Two things take away Happiness from us;
Living in the Past and Comparison with others.
Incredible Transformation can be caused simply if we believe in our Dreams, Take Consistent Mindful Actions and Stay Committed to making New Possibilities happen in our Lives.
What you Have, What you Got and What you Do has no relationship with your potential; Your Vision is the only limit.
SEE IT AND BELIEVE IT FIRST,
TO DO IT AND ACHIEVE IT.
Dr. Ashok Chandran
Life is all about Choices, the choices that we make and its consequences that follow.
Entrepreneurs who were on an expansion spree now want to pause, survive and exist first.
We moved around endlessly around the globe polluting the environment, we now want to communicate digitally and stay home safely.
We wanted excitement, parties, entertainment all the time, but now we just want to live in peace.
We chose air conditioned rooms, but now we ask for open air and sunshine.
We chose cooked and processed foods, now we ask for natural and safe foods.
We loved using animals and our natural resources, but we now need the environment.
We loved being on our own, but now feel lonely and need people to talk and be with.
Gadgets were important to us, and dictated our lives, but now we just want to be Human and Natural.
Jobs and businesses were the only thing that we wanted but now just need some happy time with our loved ones.
We never listened to anybody and wanted to just talk, now we want to listen to people, listen to the nature and understand the world where we live.
Health was the last priority after we enjoy our lives, but we now seek only health, and realized that Wealth can happen anytime if we have Health.
Arrogance is now replaced with prayers, Attitude of Gratitude and Attitude of seeing and focusing on the goodness in everything.
Money meant Power, but now Health is Wealth.
Investment and Speculation was more important, now Insurance and Savings are priorities.
Doctors were treated like paid servants, now they are gods and saviors.
People rushed and pushed at Temples, theatres, malls, restaurants and public transport, now we respect and appreciate the need for our private space and social distancing.
Our ego's made us feel invincible, now we pray for survival.
Only I was important, now WE need each other.
Religion, Politics, Financial status, Countries set us apart, now we are all one for survival.
Man progressed ignoring the natural scheme of things without a Goal. Now we just want to reverse the wrongdoings and set things right for a common purpose.
We abused science and technology to lead a fictitious life outside. We now want to be spiritual and return back to reality within.
People who chose Urban cities for work and living, now dream of living at the countryside.
We were in an endless rat race, now we want to pause and be human.
Man chased and struggled for his greed, and
now realise what he really needs.
Choose to see the positive side of life, Choose to connect to the universe spiritually, Choose to see the goodness in people, Choose to see the goodness in everything.
Finally it's all about the choices that we made in the past, and the choices that we make now. Choose wisely, Choose Life, Choose Love, Choose Health, and Choose Happiness. All choices will have consequences, Make good choices today so that you don’t have to regret tomorrow. It's all about your choices. The choice is yours!
- Dr. Ashok Chandran
#Choices
#Pandemic
#Covid
#LifeAfterCovid
#Transformation
#Entrepreneurship
#ChooseHappiness
The true nature of man and the human potential is revealed only in times of crisis. Enterprises Prosper or Doom based on their relevance to the masses at the opportune time. Staying relevant by constantly reinventing yourself is the key to success.
The markets tanked and we lost valuations,
but more valuable is the need to understand the plight of people, the risks
they carry and the future for all of us. Markets will definitely correct,
normalize and grow, but the impact of the virus and the worldwide lockdown will
leave a permanent mark in the lives of people and on businesses.
Amidst all this mayhem the people really suffering
are the ones who earn their living based on their daily earning. The term ‘hand
to mouth existence’ was once used only for the very poor strata of the society,
but is a stark reality today for entrepreneurs and businesses too who need to earn
income every day for their existence and meeting their expenses.
Many small scale manufacturing units are
completely shut down. Consultants, trainers, coaches and professionals have
stopped practicing.
EMI’s and monthly fixed expenses will
never stop for the household, Entrepreneur or Business, while the incomes have
dried up for many.
Many businesses were already going through
a challenging phase. To top up, in an already tough market the Corona Virus
injected a fresh crisis and confusion almost choking or killing the
Entrepreneur and Businesses.
So what is really happening? And what can
we expect in the future?
Corporate India is not only fulfilling its
mandatory CSR responsibilities, but a good investment is also happening from
the governments to fight the Corona Crisis.
Citizens also contribute to the Prime
Ministers fund specifically for the Corona Crisis.
Philanthropists, Cooperative societies,
religious trusts, NGO’s are all contributing in their own ways to fight the
pandemic.
While the health workers, police and other
officials are on the field and doing their best even at the cost of their
lives, many have chosen to just take it easy and chill with a break. There are
also leaders in companies and organizations who refused to idle away precious
time and have gone all out to collaborate digitally to perform or even out
perform in their businesses remotely. There are also leaders who chose to
support their teams for skilling or reskilling themselves. Many businesses also
modified their business processes to adapt to remote working and business
generation.
There is no doubt that the medicine and vaccination
for Corona Virus will be found, but are we ready for battling such new viruses
and crisis in the future? How vulnerable are we to such unknown attacks. Will
everything be the same after this health crisis? Almost every five years we
have seen some or the other kind of financial crisis in the markets and we also
overcome it, but when the combination of health crisis and financial crisis has
hit us this time that too very badly, its high time for some forced learnings, thinking
and decisions . Also this time the impact is likely to transform many things
around us.
Startups have identified generic needs in
the markets and are trying to launch products and services that will cater to
the needs of people. Now that in many verticals the priorities and needs of the
consumers have changed and it may no more be viable to create and run a startup
with the same model that was originally planned. Moreover many Investors have
lost money in the market and will want to play safe and may want to curtail
further investments in startups whose products may not fit the new scheme of things
in the market. Many startups will have to be flexible to provide value in newer
ways than what was envisaged by them originally. One good thing for new
entrepreneurs is that they will go frugal from the beginning and they will get
advantage of doing many things digitally, cost-effectively and appropriately
right from the beginning.
Managing the working capital is the key to
existence. Enterprises are making sure that the most important needs are met on
priority, and the good to have and luxury purchases are completely stalled. There
will be layoffs and salary cuts in most organizations.
Businesses will definitely stand back on
its feet and reclaim its true valuations in the market. Products that have
value will continue to be consumed by the people. The traditional, stable, must-have
product making companies will definitely grow and prosper.
