Work from Home vs Office: What are the Financial Implications for Employees?

Compiled by: Alapinee Deshmukh, Human Capital & Sustainability Evangelist.
About Alapinee: A Human Capital & Sustainability Evangelist, she is ER Lead at eCW.

It has been almost a year since the outbreak of the COVID-19 pandemic, and our life still is far from what we used to consider ‘normal’. One of the most significant changes that the pandemic and the consequent lockdown has brought on the entire country is the shift to remote working, also called the work-from-home format, in almost all industries. This is a significant shift that has had an impact on all involved – employers, employees, and the economy at large.

The impact of shifting to a WFH setup has been felt in almost all domains of life. Several individuals were found to have seen a negative change in their mental health or with respect to work environment and collaborations at the workplace or its financial impact on both the employers and the employees.

Specifically from the employer’s perspective, on one hand, the work from home setup is diluting the corporate culture and team building. But on the other hand, there have been several benefits as well. For instance, several employers have benefited financially by cutting down costs on utilities like electricity consumption, travel allowance to employees, etc. In addition to this, with most employees having traveled back to their hometowns, their productivity has considerably improved. Not only do they require lesser holidays, but the overall increase in productivity of the employees also has both efficiency and financial related benefits. While this has been the case, eCW ensures that even while the company is cutting down on costs, they’re not adding to the financial burden of their employees. This is why they offer incentives like internet allowance and free transportation for employees for medical needs. These incentives are provided to all of their employees who are now working from home.  

Financial Implication on Employees from shifting to Work from Home setup 

As discussed above, the implications of the work from home setup, mostly due to the COVID-19 pandemic, are manifold – social, physical, mental as well as economic. 

Strictly speaking about the financial implications of the WFH setup on the employees, it can be said that it has been a mixed bag. Some of the positive implications upon the employees are listed below: 

1.Traveling time and other associated costs have gone down

One of the major components of any employee’s monthly expenditure is traveling. This includes the money spent on fuel, fares for public transport, etc. According to a report by Awfis, An average working professional in India is saving Rs 5,520 per month and 1.47 hours of travel time everyday while working from home. Therefore, a huge chunk of their income and time is saved with the WFH setup. 

2.Decrease in childcare expenses 

With all schools shifting to an online teaching mode, the WFH setup has been a boon for working parents, especially working women. Having a toddler at home generally makes it very difficult for parents to manage to go to work without using a daycare, which is one of the major reasons for fewer women in the workforce, alongside reducing household income. 

With the work-from-home setup, not only will more and more women be able to retain their jobs while taking care of their child, they also are managing to save all the money they would otherwise have spent on sending their child to a creche or hiring a nanny. The WFH setup also allows both parents to spend quality time with their children during their most important years.

3. Increase in productivity

The WFH setup gives more comfort to the employee and coupled with lesser commute hours and travel fatigue, employees are seen to be more productive overall. In fact, the CEO of TCS was reported saying that since 90% of their employees started working from home, they are “seeing increased levels of productivity in certain instances and an increased level of engagement.”

In addition to this, there is a lesser need for taking holidays and hence the overall productivity of the employee increases, which would have a direct effect on the performance-based financial incentives given by the employers, like bonuses. 

However, the financial implications have not all been good. There have been some aspects of the WFH setup which have burned a hole in the pockets of employees. Two of the most significant expenses are: 

  • Electricity and internet bills are off the roof 

Since all the work is happening through cloud computing and other allied virtual workplaces, there is a constant need for a stable internet and electricity connection. All of these services are, in most cases, being paid for by the employees themselves in the WFH setup. In fact, as many as ¾th of employees believe that they should be compensated for electricity and internet bills while working from home, according to a survey by TravelBank. 

  • Increase in the need for proper ergonomics

For working long hours from home, it is now almost mandatory to have a proper home office setup – with an ergonomic desk, chair, and other such needs. Employees also require a decent pair of noise cancellation headphones and webcam setup for all the virtual team and client meetings as well. 

Even though initially people made do with makeshift arrangements for these things, with working from home becoming a permanent feature in a lot of organisations, the ergonomic needs of the employees are the need of the hour. The expenses related to all this also have to be borne by the employee themself. 

Concluding thoughts 

While working from an office setup or from home comes with their own boons and banes, it is important to recognise that both of them come with a huge cost, pun intended. 

Even though work from home is the need of the hour and is also expected as a norm in a lot of industries now, the rise of employee expenses also needs to be taken into account. Coupled with salary cuts due to the economic slowdown as a result of the COVID-19 pandemic, these underlying expenses can be a source of worry for a lot of employees.

Save Environment With Paperless Online Loan from Fibe

The importance of environmental protection and conservation cannot be emphasized enough, particularly in today’s society, where individuals and organisations alike are more concerned with chasing profits than anything else. However, public awareness of numerous environmental challenges has recently increased, and it is in this spirit that we commemorate days such as World Environment Day, Earth Day, and other such events to remind people of the seriousness of the issue. 

With environmental protection becoming the need of the hour in order to ensure humankind’s survival in the coming years, awareness of the importance of protecting the environment has also been growing. In fact, according to a global survey conducted by Accenture in 2020, consumers have “dramatically evolved” since the pandemic began, with over 60% of them becoming more environmentally conscious and incorporating sustainable and ethical behaviors into their daily lives.

