Indian Money Review - how to buy the right term insurance plan

What is term insurance Plan?

In simple words a term insurance plan is a form of life cover that provides coverage against a specific set of risks for a defined period of time. The term insurance plan aims to provide coverage to secure family needs of the policy holder in case of a sudden demise. In this type of policy, there is no saving component like an endowment policy. An individual can opt for a term insurance policy as the premiums are very affordable compared to other life insurance policies.

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Types of term insurance plans:

A term insurance policy is a traditional form of life cover that can be availed for a fixed term. Almost all major insurers offer term plans at affordable rates. A number of insurers offer policyholders a choice when it comes to the type of plan they wish to avail. Policyholders can choose between single or joint life plans, depending on their need.

Regular term insurance plans: this is a term insurance plan where the insured gets coverage against various risks in return for a premium. The premium that needs to be paid is pre-decided by the insurance company and the policy holder. This is the most basic form of life cover that comes with lower premiums and higher returns. These plans do not offer any benefit after maturity.

Group term insurance plans: Group insurance policies are life cover that is made to suit the needs of an organization, companies, society or an association. The group insurance plans offer similar benefits as individual term insurance plans; the difference is that it covers a group of individuals in an organization rather than a single person.

Term return of premium plans (TROP): This a term insurance policy that refunds the money paid for the cover, in case the policy holder survives the term of the policy. This type of policy also allows the policy holder to add riders to existing plans to increase coverage.

Joint term plans: joint term plans are the policies where the policy covers more than a single person. These schemes can be availed by individuals for the inclusion of spouse under a single policy. This scheme offers financial protection to families with dependent children and helps maintain financial stability in case of demise of any one or both the insured members.

Convertible term insurance plans: as the name suggests, a convertible term plan provides an option to the policy holder to convert the term plan into endowment or a whole life assurance plan. This is savings with insurance. Consequently, convertible term policies are more expensive than other term plans and have higher premiums.

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IndianMoney Reviews Filing Complaint against Builder in Consumer Forum

There are plenty of complaints against builders and developers. Non delivery of possession certificate is one of the biggest complaints against builders. Poor quality construction, leakage in ceiling, low quality electric wiring, improper drainage system, and delay in handing over the apartment are some of the other complaints.

They are plenty of ways builders can cheat you. A common unfair practice is insertion of a penalty clause which favors builders. All rules and penalties are for customers and none for builders. A buyer could be charged a penalty of 18% on delayed payments when buying an apartment. The builder clause has a penalty of just 1-2% for the builder in case of late delivery.

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Indian Money Reviews Filing Complaint against Builder In Consumer Forum

The Real Estate Regulatory Authority (RERA) Act, 2016, is a boon to buyers of residential apartments. For buyers it gets better and better. Consumer Courts and Consumer Forum’s look into customer grievances even if the real estate purchase is less than a Crore. You enjoy protection under the Consumer Protection Act, 1986, even for real estate projects.

SEE ALSO: How to Handle Customer Complaints A Review By Indian Money

Steps to file complaints In Consumer Court:

STEP 1:

Before filing a complaint with consumer court, send a notice to the builder. This may be because of deficiency in service or any unfair practices. You are giving the builder a chance to rectify the error by giving you compensation. If the builder doesn’t care about the notice, approach the consumer court.

STEP 2:

Submit a formal complaint under Consumer Protection Act, 1986. The complaint form must have all facts (this is necessary to take action), and must be submitted to the commission.

File the complaint in the district forum where the office of profit (area where the real estate project is located) is under the jurisdiction. Make sure details of the complaint and the faulty party are included. Specify compensation costs and relief amounts sought in the complaint. Sign at the bottom of the complaint.

If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.

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Indian money Review - Why You Need a Term Insurance Plan

What is Term Insurance Plan?

