June 2022


5 hacks for buying term insurance online

You must have definitely heard people stressing the importance of insurance coverage. It is even more evident during the ongoing pandemic where protecting your life and health has reinstated its importance. But before the pandemic took the world by storm, millennials and Gen Z did not place much emphasis on having a life insurance plan by virtue that health contingencies are mostly age-related. However, that isn’t the case anymore.

A term insurance policy is a pure life insurance product that offers financial coverage to the policyholder’s dependents in their absence. Unlike traditional insurance plans, a term plan does not offer any maturity benefits to the policyholder. However, there are some other term insurance benefits, which are as follows:

  • Affordable insurance premiums.
  • Coverage for entire life.
  • Payout of the entire sum insured.
  • Optional critical illness coverage.
  • Accidental death benefits.
  • Tax benefits under Section 80C of the Income Tax Act.

The insurance sector also witnessed many new buyers since the global health crisis; people have started to move towards smart and paperless ways of buying and using online insurance plans. Just like how most things are available online, insurance plans can also be purchased in just a few clicks. Here are some hacks on how to buy a term insurance policy online.

  1. Buy more for less

While the number one concern for many when buying a life insurance policy is its costs, buying a plan with lower coverage may become counterintuitive. Instead, one can choose to opt for a term insurance plan. Since a term insurance policy is a pure insurance product designed with insurance as its only objective, term insurance benefits include lower costs as the highlight feature. Depending on the insurance company and the policyholder’s health, the premium, for instance, for a 45-year policy will be the same or even lower as compared to a 35-year policy. Based on the threshold of the sum assured, the premiums vary, and hence, you can avail of better deals when you shop for a term insurance plan online.

  1. Considering the coverage of your plan

When shopping for a suitable plan among the plethora of term insurance plans in India, you need to remember to keep in mind the benefits that you actually require in your policy. If you choose to automate the payment and the policy renewal, you might actually end up paying for policy features that you don’t need or miss out on features (riders) that are available at a marginal cost.
For instance, the accidental death rider is offered by many term insurance plans and it offers a more comprehensive coverage by your policy. Thus, when opting for a suitable policy, make sure to sift through several available term insurance plans in India and then make a favourable choice.

  1. Opting for the right policy tenure

One of the advantages of using a term insurance cover to safeguard your life is that your family can continue to sustain their standard of living and avoid a debt-trap even when you are not around. But for that, it is essential to strategically choose the tenure of your term insurance policy. Typically, a term insurance policy should be for a tenure that is longer than the debt you need to service, like a home loan or the life event that you are planning for. This ensures there is a financial backup for your dependents to pay off any debt or meet the long-term financial objective without any hiccups. In this process, you can make use of a term plan calculator that helps to know not just the premium amount for suitable insurance plans, but also aids in the comparison of several alternatives.

  1. Choosing the ladder strategy

As the breadwinner of a family, you might be required to consider several different things when planning your finances. This includes your own retirement planning, your child’s education and even your spouse’s retirement. At the same time, you might be required to settle several liabilities like a home loan, education loan, etc. during this period. Using the ladder strategy of buying term insurance, you can choose to buy more than one policy and align the policy tenure of these plans with these specific financial goals. This way, in case of an untimely demise, the family members need not worry about meeting the large debt by using the proceeds of a term insurance cover.

  1. Opting for a suitable option of premium payment

Another nifty hack when buying term insurance online is choosing the right payment option. Terms insurance plans can either be purchased with a one-time premium payment or a periodic payment either annually or monthly. Based on what suits your financial needs, you can opt for the right premium payment. A term plan calculator can help you decide by determining how much amount you would be required to pay upfront.

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The Remote Advantage: Top Benefits of Outsourcing Work

As a business owner, HR professional, or recruiter, you might like to think about a variety of considerations when it comes to outsourcing. However, since hiring has just become too difficult, outsourcing remote labor can be a difficult choice.

Outsourcing your entire workforce has several advantages. For example, you can access a global, diversified, and educated talent pool while saving money and on labor expenditures. This piece of content will examine several advantages of outsourcing employee monitoring tasks and explain why hiring outside assistance may be the best course of action for your company.

1. Enhance group performance with outside knowledge

You can employ anyone with years of knowledge by using an independent contractor. They will add experience to your organization, and they might even improve operations while launching new programs. In this manner, you can avoid creating a new section within your firm or breaking in a new employee, both of which need time and money. The professionals will assist you in being more productive and effective work performance to monitor right away.