More individuals are now active on the issue and clearly doing their part to contribute in ways they can, from simple actions like reusing paper at workplaces to leaving the vehicle or bike at home and riding cycles instead, sharing cabs, and moving to eco-friendly bags.

One such initiative that individuals can take is drastically reducing their paper utilization, whether it is at work, home, school or anywhere else. More paper usage equals more deforestation, thereby making this a critical step to take given the numerous alternatives to paper available, such as e-documents, PDF files, electronic signatures, and so on.

Use of Paperless Banking 

Certainly, utilization of the web and other digital services in everyday affairs has allowed us to limit the utilization of paper. Paperless banking is perhaps the most significant step we can take in our journey towards paper-saving. Through the effective implementation of paperless banking, both banks and individuals can collectively save a lot of time, effort and our environment as well.

Paperless banking encompasses the entire bank and the entirety of its capacities. A paperless banking system allows you to do everything and anything related to banking, from internet banking to account opening and other services, right on the web itself. This definitely shows us how all financial services can be digitized and made accessible online.

Internet banking can be effectively used for various traditional financial practices such as cash withdrawal, cash deposit, fund transfer, balance inquiry, and also to apply for loans. Almost every bank in India offers net banking services on their sites with digital payment features. 

Paperless Personal Loans might have been inaccessible a couple of years ago, but today this is easily accessible in our country and the drastically increasing usage of the internet in the Indian financial sector can be thanked for this. 

Personal Loan Online

These days, the majority of personal loans are applied through the websites or mobile apps of various banks. Not only is this better in terms of convenience, but the processing time of these loans is also much lesser compared to traditional loan application options.  

Here is how online banking and online personal loans are transforming the concepts of traditional banking. 

Improved Security and Privacy 

Security is undoubtedly the most important feature of banking, regardless of whether they are digital or not. Internet banking transactions are typically secured through various methods like client IDs, passcodes, one-time passwords (OTP) and some mobile phones even require fingerprint authentication of users. Some advanced financial services even employ coding, and as a result, data is extremely secure and cannot be hacked. 

24*7 Accessibility

One of the major drawbacks of traditional banks is that you cannot avail banking services beyond working hours. Post working hours, they can’t be accessed by anyone, even if you might be in an emergency. But the benefits of Internet banking have made it feasible to apply for instant personal loans quickly, at any time and from anywhere.

Saves Time and Efforts

Traditional banking approaches also require the physical presence of customers to avail services. One must visit the bank and even if individuals are physically present, a lot of time is wasted by standing in long queues and other application procedures. All these processes are very time consuming and require a lot of effort. A paperless online loan erases all the difficulties of conventional banking methods and allows you to apply for loans at your own pace. 

Conclusion

A Paperless Online Loan provides numerous benefits which anyone can avail easily if he/she has online access. By switching to paperless practices in various aspects of life, including banking, individuals play a significant role in environmental protection. 

This Environment Day, let us all come together to ensure that our actions reflect the theme of this year – “Reimagine, Recreate, Restore”. Let’s all go green and paperless, and play our part in saving the environment. If you’re looking for the best and easiest Paperless Online Personal Loan Services, Fibe is here to help you out. At Fibe, we support World Environment Day endeavors throughout the year by offering a paperless online loan.

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

How to Be a Billionaire in 2025? Here’s the Roadmap to Make It Happen

Everyone wants to be a millionaire or a billionaire, yet only a handful can accumulate remarkable wealth. The common notion is that millionaires are not self-made but benefit from their lineage. But that is not always the case. Many well-known people have generated substantial fortunes and become self-made millionaires, even billionaires, without an inheritance. 

So, yes, you too can become a self-made millionaire from the ground up. However, it is essential to remember that there are no quick routes to becoming rich. You can earn money through multiple avenues, including high-paying employment, launching your own enterprise or taking up freelancing opportunities. However, if the goal is to be a self-made millionaire, the above means are not enough. 

You must also adhere to certain fundamental principles. This includes adopting good habits, a positive attitude, adept financial management skills and more. Moreover, it is important to remember that the only way to accumulate wealth is through hard work and a positive mindset. 

Since you now know what is a self-made millionaire, here are some tips you can use to become one.

Tips on how to become a self-made millionaire

Follow some of these strategies to become a self-made millionaire:

Concentrate and build discipline

Directing your attention towards achieving success rather than earning money can eventually lead you to accumulate wealth. Have clear objectives and make efforts towards achieving your goals while avoiding distractions. Reducing your expenses and exploring ways of enhancing income can help, but you must commit to your goal of becoming a millionaire wholeheartedly. 

Pursue your passions and dreams

Focusing on your passion is vital if you wish to launch your venture and be successful. Doing what you love will help you get closer to your dreams. Big dreams require you to take big leaps and believing in yourself is important if the goal is to be a self-made millionaire. 

For this journey, you must set clear and time-bound goals and network with the right audience to build connections. Millionaires are known to tap into opportunities by creating unique pathways and getting out of their comfort zone. So, define your goals, remove any negatives or distractions and plan for the years ahead.

Focus on the long-term

You must focus on the bigger and more motivating reward to achieve sustainable success. Doing so allows you to be continually driven and inspired to attain your goals. So, shift your attention from short-term successes to long-term plans. 

Develop your abilities to the fullest and opt for objectives that are not easily attainable. It is also crucial to remember that working on yourself and updating the path towards your goal is essential. For example, if you have a business, re-invent it regularly. This will help you keep up with the market and technological shifts, ensuring growth for the long term.

