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Top 5 Maternity Insurance Plans

Health Insurance

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February 27, 2020

Maternity Insurance

Maternity insurance policy is a special policy that covers all maternity-related costs starting for childbirth to post-delivery expenses. Maternity Insurance Plan is available as a standalone policy as well as an add-on to an existing insurance plan.

Pregnancy is one of the important periods of women’s life. Sometimes pregnancy becomes a costly affair due to medical complications. If you are not prepared you may end up spending a lot of money. So, it is important to have a Maternity Insurance plan or add on coverage that lower the burden on your pocket.

Multiple companies are offering Maternity Insurance plans in India. Most of them offer similar benefits. If you are confused about selecting maternity insurance cover, here is a post on Top 5 Maternity Insurance Plans.

What is Maternity Insurance Plans?

A maternity insurance plan is a plan that covers medical expenses incurred during pregnancy. It is generally provided as add-on or additional rider to a primary health insurance policy. This plan covers both normal delivery and cesarean delivery expenses. Some insurance policy covers this benefit by default in to the main plan. On the other hand, a few insurance companies offer it as an optional add-on or rider.

The inclusion and exclusion of the expenses are different some policy covers all expenses including pre and post-hospitalization up to 30 days.

It is advisable to go through all terms and conditions as well as exclusion detail before opting for Maternity Insurance Plan.

Also Read – Top 5 Best Health Insurance in India

Top 5 Maternity Insurance Plans

#1 Maternity Insurance Plan JOY – Religare

JOY by Religare is a pure maternity insurance plan.JOY covers pregnant ladies as well as a newborn baby for health-related expenses. In addition to health-related expenses, it also covers the medical bills of a newborn baby up to 90 days from the date of birth. Key features of JOY Religare plan are given below.

A short 9 months waiting time for claiming maternity insurance.
Long term policy for 3 years.
No claim bonus with a 100% increase in sum insured.
Two plan options – Joy Today and Joy tomorrow.
Sum assured from 3 Lakh to 5 Lakh.
Post Medical hospitalization coverage up to 60 days.
Pre-medical checkup before taking policy

#2 Star Wedding Gift Health Insurance

Star Wedding Gift Health Insurance is a unique plan that provides security and health protection during pregnancy. This plan comes with newborn baby cover including congenital disorder cover. The plan also covers normal and cesarean delivery cover up to the limts. Features and associated benefits of this plan are given below.

Two options for the coverage from 3 Lakh to 5 Lakh.
Delivery expense coverage up to Rs.25000.
Newborn baby cover from Rs.50000 to 1 Lakh.
Post-delivery expenses coverage up to hospitalization expense coverage.
The policy is offered up to 2 years.
Pre and Post hospitalization coverage benefits.
Cashless hospitalization wherever possible.

#3 Easy Health Family Floater by HDFC Argo

Easy Health is a family floater plan by HDFC Argo (earlier known as Apollo Munich). It is a comprehensive plan that covers multiple types of health-related issues. This plan comes with a critical illness rider. This plan also covers maternity-related expenses. The features and benefits of this plan are given below.

This plan provides complete coverage with 100% life long renewal.
Easy Health Family Floater covers maternity benefits including regular checkups from qualified doctors.
Any hospitalization benefit coverage for newborn baby up to 90 days after birth.
The plan comes with a cumlative bonus of 10% for every claim-free year.
You can take critical illness rider under this plan.
It also covers AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) related expenses.

#4 Heart Beat Family Floater by Max Bupa

Heart Beat Family Floater plan by Max Bupa provides complete coverage up 1Cr. This plan comes with Gold and Platinum variants. The plan also covers international hospitalization coverage and newborn maternity benefits. The features of this plan are given below.

The plan covers maternity benefits up to two deliveries.
The coverage offers is up to 2 consecutive years.
The newborn baby will be covered as an insured person from birth without additional premium, till the policy year-end.
The plan also provides vaccination expenses of the newborn baby for the first year if you add the baby in the policy for the next policy year.
The plan offers a facility of optional critical riders such as critical illness cover, e-consultation, premium waiver, etc.
No limit on hospital room rent up to plan coverage amount.

