance for cardiac patients and is beneficial for people with pre-existing heart ailments.

The main objective of these health insurance plans is to reduce the financial burden and help the insured avail the best heart-related treatments like CABG or Coronary by-pass surgery, stent, etc.

Features of Cardiac Health Insurance Plans

A range of the key features and benefits of cardiac insurance policies are given below:

  • Hospitalization Cover-The policy offers compensation for cardiac treatment cost and other related expenses including hospitalization expenses.
  • Financial Cover-The policy offers peace of mind in case there is a heart-related problem like a heart attack, then the insured can file a claim under cardiac insurance without worrying about the finances.
  • Lump Sum Payment of the sum insured-In case the insured is diagnosed with any cardiovascular illness, then the insurer pays the coverage amount in a lump sum.
  • Loss of Income Cover-Under cardiac care health insurance plan, the insurer also compensates for the loss of your income as the policy claim amount can be utilized to meet other miscellaneous expenses too.
  • Overseas Treatment-Depending on the policy coverage, a heart insurance policy may also cover treatment taken overseas.
  • Tax Benefit on the Premium-Under the Income Tax Act 1961, you are eligible to avail of tax benefits up to Rs 25,000 on the health insurance premium paid for cardiac health plans.

Nonetheless, these benefits of heart health insurance plans are subjected to certain terms and conditions.

Coverage under Cardiac Health Insurance Plans

One of the major benefits of cardiac care health insurance plans is that the policyholder receives a lump sum amount from the insurer. Listed below are a few coverage benefits that you can avail under a heart insurance policy for heart patients:

  • Coverage for in-hospitalization Expenses-These are the expenses that are incurred in the hospital like ICU charges, etc. These are also reimbursed by the insurance provider, depending on the hospital where the treatment is being done.
  • Pre and post-hospitalization Expenses-As a normal health insurance plan covers in-patient hospitalization expenses, these expenses are covered under heart insurance plans too.
  • Domiciliary Hospitalization/ OPD Treatment- Some cardiac health plans also cover expenses incurred on homecare treatment, if it is suggested by the doctor just like other health insurance plans.
  • Myocardial Infarction (First Heart Attack) Cover-Most of the heart insurance plans cover the first heart attack treatment that arises if a heart muscle dies due to inadequacy of the blood supply to the heart. The diagnosis of myocardial infarction may be supported by clinical symptoms like chest pain, electrocardiogram, or other biochemical markers.
  • Refractory Heart Failure-The diagnosis should be done by a cardiologist, or the report should reveal elevated biomarkers, or as indicated in the policy wordings.
  • Annual Cardiac Health Check-ups/Wellness Program-Health insurance for heart patients also provide annual health check-up benefits to help the insured make the right diagnosis.
  • Alternative Treatments-Health insurance for heart patients also covers expenses incurred on alternative medical treatments such as AYUSH which includes Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy.

Treatments or Medical Procedures Covered

Cardiac health insurance plans largely cover the following treatments:

  • First Heart Attack – of Specified Severity
  • Pericardiectomy
  • Balloon Valvotomy or Valvuloplasty
  • Open Chest Coronary Artery Bypass Graft
  • Surgery to place Ventricular Assist Devices
  • Surgery for Cardiac Arrhythmia
  • Minimally Invasive Surgery of Aorta
  • Open Heart Replacement or Repair of Heart Valves
  • Primary Pulmonary Arterial Hypertension
  • Implantable Cardioverter Defibrillator (ICD)
  • Angioplasty
  • Heart Transplant
  • Insertion of Pacemaker

Exclusion under Cardiac Health Insurance Plans

Health insurance plans for heart patients do not cover the following expenses:

  • Expenses attributable to self-inflicted injury and suicidal attempts
  • Treatment related to pregnancy and childbirth, abortion, miscarriage,  and other complications
  • Internal congenital diseases are not covered
  • Hospitalization required due to any illness resulting from to drug or alcohol consumption
  • Infertility and IVF treatments and tests are not covered
  • War, riot, strike, nuclear weapons induced hospitalization is not covered

Who should Buy Cardiac Health Insurance Plans?

Cardiac ailments are on a rise and can affect anyone in any age group. The lengthy course of treatment can impact anyone’s finances. Therefore, cardiac health insurance plans are suitable for people who are prone to lifestyle diseases including cardiovascular ailments such as heart attacks, heart failure, etc. where people need to undergo some heart procedure. People with existing heart conditions or those with a family history of cardiovascular illnesses are also advised to consider buying a cardiac health insurance policy.