Entrepreneurship will be the way of life for
the future as enterprises will not be able to afford full time employment for
many, and many professionals will be forced into consulting and contract work when
the job markets are not in their favor.
The markets were not great even before the
lockdown, and enterprises had already geared up with Plan A, Plan B and even Plan
C. So now they will move directly in to the most aggressive survival plan
instead of a quarter wise wait and watch model of financial planning and
investments.
Companies who needed an excuse for
downsizing has now got a strong reason and they will use the axe at the
earliest possible moment.
Employees in their comfort zones will have
to perform or perish, as the companies themselves have to be competitive to be
able to survive.
Not only entrepreneurs but you will see an
intrapreneurial mindset within organizations too, as people will be forced to
stretch and perform like an entrepreneur within limited resources within their
departments or functions with clear goals.
The post pandemic years will unleash an
era of a new breed of entrepreneurs who are educated professionals,
experienced, well grounded, matured, talented, ambitious, young and vibrant.
They will be genuine and attractive to the investors, and will generate
employment that is much needed. The governments will also support entrepreneurs
as that will be the only way for taking the economy forward, after a terrible
crisis and downfall.
Social Entrepreneurship will hold higher
demand and respect in the new scheme of things where there is a general focus
on all citizens and not on selective few. There will be more of innovative
products and offerings that will emerge for mass must-have needs and less of
niche glamour products for select audience. The government will encourage and
guide entrepreneurs to execute socially relevant projects and products, which
satisfies the needs of the masses and also creates employment.
Professional employees are not having the
upper hand anymore and salaries will be cut down to more reasonable levels; in
many cases it will be a kind of correction to make salaries more realistic.
The biggest of organizations and the most qualified professionals also resist change. Change management is tough, I have personally seen companies and employees reluctant to adapt computers, digitization, ERP, Internet, Etc. in business for a long time. However when you are forced to adapt change or perish, willingly or unwillingly things change and sometimes transform for the better.
Reskilling will be needed for almost all
industries as many organizations have used this opportunity to invent new
processes that are more efficient, digital, less expensive and automatic. Thus
the digital transformation that the CIO’s and CEO’s were trying and talking for
decades have either forcibly or by design happened through a Virus.
The technology push will unleash
innovative and efficient digital processes in almost every field like health, shopping,
Insurance, Investment Brokers & Distributors, Banks, Food Delivery,
Consulting, real estate, Automobile, Music, entertainment and almost everything
that you can imagine. Technology will regain its importance and innovative work
will happen to enhance customer experience, automate and to go digital as a
strategy.
Sales function will be in demand as the
cash flow inwards is the key to keep the business alive.
Finance function will also be very important
to control and monitor the working capital needs for survival.
Travel will reduce significantly as
corporates have adopted remote working and Web Meetings as a new Normal.
Telemedicine will be available to all as
it was used extensively for doctor consultations during lockdown. Mental health
will also gain importance as the need for the same will be higher.
Virtual meetings, Virtual Teams, Virtual
Collaboration and even Virtual companies will emerge in different verticals.
Also expect innovative business models and products both digital and otherwise
that will transform the way we live our lives. Tools like Slack, flock,
Microsoft Teams and WebEx Teams will emerge powerfully to collaborate, meet and
manage projects and teams more effectively in a virtual environment.
Online Trainings and Education will emerge
and e-Learning will flourish as everyone has experienced online learning and
Webinars, and a good part of it will be the new Normal due to its effectiveness
and scale of reach. Teachers and Coaches have realized that the reach they can
have online is unmatched compared to the traditional classroom mode of
teaching/coaching.
Healthcare systems will improve
significantly and so will their costs.
Based on past experience of the industry
business will increase significantly for Health Insurance and Life Insurance,
as people are now aware of the thin line between normal life and a crisis.
Savings and Investments will also be more systematic and higher as people will
want to be ready with an exigency corpus for all kinds of crisis situations in
the future.
Focus on Natural resources, increasing
Immunity, Health & fitness, Yoga, Spirituality, Ayurveda and research will
increase. Doctors, Nurses, Health workers and Police will have more respect and
dignity as they were the real saviors on the field for the citizens in times of
crisis.
People and Enterprises will have more
gratitude towards God and each other for what they have, and will crib less for
more or for what they don’t have.
Irrespective of any class distinctions, we
all know that we are equally vulnerable in the area of health and this will
probably alter the way we treat other people. Dignity of Labor will emerge in a
new light as people realize the importance of cleanliness, domestic labor, drivers,
plumbers, electricians, house-keeping staff, blue collared workers and others
who were earlier treated as insignificant.
Just like the differences between the
upper and lower class of the society will come down the differences between
Advanced, emerging and not so rich economies will reduce. New equations of
power, politics, business and Money will emerge between nations.
Since the equation between countries will
be different and the markets will behave as per their culture and impact of the
lockdown, buying patterns will change, Supply chain models will be
reconfigured, Production centers will be relocated, new markets will emerge
Advertising world will see a huge downfall
as enterprises realize that any amount of money will be insufficient to lure
the grounded consumer. Enterprises will focus on selling what is genuinely
needed by consumers’ at the most competitive rates. Unwanted glamorous
advertising will be replaced with innovative digital marketing to keep the
costs to the minimum.
Media will lose its power on people and
true journalism will emerge. Social media and people’s voice will emerge
stronger than the political and advertising driven media that has
misrepresented the facts of the world for vested interests for long.
The world will not end, we will come out
victorious over this pandemic, we will continue to live happily; what really
matters is whether we used this period to sharpen our skills, transform our
mindsets, dream and define new possibilities that is inspiring and is our true
calling and purpose of life. Our positive attitude and actions at all times is
what define our future.
Nothing much will be lost if the learnings
from the crisis is leveraged for the betterment of mankind. Let’s dream of a
new world of opportunities, Entrepreneurship and optimism that is truly
democratic, tolerant, spiritually mature, financially stable, Performance
driven, fair to all, healthy, culturally rich, innovative, advanced yet
grounded, educated, animal and nature friendly. Cheers to a New way of Life, cheers
to a New Normal.