#5 Royal Sundaram Total Health Plus

Royal Sundaram also offers a policy that covers maternity expenses. The plan name is Total health plus. The coverage limit in case of maternity expenses is slightly lower. Features of Total health plus are given below.

Maternity Benefit Cover up to 10% of the Sum Insured subject to a maximum of Rs. 30000 & Rs.50000 under different plan option.
The plan is applicable to the first two deliveries.
The plan covers pre & post hospitalization expenses up to 60 days.
OPD treatment cost is also covered under this plan up to a specific limit.
Some pre-existing diseases are not covered under this plan.
A waiting period for a few diseases is from 12 months to 36 months.

Few Important Points to consider while buying a maternity insurance policy

Make sure to compare the premium amount before buying a policy.
Please note that the premium payable on a maternity insurance policy is higher than a regular health plan as a claim under this policy is absolute.
Once you grow older premiums of these types of insurance increase further thus it is advisable to buy this policy at an early age.
Remember to look at the waiting period before buying the policy.
Instead of buying separate maternity insurance you should go for a full health insurance family floater plan.
Go for riders in case it is required.
Go through the major exclusions in the policy before buying.
Please check for the co-pay terms and conditions before buying a health insurance plan.

10 Secretes of Radhakishan Damani Success as Entrepreneur

Money & Wealth

Shitanshu Kapadia

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February 25, 2020

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Radakishan Damani, 67, is one of the most successful stock market investors and businessmen. Radhakishan is the founder of the biggest retail chain of India Avenue Supermarkets.

He has become India’s second-richest person in 2020 with a net worth of $17.8 billion, after Mukesh Ambani. To become the richest person Radhakishan Damani has played multiple roles such as a stock market investor, stock broker, traders, businessman and founder of D-Mart.

It took 18 years for Damani to become the second richest person in India. He is holding 79.2% shares of Avenue Supermarket (D-Mart). He is known as Mr.White & White. He is a role model for many people. He is Guru and Mentor for India’s biggest stock market investor – Rakesh Jhunjhunwala.

Radhakishan Damani Success

A story of Radhakishan Damani as a stock market investor is very inspiring. If you want to look at his stock portfolio, you can go through my previous article – Radhakishan Damani Stock Portfolio.

You must agree that India has so many successful businessmen but none of the businessmen has distinguished qualities like R K Damani. I tried to find out how Damani has become successful as a stock market investor and businessmen. With close observations I could locate following 10 secretes of Radhakishan Damani successful investor and one of the richest person of India.

Rakesh Jhunjhunwala Stocks for Long Term investments

10 Secretes of Radhakishan Damani Success as Entrepreneur

#1 Firm belief on own Business

R K Damani carries a firm belief in his own business. He has highest promoters holding in his own company Avenue Super Market. He believes in himself. Here is promoter holding details of various holders in biggest companies in India. Due to his highest promoter holding he has become second richest person of India.

Name of Promoter	Company Name	Holding %
R K Damani	Avenue Super Market	79.2%
Gautam Adani	Adani Enterprise	74.9%
A M Naik	L&T Infotech	74.8%
Tata Sons	TCS	72%
Shekhar Bajaj	Bajaj Electricals	62.7%
Mukesh Ambani	RIL	50%

#2 Long Term Vision

Radhakishan Damani is visionary entrepreneur. He carries this quality since stock market days. He retains same approach while building a D-Mart. While building biggest retail chain of India, D-Mart (Avenue Supermarket) he prefer to purchase own property for building a store rather than taking it on rent. If property is taken on the rent lease period would be 30 years or above. This could help him in big rental outgo (in turn increasing profitability of business)

#3 Buy in Wholesale (low price), sell in retail (high discount)

Buy in wholesale at low price & sell in retail with high discount is main principal of Damani for D-Mart. As his company is buying things in bulk principal cost is low. Due to low cost company can offer more discount to his customer. Due to high discount more customer gets attracted to store. The store operates of B2C model which eliminates middlemen which helps company to sell goods at lower price.

