Author: Turner Sauer

What Is KYC in Insurance and Why Is It Important
Insurance

What Is KYC in Insurance and Why Is It Important?

Introduction

When it comes to securing your future and the well-being of your loved ones, life insurance plays a pivotal role. It provides financial protection and peace of mind, ensuring that your family is taken care of in times of need. However, before you can avail of the benefits of a life insurance policy, there’s an essential step you need to be aware of – KYC or Know Your Customer. In this comprehensive guide, we will unravel the significance of KYC in insurance. So, let’s dive in and understand why KYC is crucial in the world of insurance.

Understanding KYC in Insurance:

Before you reap the benefits of life insurance for your financial peace of mind, let’s dive into the realm of KYC in insurance. KYC, or Know Your Customer, is a mandatory process that insurance companies in India require policyholders to undergo. It’s a way for insurers to verify the identity and background of the individual seeking insurance coverage. KYC aims to prevent fraud, money laundering, and identity theft, ensuring the insurance industry operates with transparency and accountability.

Here’s what you need to know about KYC in insurance:

  • Personal Identification: During the KYC process, you will need to provide personal identification documents such as an Aadhaar card, PAN card, passport, or voter ID. These documents help insurers verify your identity and ensure that the policy is issued to the right person.
  • Address Verification: Along with personal identification, insurers also require proof of your current address. This can be in the form of utility bills, rent agreements, or any other valid document that confirms your residential address.
  • In-Person Verification: In some cases, insurance companies may require in-person verification, where a representative visits your residence to verify your identity and address. This is particularly common for a high-value insurance policy.

By undergoing KYC, you establish your credibility as a policyholder, making the insurance contract legally valid.

Importance of KYC in Insurance:

Now that we understand what KYC is, let’s delve into why it’s so important in the insurance sector:

  • Preventing Fraud: KYC acts as a robust safeguard against fraudulent activities. It ensures that individuals with malicious intent cannot take out insurance policies under false identities or engage in insurance-related scams.
  • Policy Customisation: KYC allows insurance companies to offer you policies tailored to your needs and circumstances. Accurate information about your identity and financial status helps them recommend the most suitable insurance products.
  • Risk Assessment: Insurers use KYC information to assess the level of risk associated with insuring an individual. This helps in setting appropriate premiums and ensuring fairness for all policyholders.
  • Compliance with Regulations: Insurance companies are bound by regulatory requirements that mandate the implementation of KYC processes. Non-compliance can lead to legal troubles and penalties for insurers.
  • Claim Settlement: In the unfortunate event of a claim, KYC helps expedite the settlement process. With accurate customer information on hand, insurers can process claims faster, providing much-needed financial assistance to beneficiaries.

How to Do KYC in India?

Thanks to advancements in technology, the KYC process has become more convenient and efficient. Many insurers now allow you to complete KYC verification digitally, making it hassle-free and saving you time.

Here’s a detailed look at the application process involving KYC:

  1. Choose Your Insurance Provider: Begin by researching and selecting a reputable insurance provider. Visit their website or contact their customer service to understand the available insurance plans.
  1. Complete the Application Form: Once you have selected a plan, you will need to fill out the application form. This form will require you to provide personal details such as your name, contact information, and nominee details.
  2. KYC Document Submission: As part of the application, you will be required to upload scanned copies of your KYC documents. These documents typically include your Aadhar card, PAN card, passport, and address proof. Make sure the documents are clear and legible.
  3. Verification: After submitting your application and KYC documents, the insurance company will begin the verification process. They will cross-check the information you provided with the details on your documents.
  4. In-Person Verification (if required): In some cases, the insurance company may send a representative to your residence for in-person verification. This step is usually necessary for high-value insurance policies.
  5. Policy Approval: Once your KYC documents are verified and everything is in order, the insurance company will approve your policy. You will receive your policy documents electronically or through courier, depending on the insurer’s process.