Nowadays, the treatment for heart-related ailments can cost a fortune, and with adequate health insurance cover, even heart patients can avail the best treatment and lead a healthy life without worrying about the cost of the treatment.

Cardiac Care Insurance Plans in India

  1. Care Heart Insurance

This plan is a great option for senior citizens as there is no maximum entry age. However, it has a deductible that varies depending on the plan variant.

  • Comprehensive hospitalization coverage with deductible option
  • Coverage for family on individual or floater basis
  • Automatic recharge
  • Recommended for individuals who have already undergone cardiac procedure in past
  • Sum Insured Rs. 3 lakh- 10 lakh
  • Age Criteria- 18 years & above
  1. Star Cardiac Care Insurance

People who have already undergone some heart procedure in the last 7 years can opt for this plan. It also provides care for personal accidents and other non-cardiac ailments.

  • No pre-acceptance medical screening
  • Lifelong renewability
  • Available in 2 options SILVER and GOLD
  • 10% Deductible applicable ONLY for accident and non-cardiac ailments for patients aged 61 years or above.
  • Sum Insured Rs.3 lakh-7lakh
  • Age Criteria – 10 – 65 years
  1. ICICI Pru Heart/Cancer Protect Insurance

This plan offers coverage for heart and/or cancer. It offers a waiver of premium for defined minor heart and cancer conditions.

  • Separate sum assured for heart and cancer care
  • Optional hospitalization cash benefit of Rs. 5,000 per day
  • Optional Income benefit cover of 1% of sum assured
  • Survival period of 7 days for heart cover. None for Cancer cover.
  1. Future Generali Heart and Health Insurance

A bundled health and life insurance, this plan has an inbuilt death benefit without any waiting period. It also doubles up as a life insurance.

  • Premium waiver for 5 years upon diagnosis of defined minor and moderate conditions
  • Optional return of premium
  • Multiple claim benefit
  • Optional maturity benefit.
  • Sum Insured Rs.5 lakh- 50 lakh
  • Age Criteria-  18 – 65 years
  1. IFFCO Tokio Critical Illness Benefit Plan

The policy comes with a lifelong renewal process. One policy can cover all family members and has a maximum allowance of Rs. 1000 per day. Maximum sum insured can be of Rs. 1 crore and anyone of 50 years or below can purchase the policy without any medical tests.

  • Covers major organ transplant surgeries
  • Covers 25 critical illness and surgeries including heart attack
  • Covers open heart replacement, surgery of Aorta and CABG
  • Sum Insured up to Rs. 1 crore
  • Age Criteria- Up to 60 years
  1. New India Floater Mediclaim

The policy proposer can be anyone between the years 18 – 65. Children from 3 months of age and going up to 25 years can be covered provided they are dependent upon the proposer.

  • Covers critical diseases including heart attack
  • Coverage of minimum 2 people and maximum 6 people
  • Any new born baby to a mother who has been under continuous coverage for 2 years will be covered without any extra premium for all illness and injury till the expiry of the policy
  • Room rent and nursing expenses up to 1% of the insured sum per day and ICU charges up to 2% of the insured sum are covered
  1. Max Bupa Criticare

It is one of the best critical illness plans. The policy comes with the following features:

  • Customizable coverage of up to Rs. 2 crore
  • Pay out for child care benefits
  1. HDFC ERGO Optima Vital

This is a critical illness insurance covering first heart attack. It comes with the following
features:

  • Critical care covering 37 critical illnesses including heart attack
  • No cover ceasing age
  • Lifelong renewal facility
  1. Oriental Insurance Individual Mediclaim

The policy is available to anyone between 18 – 70 years of age and offers the following features:

  • Lifelong renewals with maximum sum insured upto Rs 10 lakh
  • Coverage of hospitalisation due to accident, sudden illness and surgery during the insured period
  • No medical tests for people up to 55 years of age
  1. Bajaj Allianz Critical Illness Insurance

Bajaj Allianz Critical Illness Plan is a speedy resolution for all serious medical ailments. The policy provides the following financial aid.

