WHY LIFE INSURANCE?

WHY LIFE INSURANCE? 

The risk of death is covered under insurance scheme but not under ordinary savings plans. In
case of death, insurance pays full sum assured, which would be several times larger than the
total of the premiums paid. Under ordinary savings plans, only accumulated amount is
payable. 

It Encourages Compulsory Saving
After taking insurance, if the premium is not paid, the policy lapses. Therefore, the insured is
forced to go on paying premium. In other words it is compulsory. A savings deposit can be
withdrawn very easily. 

Easy Settlement and Protection against Creditors
Once nomination or assignment is made, a claim under life insurance can be settled in a simple
way. Under M.W.P. Act, the policy moneys become a kind of trust, which cannot be taken
away, even by the creditors. 

It helps to Achieve the Purpose of the Life Assured
If a lump sum amount is received in the hands of anybody, it is quite likely that the amount might
be spent unwisely or in a speculative way. 

To overcome this risk, the life assured can provide that the claim amount be given in
instalments. 

Peace of Mind 

The knowledge that insurance exists to meet the financial consequences of certain risks
provides a form of peace of mind. This is important for private individuals when they insure their
car, house, possessions and so on, but it is also vital importance in industry and commerce. 

Loss Control 

Insurance is primarily concerned with the financial consequences of losses, but it would be fair
to say that insurers have more than a passing interest in loss control. It could be argued that
insurers have no real interest in the complete control of loss, because this would inevitably lead
to an end to their business.

Investment of Funds

Insurance companies have at their disposal large amounts of money. This arises from the fact that there is a gap between the receipt of a premium and the payment of a claim. A premium could be paid in January and a claim may not occur until December, if it occurs at all. The insurer has this money and can invest it.

Invisible Earnings

We have already said that insurance allows people and organizations to spread risk among them. In the same way, we can also say that countries spread risk. A great deal of insurance is transacted in the UK in respect of property and liabilities incurred overseas. London is still very much the centre of world insurance and large volumes of premium flow into London every year; these are described as invisible earnings.

Insurance Facilitates Liquidity

If a policyholder is not in a position to pay the premium, he can surrender the policy for a cash sum.

Loan Facility and Tax Relief

The person can also take a loan for a temporary period to tide over the difficulty. Sometimes, a life insurance policy is acceptable as security for a commercial loan. By paying the insurance premium, the insured obtains significant reliefs in Income Tax and Wealth Tax.

3 top challenges with MongoDB™ and how the Couchbase Data Platform avoids them

3 top challenges with MongoDB™ and how the Couchbase Data Platform avoids them

Challenge 1: Performance at scale

MongoDB™ is dont only difficult to manage, but its performance also rapidly degrades as the cluster size or number of users increases

MongoDB™

MongoDB's™ master- slaved architecture limits its ability to efficiently support many concurrent users with a single node – and its performance rapidly degrades beyond a few dozen concurrent users per node. Add a more hardware resources complicates database management, but doesn’t improve performance proportionally

Couchbase

Couchbase’s memory 1st masterless distributed architecture is elegantly simple and delivers predictable and consistent performance at any scale. Couchbase easy supports hundreds of concurrent users on a single node and scales horizontally across multiple nodes. Setting up a multiple node Couchbase cluster takes only a few minutes, and adding or removing nodes is a simple push-button process.

Challenge 2:
Mobile MongoDB™’ lacks a native mobile solution

MongoDB™

MongoDB™ do not have a complete solution to support mobile applications. You ther have to write your own code to synchronize data on the mobile device with data in a remote server, or you have to forego synchronization and instead pull data from the remote server for everyone request. This means your app always need to a reliable internet connection to work properly, and it may suffer performance problems due to network latency.

Couchbase

Couchbase provides a complete mobile solution – Couchbase Mobile – which combine an embedded JSON database (Couchbase Lite) and a pre-built synchronization solution (Sync Gateway). That means you can easily built mobile apps that always work, with or without any internet connection.

Challenge 3:
High availability and disaster recovery

MongoDB™ can not perform all writes locally and is significantly susceptible to data loss and inconsistency

MongoDB™

When deployed across world multiple datacenters, MongoDB™ can only perform writes in the primary datacenter. This means it has to perform writes from the “secondary” to remote critial locations, which can increase latency and degrade application performance. And if a primary goes to the down, MongoDB™ is likely to suffer data loss or inconsistency. This risk is one reason why MongoDB™ deployments need to be closely monitored at all times is best.

