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<ul><li>A Reddit user managed to get an <keyword id="19899647" type="General" weightage="20" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> by paying less than ₹27,000.</li><li>The user redeemed points from his <keyword id="19927314" type="General" weightage="20" keywordseo="credit-card" source="keywords">credit card</keyword> to get the iPhone 16 at this price.</li><li>Here’s everything you need to know about how the user got the iPhone 16 using ₹27,000.</li></ul>Credit cards are great if you use them correctly and pay your dues on time. They not only help you get access to free credit for a short period of time, but you can also accumulate reward points and redeem them while making your purchases. If you haven’t been taking your credit card reward points seriously, here is something that might change your mind. In a post, a Reddit user, Wild_Muscle3506, revealed that he purchased the recently launched<a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms"> iPhone 16</a> 256GB variant for under ₹27,000. <div type="Article" hostid="261" msid="113204340" title="iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900" mstype="2" mssubtype="0"></div> To recall, the iPhone 16 256GB variant is currently priced at ₹89,900. If you are wondering how the user managed to get such a big discount, the answer is reward points. As per the user, he was able to get the iPhone 16 for ₹26,970 by paying the remaining balance of ₹62,930 in reward points. The user was able to accumulate the points on his <keyword id="23469811" type="General" weightage="20" keywordseo="hdfc-bank-infinia-credit-card" source="Orion">HDFC Bank Infinia credit card</keyword>. This is a <keyword id="23469815" type="General" weightage="20" keywordseo="premium-credit-card" source="keywords">premium credit card</keyword> from the bank and comes with an issuance fee of ₹10,000 and an annual fee of ₹10,000. The user mentioned in the comments that he had to spend a huge amount to accumulate enough points to be able to get the iPhone 16 without having to spend a huge amount. In response to a user asking how much the person spent to accumulate enough points to get the iPhone 16, the user said around ₹15 lakh. However, this may not be entirely accurate as Infinia offers several accelerated reward point opportunities. In response to another comment, the user accepted this. “I never calculated how much I spent as I had also used my reward points earlier to book some flights,” the user said in a comment. Like most of us, a user was in awe of how the person was able to get the iPhone 16 at such a low price. “It makes me feel how little I know about credit cards and I was so dumb assuming that credit cards are scams,” the user chimed in. If you are thinking along the same lines and would like to know more about the <keyword id="23469814" type="General" weightage="20" keywordseo="HDFC-Bank-Infinia" source="keywords">HDFC Bank Infinia</keyword> credit card, do let us know and we will come up with a detailed post. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/here-are-the-benefits-you-get-with-indias-most-expensive-credit-card-with-a-3-54-lakh-annual-fee/articleshow/113123752.cms">Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a> <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a>

Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000

OpenAI is set to roll out a new premium subscription service called ChatGPT Pro, tailored for users seeking cutting-edge AI capabilities. Priced at $200 (approximately Rs 17,000) per month, the subscription will offer exclusive access to advanced tools, including unlimited use of OpenAI’s o1 model, GPT-4o, and a new <keyword id="23539067" type="General" weightage="20" keywordseo="Advanced-Voice-Mode" source="keywords">Advanced Voice Mode</keyword>. <h2>About ChatGPT Pro </h2> A standout feature of the Pro subscription is the o1 Pro Mode, which leverages enhanced computational power to tackle complex challenges in areas like coding, mathematics, and science. This mode is designed to deliver superior reasoning and solutions compared to earlier versions. OpenAI will continue offering its <keyword id="19973106" type="General" weightage="20" keywordseo="ChatGPT-Plus" source="keywords">ChatGPT Plus</keyword> subscription tier at $20 (around Rs 1,700) per month. While Plus users will gain access to all existing models and early feature previews, the advanced o1 version remains exclusive to Pro subscribers. In tandem with the Pro release, OpenAI has announced the official launch of its o1 model, replacing the limited o1-preview introduced in September under the code name “Strawberry.” The stable o1 model is available immediately for ChatGPT Plus and Team users, with Enterprise and Edu customers to follow next week. The o1 model boasts notable advancements, including the ability to solve complex, multistep problems and generate more precise code. Additionally, it can now analyse and interpret images, marking a significant leap in its capabilities. OpenAI has focused on improving response speed and accuracy, particularly for coding and mathematical tasks, while ensuring concise and efficient outputs for an enhanced user experience. <h2>Ads in ChatGPT: A possibility? </h2> Speculation around OpenAI introducing advertisements to ChatGPT is gaining traction following comments from the company’s CFO, Sarah Friar. Speaking in an interview with the Financial Express, Friar mentioned that while OpenAI is exploring alternative revenue streams, advertisements are not yet in active planning. However, reports suggest that OpenAI is hiring advertising professionals from major tech firms like Meta and Google, hinting at a potential shift towards integrating ads in the future. The move aligns with OpenAI’s transition to a for-profit model and its foray into the online search market with an AI-powered search engine designed to compete with Google.