  • Covers a total of 10 critical illnesses including heart attack
  • Coverage of expenses incurred in both India and abroad
  • During the renewal of the policy, the sum insured can be increased
  • Sum Insured Rs.1 lakh- 50 lakh
  • Age Criteria – 91 days- 80 years

Things to Keep in Mind While Getting Health Insurance

  • Before you get insurance, check your budget. Try to choose a better policy in the least budget, so that your family along with you is covered in it. For this, you can compare the policies of top companies by going on the internet. You can also take advice of an expert in this regard.
  • First of all, check the Claim Rejection Ratio (CRR) by visiting the website of the best insurance companies. CRR means the number of claims the company has rejected in the last few years. Avoid taking insurance of a company whose CRR is high.
  • If you choose a policy with better information, then it will be beneficial for you. There are many such policies available in the market, in which you and your family are covered in a lump sum premium. Apart from this, financial assistance is provided by the company to the family in case of any untoward incident.
  • While taking an insurance policy, read all the terms and conditions thoroughly. If you have any question, then discuss it with the concerned employee. However, now you can port your health insurance policy to another company if you are dissatisfied with the services of your company.
Related

Toned Milk – Think, know, check, and boil before you drink it

Toned Milk – Think, know, check, and boil before you drink it

by | Jan 23, 2022 | Best Buy

Toned Milk – Think, know, check, and boil before you drink it

Like more fat content can be used to claim superior value for full-cream milk, health enthusiasts will vouch for the less fat in toned milk. It’s all about priorities, convictions and convenience. And convenient it certainly is, getting our regular supply of milk in neat little packs, all stacked in neat little sections at the grocer’s down the street. More and more consumers are switching to branded packaged milk due to concerns regarding adulteration (with water, vegetable oils, detergents, caustic soda, urea, starch, blotting paper, white paint, you name it). The perception that loose milk is fresh is not as entrenched any more. This report will, among other things, put to rest most of our concerns about milk adulteration and contamination, and affirm or dispute the health-related claims of leading brands of packaged toned milk. It may be noted that the food regulator of India prescribes certain microbiological requirements for plant level but not at retailer level. This is a yawning gap and since consumers buy their milk from retailers, we checked the samples for critical safety aspects. A couple of findings from our test results will establish that the important determinants of quality vary across brands.

A Consumer Voice Report

We tested nine popular brands of packaged toned milk on a range of quality, safety and acceptability parameters. These included milk fat, milk solids not fat, saturated fat, cholesterol, calcium and vitamin A. Milk is expected to be high in fat content as well as milk solids not fat (SNF), which is an indicator of the quality of milk. The brands were further subjected to adulteration tests, microbiological tests, tests for lead and arsenic, phosphatase test and sensory (organoleptic) tests. The tests were conducted at an NABL-accredited laboratory.

The samples were tested as per specification laid out by FSS Regulations, 2011, and relevant Indian Standard IS: 13688: 1999 reaffirmed in 2014 for ‘packaged pasteurized milk’ wherein the categorisation of milk has been done based on minimum quantity of milk fat and SNF present.

Brands tested

So, here are the test results and rankings. The table below will show you which brand secured the highest and lowest positions.

Rank

Total Score out of 100 (rounded off)

Brand

MRP (Rs)

Net Quantity (ml)

Manufactured/Marketed by

1

88

Ananda

21

500

Gopaljee Dairy Foods Pvt. Ltd

2

87

Kwality

21

500

Kwality Ltd

2

87

Heritage

20

500

Heritage Foods Ltd

2

87

DMS

21

500

Delhi Milk Scheme

3

86

Madhusudan

21

500

SMC Foods Ltd

3

86

Mother Dairy

21

500

Mother Dairy Fruit & Vegetable Pvt. Ltd

4

85

Namaste India

21

500

NIF Pvt. Ltd

4

85

Amul

21

500

Gujarat Cooperative Milk Marketing Federation Ltd

5

84

Paras

21

500

VRS Foods Ltd

 

Score Rating: >90: excellent*****, 71–90: very good****, 51–70: good***, 31–50: average**, up to 30: poor*

CV Recommendations

Top Performer

Ananda

Value for Money Brand

Heritage

Key findings

  • Based on the overall score, the top performer is
  • The value-for-money brand is
  • Most of the brands have standard fat content to just meet the minimum requirement of 3 per cent for fat and 5 per cent for SNF.
  • All brands of packaged milk were found free from adulterants such as neutralizers, detergent, caustic soda, urea, formaldehyde and
  • Food regulator has not prescribed microbiological-safety requirements for aerobic plate count and coliform
  • All nine brands of milk were found within the specified limits for microbiological The tested samples fulfilled the total plate count requirement at plant level (to be below 30,000 cfu/ml).
  • Arsenic and lead were not detected in any of the
  • In sensory panel tests, Paras performed on top followed by Heritage

