Personal Finance lessons to learn from Covid-19

When we talk about covid, then the only expression and thought that comes to one’s mind is of fear, but what if we tell you that fear is just one side of the coin and there’s more to something more on the other side of the coin.

Covid has claimed many lives, made people jobless, created financial and business losses and so much more. But one thing it has though us is that it’s very important to save or have a backup plan if you suffer a sudden financial loss in business or salary or a loss of job.

Today, we have listed down a few important Personal Finance lessons that covid has taught us.

Health Insurance

For obvious reasons, the most important thing during this covid crisis was a Health insurance cover and its benefit cannot be overlooked.

But the ones who had the insurance cover have certainly benefited as compared to the ones who never took health insurance seriously and always ignored saying that they might not need it.

Health insurance can be taken based on various packages offered by insurance providers based on monthly premiums, diseases covered and other such factors. You can claim the insurance once you get covered in the plan you have opted for.

There are three types of Health Insurance

1. Life Insurance
2. Tem Insurance
3. Health Insurance

Utilize your Savings

Needless to say, savings is something that can never go out of hand today, tomorrow and forever. The more you save or rather the more items you invest in, it will always stand by you in times of your needs. A savings can be anything be it some amount of money that you keep aside every month or an investment in a property or even an investment in Gold can help you fetch a Gold Loan from a reliable Financial Institution.

All these clubbed together are savings at the end of the day which you can use during your financial crisis.

Banks and NBFCs

They are the ones we always turn to when there’s a cash crunch. Banks and other NBFCs have played a vital role in covid times to provide ease to the customers through EMI moratorium and other relief plans to lower the repayment burden on borrowers. Asides from providing relief,  NBFCs like Fedfina gave assistance in lending in which Gold Loan stood out from all the other loans, and proved to be beneficial in all aspects as it provides Maximum LTV, Lowest Interest Rate, Quick disbursal and Minimum documentation.

Conclusion

Although life is now turning back on track how it was before, some things can never be forgotten especially the life lessons covid has taught us.

Therefore it is very important to learn from your past mistakes and not ignore the above Finance tips which play a key role in a person’s existence.