Dr. Ashok Chandran, is a Business
Consultant, Wealth Advisor, Executive Coach, Author of the upcoming book “The
Magic of Entrepreneurship” and a believer in the endless possibilities of human
potential. You can reach him on ashok@ac.co.in
#Covid-19
#Corona
#FutureOfEntrepreneurship
#FurureAfterCovid-19
#NewNormal
#FutureWayOfLife
#Entrepreneurship
#TheMagicOfEntrepreneurship
Is your corporate Health Insurance Adequate for you and your family? - By Dr. Ashok Chandran, ashok@ac.co.in
Your Company Group Health Insurance Cover may no more be adequate for you and your family’s health and financial protection. Here is a reality check for all employees.
While all Mediclaim policies help you in some way, not having the right and adequate policy cover is as good as not having a cover.
Most youngsters today bank on their company
Insurance Policy for taking care of their family’s’ and their own Health
Insurance needs. However most employees never go through the policy kit unless
there is an emergency; In the current times the Group Mediclaim Policy almost
always throws a shocking reality at them when they need it the most. During
these tough times you not only need to keep your policy documents handy, but you
should also know the exact coverage and wordings of the policy.
Irrespective of whether you work in an office, a factory, for a large multinational company or for a small entrepreneur you need to know what you are covered for, to be prepared and to avoid a last minute crisis.
Check out the points below to understand your reality and ensure that you and your family are covered adequately with the best personal comprehensive health Insurance policy.
1) Health Inflation/costs is almost doubling every 5 years. 5 years back the
surgery that cost Rs. 2.5 Lac today costs more than Rs. 5 Lacs. Today's
treatment/surgery that costs Rs. 5 Lac will cost more than Rs. 10 Lac after 5
years.
2) The cost of ICU is around Rs. 1 Lac per day in many good hospitals. For a
single incident like covid or a major surgery a patient may sometimes require
around 5-7 days of ICU care and 3-4 days of normal room; this itself will cost
around Rs. 7 to 10 Lacs. And if multiple members of the family get affected
then the total cost to the family can be exorbitant and unbearable without a
good and adequate Insurance cover.
3) The Pandemic has increased cost of every treatment as the risks of infection
is very high. Safety Procedures and compliances in the hospital and need for
disposing equipment’s and PPE kits after every treatment has increased costs
exponentially.
4) Company Insurance cover in most cases are for their own compliance and legal
requirements or part of a limited employee benefit program, and may not fulfill
your real Health Insurance requirements.
5) You may not need it now when you are healthy, but with age if your health
deteriorates you will never be able to get an Insurance, even by paying more
money.
6) You may not be employed with the company forever, it will be difficult to
get a policy of a good value at a later part of your life. These are tough
times jobs are uncertain, also as we progress in life we will move on to other
companies or entrepreneurship. Each company has its own kind of mediclaim
policy and many companies irrespective of being big or small do not have any
such scheme at all. Many companies also do not cover pre-existing diseases or
declined risks from day one of your entry in to an organization.
7) Do not procrastinate once you decide to do something important in life. If you
can afford it now and have money now, just do it now, you may not have ready
money later and your health situation may also not be in your favor.
8) No increase in Sum Insured will be possible ever, in case of unexpected
Critical Illness involving huge costs.
9) Insurance can be difficult and will not be possible atleast for 6 months if
you are detected Corona positive and even if you have got treated successfully.
10) Companies normally offer the least cost Group Mediclaim with minimal features with coverage of a few lacs per person. It may sometimes not cover all members of the family especially your parents. The coverage may also put limits to the room rent and a cap on different treatments, limiting your options for treatment.
11) You need to check if your policy covers you in a cashless mode in the hospitals near your office and home and has a good network in India.
12) You need choice of good treatments, doctors and hospitals with all facilities and specialities for your precious family, and not just basic healthcare from a local nursing home.
13) Major surgeries and organ transplants involve huge costs and may be needed any time for anyone.
14) You get your tax benefit under Sec 80D in your Income Tax if you pay for yourself, family and parents directly.
15) Even some of the Government BPL/Subsidy schemes offer more than Rs. 3 Lacs cover
and this kind of value is definitely not for all and will not serve your
requirements.
16) The flagship product of Star Health, the market leader in this space in India, is the most selling and popular Comprehensive Health Insurance, which covers you for Rs. 1 Crore; High sum insured is the new normal.
17) Your savings and financial goals in life will be jeopardized at one go in
case of a medical emergency, if you are not adequately covered, and can cause
hardships, lack of good treatment, debts and loss of peace and happiness to the
family forever.
18) In case of your own policy you have the choice to increase the sum insured or port it to a new scheme or to port it to a new insurer, and get the best and adequate insurance for yourself and your family, however in case of group mediclaim such flexibility of porting to the best and adequate solution will not be possible.
19) Worldwide there is increase in life expectancy, the need for a good and adequate Health Insurance is highest post retirement. All corporate medical insurance facilities end with your retirement. It is very difficult to get the best medical cover especially when you are over 65 years old as all insurers have an upper limit for entry in to their comprehensive policy; As some or the other ailment/disease comes in due to old age, the insurance is declined in many cases where the senior citizen needs it the most. Also if a new policy is issued to senior citizens the sum insured will be limited and there will be many limits and co-pay applicable under such special insurance products for seniors.
20) Post retirement life is for peace and happy living with spouse, kids and grandchildren. If you have an adequate Health cover of your own, right from your healthy young age, it will continue to serve you; It will take away the financial burden of health emergency not only from your retirement funds/corpus but also from your family’s savings. You will not only be financially independent but will also be able to give yourself and your spouse the best treatment during your old age.
Wishing you Good Health and Happiness at all times. Stay Safe, Stay Protected, Stay Insured!
Dr.
Ashok Chandran is a Health Insurance Specialist and
runs his own Wealth Advisory (www.ac.co.in), he can be reached on ashok@ac.co.in
#HealthInsurance, #Mediclaim, #MedicalInsurance, #FinancialPlanning
Here's my first-hand experience of losing freedom and adapting to the protected life ahead of us.
For the first time after the lockdown announcement, I had to step out of my
house and visit a government office for an official work, and realized how life
is going to be from now on.
Here are a few things that I experienced and realized, which is going to be a
real pain and challenge to many in the next couple of years:
- Ensuring social distancing all the time and being mindful of your limits.
- Feeling of isolation and loneliness even when there are
known people around at
short distance.
- Avoiding outside food and water.
- Avoiding touching anything all the time.
- Fear of infection when you have to touch something
unavoidable including paper,
cash, credit card,
purse etc.
- Wearing a mask all the time.
- Sweating and discomfort because of wearing the mask.
