There are innumerable examples of people being shocked to on seeing the hospital bill at the time of discharge. It happened to my family last year where a somewhat complicated procedure ended up costing us more than twice the amount we thought it would. Insurance covered less than a third of the total bill. As a result the remaining amount was borne by us.
Most of us are fortunate enough not to have anyone in our families get hospitalized for a serious illness. And therefore, the following table might come as a surprise. Given below are potential costs of hospitalization for certain ailments across leading hospitals in Mumbai* (amounts are in Rs. Lakhs and the highest 1% of bills have been removed).Costs in other cities aren’t much lower!
|Cancer Treatment (surgery and follow up for 1 year)||Rs.6 lakhs+|
|Heart disease (surgery and follow up)||Rs.6 lakhs+|
The reasons people buy life insurance are various ranging from tax saving, investment, protection. The first and most important reason for buying it must be to protect your family against financial insecurity in case of your death.
Consider an example (and it could very well be you), of a person we’ll call Anand who is 39 years old. Take some basics about Anand:
|Income||Monthly net salary||Rs. 60,000 /-|
|Wife's net salary||Rs. 25.000 /-|
|Expenses||EMI on home lone||Rs. 25.000 /-|
|Other household expenses||Rs. 30.000 /-|
|Assets||PPF & Fixed Deposite||Rs. 5lakhs|
|Other saving product||Rs. 5lakhs|
If you need to get yourself a dream home or car, banks will queue up to lend to you. Education loans for your children are also fairly easy to get. But no one will lend to you to lead a comfortable retired life unless you’re willing to reverse mortgage your house. Realizing that you do not have enough after you’ve retired is a problem – to say the least!
On the flip side, unlike most other goals like those mentioned above, you have a greater influence on how much you need / it costs. So, how much your children’s education is going to cost you is much more in the institute’s (the one he / she decides to go to) control than in yours. Likewise, for your house – the real estate market isn’t in your control. However, your future expenses do not inflate as several estimates might suggest. Some things like family size, daily commute and leisure needs change your consumption of several items. So, stop worrying too much about inflation and get started saving for this goal right away – with however little per month as you can manage. You can get started here:
Hiring someone to trust with your financial needs is difficult. It goes beyond a business arrangement, and involves fostering a lasting relationship built on loyalty and commitment.
That in mind, the need to count on someone who can steer you through this complex financial environment becomes imperative. Someone who can help you make sense of the myriad products and their relevance to you. That someone is Vserve Financial. As an independent financial advisory Firm, we are unbiased yet knowledgeable, and we place your interests above all else.
At Vserve, we help you arrive at clear decisions about your financial needs. Whether you are an individual or a corporation, we have the resources and expertise to help you achieve your financial goals, through varied and appropriate financial instruments at our disposal.
In the website we have made an effort to introduce the Firm to you. If you feel that we would be worthy of your trust then we would welcome you to the Vserve family.
For your secured future, talk to us