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Printed by:
National Centre for Financial Education (NCFE)
Second Edition, 2021

Disclaimer :
This Booklet is presented as a reading and teaching material with a sincere purpose of making
the reader financially literate. It is not intended to unduly influence the reader in making a
decision in relation to any particular financial products or services. Readers are advised to
consult their investment adviser before making any investments.

Copyright : Reproduction is permitted provided the source is acknowledged.

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 About NCFE (National Centre for Financial Education)

National Centre for Financial Education (NCFE) is a Section 8 (Not for Profit) Company
promoted by Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI),
Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund
Regulatory and Development Authority (PFRDA).
Vision – “A financially aware and empowered India”

Mission - To undertake massive Financial Education campaign to help people manage money
more effectively to achieve financial wellbeing by accessing appropriate financial products and
services through regulated entities with fair and transparent machinery for consumer protection
and grievance redressal.

Indian Financial Sector Regulators:

RBI: The Reserve Bank of India (RBI) is India's central bank, which manages the monetary
policy of India and regulates banking and non-banking financial sector in India.
Website:https://www.rbi.org.in
SEBI: Securities and Exchange Board of India (SEBI) is the regulator of securities market in
India and is tasked with protecting the interests of investors in securities, promoting the
development of, and regulating the securities market.
Website:https://www.sebi.gov.in
IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory
body tasked with regulating and promoting the insurance and re-insurance industries in India.
Website:https://www.irdai.gov.in
PFRDA: The Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory
body tasked with promoting the old age income security by establishing, developing and
regulating pension sector.
Website:https://www.pfrda.org.in

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Module 1 BASIC CONCEPTS
Expenses
It costs money to live. You need to pay for food, clothing,
Income, Expenses and Budgeting housing, transportation, communication, and a dozen
Are you sometimes short of cash at the end of the month? other necessary expenses. Then there are things like
Don't seem to be able to save for the things you really want? vacations, entertainment, gifts for relatives and so on. If
you want to reach your goals, there are two things you
You can learn to balance your income with your expenses –
and even have some money left over for savings and extras. must do with your expenses:
Let us show you how to manage your incoming and outgoing
1. Know what your expenses are
finances.
2. Reduce unnecessary spending.

Setting priorities: Needs and Wants

The first step in controlling your spending is to get in the
It is very important to know the difference between your habit of tracking your daily expenses so that you know
needs and your wants. This will help you in setting your how much you spend and what are the details of your
priorities so that you know where to spend your money. expenses.

1. Need: A necessity, something that is required, something

that is essential for life Keep every Record every
receipt. expense daily
2. Want: A desire, something that is wished for, something
that is non-essential

Using these definitions, "a roof over my head" is a need. So Total your
are clothing, food and medications. "Watching movies in expense at the Do this for
theatre" is a want, and so are buying an expensive saree, end of the three months
jewellery, etc. month

You will be surprised to know how much you spent and

what you spent it on.

Income
Most of us have a source of income through our job,
business, farming, pension, etc. Many may also be
receiving interest income from their investments.

Whatever be the sources of income, you need to know how

to keep track of it and manage it to cover your expenses
and save for future.

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Budgeting Begin your financial planning by answering 3 questions:
Now that you know your income and expenses, you need Where am I now?
to put them together and that is called a budget. There's Where do I want to go?
nothing difficult about a budget. It is simply a comparison How do I get from here to there?
of income and expenses.
Is the difference between your total income and total
expenses a positive or a negative figure?

If it is positive, you have a surplus.

Congratulations! With the extra money you
must pay off any debt or loan if you have.
Otherwise you can increase your monthly
savings amount or invest for future.

If it is negative, you have a deficit. You need

to increase your income to balance your
budget. Reduce your expenses by focusing
on what are your needs rather than wants.

Budgeting isn’t a one-time thing. To make it work, you need

to do it regularly. At first, do this weekly and once you are
comfortable you can do it monthly.

