Did you know that SMEs account for 45% of the country's manufacturing output while employing 40% of the workforce? This figure was reflected in an article published in The Economics Times in June 2013. The start-up environment is only getting better by the day and it wouldn't hurt to dig in.  Amidst such an environment SME loans in India are hot picks.

Business Start-up Strategy

The romance really gets to you whether it’s your first love or your first business start-up. Starting a business is no cakewalk and sometimes may take months or years of planning. Getting your business dreams together can only be true if you have a strong financial backing. You can checkout SME loans to finance your business model.

1. Business Plan – The very first thing that you must identify is your business model. The type of product you plan to offer, it’s USP and the market needs it will fulfill; your target consumer, your business plan for immediate future, the risks involved and your competitors, are some of the things that you must think through. It is recommended to roll out a small batch of products at first in order to determine consumer response. A SME loan will take care of your business plan for at least a couple of years till you start earning a minimal profit.
2. Finance – Getting your start-up financed may prove to be a major hitch. You must think your options through before taking a plunge. While investing one's own money may look like a suitable option to you but it is not a reliable one. SME loans are a great option as you can secure enough money to run your business smoothly till profits start to show up. You can also garner tax benefits from tax deductions on interest payments if you are on a high marginal tax rate.
3. Marketing On Budget– Efficient marketing within a budget is the key to give your product the required push. A low-cost website, social media marketing which includes positive feedback coverage are two of the ways out. You can also let close friends and family try out your products and spread it through word of mouth.
4. Ask for Help – Identify the experts in your surroundings and ask for assistance. Likewise, you can ask an accountant friend to look after your company's financial account in the initial years. This will save you money while giving you expert help. You can also browse the internet and learn the perks of a field yourself.
5. Infrastructure – For the initial years you can function from a small space with rented or second hand infrastructure necessities. Browse through SME loans to fund your business financial needs including infrastructure.

It is a prudent decision indeed to invest in one of the best term insurance plans in India, since it is a pure investment vehicle, which provides maximum cover at a low price. It will secure your family in case of your untimely demise or an unfortunate incident that leaves you incapacitated permanently. However, it is essential to choose the cover carefully, so as to ensure that you are not under-insured. If the cover does not meet the basic necessities of your dependents, it defeats the entire point of insurance. This is one of the main factors to be considered according to Ramalingam K, the Chief Financial Planner at Holisticinvestment.in. Be sure to factor in the rate of inflation in your calculations when you determine the cover. Some of the other things to keep in mind are as follows.

Most Important Factors of Term Insurance Plans

1.      Affordable premium: Term insurance is known to be the easiest on the pocket when it comes to premiums. However, you need to achieve the right balance of being able to afford the premium and getting sufficient cover out of the investment.

2.      Ease of buying term insurance online: As per the IRDA guidelines, there might be a reduction of 10-15% in the premium in coming years. This, coupled with the fact that the process of purchasing online term insurance is very simple, makes it desirable. Be sure to assess the plan carefully and be sure that you understand the terms clearly.

3.      Claim settlement ratio: It is a well-known fact that your family's insurance claim may be rejected if the insurance company deems the context as outside of its terms. It is important to find a company that has a high claim settlement ratio, along with ensuring that you are honest about your health habits at the time of the purchase.

4.      A plan that is right for you: It is advisable to choose a company that provides a wide range of term insurance plans so as to find one that suits your financial needs as closely as possible.

5.      Accidental death benefit and exceptional cases: Be sure to choose a plan that will honour the claim in case of an accidental death and be sure to know the exceptions. If the insured person commits suicide within a year of purchasing the policy, it is likely that it will not be covered.

6.      Tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961: Policyholders can enjoy tax deductions up to Rs 1.5 lakhs on annual premiums paid towards their term insurance plans in India.

You may think twice about spending money on anything in the world, except for health insurance.

In today’s times, nothing is more important than safeguarding one’s health. Rising stress, lifestyle diseases and extremely fast-paced lives are making more and more people ill. Also, the incidence of cancer and heart ailments has increased

On the other hand, medical treatment costs are prohibitive, prompting many people to seek a doctor’s opinion only when it is absolutely necessary. People who need expensive surgeries are forced to either forego the operation or borrow money before getting admitted.

Take the responsible route out of this situation – invest in family health insurance. This is why you should consider taking health insurance:

1. It pays for hospitalisation and medical care

In the absence of family health insurance, you or a family member will have to pay for hospitalisation, medicine and doctor’s visits. These costs can be extremely high, and a single round of hospitalisation will wipe out your savings. Instead, a family health insurance plan will help you tide over the crisis easily.

2. It provides coverage for dependents

In the event of your unfortunate demise, a family health insurance plan will ensure that your family does not suffer from a sudden loss of income. Whether you are present or not, the presence of a family health insurance policy is a backup option to provide expenses for children’s education, wedding, household running costs, even senior dependents’ health care.

3. It keeps your savings intact

In the absence of family health insurance, you will have no option but to dip into your savings to finance sudden emergencies. It takes years to build a savings corpus, and just one tragedy to completely deplete it. But if you have sufficient health coverage, your savings can be untouched while you treat yourself or a family member.

4. You can depend on yourself in your old age

Senior citizens are hampered by a lack of finance when they need expensive hip replacement surgeries or regular therapy for arthritis. A lack of income, coupled with daily expenses, can result in many seniors not being able to fund their own medical care. If there is family health insurance, the seniors can easily get quality healthcare without having to request money from their children.

5. Taking it young ensures a higher pay-out

Taking family health insurance when you are young and earning good income will make it easier for you to pay high premiums. The capability to pay a high premium will help you choose more add-on benefits in the policy. It is difficult to take health insurance when you get older. Instead, you will get sufficient health coverage when you are young, with no diseases and a stable income.

So why wait? Buy a great family health insurance plan and secure your collective future.