- Not being able to recognize people with mask who otherwise
were well known
and close to you.
- Avoiding use of public toilets.
- Cleaning hands very often.
- Using hand sanitizers all the time.
- Other people looking at you with suspicion while they
follow social distancing.
- Not knowing who is talking inside their mask, while in a
group meeting.
- Sanitizing yourself, your belonging, your clothes etc.
after returning home every
time, followed by a bath, and still wondering
if we have done a complete job.
- Not touching any bag or belonging that you got home from
outside.
- Attempting to boost immunity through consumption of
Ginger, Lemon, Turmeric,
hot water etc. at regular intervals.
- Last but not the least, missing the joy of closing a
business deal with a nice chat,
smile and a firm hand shake over my favorite
cup of hot strong coffee.
This experience gave me a feel of what our covid warriors must be going through. Salutes to the Covid warriors who are selflessly working to save lives to make a difference to our lives.
While I am fully grateful and realize that Life is more critical than freedom, and
thankful to all the good Samaritans and god for protecting us, its indeed going
to be a pain and effort managing this new normal, till we find ways to get back
our freedom from this pandemic. Looks like a mass experiment of social animals
living alone, and indeed survival of the fittest.
Stay
Strong, Go Digital, Gradually get in to action but stay safe. Always remember
that there are people who need you and love you. Go Frugal with your finances
and Stay protected with Insurance. Get set for a Fight to Freedom.
- Dr. Ashok Chandran
Wealth Advisor and Insurance Specialist.
www.ac.co.in
#Covid-19
#Pandemic
#LosingFreedom
#LifeAfterLockdown
#TheNewNormal
#GoFrugal
#StayProtected
#FightToFreedom
As awareness dawns on the masses, the profession of
Insurance has started getting the respect it deserves. Be it Life or Health or
Property, wherever there is risk, one has to cover and protect themselves. Only
a negligible small fraction of the Indian population is Insured adequately. It
is our collective responsibility to bridge this Insurance gap.
Insurance is a must for all, its just that some people
realise it too late. Some people avoid an insurance advisor and a conversation
about the reality about death and health emergency. They end up penny wise and
pound foolish and very often it is their families who suffer for a lifetime,
for not heeding to the advice of the Insurance advisor.
Insurance is a noble profession, a life of protecting people
against risks, A life of safeguarding the future of families. It is difficult
to talk about death or health emergencies, but the Insurance Advisor does his
best to show the reality to people day in and day out. People often are unable
to accept the scary reality, and often look at Advisors as agents for
commission; but the greatest happiness for a true advisor is when he is able to
financially support you in a crisis through an Insurance claim. Helping a
family to stand on its feet financially when the bread earner is gone or when
their financial resources are drained due to illness or accidents is the job of
an Insurance Advisor. Everyone needs an Insurance Advisor to keep him
adequately protected, just like children need parents to guide and protect them
in life.
It is your duty to protect your family’s financial goals
against all risks, and your Insurance Advisor is your partner for protection. Have
a conversation with your Insurance Advisor, check how exposed you are to risks.
Protect all that is of Value to you adequately, TODAY.
The whole world gives you advice, but the pandemic has made
everyone realise that your trusted Insurance advisor is the one standing beside
you and your family and protecting you; The Insurance advisor is the real
Advisor of the year.
Dr. Ashok Chandran, IRDA
Certified Life & General Insurance Specialist
www.ac.co.in
#InsuranceAdvisor
#GeneralInsurance
#LifeInsurance
#HealthInsurance
#Mediclaim
Is your family really Covered with a sufficient Health and
Life Insurance?
While we all are getting vaccinated on priority, many of us
are still at high risk without getting the two most important Financial vaccinations
ie: Life Insurance and Health Insurance.
Its high time to take cognisance of the fact that everything
has changed, and we need to act as per the changing scenario. Insurance
is not just about Money anymore, It’s about life and death of people; it is
saving lives of families.
Adequate Insurance cover is as important to all of us, as a
PPE Kit is to a Doctor during these times.
All the traditional safety nets have been torn apart by the
pandemic, be it your Financial Plans, Insurance cover or the Health Care
Infrastructure.
Over 60 % population has no Insurance in India. Only a
fraction of population has adequate Insurance.
Family and friends used to help in emergencies, but now many
have been infected or have needy people in their families. Many people have
lost their Jobs or Income too, and everyone is trying to help themselves and
survive.
The costs are so high that You now have no option, but to be
independent with adequate Insurance.
Life, Health and Personal Finances are no more as certain as
it used to be and managing risk and financial planning requires help of
professional Advisors. Health Insurance is no more just a financial cover but a
life-saving tool to get the best possible treatment.
A person with lower sum assured chooses small nursing homes
for treatment and then moves to better hospital and facilities only if his
treatment demands the same. Thus in many cases precious time is wasted and life
is endangered.
Higher Sum Insured includes all features and benefits of the
policy. One should take the highest possible Health cover for all his family
members.
We normally plan to leave our wealth for our family, with
financial planning, however during Covid many people are leaving the families
with multi-generational debts to repay. Insufficient Mediclaim can dig a
unthinkably huge hole in your finances.
Insufficient Insurance is as good as No Insurance. Health
care Inflation is more than double the normal inflation rate. You can expect
Healthcare costs to double in 5 to 6 years; and it will continue going north as
medical technologies, treatments and facilities are improving every day.
Thus a once good Traditional health cover of 5 to 10 Lac is
insufficient and meaningless in today’s context. A day in a good multi-speciality
hospital may cost you upward of 1 Lac a day for isolated ICU and doctor
consultation.
Apart from the general increase in costs today and the
expected inflation in the coming years, the following are some visible trends
during the pandemic:
Entire Families are getting infected, unlike the normal
times when treatments are generally required only for one person in the family
at a time.
There are No Choice of hospitals; Getting a Hospital and the
basic life-saving treatments itself is a big achievement. Earlier one can
choose a less expensive hospital or make choices as per need.
Unlike the first wave of Corona people stay longer in
Hospitals for 30 to 60 days of treatment, this increases the costs
significantly for stay and treatment.
ICU/Ventilator and advanced treatments are common and may be
needed for anyone anytime without notice.
Post Covid complications are uncertain and unknown; The side
effects of vaccinations and Treatments over a period of time is unknown.
The new strain of Covid is not in anybody’s control.
The future impact of infections on co-morbid patients
remains to be seen.