What is power of Compounding? A Financial plan can help you to:

Saving
Saving is a key step to make sure your future is financially ¾ Balance today’s needs with your goals for the future
With
secure.simple
Startinterest,
early toyou earn
give yourinterest onlyasonmuch
savings the principal
time as ¾ Make the best use of your financial resources
(i.e., the amount
possible to grow. you initially invested); while with ¾ Adapt change in your circumstances and needs.
compounding, you earn interest on the principal as well as,
¾ Save money you need to achieve your goals
previously earned interest.
¾ Prepare for unexpected emergencies
A sum of Rs.100/- invested for 10 years, at 10% rate of
interest, amounts to Rs. 200/- with simple interest, and Rs. ¾ Protect what is most important to you
260/- (approx.) with compound interest, at maturity. ¾ Prepare for retirement
¾ Leave something for your family
Rule of 72: ¾ Manage your taxes
Rule of 72 is a quick, useful formula that is popularly used ¾ Live your life with a sense of direction and security
to estimate the number of years required to double the
invested money at a given annual rate of return Financial Goal Setting
How to save? The most important step in Financial Planning is Goal
Years to double = 72 / Interest rate
Now that you've decided you want to save, how do you setting. It is essential to set short, medium and long-term
An amount
go about it?of Rs.1000/-, invested at 9 % rate of interest,
will double in 72/9 = 8 years financial goals.

Financial Planning
Financial decisions form the basis of much of what we do
in our lives. A poorly thought out personal financial SHORT Plan for buying a Motorbike
decisions may lead to indebtedness, whereas well thought- TERM
out sound financial decisions can lead to financial well-
being. That is why financial planning is vital for financial Plan for buying a Home
MEDIUM TERM
well-being.
Many of us think that financial planning is only about
investing for retirement/old age. It is – but it’s also so much Plan for Retirement
more. Whether you are a college graduate, a young LONG TERM
person, a house wife or a senior person, financial planning
is how you think ahead to make sure you achieve your
goals.

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 Setting SMART Goals
If you want to go somewhere, you need to know the road.
It's the same with your money. To manage your money
well, you need to know where you want to go. It's important
to set short, medium and long-term financial goals.
For an example, “saving for a motorbike” is a vague and
hard to measure. How will you know if you are making
progress or have achieved it? On the other hand, “saving
50000 rupees for a 100 CC motorbike within 10 months” is
SMART. It’s specific – you know exactly what you are
saving for. It’s measurable – you know how much you will
need. Its achievable and realistic – you can break the
total amount needed into smaller steps (saving 5000
rupees a month) that will be easier to do. And its time
bound you’ve set a deadline of 10 months.
Saving:
Saving is a key step to make sure your future is financially
secure. It will help you to meet your financial goals and
provide for your own future.
What is Saving?
It would be a good approach to view Saving as follows:
Saving = Income – Expenditure
Expenditure = Income – Saving
You should set aside a portion of your income BEFORE
you spend anything.
Why Save?
Without savings, when you want to purchase something,
you have to borrow money. Borrowing is expensive,
because not only you have to pay it back; you also have
to pay interest, often at a high monthly rate. Saving lets
you avoid the interest you have to pay while borrowing
money.
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How to Save?
1RZWKDW\RX¶YHGHFLGHG\RXZDQWWRVDYHKRZGR\RXJR
about it? Keep these tips in mind:
Make a plan for your saving and spending. Reduce
unnecessary expenses and put your savings into a
separate account. Spend for things you need, but
wisely.
It’s usually best to clear up any high-interest debts
before starting your savings, because they usually
cost more than you can earn with a savings plan.
Pay these debts first and then regularly put the
money into a savings account.
Pay yourself first. Set aside money from your
income before you spend on anything else. Use
what’s left after saving to spend on things. Also, if
your income goes up, put some of the increase
(most of it, if you can) into your savings. It will be
easier to do this before you get used to spending
the extra money.
Make a regular contribution towards your savings.
To make it easy, set up an automatic monthly
transfer to your savings account
Make use of tax benefit schemes to maximize your
savings. Schemes like, EPF, PPF, NSC, ELSS,
SSY, NPS etc are a good way to reduce the taxes
you pay on your savings.
Where to save?
You know you can save at least a little every month.
What should you do with your savings to keep them
safe? There are many options. It can be as simple as a
savings account at a bank. It can be recurring or fixed
deposits, or post office savings schemes.
Points to be kept in mind when Saving :
¾ Make sure that your savings are invested in
diversified instruments (refer Module on
Investments).
¾ Some portions should be in liquid asset so that you
can withdraw money when needed.
¾ Do not put your money in instruments that are very
Risky / Unregulated, you may loose all of it !!!

