On retirement, your medical insurance cover given by your employer will also cease to exist. When you retire, you must also ensure that you have a health insurance policy that would last for a long time. Here are a few important things that one must take into account before deciding on a health plan.
Insurers presume that if someone is buying a health plan at an advanced age, he could be harbouring some ailments So, to cover their risk, they put in the pre-existing disease clause in a policy, which is generally a three to four year waiting period. It is better to look for a policy which offers shorter waiting period, even if you have to pay a little extra premium.
Co-payment, sometimes also referred to as partial payment, is the amount that needs to be paid by the insured patient for hospitalisation, while rest of the claim amount is paid by the insurer. In most senior citizens’ health insurance plans, co-payment is mandatory. However, some insurers have fixed co-pay, while some insurers offer a range and you can choose how much co-payment you want to take, which could be 10-20% or even more. It is better to buy a plan which does not ask for co-payment.
Room rent limits
Some health plans have a room rent cap and that’s not a good thing. Having a room rent limit in your policy means that if you are hospitalised, and your daily room rent goes beyond the limit mentioned in your policy, the insurer will charge the percentage of increase in the room rent on the full claim amount. For example, if your room rent limit is Rs 4000 per day and you take a room of Rs 5000 per day for two days, then the increase in room charges would be 20%. Suppose your total hospitalisation bill comes to Rs 50,000, then the insurer will impose the deductible of 20% on the total bill, and you will have to pay Rs 10,000 extra, instead of Rs 1000 per day for the additional room rent which adds up to only Rs 2000. So, it is always advisable to have no limit on room rent in the plan you decide to buy.
Every health plan has a sum insured limit which you are required to decide, on the basis of your health condition, at the time of buying a health plan. This sum insured is your yearly claim limit and any treatment charges beyond this amount will have to be paid by you. But if you have taken a plan with a restoration benefit feature, the insurer will restore the sum insured amount after exhaustion of the original amount if you fall sick again during the same year. However, you must know that the restoration benefit will be available only if you get treatment for a different ailment within the year, and not for the same disease which you were treated for, earlier in the year. For instance, you have a policy of Rs 5 lakh sum insured, you fall sick and Rs 2 lakh gets used for the treatment and if within the same year you acquire another disease, then your insurer will restore the sum insured to Rs 5 lakh.
Your health policy documents include a list of hospitals with their coordinates. You must read the list carefully to know how many and what kind of hospitals from your area are included in the list. In case of hospitalisation in a non-network hospital, you will not get cashless treatment, and will have to pay the total hospital bill from your pocket and then get reimbursed.
Common Admission Test (CAT) is the first thing that comes to our mind when we think of MBA entrance exams. Most B-Schools in India accept CAT scores for admission.
XAT, MAT and CMAT are next on the list. Then comes SNAP, NMAT, GMAT and so on.
Overall, most candidates end up taking about two to three exams in an academic season.
CAT-XAT-CMAT rules the roost among all, because the best colleges of the country such as IIMs, MDI, FMS, IMT, XLRI, SP Jain accept these scores.
But the stunning fact is India has more than 50 MBA entrance tests. Some tests are held at a national level, some at the regional level and some at institute level. Most of these exams are attempted by a small fraction of MBA aspirants.
Yet, each candidate should be aware of the choices and options available to them, early on during MBA preparation season.
Keeping the above in mind, Shiksha.com has listed 20 MBA entrance examinations that you can choose to attempt this year. Here goes the list:
1. Common Admission Test (CAT)
The biggest and most popular entrance examination of India, CAT is conducted by the Indian Institutes of Management (IIM). CAT scores are used for admission by 20 IIMs and various other management institutes across the country. More than two lakh students appear for the exam each year.
The exam started in 1950 and graduated to being an online-entrance test in 2009. Candidates need to attempt 100 questions in 180 minutes. Registration for CAT begins in August-September and the exam is held in November-December. In 2017, CAT was held on November 26.