Conclusion:

In the world of insurance, KYC (Know Your Customer) is the foundation upon which the entire industry is built. It’s not just a mandatory process; it’s a crucial one that benefits both insurers and policyholders. KYC prevents fraud, ensures compliance with regulations, and facilitates a smoother claims process, ultimately protecting your financial interests.

So, the next time you consider purchasing an insurance policy, remember that the KYC process is there to safeguard your interests and ensure that you and your loved ones receive the benefits you deserve.

Read More

October 25, 2023
Term Insurance
Insurance

Know This for a Secure Retirement: Term Insurance with Return of Premium Explained

Retirement is a golden phase in one’s life, and it is important to plan for it in advance to ensure a comfortable and financially secure future. Term insurance with return of premium (TROP) is a smart choice for building a secure retirement plan. It offers comprehensive financial protection to your loved ones in any unforeseen events while also offering the potential to get your investment back if you survive the policy term.

How does a TROP plan work?

When you purchase a TROP plan, you choose a policy term, sum assured, and premium payment frequency. The sum assured is the amount that your loved ones will receive if you pass away during the policy term. The premium is the amount you pay to the insurance company to keep your policy active.

If you pass away during the policy term, your loved ones will receive the sum assured. This can help them meet their financial obligations, such as paying off debts, covering education expenses, and maintaining their lifestyle.

If you survive the policy term, you will receive all the premiums you have paid back, minus any applicable charges. This means that you can get your investment back, even if you don’t need the life insurance cover.

Benefits of a TROP for retirement planning

A TROP plan can offer a number of benefits for retirement planning, including:

Comprehensive financial protection

A TROP plan can provide financial security to your loved ones in the event of your demise. This is especially important if you have young children or financially dependent family members.

Guaranteed returns

TROP plans offer a guaranteed return on your investment, which is especially beneficial in the current economic climate.

Tax benefits

The premiums you pay towards a TROP plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. This means that you can reduce your taxable income and save tax.

Flexibility

TROP plans offer a great deal of flexibility in terms of policy terms, sum assured, and premium payment options. This allows you to choose a plan that best meets your individual needs and budget.

How do you choose the right TROP plan for retirement planning?

When choosing a TROP plan for retirement planning, there are a few key factors you should consider:

Policy term

The policy term should be aligned with your retirement goals and needs. For example, if you plan to retire at the age of 60, choose a policy term that covers you until the age of 80.

Sum assured

The sum assured should be sufficient to meet the financial needs of your loved ones in the event of your demise. You should consider factors such as your dependents’ monthly expenses, your liabilities, and your future financial goals.

Premium payment frequency

You can choose to pay the premiums for your TROP plan annually, semi-annually, quarterly, or monthly. Choose a payment frequency that is convenient and affordable for you.

Riders

Riders are optional add-ons that you can purchase to enhance the coverage of your TROP plan. Some common riders include accidental death benefits, critical illness benefits, and waiver of premium riders.

Insurance company

Choosing a reputable insurance company with a good track record of financial stability and claim settlement is important.

Conclusion

A term plan with a return of premium is a smart choice for building a secure retirement plan. It offers comprehensive financial protection to your loved ones if anything unexpected happens to you while also offering the potential to get your investment back if you survive the policy term. When choosing a TROP plan, it is important to consider your individual needs and goals and to compare different plans from different insurance companies to choose the best one for you.

Read More

October 10, 2023
Featured

Identifying Reliable Copy Trading

Copy trading has gained significant popularity in recent years, providing investors with an innovative approach to the financial markets. It allows individuals to replicate the trades of successful traders, leveraging their expertise and potentially generating profits. To engage in copy trading, it is crucial to choose a reliable platform that offers a seamless experience and a range of beneficial features.