Post infection new Insurance policy/Higher Sum Insured comes
under 3-4 year PED (Pre Existing Disease Exclusion) for Covid and related
diseases. Insurance may also get declined depending on other health conditions.
Thus it is imperative that you have a good cover while you are healthy.
The Grim reality is that a majority of the population in
India is not only insufficiently covered but have no Insurance at all. We fail
to prioritise the need to adequately Insure ourselves, and by the time disaster
strikes it is too late.
Stay Safe, Stay Protected, Use Masks, Maintain Social
Distancing, Wash Hands, Improve your Immunity with Exercise and Nutrition,
Write your Will, Take adequate Health and Life Insurance. Have a review of your
Insurance Portfolio done with your Financial Advisor today and do the best you
can for yourself and your family. Share with your loved ones, ensure all
families are Financially Vaccinated with a good Life and Health Insurance.
There is no Bigger Virus than Fear, There is no Bigger
Action than Vaccination
-
Dr. Ashok Chandran
The Author is a Health Insurance Specialist and can be reached at ashok@ac.co.in or 9821157708.
TWENTY THINGS THAT EVERYONE SHOULD BE
AWARE ABOUT LIFE INSURANCE.
By, Dr. Ashok
Chandran
While many of us know about
Insurance, the startling fact is that India’s insurance penetration at just
3.76% of the GDP is “extremely low” against comparable Asian countries such as
China, Malaysia and Thailand as well as the global average, according to the
central government’s Economic Survey of 2020-21
India’s insurance penetration grew from 2.71% in 2001 to 3.76% in 2019 which is
much lower than other global economies. India’s life and non-life insurance
penetrations in 2019, at 2.82% and 0.94% respectively, are also significantly
lower than the global average of 3.35% and 3.88%, respectively.
Insurance protection is all about
staying protected for the unknown future. Your family’s protection starts with your
awareness about the existence of risk and the nuances of Insurance. Here is a
list of terms and things to know for choosing the right Life Insurance cover
and for ensuring smooth claim settlement.
1) 100 percent disclosures in
proposal, like Smoking, drinking, medical history, Income, family medical
history, Covid History etc.
2) Fill and read the proposal
form personally to ensure accurate data.
3) Ensure All premium payments on
time.
‘Premium’ is the amount to be
paid to the Insurance company to keep your policy active.
4) Update Nominee Name and
address, especially if Nominee passes away.
5) In case of death, file a claim
immediately without any delay.
6) Do medical check-up at the
time of buying a new policy.
7) Understand Policy Clauses and
Exclusions.
8) Inform your family members
about your policy.
9) Keep the Policy Bond/Document safely
and accessible to the family.
10) Understand, Claim settlement
ratio by policies, while comparing Insurers.
11) Understand Amount settlement
ratio: It is important to consider amount settlement ratio in addition to claim
settlement ratio by policies, else insurers will clear low value policies and
reject high value policies, and this could be misleading.
12) Claim rejection ratio:
The claim rejection ratio or
claim repudiation ratio is important as the claim settlement ratio may be
misleading when there are high volumes of claims under process and not rejected
at the time of such calculation for a particular period.
13) Assets under management: With
a larger AUM the company can invest and get better returns. A larger customer
base also helps manage risks more accurately. The capacity to settle claims on
time also increases.
14) Solvency ratio:
The solvency ratio is a
measurement of a company's cash flow and its liabilities. In simple words, it
helps you know whether or not the company has adequate funds to manage its
short-term and long-term liabilities.
15) Have a Will mentioning the
nominee as the beneficiary of your Insurance, especially if he is not an
immediate blood relative like father, son or spouse.
16) Go with MWP option wherever
appropriate.
Section 6 of the Married Women's
Property Act (MWPA), 1874, provides that a policy of insurance effected by any
married man on his own life and expressed on the face of it to be for the
benefit of his wife, or of his wife and children, or any of them, shall ensure
and be deemed to be a trust for the benefit of his wife.
MWP protects and ensures that the
woman gets all the maturity proceeds independent of the financial liabilities
of the Proposer.
17) Define an Insurance objective
before choosing an Insurance product, like Income replacement, covering
dependent family members, Insuring a family Life goal, Housing Loan liability Protection,
retirement planning, corpus/pension creation, tax benefit, Interest protection,
leaving behind a legacy, Pure Term/whole life/saving, etc. This helps you
choose the product wisely and Insure adequately. A professional Insurance
Advisor plays a key role in helping you articulate your objectives and
recommending the right product as per the need analysis.
Remember that inadequate
Insurance is as good as No Insurance, So Insure with a clear Objective, and not
just for having some name sake Insurance.
‘Sum Assured’ is the amount to be
paid by the Insurance company to the Nominee
‘Maturity Benefit’ is the amount
to be paid to the insured for surviving the policy term.
‘Policy Term’ is the period for
which the policy provides life coverage.
‘Premium Paying Term’ is the
period for which premium has to be paid to the insurance company.
Your clear Insurance objective
helps defining the Sum Insured, Policy Term and Premium Paying Term, and
Maturity Benefit.
18) The earlier you buy an
Insurance policy, the cheaper it will be. Younger people get Insurance cover at
a very low premium and does not feel the pinch of the premium amount.
19) Probability of getting an
Insurance cover: Get Insured whenever you are healthy and eligible. The chances
of getting the Insurance is higher, if one does it before age related, infection,
weight related, Critical Illnesses, or lifestyle diseases come up. There are
many people who are unable to Insure themselves due to various health and
weight related reasons.
Save your Medical Records:
Discharge Certificate in case of Hospitalisation, X-rays/Scanning Reports, Histopathology
Report, Vaccination Certificates Etc. You may need them for the purpose of
Insurance.
20) Choose a professional
Insurance Advisor, like you choose a doctor for your family. Your Advisor helps
you articulate your needs accurately and choose the best suitable product.
Finally it is the Advisor who stands by your family, while you are not there,
to fulfil the promise of the policy.
Review of your Insurance
Portfolio atleast once in a year. Apart from the annual review consult your
advisor whenever there is a major life change or significant change in
circumstances.
Not Investing sufficiently is a
small crime, dying without adequate Insurance cover is unpardonable and a Big
lifelong punishment to the family. Insure and Be Secure.