CAT exam primarily consists of four segments: Verbal, Quantitative, Data Interpretation and Logical Reasoning. These segments are accordingly grouped into sections. CAT has three sections:
Quantitative Aptitude (QA)
Data Interpretation & Logical Reasoning (DILR)
Verbal and Reading Comprehension (VRC)
2. Common Management Admission Test (CMAT)
The second largest management entrance examination of the country, CMAT is taken by roughly 1.5 lakh candidates. Conducted by All India Council of Technical Education (AICTE), CMAT is a relatively new addition to the list of MBA exams. The first CMAT exam took place in 2012. However, it has fast become one of the most popular exams of the country. The exam is accepted by more than 500 MBA institutes across the country.
The CMAT exam is held in January every year.
CMAT is a computer-based exam (held for 180 minutes) and tests the candidate’s aptitude in four main sections:
3. Xavier Aptitude Test (XAT)
Another top management entrance, XAT is a computer based management aptitude test. Conducted by Xavier Labour Relations Institute (XLRI) Jamshedpur, XAT is taken by approximately one lakh candidates annually.
Traditionally, XAT is held on the first Sunday of the year (January). XAT scores are accepted by more than 100 management institutes.
XAT tests the candidate on four fronts:
English Language & Logical Reasoning
GK & Essay
However, essay section is used only after candidates have been shortlisted for XLRI courses. Test duration is 170 minutes.
4. Symbiosis National Aptitude (SNAP)
Conducted by Symbiosis International University, SNAP is also a national-level management entrance examination. SNAP scores are primarily used for admission to 15 institutes under Symbiosis International University. However, many other MBA colleges use SNAP scores for admission.
SNAP is held in December and the registrations go on till November.
SNAP test is a computer-based exam and held for two hours. It tests a candidates:
Quantitative, Data Interpretation & Data Sufficiency
General Awareness: General Knowledge, Current Affairs, Business Scenario
Analytical & Logical Reasoning
5. NMAT by GMAC
NMIMS Management Aptitude Test (NMAT) is also one of the important MBA entrance exams. It has recently been acquired by GMAC and was rebranded as NMAT by GMAC. Scores for this exam will be used for admission to Narsee Monjee Institute of Management Studies (NMIMS), Alliance University, SRM University, BML Munjal University, VIT University, ICFAI Business School (IBS) and Ansal University.
The computer-based exam is held over a 75-day testing window, between October and December. Candidates need to attempt 120 MCQs in 120 minutes.
NMAT has various candidate-friendly options. For instance, candidates can appear for the exam a total of three times and the best of three scores will be used for admission.
The exam has three main sections:
6. Management Aptitude Test (MAT)
MAT is also one of the most popular MBA entrance exam. More than 600 institutes accept MAT scores for admission to management programmes. Conducted by exam is conducted by All India Management Association (AIMA), MAT is held four times a year – February, May, September and December. The exam is held in both online (computer-based) and offline (written) mode.
Held for 150 minutes, the test has 200 questions. The aspirant is tested in the following five areas:
Indian and Global Environment
Data Analysis and Sufficiency
Intelligence and Critical Reasoning
7. Indian Institute of Foreign Trade (IIFT) Exam
IIFT entrance test is an institute specific entrance test. The exam is held for admission to the Indian Institute of Foreign Trade (IIFT). It is held in pen and paper mode.
IIFT test is conducted in November for two hours and consists of 200 multiple choice questions. It tests a candidate’s aptitude in the following areas:
General Knowledge & Awareness
8. AIMS Test for Management Admissions (ATMA)
ATMA is also a national-level management entrance test. It is conducted in online as well as offline mode and held four times a year-February, May, July and August.
ATMA scores are used for admission in by several management programmes. Held for three hours, ATMA tests a candidate on the following areas:
Analytical Reasoning Skills Part 1
Analytical Reasoning Skills Part 2
Quantitative Skills Part 1
Quantitative Skills Part 2
Verbal Skills Part 1
Verbal Skills Part 2
9. ICFAI Business School Aptitude Test (IBSAT)
IBSAT is an institute level entrance test. The exam is conducted by ICFAI Foundation for Higher Education. IBSAT test scores are used for admission to MBA and PhD programs at nine ICFAI Business School (IBS) campuses – Hyderabad, Ahmedabad, Bangalore, Dehradun, Gurgaon, Jaipur, Kolkata, Mumbai and Pune.