Term insurance plan is a basic risk protection plan. It is a term contract between the insured and the insurer. The insured avails the policy by paying premiums on a monthly or annual basis. Sum assured is paid to nominees if policy holder dies within the term of the plan.  An insured would spend a small portion of his/her annual income to avail a term life insurance plan. Term insurance would financially benefit the family, if the insured meets an untimely end. Term life insurance has no survival benefits.

How to avail a term insurance plan?

You can avail a term insurance plan either online or offline through life insurance agents. Availing online term insurance may be 30-40% cheaper than offline plans.

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Need Term Insurance Plan

How does term insurance help the beneficiary?

Best Term insurance comes as a boon when there is a home loan/property loan against your name. The loan can be repaid and children can continue their education. Term insurance is about providing financial protection to your family. Term insurance is a necessity if you are the only breadwinner of your family. Term life insurance could save family from a financial crisis on an unexpected demise. It is a smart move to avail a term life insurance plan.

Term Insurance Policies: Make Necessary Disclosures

If you are a smoker/drinker, you need to clearly mention this in the insurance proposal form. Your application would still be accepted, it’s just that you would be charged a slightly higher premium. This is because the risk borne by the insurer is high. Claims could be rejected if the insurer finds you were a smoker/drinker and you didn’t disclose this.

What is contestability?

Contestability is the time period after which the insurer cannot decline insurance for any reason. Insurer cannot claim that you hid medical condition or smoking/drinking habits to deny claims for any reason after the contestability period. You need to read this clause thoroughly before signing up for a term insurance policy.

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IndianMoney.com Review of Financial Scams & Complaints

IndianMoney.com advices / educates over 23,000 people on phone every day.

IndianMoney.com Bangalore works with a clear disclaimer that "Indianmoney dot com is not a seller of any financial products, we only review & provide FREE financial advice / education to ensure that you are not misguided while buying any kind of financial products & do not have any complaints about financial products you purchase".

Before buying any financial product or making an investment, all one needs to do is give a missed call to IndianMoney.com on 022-6181-6111, speak to its financial experts and be confident and aware while dealing with the agents.

Indianmoneycomplaints/reviews specialist gives a call back to the caller and would then provide absolutely free and unbiased advice/review/education and clear any kind of doubt on any kind of financial products (Insurance, Mutual Funds, Loans, Bank Accounts, Deposits, Stocks or Real Estate Properties).

One can also visit the website (www.indianmoney.com) to view IndianMoney company profile, browse through the financial articles and concepts. One can also fill up and submit a form and place a request for free advice on the phone on any of the topics of his/her choice.

Over 510 member strong team at IndianMoney.com shares Indian Money CEO, C S Sudheer’svision that "The dream of a developed India is possible only when we have 100% Financial Literacy".

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Review and file a complaint on online fraud - Indian Money Review

Indian money Review, a consumer cheated by an online shopping site can raise a complaint against them, by registering a consumer complaint on the official website of the consumer & empowerment centre.

What is Online Fraud?

Online fraud is theft which is committed online. These types of frauds involve financial fraud or identity fraud. There are various ways in which online fraud is done. Online fraud is mainly done to get the individual reveal personal information or by luring the person to willingly transfer money to the scammers account. These frauds can either be done through virus attacks or by sending emails with a log in page that would collect individual’s personal data or by luring the person to send money to accounts created by fraudsters via fake websites.

Online shopping frauds:

The success of online shopping is mainly due to the advancement of technology. Technology has made it easier for scammers to hack people’s personal data. However, it is often the tech savvy people who fall prey to these online scams. As per Indian Money reviews, the fraudsters often play with people’s emotions either by exploiting the ability to make irrational decisions under the influence of emotions or by engaging a user to an extent where they will fully agree to transfer money to the scammers accounts. 

It is a crime where the scammers play smart exploiting people’s greed or by exploiting the ignorance of people who have less knowledge on technology. Online shopping frauds are also on the rise.

The typical online shopping frauds are as follows:

Prize scam: These scams can be committed, by telephone or by mail. They inform that you have won a prize like a large sum of money, shopping vouchers, a free holiday or travel related products and to claim it, you are asked to send money or provide personal information.