Key Factors to Identify a Good Copy Trading Platform

  1. Reputation and Trustworthiness: When selecting a copy trading platform, it is essential to consider the reputation and trustworthiness of the provider. Look for platforms that are well-established and have a track record of delivering reliable services. User reviews and testimonials can offer valuable insights into the platform’s performance and customer satisfaction.
  2. Trading Strategies and Performance: A good copy trading platform should offer a diverse selection of trading strategies to cater to different investment goals and risk appetites. Analyze the past performance of the traders available on the platform and evaluate their risk-adjusted returns. Look for consistent profitability and a low drawdown rate, indicating a prudent approach to risk management.
  3. Ease of Use and User Interface: The user interface of a copy trading platform should be intuitive and user-friendly. It should provide clear and concise information about the traders’ performance, allowing investors to make informed decisions. Additionally, the platform should offer easy navigation, enabling users to browse and filter through the available traders based on their preferences.
  4. Risk Management Tools: An excellent copy trading platform should prioritize risk management and offer tools to help investors manage their risk exposure effectively. Look for platforms that provide features such as stop-loss orders, risk allocation settings, and customizable risk levels. These tools can help mitigate potential losses and protect your investment capital.

Business meeting in an office

Benefits of Choosing a Reliable Copy Trading Platform

  1. Access to Expertise: By selecting a reputable copy trading platform, you gain access to the knowledge and expertise of experienced traders. This eliminates the need for extensive market research and analysis, making it an ideal solution for beginner investors or those with limited time to devote to trading.
  2. Diversification: Copy trading platforms typically offer a wide range of traders with different trading styles and strategies. This allows you to diversify your investment across multiple traders and markets, reducing the risk associated with relying on a single trader’s performance.
  3. Time Efficiency: Copy trading platforms save investors significant time and effort by automating the trade replication process. Once you select a trader to copy, the platform will automatically execute their trades in your account. This frees up your time to focus on other important aspects of your life or explore additional investment opportunities.

Conclusion

Choosing a reliable copy trading platform is crucial for anyone interested in leveraging the expertise of successful traders. Consider factors such as reputation, trading strategies, ease of use, and risk management tools when evaluating different platforms. By selecting a trustworthy platform (like Finestel), you can benefit from the knowledge of experienced traders, diversify your investments, and save time in managing your portfolio.

Read More

May 18, 2023
Featured

Answers to 10 Frequently Asked Questions about ICO Consulting

Initial Coin Offerings (ICOs) have become increasingly popular over the last few years. As a result, ICO consulting has become a lucrative business.

ICO consulting companies offer a range of services to help businesses launch their own ICOs, from whitepaper writing to marketing and public relations. However, many people are still unclear about the basics of ICO consulting.

  1. What is ICO consulting?

ICO consulting is a service that helps businesses launch their own ICOs. It involves a range of services, including whitepaper writing, smart contract development, tokenomics, marketing, and public relations.

  1. Why do businesses need ICO consulting?

Launching an ICO can be a complex and challenging process. ICO consulting companies have the expertise and experience to guide businesses through the process, ensuring that they launch a successful ICO that meets their objectives.

  1. What services do ICO consulting companies offer?

ICO consulting companies offer a range of services, including whitepaper writing, smart contract development, tokenomics, marketing, and public relations. Some companies may specialize in certain areas, such as marketing or smart contract development.

  1. How much does ICO consulting cost?

The cost of ICO consulting varies depending on the services required and the complexity of the project. Some companies charge a flat fee, while others charge a percentage of the funds raised through the ICO.

  1. How long does it take to launch an ICO?

The time it takes to launch an ICO varies depending on the complexity of the project and the services required. However, it typically takes several months to launch a successful ICO.

  1. What is a whitepaper?

A whitepaper is a document that outlines the details of an ICO, including the project’s goals, the team behind the project, the technology used, and the tokenomics. A well-written whitepaper is essential for attracting investors and raising funds.

  1. What are smart contracts?

Smart contracts are self-executing contracts that are stored on a blockchain. They allow for the automation of complex processes, such as the distribution of tokens to investors.

