Financial Strength Score
Research suggests to have 6 times your monthly spending in an emergency fund to take care of any contingencies. Please include any EMIs, loan repayments, insurance premium repaymts etc to arrive at the average monthly spend amount. Excluding these out will provide an inaccurate e...
Yes, all required details are to be properly entered to get the correct Financial Strength score.
Please do not include any type of EMI as part of the Monthly spends field in screen 1. Include EMIs for all types of credits availed in response to the EMI question in screen 2
Please consider your in-hand salary i.e. after all applicable tax deducted for filling in the income field on screen 1. However, for all expenses please take post tax figures, i.e. do not exclude GST amounts while calculating your expenses.
Research suggests to have a term insurance cover with sum assured equal to 15 times your annual income
Yes, you may retake the assessment after the score is generated
Temporarily yes, but not on an ongoing basis unless you have supplemental income that you haven't counted in as income.
Financial Strength (FIST) Score provides a holistic view of one's financial profile. The score is dervied after analyzing the following 5 aspects of one's financial profile : Income, Expenses, Savings, Debt & Insurance cover (Health & Term Life Cover).
Research suggests to have a health cover equal to 15 times your monthly income
The Financial Strength score range is 0-500