Also Read: Income tax saving tips

Take risks and learn through failures

To become a millionaire, you must take calculated risks and overcome your fears. Calculated risks are the ones you take after you weigh the pros and cons and contemplate different outcomes. 

If you can withstand the potential setbacks and the gains are comparatively bigger, you should take the risk. As a safety net, you can rely on Fibe’s Instant Personal Loan to cover your unforeseen expenses and setbacks.

Invest Rather Than Spend

If the goal is to be a self-made success story, focus more on investing and reducing your spending. When your expenses exceed your income, it hampers wealth accumulation. You must smartly manage and direct your income towards opportunities that can result in growth. 

As you can see, possessing substantial capital is not necessary for achieving success and becoming a millionaire. Diligent effort, smart financial planning, taking risks and leveraging the right opportunities can help you become successful and convert that success into wealth. 

Remember to financially secure yourself as you embark on the journey to become a millionaire. Set aside enough cash to cover any emergency or unexpected expenses. You can also rely on Fibe’s Instant Cash Loans and Medical Loan options. With these, you no longer have to worry about putting the breaks on your plans! 

You can explore more money management, investment, instant cash and financial wellness ideas on Fibe. Download our Personal Loan App or log in to our website to get started.  

FAQs on how to become a self-made millionaire

Is it possible to become a self-made millionaire?

Yes, you can become a self-made millionaire by leveraging the right opportunities, investing smartly and increasing your sources of income. You also need to set ambitious goals, learn from your setbacks and maintain a positive mindset. 

How can I become a millionaire in a year?

To become a millionaire in a short period:

  1. Focus on maximising your returns from stocks, shares, bonds and more
  2. Make sure that you automate your savings/investments 
  3. Earn from a side business or freelance to get income from multiple sources 
  4. Spend strictly based on a budget 

What is the fastest way to become a millionaire?

There is no shortcut to becoming a millionaire. That said, you can speed up the process by expanding your income sources and investing in financial products that offer high returns. You can also prioritise savings, cut down on unnecessary expenses and avoid debt to accumulate wealth.

How do most people become self-made millionaires?

To earn wealth, millionaires set ambitious goals, invest in high-earning products and do not let a good opportunity pass by. They also network with other millionaires and learn from them. 

How to be rich from zero?

You can become rich by starting on your investment journey early, leveraging the power of compounding money, setting smart financial goals, looking for ways to expand your income and avoiding debt. This is a consistent process and you must keep a positive attitude and stay persistent to achieve your financial objectives.

How to become a millionaire by 40?

You can become a millionaire by the age of 40 by using your funds smartly. For this, calculate your current net worth, set financial goals and look for ways to increase your income. Investing in the right places, like stocks, bonds, real estate, etc. can also help. Additionally, focus on reducing unnecessary expenses and increasing your savings.

How Mobile Payments Help People During the Pandemic

The Covid-19pandemic meant organizations had to be shut down, people had to socially distance themselves and everyone was stuck in their homes. Naturally, this led to a global economic downturn and the financial situation was highly impacted. But financial transactions can’t just be shut down in this digitized world. After all, digital financial services have been embraced by individuals and organizations alike.

As the Financial Access Survey (FAS) of IMF defines, mobile money is a pay-as-you-go digital medium of exchange and store of value facilitated by a network of mobile money agents. (Mobile Money in the COVID-19 Pandemic) Mobile money services do not explicitly require a presence of a bank account as in the case of mobile banking. The only primary requirement is a mobile phone with access to these facilities. This concept has been rapidly adopted by many low and middle-income countries. According to a report by WorldPay, the coverage of mobile payments was 22% of the global point-of-sale payments which could raise to 29.6% by 2023. The contactless process of mobile payments has contributed to the presence of financial transactions without sabotaging the users’ physical and mental safety.

Some of the characteristics of mobile money have made their presence invaluable to the global financial community.

  • High Market Penetration:  Mobile money has strengthened its footing in low and middle-income countries. The epicenter of the same has been considered to be the continent of Africa, although the growth has been significant globally. These high rates of penetration mean that they are a readily available option for carrying out financial transactions especially during the pandemic. It can also be used as a substitute for direct cash benefit transfers for social assistance programs by various governments.
  • Minimal contact physically: The one point which all the experts have been saying about this virus that we should socially distance ourselves and minimize physical contact. Mobile payments are frontrunners at this task already before the virus coming into context. Further, there are a significantly larger number of mobile payments access points as compared to traditional banking points like ATMs. The only requirement for carrying out such transactions is a mobile phone, and all the financial activities like paying your bills, making transfers, remittances, etc. will on the fingertips of your hands.
  • Usage availability for even the unbanked: Mobile money allows even those individuals who don’t have bank accounts to use their system to carry out their transactions. Many low and middle-income countries, where access to banks can be difficult or limited or don’t have the trust of the common people have taken up the opportunity to provide the people greater access to mobile money systems. The unbanked are allowed to carry out fund transfers, and sometimes enjoying savings and other financial services. For example, a couple of Kenyan commercial banks have partnered with M-PESA to offer additional financial products to the customers.

With the pandemic taking place and countries realizing the importance of mobile payments in this situation, many of them have taken various measures to facilitate the growth of these platforms. Where some countries have been taking fee cuts on carrying out financial transactions, some have been increasing the limits of fund transfer and payments and giving greater flexibility in KYC onboarding.