IBSAT is held over a period of 15 days wherein the candidate can book a slot as per convenience.
The computer-based test (CBT) tests the applicant’s ability in the following:
Data Adequacy & Data Interpretation
MICAT is the online entrance test for MICA’s flagship two-year Post Graduate Diploma in Management – Communications (PGDM-C).
Candidates first need to apply with CAT, XAT and GMAT (2012 onwards). All applicants will be called for MICAT entrance test which is held in December.
Held over 125 minutes, MICAT has two sections:
Section 1 assesses the candidates’ analytical skills, logical skills, verbal skills, divergent thinking, written communication skills and general awareness.
Section 2 consists of a Psychometric Test.
11. Maharashtra Common Entrance Test (MAH-CET)
MAH-CET is a state-level management entrance exam. The exam is conducted by the Directorate of Technical Education, Maharashtra, for admission to various management courses such as MMS, PGDBM and PGDM in various institutes in the state of Maharashtra.
MAH CET is generally held in the month of March. Candidates need to attempt 200 questions in 150 minutes.
The exam two sections:
Verbal Ability and Reading Comprehension
Quantitative Aptitude and Logical / Abstract Reasoning.
12. Institute of Rural Management Anand (IRMA) Admission test
IRMA Admission test is an institute-level entrance examination. It is conducted for admission to Post Graduate Diploma in Rural Management (PRM) and Fellow Programme in Rural Management (FPRM) at Institute of Rural Management, Anand. The exam is held in the month of January.
IRMA uses CAT scores for shortlisting candidates in the first round. Shortlisted candidates are then called for IRMA written test on the subject of “Issues of Social Concern”.
Candidates need to answer 40 questions in 80 minutes.
13. KIITEE Management Test (KIITEE MBA)
KIITEE is also a national-level computer-based MBA entrance test. The exam is conducted by KIIT University in January every year. The exam scores are primarily used for admission for two programmes:
MBA at KIIT School of Management (offered at KIIT University)
MBA (Rural Management) (KIIT School of Rural Management)
Candidates need to answer 150 questions in 150 minutes. There are four sections in the exam:
Issue of Social concern
14. Odisha Joint Entrance Examination (OJEE) MBA
OJEE is a state-level MBA entrance test conducted by the Government of Orissa. The test scores are used for admission to various MBA courses in Odisha. The exam is conducted in the month of April-May.
OJEE is a written test where candidates need to attempt 120 questions in 120 minutes. The exam has four sections to be attempted in two hours:
Computer and Business fundamentals
15. Karnataka Management Aptitude Test (KMAT)
KMAT is also a state-level entrance examination for admission to post graduate level programmes offered by MBA colleges and B-schools in the state of Karnataka. The exam is held thrice in the months of May, July and September. Registration schedule is announed in April.
Conducted by Karnataka Private Post Graduate Colleges Association (KPPGCA), KMAT scores are used for admission by more than 169 colleges across the state.
Candidates need to attempt 120 questions in 120 minutes. The test consists of the following sections:
16. Andhra Pradesh – Integrated Common Entrance Test (APICET)
APICET is a state-level MBA entrance examination conducted for admission to various B-schools and MBA colleges in the state of Andhra Pradesh. The exam is generally held in the month of May. In 2016, the exam was conducted by Andhra University, Visakhapatnam, on behalf of Andhra Pradesh State Council of Higher Education (APSCHE).
APICET is a paper-based entrance test. Candidates need to attempt 200 questions in 150 minutes.
The exam consist of three sections:
17. Telangana State Integrated Common Entrance Test (TSICET)
TSICET is a state-level written MBA entrance test. It was held for the first time in May 2015. The test scores are used for admission to various MBA courses in the state of Telangana. In 2016, the test was conducted by Kakatiya University, Warangal, on behalf of Telangana State Council of Higher Education, Hyderabad.
No of sections in the exam:
18. Tamil Nadu Common Entrance Test (TANCET)
TANCET is a state-level written entrance examination conducted for admission to MBA courses in the state of Tamil Nadu. The exam was conducted by Anna University, Chennai, on behalf of the Government of Tamil Nadu.