OpenAI unveils premium ChatGPT Pro subscription with advanced features

<ul><li><keyword id="19925254" type="General" weightage="100" keywordseo="YouTube" source="keywords" meta.keywordsubtype="org" meta.entityname="YouTube" meta.hostid="261" meta.entityid="YouTube">YouTube</keyword> is testing a new subscription tier called <keyword id="23629619" type="General" weightage="20" keywordseo="YouTube-Premium-Lite" source="keywords">YouTube Premium Lite</keyword></li><li>The <keyword id="23644277" type="General" weightage="20" keywordseo="Premium-Lite-plan" source="keywords">Premium Lite plan</keyword> could cost $8.99 per month</li><li>However, it comes with limitations</li></ul> Be it listening to a new song, watching a web-series, searching about a new topic or just casually browsing, YouTube is the go-to app for many users. Earlier this year, a report by Axios had said that Gen-Z is turning towards YouTube and TikTok for research purposes instead of Google. But there's one thing about YouTube that at times leads to frustration - ads. Even though these ads help content creators in making money, users aren't really fond of them. The video platform, addressing such concerns, had launched <keyword id="20184157" type="General" weightage="20" keywordseo="YouTube-Premium" source="keywords">YouTube premium</keyword> back in 2014. This is a premium service that results in many benefits for users at a price - including enjoying ad-free videos. Just recently, the prices of YouTube Premium saw a rise, raising a few eyebrows. Now, if you don't want to pay YouTube Premium fee but still want to get rid of (at least some) ads, there's good news for you. The company might just be working on a new subscription tier that could cost half the price of YouTube Premium and get rid of some ads. <h2>YouTube Premium Lite in works? </h2> According to a report in The Verge, YouTube is testing a new subscription tier called YouTube Premium Lite, offering users a more affordable way to enjoy the platform with fewer interruptions. The Premium Lite plan could cost $8.99 per month, nearly 50% cheaper than the regular Premium subscription, which is priced at $16.99. However, it comes with limitations, including fewer ad-free features and restricted access to <keyword id="19912392" type="General" weightage="20" keywordseo="YouTube-Music" source="keywords">YouTube Music</keyword> and background play. Currently being tested in select markets like Germany, Thailand, and Australia, YouTube Premium Lite aims to strike a balance for users who want an ad-reduced experience without paying for the full Premium perks. While it provides an ad-free experience for most videos, ads will still appear in music and short-form content. <h2>The Indian scenario </h2> As of now, it’s unclear if YouTube will offer an annual subscription option for Premium Lite or whether it will launch in India. If introduced in India, the service could cost around Rs 75, as per an Indian Express report, which is a significant drop from the Rs 149 charged for the full Premium plan. With this new tier, YouTube seems to be hoping to attract users who want fewer ads but don’t require features like offline downloads or YouTube Music’s ad-free experience. YouTube previously tested a similar subscription in 2021 across Europe, but the service was discontinued before it could officially roll out. Whether Premium Lite will prove to be a long-term addition remains to be seen, but it offers an intriguing middle ground for users looking to pay less while enjoying fewer ad interruptions. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/meta-ai-will-be-able-to-remember-your-whatsapp-chat-with-a-new-feature-know-all-about-it/articleshow/114424676.cms" data-type="tilCustomLink" target="_blank">Meta AI will be able to remember your WhatsApp chat with a new feature, know all about it</a> <a href="https://www.businessinsider.in/tech/news/adobe-collaborates-with-coursera-and-others-to-help-people-develop-ai-skills-announces-new-ai-powered-marketing-tool/articleshow/114268779.cms" data-type="tilCustomLink" target="_blank">Adobe collaborates with Coursera and others to help people develop AI skills, announces new AI-powered marketing tool</a>