Packaged milk can be categorized according to fat and solids-not-fat (SNF) content as follows:

  1. Full-cream milk: Fat 0 per cent and SNF 9 per cent (minimum)
  2. Toned milk: Fat 0 per cent and SNF 8.5 per cent (minimum)
  3. Double-toned milk: Fat 5 per cent and SNF 9 per cent (minimum)

 

Full-cream milk means milk or a combination of buffalo or cow milk or a product prepared by combination of both that has been standardized to fat and solids-not-fat (SNF) percentage, by adjustment/addition of milk solids. It shall meet the minimum laid-down requirement of 6 per cent for fat and 9 per cent for SNF. Full-cream milk shall be pasteurized. It shall show a negative phosphatase test. It shall be packed in clean, sound and sanitary containers properly sealed so as to prevent contamination.

Toned milk means the product prepared by admixture of cow or buffalo milk or both with fresh skimmed milk; or by admixture of cow or buffalo milk or both that has been standardized to fat and solids-not-fat percentage by adjustment of milk solids. It shall meet the minimum laid-down requirement of 3 per cent for fat and 8.5 per cent for SNF. It shall be pasteurized and shall show a negative phosphatase test.

TEST PARAMETERS

Milk Fat

Fat is an essential part of any balanced diet, providing essential fatty acids, fat-soluble vitamins and a concentrated source of energy. The fat content of milk is the proportion of milk made up by butterfat. As per Indian Standard and FSS Regulations, 2011, fat content of toned milk should not be less than three per cent by mass.

  • All brands met the minimum required limit for fat
  • DMS (3.30 per cent) had the highest fat content, followed by Ananda, Heritage, Madhusudan, Mother Dairy and Namaste
  • Amul, Paras and Kwality (3.0 per cent each) just about fulfilled the minimum
Solids Not Fat (SNF)

Milk has mainly two parts: fat and solids not fat (SNF). Apart from fat, all other solids such as protein, lactose, vitamins and minerals together make up SNF. SNF is the most essential part of the milk. As per Indian Standard and FSS Regulations, it should not be less than 8.5 per cent by mass.

  • All brands met the minimum requirement for It was highest in DMS (8.7 per cent).
Vitamin A

Vitamin A is essential for good health – notably for eyes and skin, immune function, reproduction and bone growth. Milk is a rich source of vitamin A. And is expected to have a higher amount of it

  • Vitamin A content was found highest in Kwality (281.4 IU or international units/100 ml), followed by Ananda (134.3 IU). It was lowest in Namaste India (37.3) and Paras (42.9).
Calcium

Milk is a well-known source of calcium and hence expected to be rich in calcium content.

  • Calcium content was highest in Namaste India (160 mg/100 ml), followed by Heritage (156.4). It was lowest in Amul (124.4).
Cholesterol

Cholesterol, especially bad cholesterol, also increases the risk of nervous-system problems, brain- synapse connectivity, gall-bladder stones and perhaps even cancer. These cholesterols are inherently found in the milk fats. The intake of cholesterol should not be more than 300 mg/day. 

  • Paras (66.70 mg/100 ml) had the lowest cholesterol content, followed by Heritage (69.80 mg/100 ml).
  • Namaste India (82.8 mg/100 ml) had the highest cholesterol content, followed by DMS (80.2 mg/100 ml).
Saturated Fat

Saturated fats are inherent fats in milk.

  • Saturated fat in the tested brands was in the range of 2.2 per cent to 2.4 per cent. It was highest in DMS (2.4 per cent).