  1. How much does ICO consulting cost?

The cost of ICO consulting varies depending on the services required and the complexity of the ICO. Some ICO consulting firms charge a flat fee, while others charge a percentage of the funds raised in the ICO. It is important to get a clear understanding of the fees and services offered before engaging an ICO consulting firm.

  1. How do ICO consulting companies help with marketing?

ICO consulting companies help with marketing by developing a comprehensive marketing strategy for the ICO. This may include social media marketing, content marketing, email marketing, and influencer marketing. They may also help with community building and management, as well as public relations.

  1. What are some examples of successful ICOs? 

There have been many successful ICOs over the years. Some notable examples include:

  • Ethereum: In 2014, Ethereum raised $18 million with an initial coin offering. One of the most widely used blockchain platforms in the world right now is Ethereum.
  • Filecoin: Filecoin raised $257 million in its ICO in 2017. It is a decentralized storage network that allows users to store, retrieve, and share data.
  • Tezos: Tezos raised $232 million in its ICO in 2017. It is a blockchain platform that allows for the creation of smart contracts and decentralized applications.

Final Thoughts

In conclusion, ICO consulting is an essential service for businesses looking to launch their own ICOs. ICO consulting companies offer a range of services, including whitepaper writing, smart contract development, tokenomics, marketing, and public relations.

They have the expertise and experience to guide businesses through the complex process of launching an ICO, ensuring that they are successful and meet their objectives. If you are considering launching an ICO, it is worth considering the services of an ICO consulting company.

Read More

April 22, 2023
Business

How To Boost Video Seo On YouTube Videos

YouTube Video SEO is another algorithm in the list of YouTube parameters that determine your earnings and veiws on this platform. For the most part, it works in the same way as other YouTube search algorithms, with views and overall video watch time leading to higher earnings overall, along with video SEO optimization. This is one of the main factors that Internet marketers pay so much attention to.

If you can do proper SEO on your channel and videos, and target the right audience effectively and quickly, you will have a better chance of earning money on YouTube without really needing to do anything else. And you will be surprised how fast things can grow.

YouTube SEO essentially comes down to rankings for particular keywords within videos and targeting the perfect audience. These rankings are based on how well your channel performs relative to your competition in terms of views and watch time over a given period, but can also be influenced by so called video SEO tricks, from tags and titles, to backlinks and CTR.

Some of the most effective strategies to boost seo on YouTube are shared below for you. We will start with the most basic tips, and then see the most advanced and secret ones.

6 Essential Tricks for YouTube video’s SEO

  1. Be A Keyword Master

Your video’s title is the first thing that will show up when people search for particular keywords. This means that it’s one of the most important things you can do to ensure that people find your video when they search for a particular topic. So please choose the most trending keywords and include them in your title, video file and description to make your video reach the top. Make sure you use titles that people actually look for and with low competition. For such purpose you can use VidIQ or even Ahrefs, which is a super popular SEO tool. It allows keyword research only on Google, but Google and YouTube search are closely related so you can just rely on Google’s results. On top of that, oftentimes youTube videos can rank also on google search and not just on YouTube.

  1. Maximize Your Description and tags

Choose a nice, simple, and straight to action description that best justifies your content. The description provides the necessary attraction to people’s minds to stick to your video. Therefore, make sure that your video title has a decent amount of descriptions within it, but ideally less than 100 characters worth of text and it includes your targeting keywords to increase your keyword density and power.

  1. Make It Eye-Catching

This is a common human mind that spends more time n something that catches their eye most. This SEO strategy involves spending more time deciding and designing your thumbnail, title and description so that people are more attracted to your content. Why? Because a good thumbnail will dramatically increase CTR, which is big thing when it comes to ranking.

 

  1. Pick Famous Categories

Picking famous categories for your content will automatically push your video to the top. People search for topics that are popular and already at the top. So if your video contains content on one of such topics, then YouTube will automatically categorize it along with the top-performing videos. By doing this you can direct the audience of these trending videos or topics on your channel. For this, once again we suggest tools such as VidIQ or Ahrefs. (yes, the ones we mentioned already previously).

