Because of poverty many families and many youths in our country could not reach the zenith albeit they have potential. . Regarding poverty, I wish to mention that John Boyd Orr, the first Director-General of the United Nations Food and Agriculture Organization (FAO)   used the calorie concept to explain poverty which was the minimum value of foods a human being required to sustain a good life. In India, poverty has been defined based on a minimum daily requirement of 2,400 and 2,100 calories for an adult in rural and urban areas, respectively which subsequently has been converted to income earning.

Here, I am presenting a case of a youth who in spite of living in extreme poverty has reached the zenith because of strong dedication, devotion, and sincerity.

Achinta Shewli of West Bengal (resident of Howrah) brought gold to the country in the Commonwealth Games but in his childhood in weight-lifting but he passed awful days because of extreme poverty. Arranging good food, particularly protein food was a dream for the families. It is fact that in general Bengali people irrespective of caste or religion eat non-vegetarian items like fish, chicken, mutton, and egg. In childhood eating, the non-veg item was a dream​ for Achinta. His father was a rickshaw van driver earning a paltry amount and unfortunately, his father passed away in April 2013 (38 years age) when Achinta was just 11 years old. After the death of the father, the two brothers Alok and Achinta helped the mother with the lace work. Both the brothers dreamed of becoming weightlifters. But it was not easy to dream where they had to fight to get two meals.  After his father’s death, his grandfather did everything for them. 

​According to him, the goal is to get a medal at the 2024 Paris Olympics and the Commonwealth Games medal will give Achinta confidence to get the same. It may be mentioned that Achinta’s brother Alok told Anandabazar Online, “One day when I was a child, my brother was crying because he wanted to eat chicken -​meat. But later on at that age, he understood the financial condition of the house. After that, he did not cry.”

Achinta’s coach Ashtam Das said, “I had many players who were physically better than Achinta, but they did not have the hunger for sports, which I saw in Achinta.” Achinta’s coach Ashtam Das left his BSF job to train potential weight-lifters. In view of his financial condition, he trained him free of cost. 

Achinta Shewli started weightlifting in the year 2011, admiring his brother who was also a former Weightlifter. Ashtam Das admitted him to the Army Sports Institution in Pune. Since then Achinta’s studies and sports have been going on there. He got a job in the army last year 2021). It seems Ashtam Das spent his personal money on the development of weight lifters but the State Government did not extend any support for the infrastructure development of the ‘practicing center’ although everyone knows the State Government has been spending huge money on much unproductive expenditure. So, I suggest to the State Government please look into such issues as such expenditure is known as ‘Development Expenditure’ i.e. development for human resource.

(Basic inputs collected mainly from two editions of Anandabazar Patrika (Bengali editions), Kolkata, 1/8/22 and 2/8/22)

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What’s a loan?

A loan is anything loaned to another person in exchange for future repayment of the loan value plus interest and other financing charges, whether it be property, money, or other tangible goods. A loan can be obtained as an open-ended line of credit with a set maximum or for a fixed, one-time sum. There are many various types of loans, including unsecured, secured, commercial, and personal loans.

Know about the loans

A loan is a debt that a person or an organisation incurs. A lender is the other party to the transaction; typically, it is a government agency, financial institution, or business. They lend the borrower the necessary amount of money. In exchange, the borrowers consent to pay a specific set of conditions, such as any finance fees, interest, etc., using the money they initially borrowed.

How is the loan process carried out?

You apply for a loan from a business or a bank when you need money. You must supply particular information, including the reason you need the loan, as well as your financial background, Social Security Number (SSN), and other facts that may differ from lender to lender.

In order to determine if you can afford to repay the loan, the lender will examine your application and look at your debt-to-income ratio. The lender will either accept or reject your application based on it. If your application is turned down, the lender is required to give a justification.

A contract between you and the lender is signed if your application is accepted. The loan amount, together with interest and other fees, are sent to your account by the lender.

Before a loan contract is completed and funds are dispersed, certain terms must be agreed upon by both parties. The loan paperwork will specify any requirements for collateral, which the lender may in some circumstances require. The majority of loans also include clauses defining the maximum rate of interest and the grace period before repayment is necessary.

When and why are loans given?

Loans are given out for a variety of reasons. A borrower can require a loan to finance a purchase, debt relief, business endeavours, home improvements, or for investments. Business loans can support a company’s expansion.

Loans, in other words, enable the expansion of an economy’s total money supply and promote competition by funding new enterprises. Lenders (banks) receive income from the interest and other fees they charge borrowers.

When taking out a loan, one key consideration

The importance of interest rates to a borrower is one of the key considerations when applying for a loan. The borrower will spend more money for loans with higher interest rates since they require larger monthly payments or take longer to repay than loans with lower interest rates.

What inquiries must to be made while applying for a loan?

A few inquiries one should make while applying for a loan include:

Q. How long will it take to receive the funds?,

Q. What is the loan’s interest rate?,

Q. What is the loan’s duration? Do there charge any fees?

What are the three primary categories for loans?

Loans can be divided into three basic groups: traditional, open-end and closed-end loans, unsecured and secured loans.

What elements influence loan approval?