PHYSICOCHEMICAL SCORES

ParameterWeightage (%)AnandaKwalityHeritageDMSMadhusudanMother DairyNamaste IndiaAmulParas
Milk fat129.128.49.1210.569.129.129.128.48.4
Milk solids not fat128.49.128.49.848.48.49.128.49.12
Vitamin A76.4274.734.114.424.623.845.434
Calcium64.724.95.354.75.124.855.523.814.94
Cholestrol53.723.544.223.383.813.953.184.124.46
Saturated Fat53.43.43.42.83.43.13.43.43.4

FOR MICROBIOLOGICAL ACTIVITY

Total Plate Count | Coliform Count | Methylene Blue Reduction Time

Microbiological contamination is a very serious issue for milk. Microorganisms are responsible for many food-borne diseases. We conducted tests for total plate count, yeast and mould count, coliform count, E. coli, aureus, Salmonella, Shigella, Listeria monocytogenes, anaerobic spore count, and methylene blue reduction time (MBRT).

Total plate count

The total plate count is a measure of the biological activity in milk sample. This is a count of all bacteria that will grow in aerobic conditions. For pasteurized milk, microbiological requirements have been prescribed for aerobic plate count, coliform count and S. aureus only at manufacturing-process level; there is no requirement given at market/retailer level. Since consumers buy milk from retail shops, requirements should be specified accordingly. We conducted the microbiological tests on poly-packed milk purchased from retailers. As per FSS Regulations, total plate count should not be more than 30,000/gram at plant level.

  • None of the brands exceeded the specified limit
  • Total plate count was found highest in Paras (13,000 cfu/ml) but it was within the specified limit.
Coliform Count

Coliform bacteria are destroyed at a temperature of about 46 degrees C, which means pasteurisation can easily eliminate them up to a certain number. The presence of coliform bacteria in pasteurized milk indicates that there were unsanitary conditions or practices after pasteurisation and before packing in the milk plant itself.

Methylene blue reduction time (MBRT), in hour

Methylene blue reduction time is an indicative test to check the bacterial load in milk. As per Indian Standard, MBR time for milk is not less than five hours.

  • Except Paras, all other brands met the requirement for MBRT

Microbiological Tests

Brand

Score out of 12

Madhusudan

11.55

Heritage

11.52

Ananda

11.49

DMS

11.49

Mother Dairy

11.49

Amul

11.46

Namaste India

11.40

Kwality

11.10

Paras

8.80

FOR SENSORY ATTRIBUTES

Panel members judged the samples for these sensory attributes: colour and appearance, odour, flavour and taste. Conducted under the supervision of trained experts, these tests were based on IS: 7768- 1975. Among other things, milk should be free from suspended particles, filth and foreign matters. It should not have stale, acidic or any other abnormal odour. Milk should not have any cooked, oxidized, rancid, metallic or neutralizer flavour. It should be free from any objectionable flavour due to adulterants and other additives. Milk should be free from watery, ropy and curdy body.

  • All brands performed well in the sensory
  • Paras was rated as the more acceptable brand and was followed by
  • The least liked brand was Kwality

Brand

Score out of 10

Paras

9.54

Heritage

9.42

Amul

9.33

Ananda

9.32

Mother Dairy

9.32

Madhusudan

9.30

DMS

9.06

Namaste India

8.90

Kwality

8.71
Packing and Marking
  • Milk should be packed in food-grade poly pack to retain its natural properties within its shelf life. Each packet of milk should be marked/ labelled with these particulars:
  • Name and type of product with proper prefix (toned, full cream, etc.)
  • Name and complete address of manufacturer and manufacturing unit/ packerc)
  • Batch or code numberd)
  • Net quantity in litre/millilitree)
  • ‘Use by’ date
  • MRP
  • Storage instructions
  • Nutritional information per 100 ml
  • Name, address, telephone number, email address of person/office to be contacted in case of consumer complaints
  • All brands were properly packed in poly packs.
  • All brands provided all required information on their pack.
  • Net quantity in all brands was as claimed on the packs.

Related

Handy checklist for availing a two-wheeler loan

Handy checklist for availing a two-wheeler loan

by | Dec 18, 2021 | Banking & Finance, Best Buy, loan

Handy checklist for availing a two-wheeler loan

We Indians want to own a vehicle, be it a car or a two-wheeler. However, not all people have enough cash to go and buy a bike in one go and settle with it. So, the best solution for this is to take a loan. With the passage of time, getting a loan for a bike is no longer difficult. Depending on your credit history, you get loans up to 85 per cent of the cost of the bike and in some places up to 90-95 per cent. This can help you buy a bike easily, and then repay the loan in affordable EMIs. But choosing the best bike loan for you is not an easy task. A lot of research is needed before choosing a loan that best suits your needs. We’ve compiled all the necessary information in the following article for you.