Products at very low prices: Indian Money Bangalore says, a product is advertised at an unbelievably low price, or advertised saying they have amazing benefits or features that sound too good to be true. The online site may ask for payment before accessing the deal or make you pay for some fake vouchers.

Foreign retailer: When purchasing goods from a foreign shopping site, carefully go through the information on the retailer’s policies and delivery.

Unsecured Payment method: The biggest fraud on a retail website is the method of payment. Scammers will often ask you to pay using a money order or wire transfer. Once you make the payment through this method, it is likely you will never receive the purchased item or most probably receive a fake item.

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IndianMoney Review - File Complaint on Money Transfer to Wrong Bank Account

Reason for wrong transactions

1. Remitter types wrong bank account number or IFSC code.

2. Wrong transactions can also take place due to technical glitches at the bank's end. If the amount has been credited to the wrong bank account due to bank error or technical glitches, the responsibility of rectifying the error lies with the bank.

IndianMoney Review:  File Complaint on Money Transfer To Wrong Bank Account

According to the Reserve Bank of India’s guidelines, it is your responsibility to provide the correct bank account details of the beneficiary, while making payment. In the case of the wrong transfer, you will be held liable, not the bank or any other person. Without taking approval of the beneficiary, the bank will not be able to reverse money transactions from its end. Indian Money reviews say that banks can only act as a facilitator.

What to do if you transfer money to a wrong bank account?

Inform the bank

If you have typed the wrong bank account number while transferring money and the account number you entered does not exist, the amount will be reversed back to your account automatically. Indian Money Bangalore asks you to cross check the account details before clicking the send button.

 In case there is a valid account number, the transaction will take place and the amount cannot be reversed without the beneficiary's approval.  In such a case you need to contact the bank as soon as possible and tell them that the money has been transferred by mistake. If the recipient has the account in the same branch, the bank will contact the recipient on your behalf and request a reversal. If the recipient account is in some other bank or branch, the bank will help you by providing the contact details of the beneficiary or will help you get in touch with the branch manager.

Meet the branch manager and raise a complaint

If the recipient bank account is at some other bank or branch, only the bank where the recipient holds the account can resolve the issue. All you have to do is meet the branch manager personally or send him a mail requesting necessary action to be taken.

Indian Money review Bangalore says that you need to attach the screenshot of the transaction as proof.

How to avoid the wrong money transfer?

As per rules, it is the responsibility of the remitter to provide the correct bank account number and IFSC code. So, you must be cautious while typing the bank account details.

Indian Money review asks you to cross check the account details before clicking the send button.

If you want to transfer large amounts, it is advisable to transfer a small amount first to verify the account.

You must transfer the money only if you are sure that the account details are right.

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IndianMoney Complaints - Compare ULIP Plan, Review and Benefits

Unit Linked Insurance Plans or ULIPs are insurance cum investment plans. ULIP offers life insurance cover and an opportunity at wealth creation. Part of the premium goes towards mortality cover and the remaining amounts are invested in equity, debt or a mix of both, depending on the type of ULIP. ULIPs help achieve financial goals of retirement planning, investment planning, tax planning and children’s education planning among others.

ULIP is a long-term investment which has a 5 year lock-in period. Insurance agents sell ULIPs promising great return on investments. ULIPs are also marketed as tax saving investments. The purpose of availing insurance is risk protection. Sadly, ULIP offers low mortality cover and insurance agents don’t inform people which is cheating and fraud.

Indian Money review Bangalore say never mix insurance with investments. ULIPs offer low mortality and have high charges. An IndianMoney dot com review says ULIPS deduct premium allocation charges, mortality charges, policy administration charges and some other charges before investing in debt or equity. This reduces the return on investment. IndianMoney complaints say many people are dissatisfied with ULIPs as they get cheated by low returns and hardly any mortality cover.

Indian Money reviews advice availing a pure risk protection plan like a term life insurance plan and invest in equity or debt based on risk profile. If you are an aggressive investor, invest in equity mutual funds or stocks. A conservative investor can look at FDs, post office schemes or FMPs.