Module 2 BANKING
A bank is a financial institution that
accepts deposits from public and
creates credits. In India the Banking
Sector is regulated by The Reserve
Bank of India (RBI).
Let’s understand the various types of Bank Deposits in
brief:-
Savings account (Demand deposit)
Savings accounts are handy for short-term savings. You
can deposit money into a savings account at any bank.
This will keep your savings safe and pay a little interest.
You can take your money whenever you need it.
Recurring deposits (Time Deposit)
Recurring deposits popularly known as RD are best if you
wish to create a fund by periodically saving for any
special occasions such as buying a car. These are
suitable for people who do not have large amount of
savings, but are ready to save a small amount every
month. No withdrawals are allowed.
Fixed deposits (Time Deposit)
Commonly known as FD this is where you can deposit a
sum for a fixed period. The depositor is given a fixed
deposit receipt, which depositor has to produce at the
time of maturity. Withdrawals are not allowed, however,
in case of need, the depositor can ask for closing the
fixed deposit account by paying a penalty.
Deposit insurance
The Deposit Insurance and Credit Guarantee Corporation
(DICGC) insures all deposits such as savings, fixed,
current, recurring, etc. Each depositor in a bank is insured
upto a maximum of Rs. 5,00,000 for both principal and
interest amount held by the depositor.
"Pradhan Mantri Jan-DhanYojana (PMJDY)" under the
National Mission for Financial Inclusion was launched
initially for a period of 4 years (in two phases) on 28th August
2014. It envisages universal access to banking facilities with
at least one basic banking account for every household,
financial literacy, access to credit, insurance and pension.
The Government has decided to extend the comprehensive
PMJDY program beyond 28.8.2018 with the change in focus
on opening accounts from “every household” to “every
adult”, with following modification:
(i) Existing Over Draft (OD) limit of Rs. 5,000 revised to
Rs. 10,000.
(ii) No conditions attached for active PMJDY accounts
availing OD uptoRs. 2,000.
(iii) Age limit for availing OD facility revised from 18-60
years to 18-65 years.
(iv) The accidental insurance cover for new RuPay card
holders raised from existing Rs.1lakh to Rs. 2 lakhs to
new PMJDY accounts opened after 28.8.2018.
For more information visit : https://pmjdy.gov.in/
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Banking in India
Traditional Commercial Banks
Public Sector Banks: Government hold majority stakes
in public sector banks. In India, the nationalized banks
and the regional rural banks come under these
categories. Example: SBI, BOB, PNB etc.
Private Sector Banks: Private shareholders hold majority
stakes in private sector banks. Reserve Bank of India lays
down all the rules and regulations. Example: HDFC Bank,
ICICI Bank. Axis Bank etc.
Regional Rural Banks: These banks were established
mainly to support the weaker section of the society like
marginal farmers, laborers, small enterprises, etc. They
mainly operate at regional levels at different states.
Co-operative Banks
Co-operative Banks: The rural co-operative credit
system in India is primarily mandated to ensure flow of
credit to the agriculture sector. It operates with three-tier
system Primary Agricultural Credit Societies at the village
level, Central Cooperative Banks, at the district level and
State Cooperative Banks at the State level.
Urban Cooperative Banks (UCBs) cater to the financial
needs of customers in urban and semi-urban areas.
New Banking Models
Payment Banks: These banks can accept a restricted
deposit, which is currently limited to ൠ SHU
customer and may be increased further. Payments banks
can issue services like ATM cards, debit cards, net-
banking and mobile-banking. Example: Indian Post
Payment Bank (IPPB)
Small Finance Banks: Provide basic banking service of
acceptance of deposits and basic lending. The aim
behind these is to provide financial inclusion to sections
of the economy not being served by other banks, such as
small business units, small and marginal farmers, micro
and small industries and unorganized sector entities.
Development Finance Institutions (DFI)
A development finance institution (DFI), also known as a
development bank is a financial institution that provides
risk capital for economic development projects on non-
commercial basis. Example: Small Industries
Development Bank of India (SIDBI), National Bank for
Agricultural and Rural Development (NABARD), National
Housing Bank (NHB), etc.
Micro Finance Institution (MFI)
Those institutions which have microfinance as their main
operations are known as microfinance institutions. These
institutions not only offer micro credit but they also
facilitate provision of other financial services like
insurance, remittance and non-financial services like
individual counseling, training and support to start micro-
businesses.
Non-Banking Financial Company (NBFC): A non- Short term Medium/Long
banking institutions a company registered under
Credit