 

  1. Pro Tip For You

This tried and tested hack involves copying and turning the title or keywords of the most famous trend going viral on YouTube. For example, if a movie is trending on YouTube, you can add that particular movie’s name in your title, but with a little twist (meaning, not exactly the same title word by word). It helps push your video on top when people search for that particular movie. You can also choose to cover that topic in a “review of” type video to attract the fans of that movie or topic.

Boosting video SEO may seem complicated, but it’s one of the easiest tasks to increase views and help your channel. These few simple tips mentioned above will surely help you decide your channel’s fate.

  1. Increase CTR and keyword research with automation

Now, this might be a bit risky for some, but we have seen the results ourselves and we do say that is one of the most effective methods: using automation to boost your CTR by specific keyword research, possibly by then watching the video fully. If you have a good budget, you should hire a developer to do this for you, if not there are some agencies that will do this for you. For Instance, the popular website LenosTube has a service which does exactly that (seo views to increase rank), meaning watching your videos after keyword search. To make it even more effective, they will even watch your competitors’ videos for a few seconds and then go back to YouTube’s search to give you the last click with full retention. Smart and effective.

And these were some of our tips to do YouTube video SEO and increase the ranking power of your targeting keywords. I hope the advice was helpful and if you follow it, It won’t take long for you to see great results.

Read More

August 4, 2022
Finance

How Can You Put an End to Your Stressful Financial Issues?

When you don’t have money to use as an escape from everyday problems, it is difficult for you to forecast what will happen. Your fears will take over your thoughts at that point, making you feel awful and possibly leading you to consider how to get past the obstacle. When that happens, you may start using the instant cash advance apps, which are powerful enough to let you get your fast advance money credited to your account.

  • The application functions as your closest buddy, allowing you to immediately obtain money whenever you need it.
  • You are not required to pay any additional, disguised fees for processing or execution. As a result, you can save some money while lending.
  • For paying the overdraft fees that would save up the interface, you won’t be charged. That provides users with strong customer protection.
  • The rapid cash loan that you receive provides the best freedom to utilize your money without receiving an explanation.
  • Low-interest rates and a safeguarded transaction method are both features of this that you will be required to pay for.

You will have the wonderful opportunity to take use of a vast array of features and advantages as a user. And after the procedure is approved, you won’t need to wait for anything because they will promptly credit the money to the account you selected.

Advantages Of Obtaining Immediate Cash in Advance

  • Whatever industry you operate in, the company you are working with probably needs a modest amount of financial help. That might be when you purchase products or pay for your employees’ salaries.
  • Although it is simple to qualify for these methods, you don’t want to get caught up in the necessary background checks. Compared to a traditional loan, you have a better chance of being approved for the immediate business where you can gain cash in advance.
  • The money would often be funded up shortly. You don’t need to present any documents to receive the loan; you can simply start anticipating the money to be paid up to your account within a short period.
  • This kind of financing will be quite practical. Instead, you will receive the money quickly and in advance. The most viable alternative to the lender websites is the customer care line.

Even if you are collecting rapid cash loans, you may learn about the many alternatives there, so set aside some time for research and make a clear list of everything that might help you choose the right kind of loan to boost your credit.

Read More

August 2, 2022
Featured

How is Pay Day Loan Different from Other Loans?

Although it is simple to help you blunder her/him, it is essential to recognize differences when considering these two variations out of cash. You can be useful to financial debt really-being as the practically every other can be prevented at all costs.

Cash advance

Allow us to take a closer search financing in advance of wage. This kind of high-attention small-title financing is provided because of payday, as well as cash boost lending institutions. They commonly rank $500 otherwise quicker. Online payday loans same time down payment ought to be paid within a fourteen-thirty-day period. To find finance, the fresh new borrower must agree to a premier-interest price.