Dr. Ashok Chandran is a full
time IRDA Registered Insurance Advisor and can be reached, for Consultations
and Insurance Portfolio Review, on Mobile: 9821157708 or E-mail: ashok@ac.co.in
We are on a Mission to Transform a Million Lives by 2030
Your Wealth, Health, Job, Position,
Income, Family, Knowledge, Connections, Hard Work Etc. does not guarantee you
any control over life.
Life consistently throws opportunities
and challenges at you.
Man has no control over Death, Disability, Disease, Disaster, Accident, Incident Etc; The financial impact of the same on your family can only be minimised, with adequate Insurance covers.
There are sure events like children's education, marriage, Buying House, Retirement Etc. for which you can have a goal based financial plan, and invest accordingly.
Your Family's Financial Future is defined by your Financial Awareness, Financial Actions and Discipline and not by your current Income or Wealth.
Insure, Invest and Allocate Assets as per your Risk Profile & goals, and Review it with your Advisor at regular intervals.
Financial Discipline and Planning over a
period of time, is the only way to Financial Independence and Freedom.
Finally, God has his own ways, But never fail to do what is in your hands, to protect yourself & your family, and to be Financially Free.
All Investments are subject to Risks, Terms & Conditions. Talk to your Advisor, Read, Understand and Be Financially Aware Before Investing.
Dr. Ashok Chandran
We are on a Mission to Transform a Million Lives by 2030, through Free Financial Awareness For All.
Often I meet people who congratulate me for building lenskart into a great brand & every time I hear this, only thing that is going on in my mind is “Hope buddy you knew what crisis we are in and what all is broken. Glad you do not know about our this week’s Review where 7/8 things are pending. Thank god you are not one of the 4 customer escalations that came to me this week. You have no idea what I am going through..my Discontent :)”
This is one feeling that has not changed for me for last 10 years. Only thing that has changed is that earlier when my well wishers (family, HR, seniors) used to criticise me for having this feeling, I used to feel bad, and now I don’t :)
I have come to realise that BEING DISCONTENT is a Big Value in building an ever evolving, ever surprising, ever growing…customer centric organisation. And being discontent has nothing to do with being happy, but it has everything to do with what we will be 3 years from now….it is a way of being, of improving, of pushing to BE MORE and DO MORE every day, and yet being happy:)
I am not saying I am not appreciative of what we have done as a team so far and hard work put in, but I am also saying, it is not such a bad thing if…
Every time I meet a customer who is happy with lenskart, I thank god :) and my team and every time I meet a dissatisfied one, I am filled with frustration & shooting emails!…if every time I meet an entrepreneur who is telling me what all amazing stuff they are doing such as 10 min delivery to sustainability to AI, I feel “oh my god, we are so far behind”. And every time I speak to an AMEX representative, I feel “why are we not yet delivering the same service”. And every time I am browsing an amazing experience on a new app, I am “taking screenshots and whatsapping them to my product team:)”. It is not such a bad thing if every night I go to sleep thinking “how much more is left to do …”
In my view all entrepreneurs are discontent, else they would never have become entrepreneurs. And organisations need more entrepreneurs to grow i.e. more discontent :) It is this discontent that pushes us every day to do better & deliver more & more ….
Apple releases a software update every 15 days and each update has 100s of new small features which make customer experience better….and by doing this it has become a 3 Trillion Dollar company (larger than the GDP of India). If they were so content, they would not be doing this …
“Good is not good enough” i.e. what is good today will not be good tomorrow. And BEING DISCONTENT allows us to stay humble, stay curious, stay hungry to continuously push ourselves to innovate and build an organisation for tomorrow, not just today.
Thank you lenskart team for being discontent always, despite accomplishing so much…we have a long way to go and it is still Day1
And cheers to all the Discontent yet Happy people in the world…let’s keep doing more and being more !
Suffering cannot survive in the NOW.
The whole essence of Zen consists in walking along the razor's edge of Now... to be so utterly, so completely present that no problem, no suffering, nothing that is not who you are in your essence, can survive in you. In the Now, in the absence of time, all your problems dissolve.
Suffering needs time; it cannot survive in the Now.
~Eckhart Tolle
Every Suffering is a Buddha seed.
If there was no suffering in your life, you will be comfortably sleeping and there would have been no possibility for you to awaken. That's why nature allows suffering & pain for you to Awake spiritually! This is part of our evolution. There is great potential in us. Life is Great 😁🙏
Sanskrit words for 'teacher' based on their unique abilities...
1. The teacher who gives you information is called: Adhyapak
2. The one who imparts knowledge combined with information is called: Upadhyaya
3. The one who imparts skills is called: Acharya
4. The one who is able to give a deep insight into a subject is called: Pundit
5. The one who has a visionary view on a subject and teaches you to think in that manner is called: Dhrishta
6. The one who is able to awaken wisdom in you, leading you from darkness to light, is called: Guru
Sanskrit is perhaps the only language that has such a refined vocabulary to distinguish the different kinds of teachers.
What is meditation?
This was a question haunting a small boy. His parents were at wit's end, as they could not explain it in a simple language the boy could comprehend.
Once the family went for a dharshan to Shri Ramana Maharishi. The boy put forward his question to Ramana Maharishi.
Shri Ramana laughed to himself. Then with smiling face, he asked his devotee to serve the boy dosa from the kitchen.
So, on a plain leaf, a dosa was served. Shri Ramana looked at the boy and said,
" Now I will say "Hmm"
Then only you should start eating. Then again I will say "hmm" After that no piece of dosa should be left on your plate."
The boy agreed. He was so excited. Others were watching expectantly. Now the boy was eagerly waiting for the signal by looking at Shri Ramana's face. When he gave the signal "hmm" the boy started eating. Now his attention was on Shri Ramana. He wanted to finish dosa before the signal. The boy was eating dosa in a hurry , tearing big chunks of dosa, but, all the time keeping his attention on Shri Ramana. The dosa was reducing in size gradually. There was a small piece left. The boy was looking anxiously at Shri Ramana for the second signal. The moment he gave the signal, the boy immediately put the dosa in his mouth.
Now Shri Ramana asked him " where was your attention till now? On me or on Dosa?"
The boy replied " On both"
Shri Ramana said" Yes. You were actively involved in finishing dosa, with your attention on me. You were not distracted at all.
Like this when you do your daily activities with your attention or thoughts on God in the back ground, it is known as meditation."