CREDIT
Companies Act 1956/2013 regulated by RBI. NBFC term Credit
engaged in the business of loans and advances, Ex: Working Ex: Housing
acquisition of securities, leasing business, hire-purchase, capital, Credit loan, industrial
insurance business, chit business etc. They are different card loan
from banks, as normally they can’t accept demand
deposits, and cannot become part of payment and
Kisan Credit Card (KCC)
settlement system
¾ Reserve Bank of India and NABARD together
initiated KCC’s conception in-order to assist
Business Correspondent (BC): Banks have been agriculturalists to have easily accessible cash
allowed to appoint local individual persons and others as credit facilities.
BC to work as agents of the banks. The BC uses
¾ The farmers may use KCC to readily purchase
Information and Communication Technology (ICT) based
agricultural inputs such as seeds, fertilizers and
devices such as handheld machines, smartcard based
devices, mobile phones, etc. BC is a mode of providing pesticides etc. KCC helps in short term and timely
banking service at our doorstep as bank branch is far off credit requirements for cultivation of crops.
from our area. Cheque
A Cheque is a document that orders a payment
of money from a Bank account.
Credit and Debt Management
Many people need to borrow money for buying a house,
car or children’s education. This is called credit. Financial
experts often distinguish between good debt and bad
debt. Good debt is an investment in something that
creates value or produces more wealth in the long run.
Bad debt is debt taken to buy something that immediately
goes down in value.
Debit Card Vs Credit Card

Examples of Government Credit Schemes

Educational Loans through Vidyalakshmi Portal
™ Easy and effective system of getting educational
loans so that no student leaves his/her education
mid-way due to lack of funds
™ Common education loan application form is
available for students. Visit: www.vidyalakshmi.co.in
Pradhan MantriAwasYojana (PMAY)
™ Credit Linked Subsidy Scheme for Lower Income
Group/ Economically Weaker section and middle
income group.
™ Individuals are eligible to avail subsidy when they are
purchasing their first house or it is a new construction
Visit:https://pmaymis.gov.in
Pradhan Mantri Mudra Yojana (PMMY)
™ Government Scheme that offers business loans to
proprietors or entrepreneurs of small & medium
enterprises
™ Loans offered: SHISHU, KISHOR and TARUN
depending up on the amount of loan availed
™ Key documents required: proof of identity, quotation
of items purchased and category certificates
Visit: https://www.mudra.org.in

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 Banking Cards Bank Prepaid cards