2. Budget-friendly expansion

It might be more sensible to outsource your public relations needs to a competitive company than to start from scratch with an internal PR staff. This approach can be used in departments like human resources, bookkeeping, legal, and others that take on increased significance as your company expands. Without going over their costs, companies can expand their firms through outsourcing.

3. Promotes Business Growth

Businesses can grow their operations internationally with the help of outsourcing. It’s now easier to enter a worldwide market if you’ve desired to for a while. Your worldwide staff can enter the local market through outsourcing. This is a chance for your company to become more well-known on a much larger scale.

4. Boosts Productivity

A significant portion of the workload that has been placed on your group by numerous obligations might be reduced with some straightforward outsourcing. As outsourcing has alleviated the necessity of ongoing recruitment and training in the company’s main site, businesses are now able to build and maintain very competitive work environments. This personnel may now concentrate on what they do well rather than being overburdened with duties that are outside of their purview, which increases employee productivity.

5. Creates a pleasant working environment

As it turns out, managing staff is a lot simpler when you engage remotely as opposed to managing in person. Many workers benefit from remote work since it allows them to work and be near their dear ones simultaneously. The remote work option improves and makes the balance between work and life for all workers, but particularly for those with additional familial responsibilities.

6. Development of internal employees

Despite simply completing a job, on-site outsourcing can be beneficial. When you hire outside expertise, your steering committee has the chance to learn new techniques and viewpoints just by working with your more knowledgeable recruits. If your team is in its infancy or is still developing, outsourcing is advantageous.

Final Words

In short, outsourcing work to the right partner is an excellent way to reduce costs, improve margins, and increase profitability. It’s not the right choice for every company in every circumstance, but if it’s on the table, you should do your best to take advantage of it. And if you choose to go the remote route, make sure to vet your partners carefully to ensure that your outsourced workers can handle your workload effectively.

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The Vital Role of Clinical Data Management in Healthcare Industry Research

Thinking of retraining for new roles in life sciences? Could clinical data management be your new business idea?

The healthcare industry wouldn’t be what it was without research. Research into the life sciences forms the backbone of all medications, vaccines, and medical processes. Without the research conducted in these key areas of healthcare, the industry would still be selling old wives’ cures. Of this research, clinical data management plays a hugely important role. Let’s examine what this role is, what it does, and if you can make a business out of it, below.

What is Clinical Data Management in Healthcare?

Before we discuss the impact of these life scientists on the world, we need to understand what it is they do. Clinical data managers are those in charge of collating, fact checking, and recording information used in medical research. They collect and validate information, combine it into statistics, analyse these statistics, and even present them in graphical format for the less medically inclined.

Clinical data managers will collect all the studies in there are of research. They analyse these studies for trends, changes, and common occurrences. They report the data back to those concerned, presenting it in an easy-to-extrapolate format. The role of clinical statistician falls into this area of expertise, too.

What Types of Healthcare Sector Roles include CDM?

There are plenty of clinical data management jobs for you to choose from. There are even business opportunities in this field for the entrepreneur. Many of the jobs are research based, with large corporations often employing clinical data managers to extrapolate information about consumers from data dumps. Here are some common responsibilities in CDM within the healthcare industry.

Clinical Research Database Analysis

These employees report upon the progress of clinical trials. They collate the information on development, testing, and results. This role often includes creation of new databases for the collection of related information.

User Data Testing

Clinical research scientists oversee the participation of user data testing within trials, ensuring it is fair and relevant to the situation. One of their main responsibilities lies in ensuring data collected during trials is secure and protected from tampering.

Quality Control Guidelines

Since clinical database managers oversee the collections of trial data, they must also oversee its quality control. If the data is not to a suitable standard for admission, they should document this and mark it as an unreliable source. They may also produce the quality control guidelines for studies as a whole, inclusive of future studies and participants.

Compliance and Standards

A key aspect of roles in Clinical Data Management lies in development and execution of compliant systems. Compliance comes in all forms, with the university, with the outlined rules of the study, within the realms of science, and according to government guidance. Compliance in clinical trials means accurate records and statistical feedback.

Interested in a Role in Clinical Data Management?

A position in CDM could earn you an annual salary of between £20,000 and £80,00 per annum in the UK.

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