The two signals "hmm" are birth & death. Within these two events, one can engage in meditation, as demonstrated by Shri Ramana Maharishi. But to understand this we all need divine grace to mellow & mature. We all differ from each other and hence take different time to comprehend this great truth.
Sylvester Stallone is one of the most famous American Movie stars.. With characters like Rocky and Rambo he is a household name in the hearts of millions.
During birth, a wrong gynecological procedure caused Stallone to have one sided paralysis. At school, his middle class being and his facial paralysis became a thing for others to make fun of.
He started body-building because he wanted to frighten those who bullied him. Slowly he started thinking of a career in movies.
Around 1974, he had a pregnant wife, a dog that he loved a lot, a lot of bills to pay and no success in his movie career.
What he still had was a belief in his dream that he will make it big.
Soon a time came when he went broke. He was heavily under debt.
Restless, anxious, stressed and still loaded with hope that he WILL make it big.
Things got so bad that he had to sell his wife’s jewelry and ended up homeless. Sleeping at the New York Bus station for 3 days.
The cold American winter forced him to choose between electricity and his dog. He stood outside a local store and sold his dog for $25.
Two weeks later, on TV he watched a boxing match between Mohammed Ali and Chuck Wepner. That match was like a flash of divine inspiration… For the next 20 hours he sat and wrote the script of what today is a cult movie, ROCKY.
In the words of Stallone himself, “After nearly 1500 rejections”, he got a production house to offer $125,000 for the script.
Despite the poverty, pains, pregnant wife and lost dog… His dream was to STAR in the movie as the MAIN LEAD.
In an era when heroes were super handsome men and spoke fluently, a body builder with a facial paralysis that made him stammer while speaking, made Stallone the wrong choice for any role.
The studio bluntly rejected his offer… And Stallone went back home with another failure.
A few weeks later,the studio offered him $250,000 for the just the script, and not him.
He refused.
Soon they offered $350,000 for the script but not him.
At that time everyone was pushing him to accept.. It would be MAD not to do so.. He was making a fortune.
He still refused.
Someone in the studio really loved his script, and as fortune favors the brave.. They finally accepted to give $35,000 for the script and have him as the lead star.
The rest as they say is history!
The movie was made for $1 million and went to make around $200 million.
It won the Oscar for Best Picture, Best Direction and Best Film Editing.
Stallone was a “bankable” hero for the next 20yrs, till the late 90s… with his movies making billions of dollars.
And what did he do with the first $35,000?
He stood outside the liquor store, where he sold his dog, for 3 days. Identified the man who had bought it, and finally got him back for $15,000.
AND IN THE WORDS OF ROCKY BALBOA –
“Let me tell you something you already know. The world ain’t all sunshine and rainbows. It’s a very mean and nasty place and I don’t care how tough you are it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain’t about how hard ya hit. It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That’s how winning is done!”
― Sylvester Stallone, Rocky Balboa
Some startup this 👌: Syndicate Bank
With bank mergers taking place and banks losing their identity, here is a little-known story of once-private Syndicate Bank, which started with a 25-paise deposit...
There are three reasons why Syndicate Bank is important in the evolution of India as a wealth generator, and for working towards the upliftment of the masses.
Firstly, it was born out of a belief that an innovative person cannot really generate wealth for himself on a sustainable basis unless he works out a way to make his community wealthy as well.
Secondly, it was the only large bank in India to locate its headquarters in a rural area – in the 1930s Manipal was still a village.
Thirdly, even before CK Prahalad arrived on the scene, its promoters knew about how wealth could be found at the bottom of the pyramid.
At a time when all banks insisted on Rs 5 as the minimum deposit amount to open an account, Syndicate’s promoters opened accounts with just 25 paise.
Unfortunately, this is a story that most management schools too do not teach.
The bank itself was a brainchild of Tonse Madhav Anant Pai, who went to Bangalore to study medicine.
He excelled in his studies, and when earning his licence to practise medicine, he went back home to the fishing village of Malpe.
He asked his parents if he could go to Japan for further studies, but was told sternly by his mother that he should stay in the same village and practice medicine for the welfare of the people he grew up with.
That broke the boy's heart. He wanted to study more.
And he knew that a fishing village would provide him neither money, nor the intellectual challenge.
He was proved right. In six months' time, he confirmed that a fishing village had only colds, fevers, diarrhoea, dysentery and indigestion as regular ailments.
He tried persuading his parents one more time to let him go overseas for further studies.
Once again, he was rebuffed. His relatives would talk of how the boy would go to sleep sobbing into his pillow crying over the unfairness of life.
Till one day, he had his Eureka moment. He realised that one reason why he was not earning enough was because the people around him were also not earning enough.
Could he change that?
He began strategizing a social revolution that India had never seen or imagined.
He knew, as a doctor, that children are brought to doctors invariably by mothers; seldom by fathers.
So he focussed on the women who came to him. He began urging them not to let their children end up like their fathers who were good only for fishing and then getting drunk when they returned to home base.
The cleaning of the fish, selling them, managing provisions, balancing incomes with expenses was left to women.
If there was any surplus money, the man demanded it, and got drunk with that money.
So he urged the women to save.
But they told him that there wasn’t enough money for saving. He would then ask them to show how much money they had. They would show him a few coins.
He would gently take a 25 paise coin from each woman and tell her to start with this.
Since he was not a bank, he kept two notebooks for each woman – one kept with him and the other with the woman.
He told them that he would send his compounder over to her house every day when the husband was not around.
If they could save 25 paise, the amount would be registered in both the notebooks.
The scheme, backed by constant persuasions and exhortations, worked.
Women began saving. In a few months, Pai realised he had more than a thousand rupees – which translates into a few lakhs using today’s valuations.
The 25 paise deposit scheme came to be known as the Pygmy Deposit scheme.
It was time to go to phase 2 of the plan. He told them that their children were falling ill very frequently because they consumed only fish and rice.
He urged them to give the children a glass of milk every day. That was impossible. A glass of milk was unaffordable.
So Pai urged them to buy a cow for their houses.
They laughed: "We cannot afford a glass of milk, and you want us to buy a cow?".
But Pai gently told them that he could finance the cows for the women.
And repayment was also painless, he explained: "Just give your child a glass of milk, and I shall purchase the rest of the milk from you and adjust the cost of the cow.
You don't have to do anything else."
It took a while to persuade the first woman.
But when she agreed, it was a game of "me too".
Within a short while, there were so many cows in the village that Pai could not purchase all their milk.