Module 3
DIGITAL PAYMENTS

Digital payments are those Internet Banking Point of sale

payments in which the payer
and the payee both use
electronic modes to send
and receive money.
Mobile Banking Unstructured
Advantages of Digital Payments Supplementary Service
Data (USSD)
x Fast, Easy and Convenient.
x Economical and less transaction fee.
x Provides a digital record of transactions that
customers can track.
x Gives a one stop solution for any type of payments. Micro ATMs Aadhaar Enabled Payment
System (AEPS)
Do’s and Don’ts of Digital Payment
Do’s Don’ts
Never save your mobile Mobile Wallets Unified Payment Interface
Use password for your
banking login and password (UPI)
Mobile and Computer so
on the phone. Either
that no one else can
memorize it or write it down
access your systems.
somewhere else.
Internet Banking
Always visit your bank’s Never Leave your handset
Internet banking, also known as online banking, e-banking or
secured internet Banking unattended and logged into
virtual banking, is an electronic payment system that enables
site regularly a mobile banking app.
customers of a bank or other financial institution to conduct
Log out of your internet Never leave your phone un-
a range of financial transactions through the financial
banking immediately after attended while carrying out
institution's website. Type of transactions are:
you have completed your financial transactions
National Electronic Fund Transfer (NEFT)
transaction through mobile
Transfer of funds from one Bank account to a different
account of another Bank using Beneficiary’s account
If you suspect number and IFSC(Indian Financial System Code).
Never download apps from
unauthorized transactions Minimum Limit: No limit Maximum Limit: No limit
untrustworthy and dubious
in your account, report it to
sources Real Time Gross Settlement (RTGS)
your bank immediately
Transfer of funds from one Bank account to a different
account of another Bank on a real time basis facilitating
high value transactions using Beneficiary’s account
number and IFSC code.
Digital Payment Methods
Minimum Limit: 2 Lakh Maximum Limit: No limit
As part of promoting cashless transactions and converting
India into less-cash society, various modes of digital Immediate Payment Service (IMPS)
payments are available. Transfer of funds from one Bank account to another
facilitating instant Fund Transfer.
For fund transfer through Mobile, Mobile Money Identifier
(Source: www.cashlessindia.gov.in)
(MMID) issued by the bank is required. Transaction can
also be done using Beneficiary’s account number and
IFSC code.

IMPS, NEFT and RTGS are available 24 x 7

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Mobile Banking
Mobile banking is a service provided by a bank or other
financial institution that allows its customers to conduct
different types of financial transactions remotely using a
mobile device such as a mobile phone or tablet.
Mobile Wallet
A mobile wallet is a way to carry cash in digital format. An
individual's account is required to be linked to the digital
wallet to load money in it. Most banks have their e-wallets
and some private companies. e.g. Paytm, Freecharge,
Mobikwik, Oxigen, Airtel Money, etc.
Point of Sale
A point of sale (PoS) is the place where sales are made. On
a macro level, a PoS may be a mall, a market or a city. On a
micro level, retailers consider a PoS to be the area where a
customer completes a transaction, such as a checkout
counter. It is also known as a point of purchase.
Micro ATMs
Micro ATM meant to be a device that is used by the Business
Correspondents (BC) to deliver basic banking services. The
platform will enable Business Correspondents (who could be
a local retail shop owner and will act as ‘micro ATM’) to
conduct instant transactions.
Aadhaar enabled payment system (AEPS)
AEPS is a bank led model which allows online interoperable
financial transaction at PoS (Point of Sale / Micro ATM)
through the Business Correspondent (BC)/Bank Mitra of any
bank using the Aadhaar authentication.
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Unstructured supplementary service data
(USSD)
The innovative payment service *99# works on Unstructured
Supplementary Service Data (USSD) channel. This service
allows mobile banking transactions using basic feature
mobile phone, there is no need to have mobile internet data
facility for using USSD based mobile banking. It is envisioned
to provide financial deepening and inclusion of underbanked
society in the mainstream banking services.
Unified Payments Interface(UPI)
A system that powers multiple bank accounts into a single
mobile application (of any participatingbank), merging
several banking features, seamless fund routing & merchant
payments into one place.
In this system, transactions can be done through any smart
phone using VPA (Virtual Payment Address) facilitating 24 x
7 transfer on a real time basis. One needs to download UPI-
enabled bank app and login using bank details.
UPI Benefits To End User :
¾ Privacy- Share only Virtual Payment Address and no
other sensitive information
¾ Multiple Utility – Cash on delivery/ bill split sharing/
merchant payments/ remittances
¾ One click 2 FA – Authorise transaction by entering only
the PIN
¾ Work across various interfaces – Payment request
generated on web interface, Authorised on mobile
interface(App)
¾ Availability 24 x 7 and customer does the transaction on
his personel device.
For Further Information, See the Link:
https://www.npci.org.in/product-overview/upi-product-
overview
UPI 2.0
This is new version of UPI system,
which enables users to link their
Overdraft accounts to a UPI handle.
Users are also able to pre-authorize
transactions by issuing a mandate
for specific merchant.
UPI 2.0 version included a
feature to view and store the
invoice for the transactions.