The exam, held in May, is for two hours (100 questions) and tests the candidates ability in:
Analysis of Business Situations
19. Tata Institute of Social Sciences National Entrance Test (TISSNET)
TISSNET is an institute-level exam conducted by Tata Institute of Social Sciences for all Masters programmes offered in TISS-Mumbai, Tuljapur, Hyderabad, Guwahati, IMHST Chennai, MHAT Calicut and G-SET Ranchi.
A computer-based exam, TISSNET asks questions related to Social Sensitivity, Logical Reasoning, Analytical Ability and Knowledge on Contemporary issues. The exam is held for 100 minutes (1 hour & 40 minutes)
20. HP University Management Aptitude Test (HPU-MAT)
HPU MAT is an institute-level entrance examination conducted for admission to Himachal Pradesh University Business School and and HPU Regional Center, Dharamshala. The last exam was held in May 2015. The entrance test has four sections:
Want to escape with your partner to a quiet seaside getaway with magical sunsets? HolidayIQ reviewers know exactly where you should be heading to.
The study ranking the most Instagrammed winter locations was carried out by Focus Clinic, a laser eye surgery clinic which researched the frequency at which popular cities all across the world were hashtagged on the social media platform Instagram.
Bern amassed a frankly unbelievable 1,082,000 tagged photos, whilst the magical skiing destination of Aspen in Colorado came in a close second with 935,000. Perhaps unsurprisingly Norway’s city of Tromso was tagged 768,516 times, taking third place; no doubt down to the fact the city is synonymous with the spectacular Aurora Borealis.
Bern was not the only instagrammable Swiss location to feature on the Top 10 list provided by Focus Clinic. The alpine village of Zermatt came in at sixth place with 400,215 tagged photos and the Swiss ski resort of Grindelwald ranked number ten with 149,836 tags. Switzerland is clearly a very photogenic nation in general, with three stunning winter locations placing within the Top 10.
But it’s the stunning city of Bern which has featured in more Instagram posts than any other country in the world. So we think it’s time to have a look at some of those beautiful winter-themed shots!
If fashion jargon is something you don’t really understand, start here by learning these common words and terms that will up your game the next time you catch up with your fashionista friends.
The term fashion label refers to upcoming designers who make ready-to-wear outfits in limited numbers. These outfits are high on style and are often expensive than regular store garments but lesser than established designer wear. The difference between a label and a brand is that the latter has been in business for longer and is already a known name.
A French word, ensemble has been oft-used by fashion designers and you surely must have heard or read it quite often. In fashion terms, ensemble is usually referred to an outfit complete with accessories, jewellery etc. The whole look is called an ensemble.
In fashion, a silhouette is essentially the basic shape or outline of an outfit. Some common silhouettes include A-line, straight, flared, asymmetrical, etc. Wearing the right silhouette according to your body type can work wonders for your frame.
There are designer and custom-made clothes, and then there are off-the-rack outfits that refer to clothing that is made in a large number and is readily available in stores. Off-the-rack also means readymade garments that made in standard sizes.
Also referred to as the hem of an outfit, the hemline refers to the lower edge of a garment. It is termed long or short depending on its distance from the floor. A dress with a short hemline will expose your legs more while one with a floor-length hemline will barely show your feet.
When something is said to be in vogue, it is means it is currently in trend or in style. If you keep up with fashion trends, you are likely to know what’s in vogue for a particular season.
There are styles that are not currently in trend but are so good that will become fashionable pretty soon. Fashion-forward also refers to people who have their fashion game right and know what will become a trend in the near future.
In fashion terms, monochrome refers to an outfit or look that is only black and white in colour. It can be paired with accessories as well of the same tone.
This style became quite a rage in the last few years. It refers to a top or dress that has an outward flared or ruffled section around the waistline while the rest of it remains fitted.
Are you financially ready to take on your 30s? The 30s come with a mixed bag of good and bad. This is the phase in life when financial responsibilities expand. But this is also the time when your career and finances are more settled and poised to take off. Prime your personal finances so that you are ready to take advantage of this phase of your life. Here are a few ways to do so.