#4 Store for Middle Class Family

The D-Mart store is popular as store for the middle class family. The preferred area for the store is middle class area where property price is very low. The products available in the store is general purpose product, house hold products and area specific products. Big discount attracts common man for buying household products.

#5 Vendor Relations

Maintaining vendor relations is next secrete of D-Mart success. Damani begun with buying a franchise of Apna Bazar. From the beginning he started building relations with vendors and suppliers. He values both suppliers and vendors. His vendors support him like anything. That’s the reason store of D-Mart never go out of stock.

#6 Vendor Payment Terms

Fast payment to vendor is another secrete behind success of Damani’s venture D-Mart. In general vendor payment condition is 30 to 60 days. However, he adopted aggressive payment terms of 11 days. The faster vendor payment helps company to get things at lower price.

#7 Successful Copy of WallMart Model

Radhakishan Damani has successfully copied WallMart Business model. In order to under WallMart business, he visited USA many times. WallMart is successful due to Every Day Low Price Every Day Low Cost strategy. This strategy increases both sales and customer loyalty. The similar strategy is successfully adopted by Damani in D-Mart. In order to implement this strategy company works constantly on the minimizing operating costs.

#8 Local Supply Instead of Supply Chain

Although D-Mart is successful grocery retail chain of the country. Still store scope is confined to western states. The company relies on the local supply instead of spending money on logistic and supply chain.

#9 Low Number of Store and Focus

Radhakishna Damani’s next secrete sauce would appear to be focus. Avenue super market that operate super market retail chain D-Mart opens only small number of stores. By 2020 company holds only 196 Store all over India. On the other hand, reliance retail has 10901 store and Future retail has 2000 stores. The less number of stores provide focus. Additionally, focus is placed to make store as pure food and grocery store instead of adopting multiple other formats.

#10 Volume Business

Volume business is another secrete behind success of Damani’s business D-Mart. D-Mart turned out to be low-price retail store. The low price leads to footfall of customers and leads to higher sales volume. Due to higher volume more and more manufacturer wants to keep products in the D-Mart Store. They are ready to give discount which is passed on to the customers.

As per me, Radhakishan Damani is a genius who turned out to be successful businessmen with exceptional intelligence.

Do share your views on the success of Radhakishan Damani in the comment section given below.

10 Franchise Business in India with minimum Investment

Business Ideas

Shitanshu Kapadia

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February 20, 2020

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Franchise Business

Franchise business is one of the most common and trusted way to establish your business in a faster manner. In India, many people have adopted franchise business and became successful businessmen. The first question that popups in the mind, while establishing franchises business is which are the best franchises options? Here is post sharing 10 Franchise Business in India with minimum Investment.

What is Franchise Business?

Franchise means branch at different locations where you find the same product and services of the primary brand. It is a business model where you hold the brand name and products for a specific period.

In this model, you need to pay a deposit amount to the parent company and sign a legal paper accepting terms and conditions. You may need to pay part of your profit to the parent company year on year.

A franchise business is a proven model where products and services are known to people and thus the chance of getting success in this model is very high. The cost involved in this business model is low as you need not invest your money for reinventing products or doing marketing of the products. A parent company also helps you in setting up the business.

Let’s discuss the advantages and disadvantages of the Franchise business model.

Advantages of Franchise

You will get readymade products and services. It will save efforts, time and cost.
The product and services of the parent company are known to everyone. This reduces your efforts for the marketing of products.
It is a well known and established model which is beneficial to parent as well as franchise holder.
The risk involved in this type of business model is very less and the success rate is very high.
The supply and logistics part up to franchise location is usually maintained by the parent company.
The investment required for this model is comparatively low.

Disadvantages of Franchise

You are married to a single company. You can not deal with any other product or services in your store.
The influence of the parent company is very high.
You need to share a percentage of profits to the parent company as long as you hold the franchise.
You are bind by rules and regulations set by the parent company. So, it will not be a completely independent business.