Module 4 INSURANCE
No one can plan for an accident or serious illness. The
chances of these things happening to you may be very
small. So many people put off buying the insurance that
they should buy. But mishaps do happen. It's only when
the event occurs, we realize that we should have taken the
insurance cover for protection. Insurance is a means of
protection from financial loss and issued to shield against
the risk of a contingent or uncertain loss.
Insurance can be broadly classified into two categories:
1. Life Insurance
2. General Insurance
1. Life Insurance
Life insurance provides a financial payment to your
beneficiary upon your death. When you buy a life insurance
policy, you name a beneficiary. It is generally
recommended to purchase an insurance with coverage
worth 7 to 10 times your annual income in order to protect
your family.
Life Insurance Types
Term Insurance: This will be Active for a fixed period
of time and in the event of your unfortunate event
related to life that takes place during the policy term,
your nominees will receive the ‘Sum Assured’.
Although there will be no return of premium, but it
provides best risk mitigation.
Endowment Insurance: A life insurance contract
designed to pay a lump sum after specific term or on
death. Typical maturities are ten, fifteen or twenty
years up to a certain age limit.
Whole Life: Types of permanent life insurance that
stays in effect for as long as you pay the premiums.
Unit Linked Insurance: Combination of insurance and
an investment vehicle, a Portion of the premium paid
by policyholder is utilized to provide insurance
coverage and the remaining portion is invested in
equity and debt instruments
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2. General Insurance
Such products include policies which are not directly
related to the life of individuals. Such policies insure the
policy holder against the risk of wealth and health.
i) Health insurance
In the recent past the cost of treatment has increased many
folds. A simple visit to a doctor now costs anywhere
between 300 to 3000 rupees, depending on where you live.
If your treatment requires you to stay in the hospital for few
days, you will end up with a huge medical bill that can
severely impact your savings. To avoid such financial
shocks, we must insure ourselves. Every insurance
company offers a medical insurance plan that covers basic
medical care covering costs of hospitalization.
ii) Non-Health Insurance
a) Vehicle/Motor insurance
Vehicle Insurance (also known as Motor Insurance/Car
Insurance/ Auto Insurance) is an insurance purchased for
vehicles plying on the road. Its primary objective is to
provide protection to the vehicle owners against the risk of
any legal liability and/or accidental damage to the vehicle.
The coverage for vehicle insurance is of two types:
Motor Third Party (TP) Liability Insurance: Third Party
Insurance is a statutory requirement and every vehicle
plying on the road should mandatorily obtain this
insurance. The owner of the vehicle is legally liable for any
injury or damage to third party life or property caused by or
arising out of the use of the vehicle in a public place.
Driving a motor vehicle without insurance in a public place
is a punishable offence. The insurance policy covers
damage to someone else’s property or injury or death of
other persons resulting from an accident for which the
insured is judged legally liable.
Motor Own Damage (OD) Insurance cover: It covers
accidental damage caused to the insured vehicle.
There are policies covering either or both of the above
covers. It is important to examine your policy to understand
what is covered.
b) Property Insurance
Property Insurance is a very vast category of General
Insurance and the type of cover that you need depends
upon the type of property you are seeking to cover. The
most popular property insurance is the standard fire
insurance policy and provides insurance protection
against Fire and allied perils viz. flood, inundation, cyclone,
typhoon etc. The different types of property that could be
covered under a fire insurance policy are dwellings, offices,
shops, hospitals, industrial/manufacturing risks and
contents such as machinery, plants, equipment and
accessories; goods including raw material, material in
process, storage risks outside the compound of industrial
risks; tank farms/gas holders located outside the
compound of industrial risks etc
Home/ householders’ Insurance is important as it
provides a package of wholesome insurance protection for
individual’s house.
Similarly, Shopkeepers’ Package Policy is designed to
insure all the insurable risks of a large number of
shopkeepers. It provides wide coverage against various
accidental happenings like fire, earthquake, lightning,
flood, burglary etc. The policy gives cover for the building,
its contents, money kept in the shop etc.
c) Other Insurances
Travel Insurance
Comprehensive Travel insurance provides:
™ Emergency medical cover
™ Losses incurred due to unforeseen
cancellation or having to cut your trip short
™ Death and disability cover
™ Personnel liability cover
™ Luggage cover
Group Insurance
It covers a defined group of people, for example the
members of a society or professional association, or
the employees of a particular employer
Crop Insurance
It provides insurance cover to farmers in the event
loss or damage to crops due to drought, flood, other
natural disasters and infestation of pests etc
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Examples of Insurance schemes of Government
of India
Pradhan Mantri Suraksha BimaYojana (PMSBY)
™ Provides accidental insurance cover of upto2 Lakh to bank
account holders in the age of 18 to 70 years
™ A fixed
fixed annual
annualpremium
premiumofofRs.20/-
Rs.12/-is is deducted
deducted from
from thethe
bank account through auto-debit facility
™ Person would be eligible to join the scheme through one
savings bank account only
™ Insurance covers permanent and partial disability due to
accident (https://financialservices.gov.in/insurance-
divisions)
Pradhan Mantri Jan ArogyaYojana (PMJAY) – Ayushman
Bharat
™ Provides health care facilities targeting poor, deprived rural
families and identified occupational category of urban
worker’s families
™ There is no restriction on family size, age or gender
™ No money needs to be paid by the family for treatment in
case of hospitalization (https://www.pmjay.gov.in)
Pradhan MantriFasalBimaYojana (PMFBY)
™ Crop insurance scheme aimed at shielding farmers from
the crop failure through insurance
™ The scheme insures farmers against a wide range of
external risks – droughts, dry spells, floods, inundation,
pests and diseases, landslides, natural fire and lightning,
hailstorms, cyclones, typhoons etc.
™ Scheme covers post-harvest losses up to a period of 14
days (https://pmfby.gov.in)
Pradhan MantriJeevanJyotiBimaYojana (PMJJBY)
™ Provides life insurance cover of 2 Lakh to bank account
holders (Savings Bank A/c) in the age of 18 to 50 years.
™ A fixed
fixed annual
annualpremium Rs.330/-is isdeducted
premiumofofRs.436/- deducted from
from thethe
bank account through auto-debit facility
(https://financialservices.gov.in/insurance-divisions)
Making a claim
When a disaster happens, such as your bike is stolen or
you have met with an accident, it's time to make a claim.
When you make a claim, you are officially asking the
insurance company to pay you for the loss you have
suffered under the terms of your insurance policy.
Contact your insurance broker, agent or company as soon
as possible. Because most companies have time limits
within which you must submit your claim. Also remember
to provide all supporting documents needed when
submitting your claim
Module 5 INVESTMENT