YouTube might bring cheaper Premium Lite subscription with fewer ads, all details

We can all agree that there is nothing better than packing your bags for a trip. And when the stay is at a <keyword id="20120167" type="General" weightage="100" keywordseo="luxury-hotel" source="keywords">luxury hotel</keyword>, the excitement is even higher.But what if we tell you that a woman, who is a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> by profession, managed to stay at a luxury hotel for free even though her stay’s worth was Rs 3 lakh? Intriguing, right? Read on to know all about it. Pune-based Chartered Accountant <keyword id="23667637" type="General" weightage="20" keywordseo="Priti-Jain" source="keywords">Priti Jain</keyword> recently shared her experience of enjoying a three-night stay at a <keyword id="23638564" type="General" weightage="20" keywordseo="Marriott-resort" source="keywords">Marriott resort</keyword> in Uttarakhand, valued at Rs 3 lakh, without spending any cash. Instead, Jain utilised the reward points she’d accumulated through her <keyword id="23667636" type="General" weightage="20" keywordseo="American-Express-Platinum" source="keywords">American Express Platinum</keyword> card, converting them into <keyword id="19968778" type="General" weightage="20" keywordseo="Marriott-Bonvoy" source="keywords">Marriott Bonvoy</keyword> points, Marriott’s global loyalty programme. The extravagant stay, which Jain detailed on social media, was booked with 75,000 Marriott Bonvoy points, which she had transferred during a 30% bonus offer from her 58,000 <keyword id="20063180" type="General" weightage="20" keywordseo="American-Express" source="keywords" meta.keywordsubtype="org" meta.entityname="American Express" meta.hostid="261" meta.entityid="American Express">American Express</keyword> membership rewards. These rewards had been earned through her card expenditures totalling Rs 4 lakh. The savvy conversion effectively netted Jain a stay in a premium suite for free, turning an ordinary rewards programme into a luxurious experience. But the value didn’t stop at just the points. Upon checking in, Jain was given not just a standard room but an upgrade to a premier room on the first night and an executive suite for the remainder of her stay. Describing her time at the resort as “feeling like royalty,” she revealed that the suite typically costs upwards of Rs 90,000 per night. Over the course of three nights, this upgraded stay added up to nearly Rs 3 lakh in value. Jain’s trip came with additional perks that added to the overall indulgence, including complimentary breakfasts, afternoon tea, and the opportunity to experience the resort’s serene evening Ganga Aarti on the deck, overlooking the river. The highlight of her stay was the personalised service and tranquil environment, featuring live music and scenic views, which allowed guests to unwind completely. Thus, if you use your <keyword id="23073666" type="General" weightage="20" keywordseo="credit-card-rewards" source="keywords">credit card rewards</keyword> strategically, a lot is possible. By planning purchases and taking advantage of bonus point offers, Jain was able to transform everyday spending into an experience worth remembering. For frequent travellers or anyone with reward-heavy cards, her example provides inspiration for turning points into priceless travel memories.

Pune-based CA stays at luxury hotel worth Rs 3 lakh for free, here is how

New Delhi: Shares of <keyword id="20599931" type="General" weightage="100" keywordseo="NTPC-Green-Energy" source="keywords">NTPC Green Energy</keyword> Ltd, the <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> arm of <keyword id="19903558" type="General" weightage="20" keywordseo="NTPC" source="keywords" meta.keywordsubtype="org" meta.entityname="NTPC" meta.hostid="261" meta.entityid="NTPC">NTPC</keyword>, listed with a premium of over 3 per cent against the issue price of Rs 108 on Wednesday. The stock made its debut at Rs 111.60, up 3.33 per cent from the issue price on the BSE. Later, it climbed 12.40 per cent to Rs 121.40. At the NSE, it listed at Rs 111.50, up 3.24 per cent. The company's market valuation stood at Rs 1,02,211.38 crore during the morning trade. Shares of NTPC climbed nearly 2 per cent to Rs 368.80 on the BSE. The <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> of NTPC Green Energy Ltd got subscribed 2.40 times on the closing day of the share sale on Friday. The Rs 10,000-crore share sale had a price band of Rs 102-108 per share. Proceeds from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, about Rs 7,500 crore at the upper band, will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, and a portion will be utilised for general corporate purposes. NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.