As per CFPB, funding of this kind set you back between $10, as well as you might $29 per $100, which is a high speed. When you are fund before wage tries fairly simple to situate, it’s evident they own various massive drawbacks:

  • High-interest rate;
  • The possible adverse result on your credit rating;
  • Required a credit history check;
  • Prospective to enter into the latest duration from short-title money during the higher-interest degrees.

As a result of these cons, the fresh new CFPB, as well as other organizations caution against utilizing payday finance. Having rates of interest up to 900%, such funds can absolutely spiral spinning out of control when it comes to charges for the new customer. Throughout the years, reusing funds can cause a vicious cycle relating to financial obligations. When the financial obligation requires to be repaid, financial debts, or other expenses, also surpass what you can do to pay. Their incomes do not bring alleviation, as well as you just service much deeper, as well as you might better on the financial responsibility.

Cash advance cash

Cash advance advancements are entirely more elements than simply payday finance. A wage advance was an advantage provided by a manager where you might get a portion of their income. A revenue development isn’t an obligation nevertheless. Your boss will not cost need, as well as you may costs when obtaining cash that’s always surprisingly reduced. Salary boosts are produced to assist teams to finish a down economic climate. In place of sinking on the loans, they can think about the business for aid. It is a clever option for a recession.

Why should You Favor a Cash Loan?

The procedure for discovering funding prior to income does not take a long time. The possibility to rack up money from an enthusiastic financing company, such as Slick Cash Loan, is larger than merely taking appropriate out lending from a financial institution.

Read More

May 12, 2022
Business

What are the fees that FBA includes and its advantages?

Fees for the FBA include

  • Stock removal fee

If you want to get your inventory out of Amazon’s warehouse and throw it away, you’ll have to pay for that, too.

Fees: If you are thinking about switching from selling through FBM to selling through FBA, you need to know about these fees. They will show up on your bills at some point during your selling cycle. A lot of people make a lot of comparisons and choose fulfilment based on what they think is best. Choose a fulfilment method before you know all the costs. The ad costs, shipping costs, FBA fees, and so on are all things to look at. These costs and prices can be hard to understand, but SellerApp has two free tools that can help. In the Zonbase Blog you can find everything easily.

  • Amazon FBA calculator

FBA costs, estimated sales, and investment costs can all be found out ahead of time with the Amazon FBA calculator. You can compare products and how much money you could make by selling them on Amazon with the Chrome extension. You can use it right on Amazon to see how much you could make if you sold the product there.

  • Amazon ACoS calculator

The Amazon ACoS calculator is the FBA calculator with a lot more power. Analyzing the FBA fees for any Amazon product is just one of the things the Amazon ACoS calculator can help you figure out. It also helps you figure out the price points and numbers you must sell at, as well as the Ad costs, to make the money you want.

Advantages of FBM

A better understanding of how things work

In business, sellers feel like they have a lot of power. They can run the business for a long time because they can handle all of the numbers and inventory on their own.

Freedom to run the business exactly as seller chooses

Having a chance to grow means that self-fulfillment of products gives you more control over your inventory. Making more money on Amazon is simple and easy if you don’t have to think about extra shipping, more FBA fees, or more warehouses.

Opportunity for an offline and online retail store

Online and offline stores with the same inventory can be kept up with. To run an offline store, the same inventory stocks can be used to run an online store as well. Because sellers choose the warehouses where they keep their inventory, they are in complete control of the inventory. A lot of this can be done without having to pay extra for shipping or delivery.

Opportunity to build an independent brand is more feasible

An FBM seller has to talk to his customers one-on-one. They get a better sense of their customers’ needs and complaints because they are right next to them and talk to them all the time.

Less unavoidable losses due to changes in Amazon policies

Amazon often changes the prices and rules for getting things to you. People who keep things in Amazon’s long-term storage for a long time also have to pay long-term fees for that. People who sell FBM don’t have to deal with all of these headaches. The Zonbase Blog will help to get great ideas to sell products easily in the internet.

Read More

April 23, 2022