Subas Tiwari

It is important for you to know what documents will be required to take a bike loan. In the absence of the life and safety of the document, the approval of your loan may take longer wasting your time. Therefore, go collect all the necessary documents before applying for the loan. For loan approval, banks ask for different types of documents from the salaried person and the self-employed. Let us know what all are required for these two sections of loan applicants.

Documents for two-wheeler loans

Every lender requires you to submit certain documents while applying for a loan. Some of the general documents required are given below:

Documents

For Salaried

For Self-employed

Identity Proof

PAN card, voter’s ID, passport, driving license

PAN card, voter’s ID, passport, driving license

Address Proof

Utility bills, passport, etc.

Utility bills, passport, etc.

Income Proof

Salary slips, IT returns, bank statements

Bank statements, IT returns, audited financial statements

Tips for availing two-wheeler loan

A few loan applicants have had their applications rejected by lenders. This is not a pleasant feeling and it is not good for your credit score. We have put together a checklist that can help you apply successfully for a two-wheeler loan. These are as follows:

  • Determine the exact loan amount required:You should assess your needs and calculate exactly how much money you need to buy the bike you want. You should never apply for an amount larger than what you need.
  • Check your eligibility and compare your options:Once you decide how much money you need to borrow, take a look at all the loan options that you are eligible for. This is important. Never apply for a loan you don’t qualify for. This will automatically get your application rejected. Check your eligibility for a two-wheeler loan and make sure you fulfil all the criteria.
  • Check your credit score:Your credit score is one of the most important factors that determine loan approval. Lenders usually reject applications with low credit ratings. So, if your credit history is poor, look at improving it before applying for the loan.
  • Get a guarantor or co-applicant:If your credit score is not up to the requirement of the lender, see if you can get a guarantor or co-applicant. Having a guarantor or co-applicant who has good credit can help you get the loan you want.
  • Fill your loan application properly:Make sure your application is fully filled with all the details your lender requires. An incomplete application or an application that has wrong information may be rejected.
  • Submit all the necessary documents:While submitting your loan application, make sure you submit all the documents the lender requires as well. If you don’t submit the required papers, your application may be rejected.
  • Try applying with your existing lender:If you already have a good existing relationship with a bank, try taking the loan from them. This good standing may help you get a loan even if you don’t fulfil all their criteria.

Keep in mind while applying for a two-wheeler loan

Now that you know how you can successfully apply for a two-wheeler loan, let’s check out what you need to keep in mind while applying for it. These points can help you find the right loan and avoid paying more than you should.

  • Do your research well:This is the first step before you apply for a motorbike loan. Make sure you do your research well. Compare all the options that various lenders offer you. Compare interest rates, processing fees, repayment options, and other loan terms. This will help you find the best and cheapest option.
  • Choose your tenure wisely: The tenure of your loan will determine how much you have to repay each month. Make sure you can afford your EMI. This means you have to be wise about choosing your tenure. A shorter tenure will help repay the loan faster. But your EMIs will be high. So, choose matching your affordability to pay off every month without facing a financial crunch.
  • Choose an affordable interest rate:Your interest rate determines the overall cost of your loan. It also has an impact on your EMI. Choosing a loan with a low rate of interest can help keep your EMIs low. It will also make your loan cheaper.
  • Compare floating rates versus fixed interest rates:Some lenders may offer you both floating interest rates as well as fixed interest rates. Floating rates change as per the changes in the market rates. Fixed rates remain constant irrespective of market rate changes. That said, floating rates are usually lower than fixed rates.
  • Compute your EMIs before applying:When you compare your loan options, make sure you compare the respective EMIs as well. Choose a loan that gives you an affordable EMI with a convenient repayment period.
  • Ask about prepayment fees:If you plan on prepaying or foreclosing your two-wheeler loan at any point, find out the charges for the same. Some lenders may charge you a fee for this while others may not. Prepaying your loan can help you save interest costs.
  • Read the terms and conditions properly:This is also called the fine print. Read your loan offer document thoroughly and go through every single term and condition before you sign it. The fine print may reveal hidden charges and fees that may otherwise never be mentioned. Knowing these terms can help you avoid paying heavy penalties.