NTPC Green Energy shares debut with over 3% premium

<ul><li>Return of premium terms insurance plans are a kind of term plan that pays all of your paid premiums back if you outlive your entire term policy. </li><li>Since they come with a return of premium benefit, such <keyword id="171063" type="General" weightage="20" keywordseo="term-insurance" source="Orion">term insurance</keyword> plans charge a <keyword id="3275990" type="General" weightage="20" keywordseo="higher-premium" source="Orion">higher premium</keyword> than a pure term plan </li><li>Experts say that such plans may not be ideal for most people as the opportunity cost of extra premium amounts remains higher </li></ul>When we hear the word term insurance, what comes to mind is a pure insurance policy which covers the policyholder for a certain term and offers benefits only in case of the demise of the policyholder during that term. In the case of pure term insurance, the policyholder does not receive any monetary payout if he survives the policy term. However, there is a type of term insurance known as the <keyword id="20955968" type="General" weightage="20" keywordseo="return-of-premium-term-insurance" source="Orion">return of premium term insurance</keyword> that offers to return your premiums. “Term return of premium (TROP) is a kind of term plan that pays all of your paid premiums back if you outlive your entire term policy. Usually, term insurance plans do not come with maturity benefits, but once you add the return of premium feature at the time of inception, the payback of premiums is counted as the maturity benefit.,” says Naval Goel, Founder and CEO of PolicyX, an insurance comparison portal. You can choose the feature of return of premiums only at the inception of the policy and it cannot be attached or detached mid-term. Further, the maturity benefit is only paid if you have paid all of your premiums in time. Return of premium term policies charge a higher premium Since they come with a return of premium benefit, its a given that such term insurance plans charge a higher premium than a pure term plan. “Due to the return of premium benefit, the premium for these term plans is usually 1.8 to 2 times the premium for pure term plan,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. In certain cases, it may be even higher. For a better understanding, let’s compare a typical case for both policy types. Following are the premiums for a 35-year-old, non-smoker male, who has chosen coverage for 65 years of age and a life cover of 1 crore. His geographical location is Delhi and the premium payment mode is annual. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Insurer </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plan Name </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premium for Pure Term (₹) </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premium for TROP(₹) </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI PRU </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">iProtect Smart </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,647 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,455 </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Click 2 Protect Super </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18,934 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">47,712 </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Life Insurance </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Smart Secure Plus </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16,513 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30,734 </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Allianz </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Allianz Life eTouch </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,628 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,888 </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara HSBC </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Young Term Plan - Life Secure </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,003 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,005 </td></tr></tbody></table> Source: PolicyX Should you opt for it? Return of premium term insurance plan may come with a feel-good factor as one gets back the premium at the end of the policy term. However, one needs to remember that the premium paid is a lot higher and that beats the purpose of a cheap term insurance plan which does its job of providing insurance coverage. “As the premium is higher than pure term plans, hence return of premium term plan is not beneficial as one could get other investment opportunities during the same tenure to generate higher return on the additional premium which they would pay in case of return of premium term plan,” says Kumar. However, people who are wary of sunk cost might go for these plans as they get the satisfaction of getting the premium back at the end of tenure in case one survives during the coverage period. Again, it may not make sense in the current financial circumstance, but for some, it may provide the comfort of assured return of the principal amount.

Return of premium term insurance: Do TROP policies make financial sense with a higher premium?