He therefore formed a milk cooperative.
To handle the amount of money coming in he started a bank - Canara Industrial and Banking Syndicate Ltd - with its headquarters in Manipal.
The first branch of the bank started its operations in 1925 at Udupi in Karnataka.
By 1937, it had secured its membership as a clearinghouse in Mumbai.
He then started weavers’ cooperatives, who too were financed by the bank.
Then to benefit the community he began schools, then colleges and then institutions that taught engineering and medicine.
This complex later became the prestigious Manipal Educational Complex.
In fact, to grow the bank, Pai used to look around for good businessmen, who had the urge to grow and both the ability and willingness to repay the amounts borrowed.
In one of his travels, he met a trader, whom he helped get a yarn licence from the government.
That businessman was Dhirubhai Ambani,
And that is how a member of the Pai family remained on the board of Reliance Industries as long as he was alive.
JEWELS UNDER THE SADDLE
Once upon a time, what happened did happen.....or you wouldn't be hearing this story!!
A merchant on a casual jaunt through a market, came across a fine specimen of a camel for sale.
The merchant and the camel seller, both skilled negotiators, struck a hard bargain. The camel seller pleased with his skill of worming out what he felt was a very good price, parted with his camel and the merchant chuffed that he had struck a fantastic bargain, proudly walked home with the latest addition to his large livestock.
On arriving home, the merchant called to his servant to come and help him take out the camel's saddle. The unwieldy heavily padded saddle being too difficult for the servant to manage on his own.
Hidden under the saddle, the servant found a small velvet pouch which on opening he discovered to be filled with precious jewels!!
The servant was overexcited!!! "Master you bought a camel.....but see what came FREE along with it!!!"
The merchant was astonished as he looked at the jewels in his servants' palm. They were of extraordinary quality sparkling and twinkling in the sunlight.
"I bought the camel" he said, "not the jewels. I must return them to the camel seller immediately."
The servant was aghast.....his master was really foolish. "Master.....no one will know."
But the merchant headed right back to the market and handed over the velvet pouch back to the camel seller.
The camel seller was very happy, " I had forgotten that I hid these jewels in the saddle for safe keeping."
"Here, choose one of the jewels for yourself, as a reward."
The merchant said "I paid a fair price for the camel and the camel only, so NO thank you, I do not need any reward."
But as much as the merchant refused, the camel seller insisted.
Finally the merchant said, sheepishly smiling, " Actually when I decided to bring the pouch back to you, I already took two of the most precious jewels and kept them for myself."
At this confession the camel seller was a bit flabbergasted and quickly emptied the pouch to count the jewels. However he was very confused.
"All my jewels are here. What jewels did you keep?
"The two most precious" said the camel seller.
"My INTEGRITY and my SELF-RESPECT."
---------------------------------------------------
How would you explain integrity to a young child?
Roger Jenkins explained it as "The ability to do the right thing or choosing to do the right thing when you could get away with doing the wrong thing."
---------------------------------------------------
Recession ??
Must Read
Banwarilal was a samosa seller in an Indian town. He used to sell 500 samosas everyday on a cart in his locality. People liked his samosas for last 30 years, because he cared for hygiene in preparation and selling, would use good quality oil and other ingredients, provide free chutneys with samosas. He would throw all unsold samosas to poor people, cow, dogs etc and did not sell unsold stale samosas to people next day.
Banwari earned good reputation and enough money from samosa selling and he never faced downfall in his sale in last 30 years. He was able to fund his son's MBA education in a famous private college in Noida out of his earnings.
Recently his son Rohit completed his MBA and came back home as he could not get appropriate placement. Rohit started taking interest in his father's samosa business. He had not been involved in his father's business earlier as he considered that to be an inferior job.
During MBA, Rohit read a lot on recession. He read that it is coming up in global economy and how it will affect job prospects, increase unemployment etc. So he thought that he should advise his father of the risks in the business of samosa selling on account of recession.
He told his father that recession may cause fall in sale of samosas, so he should prepare for cost cutting to maintain the profit.
Banwari was glad that his son knows so much about business and taking interest in his business. He agreed to follow advice of his son.
Next day, Rohit suggested using 20% used cooking oil and 80% fresh. People did not notice the change in the taste and 500 samosas were sold.
Rohit was motivated by the profit made by this savings. Next day he suggested increased share of used oil to 30% and reduce the quantity of free chutney.
That day, only 400 samosas were sold and 100 samosas were thrown to poor people and dogs.
Rohit told his father that recession has really set in as predicted by him, so more cost cutting is to be done and they would not throw stale samosas but would fry them again next day and sell them. Quantity of used oil will also be increased to 40% and to make only 400 samosas to avoid wastage.
Next day 400 samosas were sold but customers were not feeling good old taste. But Rohit told his father about savings because of his smart planning. Father told him that he may be knowing better, being educated.
Next day Rohit decided to use 50% used oil, do away with sweet chutney and provided only green chutney, made 400 samosas. That day only 300 samosas could be sold as people started disliking the taste.
Rohit told Banwari "Look , I had predicted great recession is arriving and sales would fall. Now this is happening. We will not throw away these 100 stale samosas but would fry and sell them tomorrow." Father agreed to his MBA son.
Next day, 200 fresh samosas were made with 50% used oil, 100 stale fried samosa were offered for sale but only 200 could be sold as people sensed the drastic fall in quality.
Rohit said that recession has really set in and now people have no money left to spend so they should make only 100 samosas and recycle 100 stale samosas and stop giving paper napkins .
After this only 50 samosas could be sold .
Rohit told his father " Now recession has taken people in its grip. People have lost income. So, this business will be in loss and they should stop selling samosas and do something else."
Now his father started shouting, "I did not know that they teach cheating in the name of MBA. I lost my money in getting your MBA education. In last 30 years of samosa selling, I never had recession but your greed for profit brought recession in my business and caused closure. Get out of my business and I will get it back to earlier level. If you want, I can hire you for washing dishes as that is the only thing you can do despite being MBA educated."
Thereafter , Banwari started following his age old wisdom and fair practices in business. Within a month his sale reached to 600 samosas.
Recession is nothing but convergence of greed of government to extract more taxes, greed of big businesses to be more profitable by reducing quality and using unfair practices and also of careless arrogant employees giving pathetic service as long as profits are coming. Recession is the punishment given to businesses and government by people by restricting their spending.