Loan approval is influenced by a number of variables, including credit score, debt-to-income ratio, down payment, employment history, home valuation, and condition.

 A contract between a person (Policyholder) and an insurance business is known as an insurance policy or plan (Provider). According to the terms of the contract, you pay the insurer regular sums of money (referred to as premiums), and they pay you if the sum assured is realised in the case of an unpleasant occurrence, such as the early death of the life insured, an accident, or damage to a home. Let’s learn more about what insurance is and the different features, advantages, and forms of insurance that are offered in India.

If an event occurs, the insurer pays a lump sum settlement to the policyholder/nominee in accordance with the insurance terms.

Depending on a person’s needs and life goals, they will decide which kind of insurance coverage to purchase.

An insurance policy has a number of different parts, each of which should be well understood before selecting the one that best suits your needs.

Insurance-Related Items

Listed below are some of these elements to assist you comprehend “what is insurance” and how it operates:

Policy for Insurance Premiums

The amount you must pay to purchase a certain quantity of insurance coverage is known as the premium of an insurance policy. It is often described as a consistent expense that you have during the period of premium payments, whether it is monthly, quarterly, half-yearly, or annually.

The premium for an insurance policy is determined by a number of variables by an insurance provider. The purpose is to determine if an insured person is qualified to purchase the particular sort of insurance policy that he or she desires.

For instance, if you are in good health and have never received treatment for serious physical ailments, you will probably pay less for health insurance or a life insurance policy than someone who is unwell.

Additionally, you should be aware that different insurance providers may charge various costs for comparable types of plans. So it does take some work to choose the appropriate one at a price you can afford.

Policy Limit

It is described as the highest sum that an insurance provider is accountable for covering for damages covered by the insurance policy. Based on the timeframe (the policy term), the loss or injury, and comparable other considerations, it is decided. 

Generally speaking, the higher the coverage limit, the more expensive the premium will be. The highest sum that an insurer will pay to the nominee under a life insurance policy is referred to as the sum assured.

Deductible

The amount or percentage that the policyholder agrees to pay out of pocket prior to the insurer beginning to settle a claim is the deductible associated with an insurance policy. It also serves as a deterrent to the numerous petty, unimportant claims that people make under their insurance coverage.

According to the conditions of a certain type of policy, deductibles are applied per policy or per claim. High deductible insurance policies are typically less expensive because fewer claims are filed due to the greater out-of-pocket costs.

How Do Insurance Policies Work?

According to the definition given above, an insurance policy is a binding legal agreement between the policyholder and the insurance provider. It contains all the information on the terms or situations under which the insured person or the policy nominee will receive insurance benefits from the insurer.

You can protect yourself and your loved ones from a financial crisis by purchasing insurance. You purchase an insurance policy for the same, and the insurance provider assumes the associated risk and provides insurance coverage for a set fee.

The insured or nominee may submit a claim to the insurer in the event of any occurrence. The insurer examines the claim application and resolves the claim based on the criteria for claim evaluation.

India’s Insurance Options

The four forms of insurance that people most frequently purchase are:

Health Insurance

Medical Insurance

Vehicle Insurance

Property Insurance

Gains from Insurance :

Insurance plans have numerous advantages for both individuals and society as a whole. Other advantages of insurance, besides the obvious ones, are less well known or spoken of.

1. Protect against ambiguity

It is among the most notable and significant advantages of insurance. According to the insurance plans, the insured person or organisations are protected against losses. The correct kind of insurance coverage might help you protect yourself from losses brought on by various life’s uncertainties.

2. Managing Cash Flow

The management of cash flow is greatly impacted by the uncertainty of covering the losses out of pocket. However, you can deal with this uncertainty with ease if you have an insurance coverage on your side. The selected insurance company

3. Possibilities for Investment

A portion of the premium for the unit-linked insurance plan is invested in various market-linked funds. They make it possible for you to consistently invest money in order to benefit from market-linked returns and achieve your life goals.

Benefits of Insurance for Taxes

You can receive income tax benefits in addition to protection benefits from insurance plans.

Article 80C

According to Section 80C of the Income Tax Act, the premiums for life insurance policies may be deducted from taxable income. The maximum deduction allowed is Rs. 1.5 lakh.

Article 80D

According to Section 80D of the Income Tax Act of 1961, health insurance premiums paid to purchase policies for you and your parents are also tax deductible.

Chapter 10 (10D)

This clause exempts from taxation any life insurance benefits that you or the insurance policy nominee receive from the insurer.

Purchase insurance to be safeguarded.

In today’s world, having insurance to stay protected is essential. Even while many people invest in various insurances, not everyone is aware of all the benefits they can provide. Insurance, such as life insurance, safely and affordably guarantees the financial security of your family as well as your own. Additionally, buying life insurance promotes the development of a consistent saving routine. It so gives you the ability to create a significant corpus.

You may protect your financial situation and that of your family with the aid of insurance plans from one of the available Life Insurance policy, such as term plans and health insurance plans, and you can also benefit from a number of other advantages. Now that you understand what insurance is and how it functions, you should think about getting the kind that’s right for you and stay safe!