<ul><li>The <keyword id="143984" type="General" weightage="20" keywordseo="policyholder" source="Orion">policyholder</keyword> will have their eBima accounts on the <keyword id="6401917" type="General" weightage="20" keywordseo="portal" source="Orion">portal</keyword> with all the details of their purchased <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword> policies in one place </li><li><keyword id="14868119" type="General" weightage="20" keywordseo="bima-sugam" source="Orion">Bima Sugam</keyword> further will help policyholders to make premium payments, change contact details, nominee details, and more </li><li>With an online platform reducing distributor margins and eliminating intermediaries, policyholders can also benefit from <keyword id="21089316" type="General" weightage="20" keywordseo="cheaper-premiums" source="Orion">cheaper premiums</keyword> </li></ul>The Insurance Regulatory and Development Authority (IRDAI) approved the setting up of the Bima Sugam platform last week. Bima Sugam is an online insurance marketplace which will be used for buying and selling insurance policies, as well as servicing them and settling <keyword id="6387025" type="General" weightage="20" keywordseo="claims" source="Orion">claims</keyword>. In other words, it will be a one-stop shop for all your insurance needs. The initiative aims to establish a Digital Public Infrastructure towards universalisation and democratisation of insurance as well as empowering and safeguarding policyholders' interests and achieve the vision of "Insurance for all by 2047”, said IRDAI in a recent press note. This marketplace can serve as a one-stop solution for all insurance stakeholders, promoting transparency, efficiency, and collaboration across the entire insurance value chain. What it will mean for customers The Bima Sugam platform, once operative, will offer several benefits to customers. “IRDAI’s approval will serve as a regulatory endorsement for consumers, confirming that Bima Sugam operates as a licensed marketplace for insurance products in the country. It will boost their trust in the platform and allow them to benefit from its services without harbouring doubts,” says Shilpa Arora, Co-Founder &amp; COO of Insurance Samadhan, an online platform that helps deal with insurance grievances. All insurance policies in digital form in one place: The policyholder will have their eBima accounts on the portal with all the details of their purchased insurance policies under one portal. “This will give the insurance holders ease of access and the hassle of keeping the hardcopy of documents will be eradicated,” says Naval Goel, Founder and CEO, PolicyX, an insurance portal. Bima Sugam further will help policyholders to make premium payments, change contact details, nominee details, and more. “The conversion of policies from physical paper format to e-format will benefit policyholders and reduce the risk of theft and loss of the respective policy,” says Goel. Lower costs: With an online platform reducing distributor margins and eliminating intermediaries, policyholders will benefit from cheaper premiums. Additionally, IRDAI may also provide discounts for the policies purchased via the platform. Easier settlement of claims: The platform is designed to help individuals settle their claims in a paperless process based on just their policy numbers. “Since all insurance plans will be linked and stored under one platform, the insurance company can access the required details immediately. It will simplify the documentation process, making the claim settlement process quick and hassle-free. Needless to say, such a move could streamline the settlement process for policy nominees, especially in the face of an emergency,” says Arora. Bima Sugam is scheduled to be launched in June 2024. It will most likely enhance the user experience with insurance and may boost the wider adoption of insurance policies.