Do’s and Don’ts for Two-Wheeler Loan

Do’s

Don’ts

Do your research well before you apply

Don’t apply for multiple loans at the same time

Make sure you are eligible for the loan you are applying for

Don’t apply for a loan simply because you get an attractive welcome gift

Compare interest rates and find the best option

Don’t forget to fill in the application form properly

Compare processing fees and other charges

Don’t sign the loan documents without reading them thoroughly

Evaluate your credit score before you apply

Don’t choose an EMI you cannot afford

Submit all the required documents without fail

Don’t forget to pay your EMIs on time

Read the offer document carefully before signing it

Don’t forget to prepay your loan if you can

Easy financing for superbikes

In India, the price of a luxury bike starts from Rs 5 lacs and it can go up to Rs 35 lacs or even more, depending on the model. Easy availability of finance from banks as well as non-banking finance companies for high-end two wheelers prompt customers to take up bike loans.

While 60-65 per cent of the customers buy bikes on loan, some of them may go for a superbike loan only to avoid questions from the tax angle and not because they cannot afford it. But there are also instances of people with a monthly salary of Rs 30,000 buying these bikes.

For banks, offering loans for high-end bikes is one way of getting high net worth individuals (HNI) as customers. Strangely, many banks offer loans for luxury two-wheelers at rates lower than that for standard two wheelers. However, the tenures may be longer due to high cost of the bike.

In some cases, the bank might not have an off-the-shelf loan product but could tailor one to suit the buyer’s needs. After all, someone who can afford to buy a bike of more than Rs 5 lacs could be a potential high net worth customer for the lender. The loan amounts are usually 70-80 per cent of the bike’s cost, but can also go up to 90 per cent, if the bank is happy with the customer’s profile.

People who buy high-end two wheelers do it more as a status symbol or for pleasure. But those who take loan for standard two wheelers are people who buy them for necessity, for their daily commute.

The market for high-end bikes in India is at a nascent stage, although it is growing. Harley-Davidson has tie-ups with some private banks. Triumph is the superbike from U.K and is financed by a few other private banks under a tie-up. Bucati is also a luxurious bike which is now sold in India. However, only a small percentage of customers opt for such loans.

While a large section of the demand comes from Delhi and Mumbai, cities like Bangalore, Ahmadabad and Chandigarh, too, have been excellent markets as a rich biking-culture already exists there. There is also an increasing demand from the south of India with Kochi, Chennai and Hyderabad where there is scope for a growing market for such superbikes.

What precautions/factors should one take before buying a 2-wheeler loan? As haste makes waste, any hasty decision could land you a two-wheeler which you feel like selling immediately while also could burn a hole in your pocket. Let us read on as to what they are.

Important factors to consider before buying a two-wheeler

Gear less two wheelers 

They are easy to drive and their easy-to-handle capabilities makes it very popular among the teenagers. Before buying a two-wheeler however, you are advised to go through the following and take an informed decision.

Brand

There are numbers of two-wheeler manufacturers in India. The brand value also helps in the re-sale of the bike.

Budget

This is a very important factor to be considered. You can buy a good two-wheeler within a budget of Rs.60,000. But you should be ready to pay a little more for the newly- launched bikes with extra features and attractive colours.

Weight

Nowadays, there are low weight bikes available but it is extremely important to check the weight of the two wheelers so that you can ride comfortably and not get stranded when there is a puncture in your tyre.

Storage

Helmet is now getting compulsory in all major metros, cities and towns. So, one should check the storage for the same. Also, it should have enough space for storing shopping items.

Mileage

A good two-wheeler should give you a mileage of 35 to 40 kms per litre.

Height

This is another important factor after weight. Since most of the Indians are of average height, a two -wheeler should not be too high or else it will be uncomfortable to ride.

Auto Start

Kick-starting a two-wheeler is not easy especially for women riders. So, check for Auto Start and battery durability.

Durability

Check out the technical review of the bike; it doesn’t make sense to make a hasty decision and settle for something that simply looks good and offers more mileage.

Service Center

The location of your service center should be nearby your area, so that during any emergencies you should not land up traveling long distances for repairs and services.

Low Maintenance

Servicing and maintenance of two-wheelers is very important.  It makes travelling very convenient because of low running and maintenance costs- which means you can get very good mileage.

Availability of Spare Parts

All the newly launched two-wheeler companies do not have their spare parts easily available in the market. Consider this point while choosing your preference.

Resale Value

Resale price depend on the brand, year and current condition of bike. A branded bike could give you better deal as compared to other two wheelers.

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