IndianMoney Complaints: Compare ULIP Plan, Review and Benefits

Compare ULIP Plans: Reviews and Benefits:

IndianMoney reviews say understand ULIPs before availing them. ULIPs have a lock-in of 5 years. Being dissatisfied with the ULIP means you have to surrender ULIPs. You feel cheated as there are surrender charges.

Insurance agents sell ULIPs to pocket commissions. When you feel cheated and look to exit ULIPs, insurance agents advise surrendering ULIPs and availing Endowment plans. This is churning and helps insurers earn more commissions. This blatant cheating and fraud has brought a bad name to the insurance sector in India.

IndianMoney.com reviews say most of the premiums paid on ULIPs go towards investments, leaving very little for insurance. You would be better off investing in mutual funds regulated by SEBI. It’s difficult to measure performance of ULIPs vs Mutual Funds.

Indian Money Bangalore say never invest in ULIPs if you can’t bear risk. ULIPs are market-linked investments and you could lose money. ULIPs are not a good investment for people with no regular income. Premiums have to be paid regularly unlike SIPs in mutual funds, where you can stop SIPs on not having the money. Surrendering the ULIP incurs surrender charges.

Insurance agents cheating and fraud:

IndianMoney reviews say insurance agents cheat customers saying ULIPs are like bank FDs. Insurance agents say ULIPs are just like bank FDs with the added insurance benefit. Insurance agents say ULIP illustration benefits offer 4% and 8% which are just like bank FDs. ULIPs also enjoy tax benefits vis-à-vis FDs. When customers lose money, this is cheating and fraud.

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Indian Money Review, Indian money dot com review - Mobile Banking Safety Tips

Mobile banking safety tips: Indian Money Review

Develop the habit of setting a screen lock: IndianMoney reviews say that it is always good to lock your Smartphone with the screen lock feature. This will help keep personal and sensitive banking information safe, if you ever lose your phone. Fraudsters can access all the information stored if you do not lock Smartphone with screen lock. Almost all phones have the screen lock option.  You can either set a screen lock pattern or a 4 digit pin.

Set a secure password

If you are using mobile banking, make sure to protect account information by setting a strong and unique password for mobile banking apps. A password keeps your data safe from hackers. Many people keep their name, birthday and phone number as passwords. If you want to keep money safe, your password should be a mixture of small letters, capital letters, and numbers.

Download apps from official app stores

Recently, many fake bank apps have stolen the data of thousands of bank customers. These apps look similar to original bank apps. You must be very careful while downloading any bank apps. Indian Money review says that you have to find out all the information about an app on the Internet, before downloading.

Avoid connecting to the public Wi-Fi

Many people are not aware that connecting to public Wi-Fi while conducting mobile banking transactions, mean hackers can easily steal your data. Hackers can introduce malware into your device through an unsecured connection. As per Indian Money reviews Bangalore, it is not a good idea to connect to public Wi-Fi while carrying out mobile banking transactions.

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Indian Money Review - How People Are Cheated By Insurance Agents

Insurance agents help you get insurance & they are supposed to sell policies that meet financial goals. As per Indian Money reviews, many agents prefer to sell policies that give high commissions.

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IndianMoney Review: How People Are Cheated By Insurance Agents

These are the ways an insurance agent may cheat you.

You will be forced to buy endowment plans

When you contact insurance agents to avail an insurance policy to protect loved ones, many insurance agents force you to buy an endowment plan. This is because they get a high commission on the premiums paid on the endowment plan. Availing endowment plans to protect loved ones is not a good idea, as it comes with a low mortality cover.

Indian Money reviews Bangalore says availing term life insurance policy is the best option to protect loved ones in case of an unexpected demise.

Agents do not inform on the free-look period

Many insurance agents are very cunning and do not mention the free-look period. Free-look period is a time period in which you are allowed to return the policy, if you are unhappy with it. The free-look period is for 15 days and starts from the day you receive policy documents. Many agents do not talk on free look period and simply say that once the policy is bought, it cannot be returned.