10 Franchise Business in India with minimum Investment

Courrier Franchise

Courrier franchise is first on the list. It is a low investment business. You require a very small space to start a courier franchise. You can take franchise of popular courier companies such as DTDC, DHL, First Flight, Blue dart, etc.

In the Courrier franchise, you need to roughly invest 1.5 Lakh. You need to pay 10% of turnover as royalty fees.

Apart from domestic, you can also opt for e-commerce courier services while opting for the franchise.

Food Franchise

The food franchise is a popular and well-known business option. To take a food franchise you need space around 500 Sq.feet. The investment required for this business is high. You can take a franchise of global brands such as Pizza Hut, KFC, McDonald etc. On the other hand, you can also opt for a local brands such as Jumboking, Dosa Plaza etc.

In a food franchise, you need to invest roughly invest 10 Lakh+ as an initial setup fee. You also need to pay profit-sharing percentage with the parent company.

Icecream Parlor Franchise

The icecream parlor franchise is a very good business option. You require a shop with an approximate size of 300 Sq. feet to start this business. You can go for a franchise of popular ice cream brands such as Amul, Vadilal, Havemore etc. I would recommend opening Amul Icecream parlor where the capital requirement is lower and the success rate is high.

You need to invest approximately 6 Lakh to open Amul Icecream parlor. This includes deposit as well as machine cost. The profit margin on prepacked ice cream is approximate 20%.

Pre-School Franchise

Pre-School Franchise is next in the list of a franchise business. If you have space and attachment towards kids you can opt for pre-school business. Some of the popular pre-school franchise are KidZee, Kids Gurukul, Bachpan etc.

You will need approximately 12 Lakh as an initial investment to start a pre-school franchise.

Apparel and Clothing

Apparel and Clothing franchise is next in the list of a franchise business. You require a store with an approximate size of 1000 Sq.feet to start this business. You can opt for popular brands such as Jade Blue, First cry, Armani, Tommy Hilfiger etc.

An initial investment of 20 Lakh is required to start Apparel and Clothing store. It is a lucrative business, where you can start earning money from day one.

Footwear

A footwear store with a franchise is next in the list. Demand for footwear will never end, thus it is a very good business. You will need 500 Sq.feet place to start foot ware business. You can take franchise of popular brands such as Bata, Nike, Adidas, Khadims etc. Minimum capital investment required for this business is 1 lakh.

Ayurvedic or Homeopathic Store Franchise

Ayurvedic or Homeopathic store franchise is a very good business option. There are may famous ayurvedic brands available in India with a lot of demand. You can opt for a franchise of Dr.Batra, Dabur, Zandu and Patanjali.

I would recommend opting for Patanjali Franchise as you will get exposure to more products with a proven track record. You need to invest 15 Lakh to open Patanjali Franchise.

Personalized Gift Store Franchise

You can even think of opening a personalized gift store via a franchise business model. Few popular gift store brands are Archies, Hallmark etc. The space required for this business is approximate 500 Sq.Feet. This store can be started with an initial investment of 5 Lakh.

Cosmetics & Beauty Product Store

Cosmetics & Beauty product store is next on the list. Beauty products always remain in demand. You can opt for a franchise of beauty products such as Lakme, L’Orel, Oriflame etc. You need to invest approximately 3 Lakh to start this business.

Optical Store

Optical Store franchise is the next franchise business option. You require space of 300 Sq.feet to open optical store. You can opt for a franchise of famous brands such as Lenskart, Rayban, Armani etc. You need to invest 5-7 Lakh to open optical store.

Important Points to Consider Before opting for Franchise

You should consider the following important points before opting for Franchise.

(1) Cost and Setup Fee

To start this business, you need to pay initial fees to the parent company. Before starting a franchise it is advisable to get an idea about initial cost and setup fee.

(2) Brand

You need to carefully evaluate the brand where you are planning to associate yourself. The brand should be popular well established and holding good products or services with demand. A good brand will help to get quick success.