Like everything, mobile money is not free from its limitations. With a threat to profitability, the platforms might charge from other points. There is also the question of customer protection and privacy in this digital age. There are risks associated with concentration and operation too. Sometimes, there might be times when there is an arbitrage in a regulatory environment.

But with the growth of mobile money, there also arise the concepts of availing financial services through mobile apps like getting an instant loan or salary advances. For all that Fibe comes to your rescue-the one-stop solution for all your instant cash needs.

Want to talk to us about credit, loans, and your instant cash needs?

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

What Will Be the Role of the HR in the Post Covid Workspace?

COVID-19 has changed the global outlook and it is difficult to see what we would call normal. While some regions are on their way to recovery, most places are seeing a rise in cases, new waves, and even new epidemics around as a supplement to COVID. Human Resources are a function that is multifaceted by nature. 

And these times have called for better and resolute HR policies and programs for employee welfare and overall organization’s benefit. 

The sustainability of such decisions taken will always be a matter of immense significance. The pandemic has created the ‘new normal’ we have been staying in. In these situations, it is difficult to understand and analyze how the future will look and how HR can take responsible decisions about that.

Presence of Remote Working

Remote working is expected to stay, given the lasting impact it has on the employees. Many employees and organizations are now contemplating working in this set environment of remote work. It reduces commutes, and effectively a lot of related  costs. But in that case, HR managers have the new role of considering changes to accommodate remote working for a long time which might have decisions about employee welfare, engagement, legal compliance, etc. 

Yes, there are lower costs and greater flexibility through remote working, but then HR has to consider wellbeing risks associated with lack of face-to-face communication, isolation, inefficiencies of video conferencing, and similar problems.

Engagement and Retention

Employee engagement can be understandably challenging given the new remote working environment. Employees can feel disconnected from the organization. Company values must be reinforced by keeping employees connected and engaged. There are several online mediums like chat rooms that can be used as an engagement tool with HR behind the wheel. Further, if employees feel you are on their side by keeping their stress levels low and making perks available, retention is always reinforced as the loyalty to the organization increases.

Workforce Planning with Skills and Protection

Certain sectors of the economy like health professionals and delivery people deserve greater appreciation which should be reinforced by the organization and the HR must ensure that it always leads in these matters. 

Employees should be encouraged to take up side-gigs or train in new skills given the downturn in people’s moods and working patterns. These skills should be embedded with their work and employees should be protected in all ways possible. Executive pay cuts and better rights of employees will be some of the defining issues in the post-COVID world.

Business Sustainability Practices

COVID-19 has given the foundation for climate change-related issues and thereby raising a platform for green and sustainable business. The environmental impact due to people staying at homes due to COVID is visible to everyone. 

Creating an office environment by reducing emissions via different arrangements seems to be an influential prospect. Even though the planet is recovering in these times, HR needs to consider the post effects of this situation. This can be achieved through following some sustainable development goals. Even though some positive changes might rebound in a negative direction, HR should understand and analyze the impacts and make relevant changes.

The times are challenging as well as competitive for many of the employers. Organizations are various types of schemes and programs to take the most benefit out of it. One of these strategies includes the presence of financial wellness programs. Fibe’s Financial Wellness covers many aspects of employees’ financial welfare like salary advances, financing of school fees, and tackling medical emergencies among others.

Download the Fibe app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Fibe Smart Pay Offer Easy Repayment of Your Credit Card

Credit cards are a great source to finance your urgent requirements, especially when you are short on cash. However, managing a significant borrowed amount at your fingertips can be difficult. More so because it directly affects your long-term finances.

Therefore, it is important to pay your credit card bill on time without any delays. Paying your credit card bills regularly also makes you eligible to obtain credit card rewards and a good credit score. Therefore, Fibe Smart Pay is here to guide you through the process of easy credit card repayment on time.

Why is Paying Your Credit Card Debt Important?

Your credit utilisation ratio accounts for about one-third of your credit score, which is how much you currently owe compared to your actual credit limit. A higher ratio, especially when combined with a bad payment history, will severely affect your credit score. This makes it impossible for you to obtain a credit card or a loan in future.

Additionally, credit cards are known to charge some of the highest interest rates, especially when there are late payments involved. The interest is not even tax-deductible. Therefore, you will be paying a hefty price for your borrowed money. Keeping the credit ratio and late payment charges in mind, it is financially responsible to pay your bill on time. 

What is Fibe Credit Card Smart Payment?

Fibe has introduced a Smart Pay program designed to help you become debt-free. With this, you can pay off your credit card bill after directly getting funds to your credit card account. It is quite an efficient process to clear any credit card overdue.

To make things easier for you, Fibe has added some brilliant features to make the process even smoother. Here are some features of Fibe Smart Payment, such as,

  • Lower interest rates
  • Accumulate multiple credit card bills
  • Easy transfer to the credit card account
  • Easy eligibility criteria
  • Simplified credit card bill payment 

How does Fibe Smart Pay work?

Fibe is now offering Smart Pay options to existing customers, via which you can clear off your credit card debts more easily than ever before. Now, you no longer have to pay the minimum due amount on your credit card and accumulate huge interest on the unpaid balance.

Instead, with your approved Fibe limit, you can pay off your entire credit card outstanding balance through a simple journey on our app. Thereafter, your new Fibe loan will be created at a 50% lesser interest than what you would have paid on your credit card.

