India's own CBDC has been launched today for pilot

It might be the next revolution in payments like UPI🤯

What does it mean to you? 🤔

Here is all about the Indian CBDC 👇

1/ What is CBDC?

CBDC stands a Centrally Backed Digital Currency

Just like a physical note, CBDC will be:

- Legal Tender
- Liability of the RBI to return us that money
- Our legal obligation to accept it
- Freely convertible against commercial bank
money

Symbol: e₹

2/ Features of CBDC?

Apart from 1 above,

A. You won't need a bank account for transacting 🤯

B. Lower cost of issuance vis-a-vis notes

C. Negligible risk of being stolen or torn vis-a-vis notes

3/ How will it be different from UPI?

- No time required for settlement amongst banks

- No need of having a bank account
Hence, improving financial inclusion

- Substitute of cash

4/ Need for CBDC

A. Security over bank deposits

While our bank balances are insured up to ₹5Lakhs

But since CBDC is CENTRALLY BACKED,

it is the government's liability to return us each and every penny

Well, that's what's in for us.

What about the govt? Read on👇

You can get a ₹ 1 Crore health cover at just ₹ 10k p.a.🤯

No absurd assumptions or riders, promise🙏

Read on, I'll teach you how to get it 👇👇

And everything about Health Insurance 🤩

1/ Get a health cover of ₹10L and super top-up of ₹90L

Super top-up plans are generally less expensive

It offers financial relaxation when hospital bill crosses your base cover

But are such plans available at <10k pa for a 25 yo?🤔

Yes!🤩 Read to know more about riders👇

2/ How should I choose my insurance company?

Go to IRDAI's website and check for their Annual Report

See which all insurers have:

1. Claim Settlement Ratio of 90-95%+ AND
2. Incurred Claims Ratio of >70-75%

Choose any one of them!

3/ Room Rent Limit

This is a very important limit

If room rent limits get triggered,

you'll have to bear other expenses on pro-rated basis

e.g., Room Rent limit 3k, amount incurred 5k

Then you will have to bear other expenses also to the tune of 40% [(5k-3k)/5k]

4/ Co-Pay Limits

Co-pay is the share payable by the insured and insurer

Make sure you get 100% paid by the insurer

GOLD HACK: Unless, your parents' premium is too high, you can get 20% co-pay option and reduce it