I was customer of Oriental Bank of Commerce. Being a customer of Oriental Bank of Commerce, Oriental Insurance Company provided Group Health Insurance Policy and inception date was 04-05-2015. My policy with them continued till 03-05-2021 without any break. Because Oriental Bank of Commerce merged with Punjab National Bank, Oriental Insurance Company discontinued that policy from 03-05-2021 onward.

Being a customer of Punjab National Bank, I approached them, and they migrated my Group Health Insurance Policy of Oriental Insurance Company to Star Group Health Insurance Policy for customers of Punjab National Bank from 04-05-2021 to 03-05-2022. 

As All my policy periods were continued from 04-05-2015 till 03-05-2021 with Oriental Insurance Company, Star Health Insurance given me the benefit of pre-existing disease waiting periods being waived because of continuity (They mentioned it in Policy Document too).

They reimbursed my 1st claim of 15 July to 22 July 2021 (Non Empaneled Hospital) and Cashless claim of 16 December to 19/12/2021 but denied reimbursement of 19/12/2021 to 26/12/2021 with the excuse of pre-existing disease even I directly shifted from cashless hospital to non-Empaneled Hospital for same problem because Empaneled hospital having been less facilities. 

Here I want to address that I was discharged from Cashless Hospital, on request, to get treated in Higher Hospital and treatment was in continuation of previous cashless hospital to new hospital.

So, sir, please guide me accordingly as my correspondence with them is not fruitful.

Ans: Hello;

You may check contributions made to your epf account by accessing passbook by logging in to EPFO portal or Umang app.

You may also check your salary slip for the same.

Balance update in your epf account can also be checked through sms and missed call facility as given on the EPFO portal.

You may raise a grievance online with EPFiGMS portal regarding non payment of epf contribution by your employer.

EPFO has reasonable powers to ensure employer pays his share contribution on time and with penalty, if delayed.

They can forfeit assets and also file criminal police complaint against the employer.

Best wishes;

Ans: Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Here is, How to Predict Your Son's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Son's Admission Chances Using JoSAA Data
Step 1: Collect His Key Details
Before starting, note down the following details:

His JEE Main percentile
His category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
His Preferred institute types (NIT, IIIT, GFTI)
His Preferred locations (or if he is open to any location in India)
List of at least his 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If he is open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select His Preferred Academic Program (Branch)
Enter the branches he is interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Here is, How to Predict Your Son's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Son's Admission Chances Using JoSAA Data
Step 1: Collect His Key Details
Before starting, note down the following details:

His JEE Main percentile
His category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
His Preferred institute types (NIT, IIIT, GFTI)
His Preferred locations (or if he is open to any location in India)
List of at least his 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If he is open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select His Preferred Academic Program (Branch)
Enter the branches he is interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Hello;

With the current corpus and regular investments you may reach a sum of 50 Cr by the age of 60.

If indeed your objective is 500 Crs by 60 then you need to make a monthly sip of 50 L.

MF and stock returns assumed at 10% and NPS at 8% to be on the conservative side.

Happy Investing;

Ans: Hello;

You just need 4 funds in your portfolio:

1. Flexicap type mutual fund
2. Multicap type mutual fund
3. Balanced advantage type mutual fund
4. Multi asset allocation type mutual fund

You may allocate 25% of your investible amount to each of these fund types.

You may select any fund from the top quartile in the respective categories or consult an MFD.

If your horizon is long-term then you shouldn't worry about these notional losses or drop in returns. In-fact you should do lumpsum during such market fall to accumulate more units at lesser NAV.

24 K invested thru monthly sip may yield you a sum of 1 Cr in 15 years.

Happy Investing;

Ans: Hello;

What is your current in-hand monthly income & regular monthly expenses?

Any EPF/MF investment done before?

Age of kids?

Age of retirement?

Please provide these inputs so as to advise you suitably.

Thanks;

Ans: I’m truly sorry to hear about your current situation. It is tough to manage job loss and a family medical emergency at the same time. You’re showing great strength by trying to plan wisely. Let us now work through this together, step by step, with a simple and balanced plan.

Let’s focus on protecting your savings, handling current bills, and preparing for the next 3–6 months with a calm approach.

?

Review All Financial Resources First

• List your current savings, emergency fund, and other funds in bank accounts.

?

• Note all monthly expenses like rent, groceries, bills, and hospital costs.

?

• If you have any fixed deposits or investments, mark which ones can be broken easily without penalty.

?

• Avoid withdrawing from long-term mutual funds unless there is no other option.

?

• Create a written note of how long your money will last without any income.

?

Emergency Fund: Yes, Use It – But Mindfully

• Emergency fund is made for times like this. You can use it now.

?

• Use it first for medical and basic monthly needs only.

?

• Avoid spending it on non-essential expenses or lifestyle extras.

?

• Try to keep at least 1–2 months’ worth of expenses in reserve even now.