Bima Sugam: How IRDAI’s online insurance marketplace can benefit customers

<ul><li>The whole idea why waiting periods exist is that people should not abuse insurance.</li><li>When there is a pre-existing disease declared in the proposal form, it will have usually a 24- 36 month <keyword id="707278" type="General" weightage="20" keywordseo="waiting-period" source="Orion">waiting period</keyword></li><li>A lot of <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> policies provide options to the customer to reduce the waiting period for pre existing diseases by paying an extra <keyword id="47469" type="General" weightage="20" keywordseo="premium" source="Orion">premium</keyword> </li></ul>The purpose of health insurance is to cover us in case of any medical procedure or emergency. But the coverage does not start from day one of the policy being issued. There is a certain time, also known as the waiting period after which the <keyword id="7692022" type="General" weightage="20" keywordseo="policy-coverage" source="Orion">policy coverage</keyword> kicks in. “A waiting period in health insurance policies refers to the duration that must pass after purchasing the policy before it covers specific diseases, specific surgeries, medical conditions, treatments or any add-ons. These typically range from 1-4 years and vary across insurers,” says Adarsh Agarwal, Chief Distribution Officer, Digit General Insurance. Types of waiting period Waiting periods are typically of three kinds. The first is an initial 30 day waiting period. During this time, no claims or planned procedures are covered. “Anything like an infection where there is a probability that one may have caught it before buying the policy, is not covered. However any hospitalisation due to accidental injury is covered,” says Bhaskar Nerurkar, Head, Health Administration Team, Bajaj Allianz, General Insurance. The second type of waiting period is when there is a pre-existing disease (PED) declared in the proposal. Coverage for such diseases will have a 24- 36 month waiting period. Similarly, health insurance policies for maternity also have a waiting period ranging between 9-24 months or more, so as to discourage people from buying a health insurance policy to solely cover maternity costs. The third type of waiting period is for some of the surgeries like hip replacement and knee replacement surgeries. “These types of surgeries can be postponed by a couple of years. So they have a waiting period as well,” says Nerukar. “The whole idea why waiting periods exist is that people should not abuse insurance,” he adds. How to reduce or do away waiting periods “A lot of health insurance companies offer that flexibility to the customer where they can reduce the waiting periods for certain diseases like asthma, BP, cholesterol or diabetes. If you pay some extra premium, the waiting period can be reduced to day one also, which means after the initial waiting period,” says Siddharth Singhal, Business Head, Health Insurance, Policybazaar.com. For other diseases, you can reduce the waiting period depending from plan to plan and from insurer to insurer. Apart from the diseases mentioned, the waiting period can be reduced to 90 days, in most cases. In some policies, there is an inbuilt feature which lets you reduce your waiting period, while in others, it comes as a rider. What to keep in mind It is advisable to take health insurance as early as possible when one does not have any pre-existing disease. “While one must look at opting for health insurance plans with reduced waiting periods, younger individuals, for example, who have no <keyword id="1177704" type="General" weightage="20" keywordseo="pre-existing-diseases" source="Orion">pre-existing diseases</keyword> can opt for higher PED waiting periods in order to opt for a health plan that is affordable to them. This way one can finish all the prerequisite waiting periods when they are healthy and still keep their health insurance plan affordable,” says Agarwal. Also, when taking a policy it is important that one makes a clear declaration of all pre-existing diseases. That may mean that there is a waiting period, but one can pay an extra premium and reduce the waiting period. However, not declaring an existing condon may mean that a claim may be rejected altogether.

Waiting periods in health insurance policies: What the policyholder needs to know