Your credit card debt payment will be reflected in your account within 2-3 working days. Right after this is done, your SECC loan account will be created with low interest rates at your preferred tenure.

What are the Advantages of Fibe Smart Pay?

By using Fibe Smart Pay, you can clear your credit card debt while paying half the interest amount you would be paying the bank. For example, with an outstanding credit card bill of ₹50,000, generally, you would be paying an interest amount of ₹13,931 for 12 months. However, by using Fibe Smart Pay, you will be paying only ₹6,375 for 12 months. You will save approximately ₹7,196, almost 50% of your interest.

While that stands out as the main reason to opt for Fibe Smart Pay, it also has other advantages. They are:

  • Fibe Smart Pay helps convert your Credit card bills into easy Smart EMI credit card debt payments, which are easy to manage
  • With Fibe Smart Pay, you will be able to clear bills of multiple credit cards at once
  • Fibe Smart Pay allows hassle-free direct transfer of amounts to your credit card bank
  • Fibe Smart Pay offers a 50% lower interest rate than the lender

What are the Eligibility Criteria for Fibe Smart Pay?

To be eligible to obtain the Fibe Smart Pay option, you just have to check these boxes off:

  • No 30+ delinquency on any loan in the last 6/12 months
  • No current overdue amount on any of the loans or credit cards
  • Credit card limit utilisation to be less than 85%
  • Credit card balance should not exceed 5-7 times their salary
  • Unsecured leverage other than the credit card should be less than 10 times
  • FOIR, excluding credit card balance, should be less than 60%

It’s easy to fall into the credit card debt trap, and finding a way out of it can be hard. That’s why you should always plan to pay more than the minimum monthly payment amount. However, if you have a substantial outstanding balance, you may focus on paying it off as quickly as possible through our instant personal loan.

With the Fibe Instant Personal Loan, enjoy up to ₹5 lakhs of loan for debt consolidation or any other personal requirement without any end-use restrictions. Once approved, get the funds in 2 minutes and repay with a tenure of up to 36 months. Download the Personal Loan App or register on our website to experience streamlined borrowing!

FAQs on Fibe’s Smart Pay Option

What is the difference between a Fibe Smart Payment and a traditional payment?

With a traditional payment, you will most likely pay for one credit card at a time. But with Fibe Smart Pay, you pay multiple credit cards at a time with affordable interest rates. Moreover, the interest rate is lower than a traditional credit card, helping you save more in the long run.  

How long does it take to approve my Fibe Smart Payment application?

After you have submitted your application, it takes 2 to 3 business days to get the amount credited to your account.

Can I use Fibe Smart Payment for international transactions?

Yes, you can use Fibe Smart Payment for international transactions.

Finance Medical Equipment At Home with Fibe’s Personal Loan

These times of the pandemic have been stressful for all of us. There is a fear on the face of everyone. A slight cough or sneeze makes our bodies shiver. People don’t know what to do next, uncertainty looms all around. It’s difficult for even the doctors and hospitals; there is a dearth of beds and other facilities. No one knows what’s happening; everyone is just trying to take care of the precautions.

In these trying times, when it is next to impossible to get out and get out you get checked for even minor flu seems dangerous. But humans as always have found ways to battle problems in their ways. Dealing with crisis is what all of us have been doing since times immemorial. And this time, we are trying to get our medicines and medical equipment at home after due consultation with the experts.

Having some medical devices at home is not a sign of over fright, but rather a better chance and simple way of first aid in times of a medical emergency. Further, it saves you a lot of time and costs, therefore; it is an immediate lifesaver and helps you get the right home remedy. Some of these medical devices, people could keep at their homes are listed below.

  • Blood Pressure Monitor: A normal blood pressure usually ranges between 110/70 to 120/80. Keeping this at home especially when one of the family members suffers from high or low BP is a must. You can keep track of the person’s levels at regular times and remark in case of any undue fluctuations and then consult the doctor. A record of the BP levels will certainly assist your doctor with prescribing the right and more efficient medication.
  • Pulse Oximeter: This device has become a sort of necessity in times of the COVID-19 virus and its multiple variants. Its job is to detect the oxygen concentration in your blood so that you can check if your numbers are normal for the organs to properly and efficiently function. Inadequacy of oxygen in the blood can cause hypoxemia which might cause your organs to fail. Further, this device also keeps a check on your body pulse ensuring you have the pulse in the normal range. This device can allow prompt action in case of irregularity in the numbers for the affected person.
  • Thermometer: This device is the most essential out there. With so many seasonal changes in weather, there is always a danger of catching a cold, flu, or fever. With children and senior citizens at home, it becomes even more important to have it at home. This is the first step of providing any medication to anyone, checking the temperature hoping it isn’t out of the normal range. A simple tablet might ease your fever, but you need the thermometer to check if you have it. You can get thermometers in both digital and analog (mercury) forms.
  • Pedometers and Weighing scales: Pedometers measure the number of steps you have taken while weighing scales to weigh your body mass. Having a healthy BMI (Body Mass Index) is very important for the human body.

Health and wellness start at home. But financing can be a difficult issue, especially in these times when everyone is facing a cash crunch and a fear looms over taking loans. But Fibe always comes to your rescue. Medical emergencies don’t come at your doorsteps pre-informed; they can come to you anytime. But with an instant personal loan from Fibe, you can consider yourself covered. You can get cash loans as high as Rs 2,00,000 with quite easy procedures. Personal loans can be used for multiple purposes, and financing medical equipment for your home can also be covered through it.