Couchbase

Couchbase’s masterless distributed architecture, along with its built-in support for bidirectional cross datacenter replication (XDCR), allows all writes to be performance locally rather than to a remote location. This capability minimizes latency and helps to other optimize application performance. Couchbase also provides an entirely different approach to replication and failover that significantly reduces the potential of data less and inconsistencies.

Oscar | A new kind of health insurance company

We do health insurance differently — with more coverage, less hassle, and perks that give you the most value for your premium.

Find a plan unique to your needs.
The best plan for you is tailored to your health needs, your budget, and your lifestyle. We know that spending more doesn’t always mean getting more — so we make it easy to find the plan that’ll work hardest for you.

Monthly premium

Your premium is your monthly payment to Oscar that keeps your health insurance active. It doesn’t count toward your deductible.

Deductible
The amount you pay for covered services (like copays for visits and prescriptions) in a calendar year before your plan starts paying (either in part or — if your deductible matches your out-of-pocket max — in full.

Preventive care
Care to prevent certain illness or diseases. All Oscar plans include annual physicals (with a PCP, OBGYN, or pediatrician), flu shots, many vaccinations, non-diagnostic mammograms, STI screenings, and all e-visits for free.

Out-of-pocket max

The most you will pay for covered health care in a year (aside from the monthly premium). Once you reach it, we pay for everything.

Get more for your money
Health insurance isn't cheap, no matter who you go with. That's why we make sure every Oscar plan gives members more value for their money, whether they're getting the minimum coverage or all the bells and whistles.

Each new partner will provide greater options and choice in their respective regions: Northwell on Long Island, Memorial Sloan Kettering in New York City, and West med in Winchester. Altogether, this expanded network option will make Oscar for Business plans even more attractive to small business owners in New York and shows Oscar’s unique ability to be nimble and make changes to our product for the benefit of our members. 

As an Oscar member, they do not have to navigate the health care industry on their own and we will continue to adapt our offerings to best fit their needs.

Life insurance industry today Currently

Life insurance industry today Currently
there are 24 life insurance companies operating in India as detailed here under:

⇔ Life Insurance Corporation (LIC) of India is a public sector company

⇔There are 23 life insurance companies in the private sector

⇔ The postal department, under the Government of India, also transacts life insurance business via Postal Life Insurance, but is exempt from the purview of the regulator.

How insurance works

⇔  Modern commerce was founded on the principle of ownership of property. When an asset loses value (by loss or destruction) due to a certain event, the owner of the asset suffers an economic loss. However if a common fund is created, which is made up of small contributions from many such owners of similar assets, this amount could be used to compensate the loss suffered by the unfortunate few.

⇔In simple words, the chance of suffering a certain economic loss and its consequence could be transferred from one individual to many through the mechanism of insurance.

Role of insurance in society Insurance

 companies play an important role in a country‟s economic development. They are contributing in a significant sense to ensuring that the wealth of the country is protected and preserved. Some of their contributions are given below. 

⇔)Their investments benefit the society at large. An insurance company‟s strength lies in the fact that huge amounts are collected and pooled together in the form of premiums.

⇔ These funds are collected and held for the benefit of the policyholders. Insurance companies are required to keep this aspect in mind and make all their decisions in dealing with these funds so as to be in ways that benefit the community. This applies also to its investments. That is why successful insurance companies would not be found investing in speculative ventures i.e. stocks and shares. 

⇔The system of insurance provides numerous direct and indirect benefits to the individual, his family, to industry and commerce and to the community and the nation as a whole. The insured - both individuals and enterprises - are directly benefited because they are protected from the consequences of the loss that may be caused by an accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and releases the capital for further expansion and development of business and industry.

⇔ Insurance removes the fear, worry and anxiety associated with one‟s future and thus encourages free investment of capital in business enterprises and promotes efficient use of existing resources. Thus insurance encourages commercial and industrial development along with generation of employment opportunities, thereby contributing to a healthy economy and increased national productivity. 

⇔ A bank or financial institution may not advance loans on property unless it is insured against loss or damage by insurable perils. Most of them insist on assigning the policy as collateral security.

⇔ Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts. They not only assesses the risk for rating purposes but also suggest and recommend to the insured, various improvements in the risk, which will attract lower rates of premium.

⇔ Insurance ranks with export trade, shipping and banking services as an earner of foreign exchange to the country. Indian insurers operate in more than 30 countries. These operations earn foreign exchange and represent invisible exports.