Hidden clauses and exclusions

While selling term life insurance policies, some agents do not mention certain clauses and exclusions. If you do not disclose certain facts which are important, the claims made by your family would be rejected by the insurer. For instance, if you do not disclose smoking habits, your insurance claim will be rejected. As per Indian Money Bangalore, you should not hide anything from your insurer.

Have a complaint against any company? IndianMoney.com complaints portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and post your complaint. If you want to post a review on any company you can post it on Indian Money reviews and complaint portal IamCheated.com.

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Check Reviews and Complaints about Private Lenders on Indian Money

What are payday loans?

Youth in India love availing payday loans. Payday loans are also called quick cash loans, instant personal loans, and small cash loans and so on. They are availed by young people who have just joined jobs and are not able to manage expenses. It is a small cash loan to meet immediate expenses, availed by salaried people. Many people in their first job avail payday loans. Repayments are made as soon as they get the salary.

Payday loan complaints

You can avail payday loans with bad credit score. If you have a credit score around 600, you could get payday loans with bad credit. Loan amounts range from Rs 10,000 to Rs 50,000. The tenure ranges from 1 month to 3 months.

Indian Money Review  tells you to avail payday loans carefully because of high interest rates. Some payday loans say just 0.1% interest a day. Looks a small amount but is it? This is actually 36% a year which is a massive interest rate. You are borrowing at 36% a year. IndianMoney.com reviews encourages you to lodge complaints if you are cheated in payday loans. It would be smart to have an emergency fund to meet unexpected expenses. Borrow only to meet need and not greed. IndianMoney.com tells you the smart way to cut expenses is to avoid needless borrowing. This saves you from the loan trap.

Have a complaint against any payday lender? IndianMoney complaints portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and drop your complaint.

If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.

Money lender India

A money lender gives small amounts at high interest. People who are desperate for money, don’t get money from relatives and reluctant to access formal banking systems end up victims to fake money lenders. Money lenders in India are governed by the Money Lenders Act and money lenders must have a license.

How money lenders cheat customer?

Fake money lenders cheat laborers, small farmers and poor people and the weaker sections of society by charging exorbitant interest rates. They seize collateral like land pledged and farmers even commit suicide.

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Indian Money Review on Digital Payment in India

Digital payments are those payments which are done through digital modes. Through digital payments, you can send and receive money easily. It is also known as electronic payment. In India, digital payments had increased rapidly after demonetization. Many people prefer digital payments rather than using cash all the time. In this article, Indian Money Dot com review will review the various digital payments in India.

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Indian Money Review on Digital Payment in India

Debit and credit card

Debit and credit cards are the most commonly used digital payments in India. People prefer paying through cards in most places like restaurants, shopping malls, supermarkets and so on. Cards are issued by the bank to account holders. People prefer paying via debit or credit cards because of the ease and convenience, when compared to cash. Debit and credit cards are accepted at almost all places.

Mobile banking and net banking

With the help of mobile banking and net banking, you can transfer money from one bank account to another, quite easily. This facility is available all days of the week and even on Sundays. Through this method, you can transfer a large amount of money, without any risk.

Unified Payments Interface (UPI)

Unified Payments Interface or UPI is a payment method, just like cheque, debit card or a mobile wallet. UPI was launched by National Payments Corporation of India (NPCI). It helps you transfer money from one bank account to another, with the help of a Smartphone. You can use UPI to send and receive money, if mobile number is registered with the bank. Under UPI, there are no hassles of typing bank account numbers and IFSC to transfer money.

Advantages of digital payments:

1. Digital payments are easy and convenient. There is no need to carry cash with you all the time.

2. With the help of digital payments, you can pay anywhere anytime.

3. Digital payments are less risky if used carefully.

4. Digital payments help keep track of each and every transaction

Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and post your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com

Read More: Indian Money Review on Digital Payment in India

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