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Raman Kishor (name changed) bought a Corona Kavach policy having a health insurance coverage of Rs 5 lakh on July 24, 2020. Within 15 days, he developed symptoms of Covid-19, but got hospitalised only after 15 days on August 9, 2020. The usual waiting period in insurance policies during which Covid-19 treatment is not covered is 15 days. The insurer rejected the claim stating that the onset of the disease was during the first 15 days from the date of commencement of the policy — hence not covered under the insurance policy. 

Kishor’s insurance agent Avinash Sonee raised the issue on an online forum Beshak.org, a community of users and experts on insurance. Some experts agreed with the insurer’s response while one encouraged him to repudiate the claim. One month later, the insurer settled his entire claim of Rs 5 lakh. 

“Waiting period means a period from the inception of the policy during which Covid is not covered. The policy doesn’t say that symptoms of Covid should not be manifested within the waiting period. So, there is a solid ground for going against the insurer legally. The interpretation of the wording shall be in favour of the party who did not draft the policy, which in this case, is the insured,” Hari Radhakrishnan, an expert on the forum, suggested. 

Such advice usually comes for fee. Online communities — by the people for the people — are bridging this advice gap.

Helping those in distress

There are multiple such online communities on WhatsApp and Facebook and discussions on Twitter that are helping millions with genuine financial advice. Take for example, Asan Ideas for Wealth, a private Facebook group with 82.4K members. Started by a chemical engineer Ashal Jauhari in 2011 — who has a keen interest in personal finance — the group receives more than 50 queries in a day to which numerous people reply. If someone is willing to discuss in detail their financial issues, Jauhari gets on a private call with them — all for free.

“I take at least 8-10 such calls daily. It’s my passion so it doesn’t bother me. I make sure that I don’t store any caller’s data,” he said.

Interestingly, Jauhari doesn’t have any financial background. He learned all about personal finance from business magazines and newspapers. He would often participate in online discussions on various platforms and ended up building a community that is rich in content in money management.

“The credit for the success of the group goes to the people who give genuine advice to the queries raised. A couple of insurance companies, fund houses and individuals have approached me for ads, but I have no intention to monetise these ideas for wealth,” he said.

WhatsApp power

Similarly, WhatsApp groups discuss investment ideas where veteran investors help others in picking stocks and mutual funds. Delhi-based Aseem Ahooja created one such group of like-minded people in 2015 – Wealth Creators Club.  

“The group members are benefitting from the investing experiences of each other, knowledge shared by external expert speakers and sharing of fundamental and technical analysis of stocks. This has helped the group members identify quality stocks and mutual funds, and build up a good portfolio. This in turn increases their returns and keep at bay the panic selling,” he said. 

The interesting thing about the group is they conduct a virtual meeting each week on Saturday, where either an existing member or a guest conducts sessions on different investment topics.  

The emerging online communities are a rock support for those who are part of it. But, there is no substitute for credible paid advice unless you are aware enough to cross check the veracity of information and advice being given to you online. The online communities can help you get second opinion on the dilemma or a challenge you are dealing with. But, reach out to a registered analyst or an advisor for nuanced financial advice.