Fibe only asks for simple documentation and basic qualification criteria which enables you to get your instant loan at the tap of your mouse or fingertips, no need to run around looking for financing your needs. No prepayment charges and an instant disbursal into your bank accounts are what can get you out of financial stress.

Want to talk to us about credit, loans, and your instant cash needs?

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.

Covid-19: Fight for Your Claim

As India battles the second wave of the COVID-19 outbreak, questions about health insurance coverage for care have naturally risen. Many of these questions are about particular protocols that must be followed in the circumstance when insured individuals look forward to filing a claim with their insurers for the cost of hospitalisation and treatment for Coronavirus.

You already have two choices if you want to make a claim with your health insurer for costs related to COVID-19 care in a hospital, a cashless claim settlement scheme and a claim for medical expenditure reimbursement.

COVID-19 Cashless Claims Settlement Procedure

In the case of a cashless claim, you would not be required to pay for your care because the hospital bill is paid directly by the insurer. Any treatment process or medicines that are mainly excluded from your existing health plan must be paid for by you.

You can only make a cashless claim if you receive care at a network hospital, a hospital that has partnered with the health insurance provider to offer cashless treatment. In an emergency claim, you must notify the insurance provider within 24 hours of being admitted to the hospital. Insured people would prefer cashless claims because these need the least amount of paperwork.

The following documents are needed to submit a cashless claim:

  • Existing Health Policy/Insurance Member ID Card (digital or physical copy)
  • The insured person receiving treatment’s identity and address proof (Aadhaar, PAN, Driving License, etc.)
  • Pre-Authorisation Form (available at the hospital) that is filled up

Steps 

Step 1. Confirm that the hospital you’ve selected is a member of your insurer’s cashless network.

Step 2. Complete and submit the pre-authorisation form to the hospital who will submit it to the insurer. When the insurer receives the pre-authorisation form, it will be reviewed by health insurance providers. If the specifics and supporting documents are appropriate, the hospital will be approved for cashless treatment service. 

Step 3. Receive treatment authorisation from your insurer.

Step 4: The insurance provider will pay the charges covered under health insurance. Before being discharged, pay the hospital for any procedures and treatments that are not covered by insurance.

COVID-19 Reimbursement Claim Settlement Procedure

The reimbursement scheme in health insurance plans allows you to pay for hospital coverage upfront and then make a claim to the insurer for reimbursement at a later point in time. Treatment facilities in several parts of the nation have been overburdened as the COVID-19 crisis has worsened. Consequently, in the event of an emergency, you might be unable to be treated at a network hospital. You may have no choice but to take the reimbursement path in such a scenario.

As part of the claim process, you’ll need to have a few primary supporting documents, such as these:

  • Pre-Admission inquiry records
  • Test results and reports for treatments performed.
  • Cash receipts for prescriptions, medical supplies, oxygen, personal protective equipment, and so on, etc.
  • Detailed hospital bills, ICU (Intensive Care Unit), physicians, examinations, etc.
  • The hospital’s discharge report

Steps

Step 1. Collect all of your COVID-19 treatment hospital bills, invoices, and other documents once the treatment is completed. Carry your exit folder with all of the requisite paperwork once you’ve been discharged.

Step 2. Submit a completed compensation claim, including an original file of the medical records, to the insurance provider.

Step 3. The insured individual will acquire the claim balance within a few days of submitting all required documentation after the entire verification is completed and approval is given.

Step 4. If the insurance provider denies the claim request, you will get a rejection letter that includes the reason for the denial.

For patients receiving home care

Many COVID-19 patients are required to seek care at home, at least before they can access medical facilities, due to a severe shortage of beds in many Indian states. There are various resources available, including online doctor consultations, nurse visits, prescription delivery, and thermometers and oximeters. In addition, some companies provide complete ICU setups at home.

Standard health insurance plans do not cover treatment at home. They only pay for 24-hour hospitalisation and day-care treatments if they include an OPD (out-patient department). Corona Kavach Policy, on the other hand, bears the cost of in-home care. Corona Rakshak Policy also bears the cost of 14 days of in-home treatment.

Corona Kavach Policy

Both general and standalone health insurance companies in India are required by the Insurance Regulatory and Development Authority of India (IRDAI) to provide this policy to their customers. In the current situation when a person tests positive for Covid-19 infection, the policy seeks to cover his/her hospitalisation, pre-and post-hospitalisation expenses, home care recovery costs, and AYUSH treatment.

During the hospitalisation, the policy would also cover any comorbid conditions caused by COVID-19. This policy can be purchased as an entity or a family floater scheme, but it is only available to people aged 18 to 65. The policy, however, would not cover any treatment that is not part of the current pandemic.

Corona Rakshak Policy

IRDAI has released ‘Corona Rakshak,’ a new policy that covers financial risk associated with COVID-19. The new rules require both general and standalone health insurance firms to sell this approach to their customers. This policy is particularly advantageous for those who do not have health insurance. The coverage sum is in multiples of Rs.50,000 and ranges from Rs.50,000 to Rs.2.5 Lac. This policy does not require pre-medical screening.

IRDAI push for faster claims

The Insurance Regulatory and Development Authority of India (IRDAI) has launched specific guidelines for pushing faster COVID-19 health insurance claims. Both general and health insurance providers are required to communicate their cashless approvals to the relevant hospitals and institutions within 60 minutes. In light of the current state of COVID-19 cases in the context of the second wave, and in accordance with the High Court’s orders, IRDAI has given the following instructions to all insurers:

  1. The network provider (hospital) needs to be informed about authorisation for cashless treatment procedure for COVID-19 claims quickly in 60 minutes of obtaining the authorisation application and all required hospital specifications.
  2. Within an hour of receiving the final bill and all relevant conditions from the hospital, a decision on the final discharge of patients covered by COVID-19 claims must be conveyed to the network provider.

Conclusion

Having insurance during such a crisis is essential for avoiding the financial strain that can accompany coronavirus treatment. Assess the requirements before making a decision. Also, be familiar with the benefits of your health insurance policy’s coverage so that you can make an informed decision on filing a claim for coronavirus. 

For saving more money on paying premiums of your health insurance, you can switch to SalaryCard by Fibe which offers many benefits including 4X limit and the option for repaying in till 12 EMIs.  Suppose there is a case where insurance is not able to cover the costs entirely. In that case, you can opt for alternatives like personal loans or instant cash loan by Fibe with flexible repayment plans and zero pre-loan fees.

The Right Cover for the Wrong Time

India is experiencing a second phase of Covid-19, with over 300,000 Coronavirus outbreaks and over 3,000 deaths every day. Patients’ families are begging for support as the area suffers from a severe lack of oxygen. Exhausted medical staff are on the verge of collapsing.

As the number of serious Covid-19 cases in India continues to rise, innumerable families have been financially impacted by the high treatment costs at most private healthcare facilities. Many citizens are concerned about whether their current health insurance plans would cover the costs of Covid-19 care in the event of hospitalisation.

Source – Ourworldindata.org

It is critical to be braced for any adverse circumstances ahead of time. Not only is the pandemic a health emergency, but it is also an economically challenging time. The significance of getting insurance, and having enough of it, is one of the most important personal finance principles that all of us have realised from the coronavirus pandemic. Every family requires health and life insurance, not just during a pandemic, but also for any health conditions that might arise in the future. 

Why do we need to be extra careful while buying life or health insurance during the pandemic?

Photo by Mufid Majnun on Unsplash

There are many things that need to focus on to find the most appropriate insurance, whether it be health insurance and life insurance for you and your family. For those who have recovered from the Coronavirus, it has become increasingly difficult to purchase life or health insurance plans on the spot. Since many insurance providers demand a one to three month cooling off or waiting period if a Covid survivor applies for a health or life insurance policy.

Let’s discover what one should look for while buying life insurance during pandemic.

  • Firstly, the term plan must empower the family to handle obligations and get an income source that stays stable even when the earners in the family won’t be able to work.
  • Secondly, make sure you pay your premiums on time to ensure continuous coverage. To maintain the continuation of benefits which are provided, make sure the policy is active by ensuring timely payments simply through setting up ECS/standing instructions.
  • Thirdly, ascertain that the plan has a nominee who will receive the benefits if the policyholder is unable to do so. You must also tell the candidate and other members of your family about your insurance coverage. Your candidate should be mindful of the financial plan at all times so that they can take necessary action in the event of an emergency.

Now, let’s know what to keep in mind when buying health insurance during pandemic:

  • The most important thing to consider when choosing a plan is having insurance that offers ample coverage. Treatment and medications for Covid-19 can indeed be costly, so you should carefully consider your healthcare coverage amount depending on your family members, financial situation, and responsibilities when coming to a decision.
  • A health plan should sound like an ideal investment for the current situation as well as the future rather than a liability. Most of the countries over the globe have succumbed to the pandemic, and now getting a comprehensive health care package that includes financial assistance is really necessary.
  • Many insurance providers have partnerships with a network of hospitals (also known as Network Hospitals), and getting a contract with one of these insurers will help you get cashless coverage in the event of a medical emergency. As a result, before shortlisting insurance policies, this becomes a critical criterion.

Different Policies Against Covid-19

The Insurance Regulatory and Development Authority of India (IRDAI) has launched two policies in response to the Coronavirus pandemic: Corona Kavach Policy (for individuals and families) and Corona Rakshak Policy (individuals).

  • Corona Kavach Policy

IRDAI has assigned that public and health insurers sell the “Corona Kavach,” an indemnity-based individual Covid-19 Standard Health Policy. Citizens will be refunded for their direct Covid-19 care costs under the terms of the agreement. This scheme would cover the holder’s hospitalisation costs for up to 14 days.

The policy is available to people between the ages of 18 and 65. Dependent children shall be protected from the first day of their life before they reach the age of 25. According to the product design and underwriting policies of the insurance, insurers can cover people over the age of 65.

Hospitalisation costs, home care treatment, medical expenses for Ayush treatment, pre-hospitalisation medical expenses, and post-hospitalisation bills are covered as part of the core cover.

  • Corona Rakshak Policy

This is a Covid health care programme that includes medical expenses if the policyholder has been in hospital for at least 72 hours. Other expenses for buying required equipment, such as masks, oxygen cylinders, PPE kits, oxygen nebulizers, oximeters, and safeguards for a person, are covered by the Corona Rakshak Policy.

