Angelo Soares
Angelo Soares

Orowealth Weekend Reads: June 1, 2020


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As we face unprecedented circumstances and devastation due to the Covid 19 virus, it has become vital to plan for a Health Insurance Policy. As the word insurance suggests, Health Insurance provides financial coverage for the medical expenses incurred by an individual and their family members. With rising medical expenses, it has become ever so important to avail a Health Insurance plan in order to ensure your lifetime savings are intact.

As we continue in our journey to provide alternate products to our clients, we are excited to announce our partnership with Future Generali to provide a Health Insurance Policy with the following details:

1. Plans for Individuals with base premium as low as Rs 394 per month*
2. Plans for Families with base premium as low as Rs 757 per month*

Additional Benefits
a. Cashless Claim Benefits
b. Easy Installment Facility
c. Plans customized to cover for Covid – 19
d. Additional Cover beyond the Employer Cover
e. Tax Benefits under Section 80D, Income Tax Act, 1961

*Premiums to be paid are subject to the coverage being opted for and are exclusive of taxes.

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India’s Gross Domestic Product (GDP) growth moderated sharply to 3.1% in the quarter ended March 2020 from 4.1% in the preceding quarter and 5.7% growth in the corresponding quarter of last year. The growth of gross value added has also moderated to 3.0% in the quarter ended in March 2020. Among the key sectors, the manufacturing sector has posted a 1.4% decline in output, while recording a consistent decline in output for the third straight quarter. The output of the construction sector also declined to 2.2%. Theoretically, the lockdown impacted the economy only in the last week of March. But, in reality, much of the normal course of business had slowed down days before the nationwide lockdown came into effect. This is because people’s movement declined significantly from early March. For this reason, the COVID-19 impact was already visible on economic indicators in the month of March itself.

However, the public administration, defense, and other services posted double-digit growth of 10% FY2020.

The novel coronavirus was already plaguing the Indian farmer. The lockdown resulted in supply chain disruptions and reduced availability of labor and cash. Still reeling with those problems, farmers and their crops are now threatened by locust swarms . These are the most feared insects by farmers around the world because of their voracious appetite. A large swarm, in a day, can eat crops enough to feed 35,000 people. Their rapid breeding cycle ensures that the number of insects in a swarm remains massive. The Food and Agriculture Organization, in February, had warned about their hatching and band formation in southern Iran and southwest Pakistan which could jeopardize crops across southwest Asia including western India. The worst may be yet to come as their second wave of about 1.9 trillion is estimated to be 20 times more damaging than the first one. The situation is grave because their attacks on crops at this time are unusual as they usually come over from July to October. The agrarian sector of several states is under threat. The government is using drones and other equipment to control their attacks.

Pesticides are not considered effective on locusts by farmers and they harm crops as well. Climate change is considered one of the reasons for the influx of locusts.

Microfinance companies and small finance banks are making efforts to substantially increase repayments on outstanding loans. Their aim is to also kick start the credit cycle by resuming loan disbursement. But they face a tough situation at a time when the Reserve Bank of India has extended the moratorium on loan repayment until August 31. These lenders are worried that an extended moratorium will negatively impact the timely payment discipline that has been in place for years. People in the know say that only 15% of borrowers have been inclined to repaying their loans until the third week of May. Industry body Sa-Dhan, said that repayment rates were down to 12% in April. Lenders have begun actively discouraging borrowers to avail of the moratorium. A survey by Sa-Dhan showed that around 48% of borrowers reported complete loss of income while 84% expressed their inability to repay for the next few months. Further, 54% of rural borrowers have received benefits announced by the government while less than 30% of urban borrowers have benefitted from such packages.

The microfinance industry is based on timely loan repayments which keeps the credit cycle going. An elongated break in repayments threatens to derail this cycle.


Rupee Cost Averaging in SIP

One of the main objectives of investing is long-term profit maximization. You would hear this from a lot of advisors. But have you ever wondered how it is achieved?

“Perfect courage means doing unwitnessed what he would be capable of with the world looking on.”
– François de La Rochefoucauld (a noted French author of maxims and memoirs)
Chosen by Manish – Orowealth.

Angelo Soares
Angelo Soares
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