(3) Competition

Competition of brand is also an important factor to check. You should check which all products and services compete with the brand. It will help you to understand the position of the brand and how long the brand can withstand competition.

(4) Terms and Conditions

You should check the terms and conditions placed by the parent company to offer a franchise. The terms and conditions should be reasonable with minimum legal binding and time period.

(5) Profit-Sharing Percentage

Another important point to consider is a profit-sharing percentage you need to pay to a parent company regularly. The profit-sharing percentage should be reasonable.

Final Words

A franchise is a very good business option with a high success rate. You should consider the important points mentioned above while starting a franchise business.

Instant PAN through Aadhaar – How to apply for instant PAN?

Incometax

Shitanshu Kapadia

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February 18, 2020

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Income Tax has launched the facility of issuing Instant PAN card through Aadhaar. This facility is free and available on the Income Tax e-filing website. It is a completely paperless process with the issuance of e-PAN card nearly real-time. The e-PAN card issue via this method holds similar value as a physical PAN card. This card contains a QR code. QR code holds complete information about PAN card such as Name of the holder, DOB, Father’s name as well as biometric. In order to get Instant PAN card all you need is Aadhaar card and linked mobile number.

This facility is introduced to ease the process of the PAN card issue. It is inline with the Budget 2020 announcement of issuance of instant PAN card online. In this post, I will share complete information about Aadhaar based instant PAN card and step by step process to get Instant PAN card online.

What is Aadaar based Instant PAN Card?

Aadhaar-based instant PAN allotment service is to allot PAN on a nearly real-time basis. You just need to input your Aadhaar number which is issued by UIDAI. This Aadhaar card should not be linked with any other PAN. On submission of Aadhaar e KYC details will be verified with UIDAI and Income Tax database for the issuance of Instant PAN card. As this PAN card is generated in electronic format it is also known as e-PAN card.

e-PAN card is generated in PDF format. If your Aadhaar is linked with e-mail ID you will also get an e-mail about the issuance of e-PAN. It is a free facility available on the e-filing portal of Income Tax.

Prerequisite for using this facility

The applicant should have a valid Aadhaar which is not linked to any other PAN.
The applicant should have his mobile number registered with Aadhaar.
It is a paperless process and applicants are not required to submit or upload any documents.
The applicant should not have another PAN.

How to Apply for Instant PAN?

The step by step process to apply for Instant PAN card is given below.

Visit the e-Filing website of the Income-tax department.
On the left navigation, you will find the link- ‘Instant PAN through Aadhaar’.
On the next screen click the link- ‘Get New PAN’.
Fill up your Aadhaar in the space provided, enter the captcha and click on the checkbox confirm. It is a confirmation that you are not holding another PAN card and you are accepting terms and conditions.

e-PAN

You will receive an OTP on the registered Aadhaar mobile number. Validate OTP by submitting it in the text box on the webpage.
Your Aadhaar details will be validated. You will be asked to enter the e-mail ID (optional).
On the submission, an acknowledgement number will be generated. Please keep this acknowledgment number for future reference.
This acknowledgment number will also be sent to the mobile number and e-mail address for the reference.

How to Download PAN?

Follow the steps given below to download PAN from Income Tax website.

To download PAN, please go to the e-Filing website of the Income Tax department. (www.incometaxindiaefiling.gov.in)
On the left navigation click on the link- ‘Instant PAN through Aadhaar’.
Click on the link- ‘Check Status/ Download PAN’.
Enter the Aadhaar number in the space provided and captcha code. Click on the submit button. The OTP will be sent to the Aadhaar registered mobile number.

Download PAN

Validate OTP by entering the same. On the next page, you will be able to check the status of your application along with information on whether PAN is allotted or not.
If PAN is allotted, click on the download link to get a copy of the e-PAN pdf.

Final Words

As per me, it is a very good facility where a person holding Aadhaar card, but not holding PAN card can instantly generate PAN card free of cost in nearly real-time.

What are your views about this new facility by Income Tax? Do share your experience and views in the comment section given below.

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