<ul><li><keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Limited is set to debut in India's stock market.</li><li>The IPO will open on October 15, making it the first car company in over two decades to go public in India.</li><li>Here’s everything you need to know about the South Korean automaker ahead of its IPO.</li></ul> Hyundai Motor India Limited, the Indian arm of South Korean automaker Hyundai Motor Company is all set to make its stock market debut in India as its initial public offering (IPO) opens on October 15. This will be the first market outside South Kores where the country is listed. Hyundai, which entered the Indian market in 1996 is one of the top automakers in India, moving between the second and third spots. The company emerged as the second biggest automaker in Hyundai. Since it entered the Indian market, the company has sold over 80 lakh cars in the country. Hyundai intends to establish India as a global manufacturing and export hub for the company and this might be an initial step in this direction. KFin Technologies is the registrar for the public issue and advisors for the issue include Kotak Investment Banking, Citi, HSBC, JP Morgan and Morgan Stanley. <h2>India’s biggest IPO</h2>Hyundai India is looking to raise ₹27,870 crore from the IPO, significantly higher than the ₹21,008 crore raised by the state-owned Life Insurance Corporation of India (LIC) in 2022, making it the biggest IPO in India’s history. <div type="Article" hostid="261" msid="111690863" title="The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds" mstype="2" mssubtype="0"></div> <h2>About the IPO</h2>The upcoming IPO from Hyundai is entirely an offer for sale (OFS), with the company looking to offload up to 17.5% of shares, which is 14.22 crore shares with a price band of ₹1865 to ₹1,960 per share. Bids can be made in a lot size of 7 shares or multiples of 7 shares. The IPO opens on October 15 and will close on October 18. While the allotment will be finalised on October 18, the shares will be listed on the stock exchange on October 22. At the upper end of the price band, Hyundai Motor India will be valued at $18 billion (approx. ₹1.6 lakh crore), which is around 40% of its parent company, Hyundai Global’s $45 billion valuation. As it is entirely an OFS, the company won’t receive any funds and all the funds raised will go to Hyundai Global. However, the company has said that part of the funds will be allocated towards research and development, especially in electric vehicles (EVs) and hybrid technologies. The company has reserved 7.78 lakh shares with a value of ₹131 to ₹138 crore for employees. Employees will get these shares at a discount of ₹186 per share. <h2>First carmaker in over two decades to go public</h2>In addition to being the biggest IPO in the country’s history, this will also make the company the first car maker to go public in India in over two decades. The last car maker to go public was Maruti Suzuki, which held its IPO in 2003. <div type="Article" hostid="261" msid="114120828" title="The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?" mstype="2" mssubtype="0"></div> With the IPO, the company will join other car makers such as Maruti Suzuki, Tata Motors and Mahindra &amp; Mahindra to be listed in the Indian stock market. <h2>Hyundai in India</h2>The Indian market contributes to around 15% of the company’s global sales and is the third biggest market for the company after the United States and South Korea. The company has already invested around $5 billion in the country and plans to invest an additional $4 billion over the next few years. Company’s financials <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period ended </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">PAT </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-22 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹47,966.05 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,901.59 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-23 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61,436.64 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,709.25 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar-24 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹71,302.33 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,060.04 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">June-24 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17,567.98 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,489.65 </td></tr></tbody></table> Amount in ₹ crore Hyundai recorded a revenue of ₹71,302.33 crore in FY24, up from ₹61,436.64 crore in FY23 and ₹47,966.05 crore in FY22. During the 3-month period from April to June 2024, the company earned a revenue of ₹17,567.98 crore. The company recorded a profit after tax (PAT) of ₹6,060.04 crore in FY24, up from ₹4,709.25 crore in FY23 and ₹2,901.59 crore in FY22. The company recorded a PAT of ₹1,489.65 crore from April to June 2024. “Hyundai Motor India is seeking a slightly higher premium to Maruti and lower to M&amp;M based on price earnings ratio while Hyundai stands to be expensive in terms of price to book value. Hyundai India justifies its premium ask considering its leadership in SUV sales, world-class brand image followed by better safety ratings, Multi-segment growth visibility largely been driven by its popular SUVs, particularly the Creta, Exter, and Venue models in the Indian market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. <h2>Hyundai paid ₹10,780 crore dividend in FY24</h2>Ahead of the IPO, Hyundai paid a ₹10,780 crore dividend in FY24, up from ₹4,653.42 crore dividend in FY23 and ₹1,493.45 crore dividend in FY22. With this, the company’s cash and bank balance has declined from ₹17,741.15 crore a year ago to ₹9,017.35 crore. <div type="Article" hostid="261" msid="113925972" title="September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors" mstype="2" mssubtype="0"></div> “As a result, our ability to utilise our internal accruals and cash and bank balances has been reduced. Any resultant insufficiency in our internal accruals and cash and bank balance may require us to borrow money to meet our growth requirements and incur borrowing costs, which may adversely impact our profitability, financial ratios and results of operations,” the company said in its Red Herring Prospectus (RHP). <h2>Declining grey market premium</h2>Grey market premium (GMP) is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. In essence, it is the premium above the issue price of a share. The GMP of Hyundai has been on a decline, from ₹570 around two weeks ago to ₹130. <h2>Key risks to remember</h2>Here are some of the key risks that the business faces: <h3>Rising part prices</h3>There has been an increase in prices of key vehicle parts over the years, especially chipsets. A further rise in price may impact the company’s profitability in the coming years. <h3>Production disruptions</h3>The company has said that any disruption to its Chennai plant will adversely impact the production and the company’s finances. <h3>Supplier dependency</h3>Another risk to keep in mind is the company’s dependency on its suppliers. Any disruption in its supply chain will adversely impact its production and profitability. <h3>Competition</h3>Hyundai alternates between the second and third position in the Indian car market. An increase in competition, with the increased sales of Mahindra and Mahindra, the company faces a new competitor. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-september-2024-maruti-suzuki-dominates-with-seven-cars/slidelist/114112295.cms">Top selling cars in India in September 2024 – Maruti Suzuki dominates with seven cars</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms">Samsung leads the first phase of festive sales with a 20% market share</a>

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