?

• You can refill this fund later once you are employed again.

?

Cut Down on Non-Essential Spending

• Pause or reduce spending on entertainment, subscriptions, and non-urgent items.

?

• Avoid buying anything on EMI or credit during this phase.

?

• Inform your family gently about the need to cut back temporarily.

?

• Cook at home, reduce travel, and delay purchases like gadgets or clothes.

?

Talk to Hospital About Payment Options

• Some hospitals allow part payments or give discounts for cash or insurance claims.

?

• Ask them clearly if any help is available for people in financial stress.

?

• If your father has any insurance cover, submit all bills properly.

?

• If any relatives can support temporarily, accept it as a short-term help.

?

Temporarily Pause Long-Term Investments

• If you have SIPs or recurring investments running, consider pausing for now.

?

• Most SIPs allow you to stop for a few months without penalty.

?

• It is better to pause SIPs than to take a loan or credit card advance.

?

• You can restart all investments later once income restarts.

?

Prioritise Monthly Essentials First

• Make a list of top priority expenses – rent, groceries, electricity, transport, medicines.

?

• Pay these without delay.

?

• Delay or reduce less-important expenses like personal shopping, dining out, or travel.

?

• If any credit card bills are due, pay minimum amount to avoid penalty.

?

Job Search: Stay Active But Calm

• Spend at least 3–4 hours daily on job search and networking.

?

• Update your resume, contact ex-colleagues, register on portals.

?

• Tell friends and well-wishers that you're open to short-term freelance work too.

?

• Any side income like part-time teaching, writing, or consulting will reduce pressure.

Plan For 3 Months, Then Review

• Make a plan for the next 3 months based on the funds you have now.

?

• List expected income (even if zero), known expenses, and gaps.

?

• Revisit your plan monthly and adjust as the situation changes.

?

• Keep written records of expenses. This will help you manage better.

?

Avoid Taking Personal Loans or Credit Advances

• This is not a good time to take a new loan.

?

• Personal loans or credit card EMIs will add stress later.

?

• Use your own cash reserves or ask for trusted family help before using credit.

?

Once Job Resumes, Rebuild Step by Step

• Start rebuilding your emergency fund first.

?

• Then restart your paused SIPs.

?

• Set small financial goals like clearing any dues or saving for 1 month’s expenses.

?

• Slowly get back to normal pace without rushing.

?

Emotionally Stay Stable and Rest When Needed

• This is a tough phase but it will pass.

?

• Take help from friends, counsellors or support groups if stress gets heavy.

?

• Take care of your health, sleep, and food. You need energy now.

?

• Talk to your child simply and gently. Kids understand more than we think.

?

Finally

You’re already doing the right thing – asking for help and planning ahead.

?

This phase will test your strength but also show your courage.

?

Use the emergency fund wisely. Cut extra expenses.

?

Pause investments, keep job search active, and stay calm.

?

Even small income during this time will help manage better.

?

Once the job returns, you can rebuild everything with more clarity.

?

You are not alone. Take support wherever you find it.

?

Your family is lucky to have you managing so carefully and wisely.

?

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Your clarity of thought and saving habit of Rs 20,000 per month is a big strength. You already saved Rs 5,00,000 for the down payment, which is a good head start. Let’s now create a clear and simple 360-degree plan to help you buy the property while handling all other financial priorities.

Let us now understand where to park your savings, how to budget for additional costs, how to balance EMI and education, and how to plan for future property expenses.

Below is a detailed, structured, and simplified guide.

Saving for Down Payment: Safety Is Key

You plan to buy the property in 3 years. This makes your goal short-term.

So, your priority must be safety. Not return.

Return is secondary for short-term goals. Capital protection is more important.

That’s why equity mutual funds are not suitable here. They are risky in the short term.

Even debt funds are not fully safe if you are not choosing the right type.

Below are suitable options:

Keep your Rs 5,00,000 in a high-interest savings account. Choose an account from a safe and reputed private or PSU bank.

Fixed deposit with a 2–3-year horizon is also good. Prefer banks over NBFCs.

You may use a low-duration debt mutual fund or short-term debt fund. Only if you are ok with small fluctuations.

Avoid aggressive hybrid, equity savings funds or arbitrage funds. These are not ideal for 3-year goals.

Don’t invest in index funds or ETFs for short-term goals. They don’t give downside protection.

If you use debt mutual funds, understand the new tax rule. Gains will be taxed as per your income slab.

A combination of FD and short-term debt fund can give better liquidity.

If you prefer mutual funds, go for regular plans through a MFD with CFP credential. They can help you monitor the risk better.

Budgeting for Property: Include All Costs

Most buyers only plan for down payment. But that is only one part.

There are many hidden or semi-visible expenses. Please plan for them now.

Let us see what they are:

Stamp duty and registration charges. This can be 7% to 10% of property cost.