Investing can be a rewarding activity which can help you

meet your financial goals; however, investing can be
complex and often comes with risks. With appropriate
knowledge, you can choose the level of complexity and risk
that you are comfortable with.

Key factors
You need to know at least three key factors about every
investment, return, risk and liquidity.

Inflation and its effect on Investment

Inflation refers to rise in price of goods and services. Over

time, as cost of goods and services increases, the ability of
a unit of money, say one rupee or Rs.100, to buy goods and
services keeps declining. In other words, Purchasing power
of money decreases. It is important to take into account the
effects of inflation on your investments during financial
planning.
Investing goals
How does inflation affect my Investment decision?
Your investment goals depend on which life stage you are A Vada Pav costing Rs.5/- five years ago, now costs
in (student, employee, retired, etc.). Your investment goals Rs.10/-. The increase in the price is not as a result of
will be different from those of other people, and the goals higher quantity or better quality, but due to inflation
will change as you go through your life. Usually, you have a impacting the prices of the ingredients.
variety of goals at the same time. You may be looking for
long-term growth in value and also want a secure and
flexible fund for emergencies. Each household will have a
variety of objectives, and will need a different investment
strategy for each one.
One easy way to see how personal factors affect investment
choices is to think about your life stage, the phase of your
life that you are in.

14 | P a g e
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