Citizens between the ages of 18 and 65 may purchase this policy on an individual amount insured basis. The sum varies between Rs 50,000 and Rs 2.5 lakh. Individuals with comorbid conditions will be insured if they pay a higher premium.

Unlike the Kavach Insurance, the Corona Rakshak Policy covers only one person and pays out 100% of the amount insured in the event of hospitalisation.

Stay Financially Hopeful

During pandemic, it is quite difficult to stay financially hopeful and hence it is important to get insured. Plus, staying positive during these times is really important for mental health and physical health. After understanding key factors to find the right cover for your needs, start comparing the best cover online and buy it or start paying your premium via SalaryCard by EarlySalary which won’t let you compromise with your health with a 4X limit along with the choice to repay in till 12 EMIs.

Don’t forget to click the link here : https://youtu.be/hzN5tq7jmNg

Investment Guide for First Jobers

Compiled By: Ashish Goyal, Co-Founder and CFO at EarlySalary
About Ashish: As CFO, Ashish oversees the overall strategic direction of the company and focuses on building the funding profile to ensure that it is diverse and deep. In this role, he is responsible for building EarlySalary’s business, strengthening EarlySalary’s position. He oversees the integration of EarlySalary’s overall growth strategy with Co-Founder Akshay Mehrotra.

The first job is the first chapter of our career that not only gives you economic independence, but it also teaches you to be more responsible for your family’s needs and your own goals. To be on the road to financial wellness, it’s a good idea to start planning about how you can invest your salary. Here’s how you can do it:

Focus on Enhancing Earning potential

As a principle, focus on how to increase earning than focus on spending curbs. When we focus on earning, we generate compounding of permanent increase in annual income potential. Go for that skill upgrade training, take that complex project at office!. Needless to say, be passionate in what you do. In today’s world, keeping pace with technology change is absolutely essential to remain relevant. 

Similarly, in order to invest efficiently, it is highly important to have a good stable source(s) of income that allows you to stay in a financially secure position.  It is imperative to invest for long term. In today world, one need to take SIP option to build continuous allocation of funds towards saving and in right asset classes.   

There is an old adage that “not taking risk is the biggest risk”.

Invest in Skills

Going down a swift river without any direction, guide, or awareness of what’s around the next turn is a similar analogy of not investing in yourself, but with more negative consequences in life  Things could go well for a while, but you’ll eventually remember you made the wrong decision by not investing in your skillset. You must make a strategic and diligent investment in a roadmap for achieving your career goals in order to prevent unforeseeable incidents to happen. 

One of the most effective ways to advance your career is to actively develop your skill set. Being able to demonstrate fresh, creative ideas would make you more productive at your current job. Read more books, listen to people who inspire you, build a healthy routine and always keep learning and enhancing your skills! A simple trick to achieve this. Just like we do corporate planning and review, Block 2 hours on 1st of every month to plan and review your long term objective. Assess whether you are on the right path to achieve full potential or it need some change

Spend less than income

The most essential personal finance rule is to spend less than you make. It’s plain and straightforward: the only way to accumulate wealth is to have an abundance of money. Save money, be careful with finances, avoid debt, and avoid doing something careless with your financial resources. But remember, Focus on increasing income potential and then spend less. Other way round will just put us in a mediocre outcome. 

In no way, you should compromise on your life style, ambition to own something however, use rising income to support it. How can your income be 5 times is the most critical question one needs to ask regularly

The amount of value an individual produces determines his or her income. Your earnings are directly proportional to the amount of value you generate. You can’t win consistently if you don’t work hard, but working smart is also important. 

You can save a lot of time by working smart instead of doing extra work that yields marginal outcomes. The scalability factor is vital; it distinguishes the wealthy from the ultra-wealthy. Hence, make sure you question yourself frequently about what you can do to multiply your income and work upon it!

Start SIP in an equity mutual fund early in your career

SIPs, or systematic investment plans, protect you from a variety of risks. Short-span risks,  uncertainty, irrational and reckless responses, overspending, and so on are a few of them.You don’t have to think about timing your investment when you invest in a SIP strategy. When market conditions are favourable, your monthly SIP purchases fewer mutual fund units. 

When the markets are down, a monthly SIP of the same volume earns you more units. As a result, you do not pay very high prices for any unit of a mutual fund in the long run. SIP plans are one of the best and most effective ways to invest money in Indian equity markets.

Have experiences

Experience allows you to live life with memories.  In today’s world, you no longer need to buy things to experience it. I recommend that on high ticket purchases, we should carefully evaluate “why and do I need to buy it”. If it is for experience, you can find a deal to fulfill it without owning it up. 

Also, when you live to experience, Your personality is made up of the places you’ve been, the lessons you’ve learned, and the experiences you’ve had, rather than your belongings. Purchasing a new item will not change your life, but travelling and living in a foreign country will.

Buy Critical Illness Policy

Critical illness insurance offers extra protection in the event of a medical emergency. Since these situations sometimes result in higher-than-average medical expenses, plans pay out cash to help cover the gaps where conventional health benefits can fall short. These plans are reasonably priced. 

We need to set long-term agendas for our lives, just as we do for our days. Financial objectives involve preparation, and the sooner you begin, the better. Bagging the first job is a milestone achieved. It is the start of a successful career and places you in a real, raw world setting. 

In sum, rule 1 is always looking to enhance income potential. Rule 2, focus on income, not on spend BUT, always spend less than income on that day.