What portion of your salary should you spend on loan EMIs?
Most people buy a house or a car by taking a loan from the bank, but do you know what is the maximum portion of your salary that you should spend on EMI? What is the 40 percent EMI rule? What are the disadvantages of spending more on EMIs? Among home loan, personal loan, auto loan and credit card bills, which loan should you eliminate first?
Life Insurance Corporation of India (LIC) has come out with an app named Pragati which will provide real-time information on the performance of their agencies on key business areas like premium collection, agency activation, prospective Million Dollar Round Table (MDRT), and also monitoring activities like usage of agent mobile app and NACH validations. The app will be used by LIC’s development officers, and will be a performance review and trend indicator. Showing real-time data will help LIC from a marketing perspective.
In a move to help digital paperless solutions, LIC had launched the Ananda mobile app earlier, which is garnering popularity among agents.
Today, digital growth has facilitated every official, agent ad customer to rely on the virtual world, instead of using physical communication which is consumes a lot of time.
Pragati app to ease business in the future
When many activities were stalled due to the pandemic induced lockdown, the insurance sector was largely unscathed. However, both the agents and customers faced challenges because of movement restrictions. Official also had problems in delivering information to others. But the new Pragati app will solve those problems and make business easier in the future.
There is also an app from LIC to calculate plans and offers called All in one CALC, which will help the agents and customers of LIC to understand the benefits of policy well. On the other hand, AI based Jeevan Shaakshya app helps retired employees and annuitants to submit life certificates from anywhere.