Sunday, March 29, 2015

Money book:
What’s the product?

This is a review of ‘My Money book’ by Exide Life insurance, an utility diary kind of book, used to document all your investment and property details.

My Money Book’, a book which is your very own record of what you have gained in life. 

Packaging: I usually review all aspects of the products received but since this one was shipped by blogadda this review doesn’t include information about the packaging. This book is

First look:
Name and tagline: The book is rightly named as MY Money Book. This book has pages of forms that you need to fill up with your financial details.
The tagline reads, ‘For a long and happy journey called life’. Money and happy life are always called together when someone tries to put them down on paper. It is rightly taglined.
Cover: The cover of the book has a word cloud in the shape of a heart made out of shades of red. The word cloud contains words like family, safe, bank, property, life, accident and everything related to money.
The cover also carries a small note at the bottom left as IMPORTANT DOCUMENT. This might be very helpful when people clean our desks. They will understand it’s something important and won’t thrash it away or handle carelessly.

The inside and the Whys:

Take a look at the sneak peek video of this book that’s posted above.

Let’s discuss this scenario. In most families the eldest male member takes care of all the finances. He manages them and have a record of them. The other members of the family won’t even be aware of what medical policies are taken in their names or what insurance claims they are entitled to. What happens if this male member is not in a position to tell you all these details when required; say he is the one who needs to be treated at a hospital and you don’t even know his bank details. In such situations this My Money book will be a wonder in your life. This is one reason why every family should have one such book to maintain documents.

            The first page of the book needs you to fill your personal details including your pan and passport numbers. It also has columns for the members of your family, you chartered accountant, family doctor, advocate and financial advisor.

            The first segment of the book is My Insurance Policies, which includes Life insurances, health insurances, motor insurances and property insurances. The forms ask for details to the extent of the policy number, premium and every other detail possible about the policy. The book let’s you document up to 8 life insurance policies, 2 health insurance policies, 2 property insurance policies and 4 motor insurance policies. This will be really useful at the time of crisis, when you can’t carry all the policy details and papers all along, everywhere, you can just carry the My Money book and remain satisfied and happy.

            The next segment is My Bank Details. This section includes the accounts, lockers, Demat accounts and credit card details. One can document upto 2 accounts with details to the extent of Bank manager’s name, 2 lockers with  even a column for items stored, 2 demat accounts and 4 credit card details including the card limit. When you are shopping heavily on a day and your card is denied, you panic. Don’t you? This is because you have too many credit cards and you don’t have a track of the maximum limit for each. You at times get confused between the limits of the card. If you have the My Money Book handy during these times, it will help you plan your finances better; it will help you choose the card to swipe.

            The next segment is My Loans that includes Home loans, auto loans, personal loans and durable loans. This is the most important part of the document book as this helps you get an overall picture of your finances and help you plan your future investments better.

            The last segment is My Investments, which includes FDs, mutual finds, property, PPF, National pension scheme and other investments. Having all these in a single, handy document will help you plan your taxes better. Also while declaring your investments at work, on a busy day, just because it’s the last day to declare, this book will solve it’s purpose. Just pick it up and type down all the details from a single, handy book, My Money Book.

Overall, I am highly satisfied with the product and I would recommend it to my readers.  

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