Make a budget
Cultivate the discipline to live within your budget. As you enter the 30s, there is likely to be greater certainty and growth in your income. But the monetary responsibilities are also likely to expand, putting a strain on your income. Being able to control expenditure is a good skill to have so that you can save and invest for your goals. But this discipline takes time to develop and internalize. Use the time in your 20s, once you have worked out the reckless spending that comes with first earning your own income, to learn to make a budget and live by it. Track your expenses over a few months so that you know where your money is going. Do a realistic categorization between essential and discretionary expenses, apart from payment of taxes, repayment of loans and some savings. Trim your expenses to fit the available income. Test run the budget over a few months and tune it according to your experiences.
Once you have a viable budget, build the discipline to stick with it. This habit will help you deal with the stress of expenses when the financial responsibilities go up in your 30s, and even later.
Ring fence your Finances
An unexpected loss or drop in income, an unforeseen medical or other emergency, or worse still, loss of life can derail the ability of a family to meet its current and future expenses. An emergency fund and appropriate insurance products can help you safeguard your financial interests efficiently at a time in your life when you have dependents and additional monetary obligations. An emergency fund should be the first financial commitment when you start earning an income. Build an emergency fund that reflects your expenses and risks to your income. Maintain the fund by periodically adjusting it to reflect expected changes, and refill it on priority basis anytime you use it.
Use insurance to protect your income from the risk of loss of life or from unexpected large expenses. For life insurance, choose a term plan that gives you the cover you need at a lower cost. You will also need health insurance to protect the family, even if there is employer-sponsored health cover.
Erase credit indiscretions
Your credit score and credit history are likely to reflect the mistakes made in managing debt early in your career. But you have time on your side to rectify the errors and rebuild your credit score in preparation for the more responsible 30s. This is the time when you may be considering large loans such as home mortgages. A poor credit score will affect the terms on which you will be able to borrow and this has a long term negative impact on your finances. The steps you need to take to rectify your score include accessing your credit report from the credit bureaus and checking them for errors. Write an application for correction immediately if you spot any errors. Once you know your credit score, and if it is low, work towards building. Work on paying off loans and don’t add to debt. Try to reduce the percentage of credit used against your available credit. If you have stayed away from debt altogether, then that too may work against you. Build a responsible credit behaviour pattern by using credit with discipline and meeting obligations on time. Rebuilding credit and building credit history is not something that you can do quickly.
Spring clean debt
Initial incomes can also be a time of indiscreet borrowing. Most of the debt is likely to be high-cost consumer and credit card debt. Clean up debt outstanding as you approach your 30s. First, the concentration of unsecured debt and credit card debt will harm your credit score. Second, if you don’t close these debts, they will affect your ability to make more serious financial commitments such as a home loan, when you need it. It will also restrict your ability to source loans in an emergency. Try to keep your debt slate clean because in your 30s, your needs may expand much faster than your income and you don’t want your ability to borrow tied up in old debt.
Start saving for retirement
You should start investing for retirement right from the beginning of your career, so that your retirement corpus benefits from compounding even if the multiple claims on your income in the 30s prevent you from adding significantly to your retirement contributions beyond the mandatory savings. Make contributions to the regulatory retirement savings offered by employers, which may have contributions from the employer as well as tax benefits. Expand to other retirement products that allow you to take more risks for better returns, given the longer period available to the corpus.
Change course and upskill
You are the most important asset in your life and you need to maintain your earning capacity in top gear. Use the initial working years to know if you like what you are doing or want to change course. Either way, use the late 20s to skill yourself. Change course if you need to, or up-skill yourself, so that your earning ability goes up in the 30s.
Focus on your investment portfolio
As income stabilizes in the 30s and an emergency fund is built to take care of any risks to income, the investment portfolio and asset allocation should reflect the investment horizon of the goals and the need for liquidity, income and growth. There may be medium-term goals such as saving for down-payment on a house and long-term goals like children’s education and your own retirement. Rebalance the portfolio to reflect changes in circumstances and goals. Set in place facilities to make automatic investments so that the expanding expenses in the 30s don’t forestall the investments that you should be making.
Set the stage for making the most of your 30s. It may seem like a lot to do but you just have to be mindful of money matters and the rest will fall in place.