Interiors and furniture. Even basic furnishing can cost 10% of property price.

Brokerage and lawyer fees. If applicable, can go up to 1% or more.

Advance society maintenance and deposits. Usually required for new apartments.

GST on under-construction property. This is 5% without input credit.

Home insurance. One-time premium if you want to cover structure damage.

Parking space charges and clubhouse deposit. Often missed in budgeting.

Shifting and set-up costs. For appliances, curtains, installation, etc.

So please add 15% to 20% of property value as “extra costs”. Keep this buffer aside.

Your current Rs 5,00,000 may not be enough for all these. But you still have 36 months.

So, saving Rs 20,000 monthly with this goal in mind is a smart step.

Also, don’t use mutual fund SIPs for these costs. It can fluctuate when you need it.

Balancing EMI and Education While Saving for Property

Right now, you have an EMI of Rs 30,000 and child education expenses.

You also save Rs 20,000 monthly. Let’s now look at how to balance all three.

Don’t stop your Rs 20,000 saving. This is the key to meeting your 3-year goal.

You may increase your savings by Rs 5,000 to Rs 10,000, if income grows.

Use a separate bank account for this property goal. So you don’t mix other needs.

Try to prepay EMI partly once or twice a year. It reduces long-term interest burden.

If you expect large expenses for your child (school fee, coaching), plan those in advance.

Avoid taking another loan for interiors or registration. That can stretch your EMI limit.

Keep at least 3–4 months EMI as emergency reserve. Don’t touch this fund.

If possible, keep your child’s education funding in a different SIP. Don’t mix with this.

Don’t redeem long-term investments like equity mutual funds for this property. It affects future goals.

Plan for Future Property Expenses

Once you buy the house, expenses don’t stop there. Many people forget this.

These costs can affect your budget if not planned early.

Society maintenance charges. Can be Rs 2,000 to Rs 8,000 monthly depending on size and location.

Annual property tax to municipality. Must be paid every year.

Repairs and painting. Especially after 3–5 years of possession.

Appliances breakdown or upgrade. Geysers, AC, filters, etc.

Rent loss if you are not using it and it remains vacant.

Loan insurance premium if you take credit life insurance.

You may also pay for security deposit if giving on rent.

These are all recurring. So your cash flow must be ready for them.

Try to start a small SIP of Rs 2,000 to Rs 3,000 for these future expenses.

Choose a low-risk hybrid or ultra-short fund. Withdraw only when needed.

Also, keep an annual reminder to review these expenses.

How to Prioritise This Goal Among Many

When you have multiple responsibilities, planning becomes more important.

The key is to assign a specific goal to each fund.

Let us prioritise together:

Continue Rs 20,000 monthly savings only for property down payment.

Do not use emergency funds for property.

Maintain 6 months of expenses in a separate liquid fund or savings account.

Keep child education in a separate SIP or PPF. Don’t mix it with home savings.

Do not stop EMI payment or delay it. Your credit score may suffer.

Avoid loans for furniture and interiors. Save slowly and spend only what you saved.

Keep your insurance premiums paid on time. Don’t miss them.

Use bonuses or gifts to increase savings for the property goal.

Try to control lifestyle inflation during this 3-year period. It helps a lot.

What Happens If Property Price Goes Up?

There is a chance prices may rise in 3 years.

You must be prepared in two ways.

Increase monthly savings gradually every year. Even Rs 2,000 more can help.

If prices rise sharply, consider a smaller house. Don’t stretch your loan too much.

Do not compromise on education and long-term goals for a house.

Stay disciplined. Don’t rush just because prices rise. Focus on value, not fear.

Should You Buy for Investment or Use?

You are unsure if it will be for personal use or investment.

Let us clarify this point as it changes planning:

If for personal use, prioritise location, safety, commute, and nearby schools.

If for investment, do a rental yield check. Don’t expect high appreciation.

Real estate investment has hidden costs, poor liquidity, and irregular returns.

If not planning to live there for 7+ years, rethink buying. Renting may be cheaper.

Don’t buy just because others are buying. Make the decision fully based on utility.

Your priority must be comfort, not return, if it’s for staying.

Also remember property can’t be sold quickly if needed. So, plan cash needs carefully.

Don’t over-borrow. Loan EMI + child education must not cross 50% of your income.

Finally

You are thinking ahead. That is already a strong foundation.

Your saving habit, EMI discipline, and clear goal are all positive points.

By keeping your Rs 5,00,000 in low-risk instruments, and adding Rs 20,000 monthly, you are on track.

Please avoid risky products for this goal.

Also, budget for all visible and hidden property costs.

Balance EMI, education and savings with simple, consistent steps.

Keep property-related expenses and long-term goals separate.

Review your plan every 6 months.

A Certified Financial Planner can help you align all your goals peacefully.

Stay patient, stay focused, and protect your peace of mind.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment