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Daily Archives: May 17, 2022
How AI-driven robots and drones bring cognitive intelligence to Industry 4.0 – VentureBeat
Posted: May 17, 2022 at 7:51 pm
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Over the past few years, smart manufacturing initiatives such as digital twins and the internet of things (IoT) has caused Industry 4.0 the trend toward digital transformation in manufacturing and industrial sectors to explode. However, robots and drones tasked with visually inspecting machines havent yet seen the same growth.That is set to change in a big way, Bill Ray, vice president and analyst, emerging technologies and trends at Gartner, told VentureBeat.
The robots, drones and cameras that inspect machines to perform predictive maintenance and relay analog information to operations staff can now function autonomously. Even better the longer theyre at their jobs, the better they do.
AI and machine learning tools bestow moving inspection systems that is, robots and drones with the capability to read the analog output from industrial machines that havent been digitized. In this way, they act as a bridge between Industry 4.0 and the analog age it will replace.
With cognitive intelligence, Ray said, robots and drones can make proactive decisions. And, he added, this is still early days. We expect it to be standard for Industry 4.0 in the next five years, Ray said.
In fact, Gartner expects asset inspection and human augmentation (helping out human inspectors) to be the fastest growing use of robotics. The inspection robots market size reached $940 million in 2020, according to a report from Allied Market Research. The report predicts the industry will grow at 31 percent to reach $1.4 billion by 2030.
Rays words underscore todays announcement from Florida-based Levatas that it has raised $5.5 million in a seed round led by Castellan Group. The company provides cognitive intelligence for automating industrial inspection equipment. It does not make robots, drones or vision systems. Instead, it partners with those makers to instill equipment with cognitive intelligence, said Chris Nielsen, CEO of Levatas.
The Levatas software guides these autonomous systems to learn how to do the everyday, mundane operational tasks that keep manufacturers running. For example, they learn to read gauges and to inspect and report abnormal temperature changes. Over time, through the use of machine learning, cognitive machines get better and better at their jobs.
The company competes with other makers of robotic cognitive intelligence systems for a piece of the growing industry. Levatas boasts annual revenues at around $21 million. Competitors include makers of robotics inspection systems for smaller businesses, including Stradigi AI, ReadSense, MotionCloud and Visenze.
Levatas also competes with companies that have a much larger share of the smart robotics inspection sector, said Ray, including Karsh Hagan, with annual revenues of about $19 million and industry giant Profero, which returns annual revenues around $132 million.
This summer, the company plans to roll out a new feature: change detection. Inspection systems will be able to report negative changes in the plant environment, such as a missing fire extinguisher, Nielsen said.
The Levatas system results in higher efficiencies, more uptime, safer workplaces and measurable ROI, Nielsen added: We sit at the heart of Industry 4.0, at the intersection of advanced robotics and inspection systems.
Levatas-trained robots, drones and vision systems are already in place at automakers, oil refineries, energy producers and a large U.S. brewery.
That is precisely the kind of growth Ray expects to see in the future for cognitive intelligence. It has the potential to take inspection and other plant operations to a different level.
You can imagine a robot inspecting the outside of a building and it sees a wet patch, he explained. Maybe AI will highlight the patch, but the drone knows it needs to fly in closer and maybe change the angle to see the patch. These proactive decisions, he explained, totally changes the inspection mission.
This kind of feedback can be folded into Industry 4.0, which will digitize the entire factory floor, using data returned by everything from sensors to conveyor belts to optimize plant performance. But many factories havent digitized every last machine. Upgrades like that would be way too costly especially when analog machines still work fine and would mean significant downtime.
That was true for Global Foundries, one of the worlds leading semiconductor manufacturers, which uses Boston Dynamics Spot robots to improve manufacturing efficiency with help from Levatas.
Global Foundries has around 2000 filter pumps that would cost millions to upgrade to digital sensors. The company put a roving robot on the job with mobile sensors to spot pump malfunctions that, if left unattended, could cost hundreds of thousands of dollars in repairs and downtimes.
As Industry 4.0 advances, these analog-reading robots like Spot wont be pushed out of their jobs. Organizations will simply find other ways to put their cognitive intelligence to work, Ray said.
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Advanced Robotics, Life Science Today; Station Boosts Orbit for New Missions – NASA (.gov)
Posted: at 7:51 pm
Astronaut Kayla Barron, posing with astronauts (from left) Samantha Cristoforetti, and Jessica Watkins, is pictured in her SpaceX flight suit before departing for Earth on May 5.
Robotics and human research were the dominant research themes aboard the International Space Station on Monday. The Expedition 67 crew also began the workweek maintaining a variety of exercise equipment and life support gear aboard the orbiting lab.
NASA Flight Engineer Kjell Lindgren turned on the Astrobee robotic free-flyers and let them roam around inside the Kibo laboratory module on Monday. The cube-shaped devices, powered by fans and programmed using algorithms, photographed imagery of Kibos racks and systems to demonstrate their ability to autonomously monitor and maintain spacecraft systems. Lindgren also tended to the XROOTS space botany study before tightening gas connections on the Combustion Integrated Rack.
NASA Flight Engineer Jessica Watkins wore the Bio-Monitors vest and headband today testing its ability to monitor crew health without interfering with crew activities. Watkins also assisted NASA astronaut Bob Hines who began the six-month maintenance and inspection tasks on the COLBERT treadmill located in the Tranquility module.
ESA (European Space Agency) astronaut Samantha Cristoforetti spent Monday testing the rHEALTH ONE medical device demonstrating its ability to identify cells, microorganisms, and proteins in microgravity. She also shared photographs of the lunar eclipse from the station as it orbited above the Pacific Ocean northeast of New Zealand.
Station Commander Oleg Artemyev joined Flight Engineer Denis Matveev on Monday on ventilation systems and radiation detection tasks in the orbiting labs Russian segment. Roscosmos Flight Engineer Sergey Korsakov started his day exploring future planetary piloting techniques before servicing a Russian oxygen generator.
The space station is orbiting higher after the ISS Progress 79 cargo craft fired its engines on Saturday afternoon. The orbital reboost places the station at the correct altitude for Russias next cargo craft, the ISS Progress 81, slated to launches on June 3 and docks to the Zvezda service modules rear port about three-and-a-half hours later.
NASA and Boeing are still proceeding toward the launch of the uncrewed Orbital Flight Test-2 mission at 6:54 p.m. EDT on Thursday. Boeings Starliner crew ship is targeted to dock to the Harmony modules forward port about 24 hours later where it will stay for up to 10 days of cargo and test operations.
Learn more about station activities by following thespace station blog,@space_stationand@ISS_Researchon Twitter, as well as theISS FacebookandISS Instagramaccounts.
Get weekly video highlights at:http://jscfeatures.jsc.nasa.gov/videoupdate/
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Deals relating to robotics decreased in the tech industry in H2 2021 – Verdict
Posted: at 7:51 pm
In the second half of 2021 the number of deals relating to robotics decreased by 8.7% from the same period in 2020.
This marks an acceleration in growth from the 25% decrease in deals that occurred in H1 2021 relative to the same period a year earlier.
GlobalDatas deals database looks at mergers, acquisitions and venture capital and private equity investments taking place daily between thousands of companies across the world.
During second half of 2021, deals relating to robotics accounted for 2.9% of all deals taking place in the sector. This represents a decrease from the figure of 3.3% in second half of 2020.
GlobalData's thematic approach to sector activity seeks to group key company information on investments to see which industries are best placed to deal with any issues they may encounter.
These themes, of which robotics is one, are best thought of as "any issue that keeps a CEO awake at night", and by tracking them, it becomes possible to ascertain which companies are leading the way on specific issues and which ones have some work to do.
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Worldwide Medical Rehabilitation Robotics Industry to 2031 – by Product, Application, End-user and Region – GlobeNewswire
Posted: at 7:51 pm
Dublin, May 17, 2022 (GLOBE NEWSWIRE) -- The "Global Medical Rehabilitation Robotics Market 2021-2031" report has been added to ResearchAndMarkets.com's offering.
A recent market study on the medical rehabilitation robotics market offers a global industry analysis for 2016-2020 and an opportunity assessment for 2021-2031.
The report consists of a comprehensive assessment of the most important market dynamics. On conducting thorough research on the historical as well as current growth parameters of the medical rehabilitation robotics market, growth prospects of the market are obtained with maximum precision.
The report features unique and salient factors that may make a huge impact on the development of the medical rehabilitation robotics market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in this market in the coming years.
The report provides detailed information about the current and future growth prospects of medical rehabilitation robotics market in the most comprehensive way for better understanding of readers.
Key Segments of Medical Rehabilitation Robotics Market
This study on the medical rehabilitation robotics market offers information divided into seven important segments - product, therapy type, extremity, patient type, application, end user and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Product
Application
End User
Region
Key Topics Covered:
1. Executive Summary
2. Market Overview2.1. Market Coverage / Taxonomy2.2. Market Definition / Scope / Limitations
3. Key Market Trends3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends
4. Key Success Factors4.1. Technology Assessment4.2. Strategic Promotional Strategies4.3. Recent product Launches4.4. Regulatory Landscape 4.5. Reimbursement Outlook4.6. Supply Chain Analysis
5. Market Background and Foundation Data points5.1. Macro-Economic Factors5.1.1. Key Facts and Prevalence5.1.2. Global GDP Growth Outlook5.1.3. Global Healthcare Expenditure Outlook5.1.4. Per-Capita Healthcare Expenditure5.1.5. Medical Robot Market- Parent Analysis5.2. Forecast Factors - Relevance & Impact5.2.1. Rising Prevalence of Neurological Disorders and Traumatic Brain Injuries 5.2.2. Growing Technological Advancements and Increasing demand for Rehabilitation Robots to support market growth5.2.3. Aging Population and increase in cases of stroke to drive market growth5.2.4. Integration into Developmentally Informative Research Designs to Increase Ease of Use in Neurodevelopmental Populations5.3. Market Dynamics5.3.1. Drivers5.3.2. Restraints5.3.3. Opportunity
6. COVID19 Crisis Analysis6.1. Current COVID19 Statistics and Probable Future Impact6.2. Current GDP Projection and Probable Impact6.3. Current Economic Projection as compared to 2008 financial analysis6.4. COVID19 and Impact Analysis6.5. 2020 Market Scenario
7. Global Medical Rehabilitation Robotics Market Demand (in Value or Size in US$ Mn) Analysis 2016 - 2020 and Forecast, 2021 - 20317.1. Historical Market Value (US$ Mn) Analysis, 2016 - 20207.2. Current and Future Market Value (US$ Mn) Projections, 2021 - 20317.2.1. Y-o-Y Growth Trend Analysis7.2.2. Absolute $ Opportunity Analysis
8. Global Medical Rehabilitation Robotics Market - Pricing Analysis8.1. Regional Pricing Analysis By Product Type8.2. Global Average Pricing Analysis Benchmark
9. Global Medical Rehabilitation Robotics Market Demand (in Volume or in Units) Analysis 2016 - 2020 and Forecast, 2021 - 20319.1. Historical Market Volume (in Units) Analysis, 2016 - 20209.2. Current and Future Market Volume (in Units) Projections, 2021 - 20319.2.1. Y-o-Y Growth Trend Analysis
10. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Product Type 10.1. Introduction / Key Findings10.2. Historical Market Size (US$ Mn) & Volume Analysis By Product Type, 2016 - 202010.3. Current and Future Market Size (US$ Mn) and Volume Forecast By Product Type, 2021 - 203110.3.1. Exoskeleton10.3.2. Therapeutic/ Assistive10.4. Market Attractiveness Analysis By Product Type
11. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Extremity 11.1. Introduction / Key Findings11.2. Historical Market Size (US$ Mn) Analysis by Extremity, 2016 - 202011.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Extremity, 2021 - 203111.3.1. Upper extremity11.3.1.1. Arm11.3.1.2. Wrist11.3.1.3. Shoulder11.3.1.4. Elbow11.3.2. Lower extremity 11.4. Market Attractiveness Analysis By Extremity
12. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Therapy Type 12.1. Introduction / Key Findings12.2. Historical Market Size (US$ Mn) Analysis by Therapy Type, 2016 - 202012.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Therapy Type, 2021 - 203112.3.1. Limb mobility12.3.2. Gait12.3.3. Sensory12.4. Market Attractiveness Analysis By Therapy Type
13. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Patient Type 13.1. Introduction / Key Findings13.2. Historical Market Size (US$ Mn) Analysis by Patient Type, 2016 - 202013.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Patient Type, 2021 - 203113.3.1. Adult13.3.2. Paediatric 13.4. Market Attractiveness Analysis By Patient Type
14. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Application 14.1. Introduction / Key Findings14.2. Historical Market Size (US$ Mn) Analysis by Application, 2016 - 202014.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Application, 2021 - 203114.3.1. Neurorehabilitation14.3.2. Physical Rehabilitation14.3.3. Others 14.4. Market Attractiveness Analysis By Application
15. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by End User 15.1. Introduction / Key Findings15.2. Historical Market Size (US$ Mn) Analysis by End User, 2016 - 202015.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By End User, 2021 - 203115.3.1. Hospitals15.3.2. Wellness Centers15.3.3. Rehabilitation centers15.3.4. Home care15.4. Market Attractiveness Analysis By End User
16. Global Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031, by Region16.1. Introduction16.2. Historical Market Size (US$ Mn) & Volume Analysis by Region, 2016 - 202016.3. Current Market Size (US$ Mn) Analysis and Volume Forecast by Region, 2021 - 203116.3.1. North America16.3.2. Latin America16.3.3. Europe16.3.4. South Asia16.3.5. East Asia16.3.6. Oceania16.3.7. Middle East and Africa (MEA)16.4. Market Attractiveness Analysis by Region
17. North America Medical Rehabilitation Robotics Market Analysis 2016 - 2020 and Forecast 2021 - 2031
18. Latin America Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
19. Europe Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
20. South Asia Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
21. East Asia Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
22. Oceania Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
23. Middle East and Africa Medical Rehabilitation Robotics Market 2016 - 2020 and Forecast 2021 - 2031
24. Emerging & Key Countries Medical Rehabilitation Robotics Market Analysis
25. Market Structure Analysis25.1. Market Analysis by Tier of Companies 25.2. Market Share Analysis25.3. Market Presence Analysis25.3.1. Regional footprint of players25.3.2. Product footprint of players25.3.3. Channel footprint of players
26. Competition Analysis26.1. Competition Dashboard26.2. Competition Benchmarking26.3. Competition Deep Dive 26.3.1. Ekso Bionics Holdings Inc.26.3.1.1. Overview & Key Financials26.3.1.2. SWOT Analysis26.3.1.3. Sales Footprint26.3.1.4. Analyst commentary26.3.1.5. Strategy Overview26.3.1.5.1. Marketing Strategy26.3.1.5.2. Product Type Strategy26.3.1.5.3. Channel Strategy26.3.2. AlterG, Inc.26.3.3. Bionik Laboratories Corp.26.3.4. Cyberdyne Inc.26.3.5. ReWalk Robotics26.3.6. Instead Technologies Ltd.26.3.7. Hocoma AG26.3.8. Fourier Intelligence26.3.9. Tyromotion26.3.10. Toyota Motor Corporation26.3.11. BeatBots LLC26.3.12. LEADERS REHAB ROBOT Co. Ltd.
27. Assumptions and Acronyms Used
28. Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/txqu4o
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FIRST LEGO League Teams With Amazon On Robotics Competition – 91.9 The Bend
Posted: at 7:51 pm
FIRST Lego League, an international robotics competition, where students build robots to perform tasks, and develop an innovation project to help tackle world issues held a competition at Rothesay Netherwood School. Image submitted.
Students are using LEGO and robotics to solve real-world problems.
FIRST LEGO League teamed with Amazon to tackle challenges involving cargo with a competition held at Rothesay Netherwood School in April.
Julie Letkeman is a homeschool teacher in the Kennebecasis Valley and entered a team in the virtual component of the competition.
Teams were challenged to come up with an idea on how to change something about how cargo is moved.
The kids then come up with a problem, research it, and then develop and design a solution.
Letkeman said their team decided to tackle the issues that delivery drivers face like falls, dog bites, and porch pirates.
The students did research, chatted with airspace and drone specialists, and designed a prototype drone, that the driver could launch safely from their truck, to deliver packages.
In one aspect of the competition, the students had to design, build, and code a robot to interact with a plane.
[They] have it travel to the airplane, lift its arms so it can pull down a lever so that it can unload the plane cargo, back up and go back to base and then go out and do another mission, Letkeman said.
She said interest is growing in the program.
A couple of years ago there were only a couple of teams in New Brunswick. This year it seems like there were five or six first-year teams from school throughout New Brunswick, Letkeman said.
Letkeman would love to see robotics get more attention since STEM learning science, technology, engineering and mathematics has become so important in todays world.
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Researchers design ‘socially aware’ robots that can anticipate and safely avoid people on the move – University of Toronto
Posted: at 7:51 pm
A team of researchers led by University of Toronto ProfessorTim Barfootis using anew strategy that allows robots toavoid collidingwith people by predicting the future locations of dynamic obstacles in their path.
The project, which is supported byApple Machine Learning, will be presented at the International Conference on Robotics and Automation in Philadelphia at the end of May.
The results from a simulation, which are not yet peer-reviewed,are available on the arXiv preprint service.
The principle of our work is to have a robot predict what people are going to do in the immediate future, saysHugues Thomas, a post-doctoral researcher in Barfoots lab at the U of TInstitute for Aerospace Studies in Faculty of Applied Science & Engineering. This allows the robot to anticipate the movement of people it encounters rather than react once confronted with those obstacles.
To decide where to move, the robot makes use of Spatiotemporal Occupancy Grid Maps (SOGM). These are 3D grid maps maintained in the robots processor, with each 2D grid cell containing predicted information about the activity in that space at a specific time.The robot choses its future actions by processing these maps through existing trajectory-planning algorithms.
Another key tool used by the team is light detection and ranging (lidar), a remote sensing technology similar to radarexcept that it uses light instead of sound. Each pingof the lidar creates a point stored in the robots memory.Previous work by the team has focused on labeling these points based on their dynamic properties. This helps the robot recognize different types of objects within its surroundings.
The teams SOGM network is currently able to recognize four lidar point categories:the ground; permanent fixtures, such as walls; things that are moveable but motionless, such as chairs and tables; and dynamic obstacles, such as people. No human labelling of the data is needed.
With this work, we hope to enable robots to navigate through crowded indoor spaces in a more socially aware manner, says Barfoot. By predicting where people and other objects will go, we can plan paths that anticipate what dynamic elements will do.
In the paper, the team reports successful results from the algorithm carried out in simulation. The next challenge is to show similar performancein real-world settings, wherehuman actions can be difficult to predict. As part of this effort, the team has tested their design on the first floor of U of Ts Myhal Centre for Engineering Innovation & Entrepreneurship, where the robot was able to move past busy students.
When we do experiment in simulation, we have agents that are encoded to a certain behaviourand they will go to a certain point by following the best trajectory to get there, says Thomas. But thats not what people do in real life.
When people move through spaces, they may hurry or stop abruptly to talk to someone else or turn in a completely different direction. To deal with this kind of behaviour,the network employs a machine learning technique known as self-supervised learning.
Self-supervised learning contrasts with other machine-learning techniques, such as reinforced learning, where the algorithm learns to perform a task by maximizing a notion of reward in a trial-and-error manner. While this approach works well for some tasks for example, a computer learning to play a gamesuch as chess or Go it is not ideal for this type of navigation.
With reinforcement learning, you create a black box that makes it difficult to understand the connection between the input what the robot sees and the output, or the robot does, says Thomas. It would also require the robot to fail many times before it learns the right calls, and we didnt want our robot to learn by crashing into people.
By contrast, self-supervised learning is simple and comprehensible, meaning that its easier to see how the robot is making its decisions. This approach is also point-centric rather than object-centric, which means the network has a closer interpretation of the raw sensor data, allowing for multimodal predictions.
Many traditional methods detect people as individual objects and create trajectories for them.But since our model is point-centric, our algorithm does not quantify people as individual objects, but recognizes areas where people should be. And if you have a larger group of people, the area gets bigger, says Thomas.
This research offers a promising direction thatcould have positive implications in areas such as autonomous driving and robot delivery, where an environment is not entirely predictable.
In the future, the team wants to see if they can scale up their network to learn more subtle cues from dynamic elements in a scene.
This will take a lot more training data, says Barfoot. But it should be possible because weve set ourselves up to generate the data in more automatic way: where the robot can gather more data itself while navigating, train better predictive models when not in operationand then use these the next time it navigates a space.
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Insurance As The First Step In Financial Planning – Forbes
Posted: at 7:49 pm
Financial planning simply means you need to take charge of your finances. This includes you charting out your incomes, expenses, assets, liabilities along with your financial goals. Thereafter, you create a financial portfolio and invest in different avenues to meet your goals. With high inflationary expenses looming and the rising cost of lifestyle, insurance appears inevitable, especially with the shift toward nuclear families in India..
As a first step towards creating your financial plan, you need to identify your goals, their horizon and your disposable income (income expenses). Next you need to allocate your disposable income to different investment avenues to create a fund for goal fulfilment. However, in all your planning, where does insurance fit in? The question that you may need to answer is insurance important, and if yes, how important?
To protect your family from any form of financial stress in your absence, insurance assumes importance. Insurance works as your safety net and it could be a good time to consider taking an insurance plan, heres why.
Insurance, as a product, is beneficial in safeguarding your finances. Here are some reasons which make insurance a quintessential part of your financial portfolio:
Insurance is a risk mitigation tool. So, it prepares you to face the financial loss that you may incur in any unforeseen event such as death or hospitalization.
By compensating for the loss that you suffer in an emergency, insurance policies provide financial security. You are secured in the knowledge that if an emergency strikes, the insurance policy would shoulder the loss. This helps you plan your finances and accumulate a corpus for your goals. It also ensures that the planned corpus is secured and is not used in emergencies.
There are different types of insurance plans to cover the different types of risks that you might face. Life insurance policies cover the risk of premature death while health insurance policies cover medical emergencies. Similarly, motor insurance plans cover the risk of road accidents or theft of the vehicle and travel insurance plans cover trip-related contingencies.
You can, thus, choose different policies based on the risks that you face and create yourself a 360-degree layer of financial protection.
Life and health insurance plans are tax saving too. Life insurance premiums qualify for a deduction under Section 80C while health insurance premiums qualify for deductions under Section 80D. Both these deductions help you lower your taxable income by INR 2.5 lakh (INR 1.5 lakh under Section 80C and up to INR 1 lakh under Section 80D). If you fall in the 30% tax bracket, this deduction helps you save a tax of INR 75,000.
Furthermore, under life insurance plans, the death benefit is completely tax-free. Even the maturity benefit is tax-free (subject to specific terms and conditions) under the provisions of Section 10 (10D). This means, by investing in insurance plans, you can also plan your taxes.
Insurance plans give you peace of mind knowing that your savings would not be threatened in emergencies. This gives financial independence to you and your family.
According to the financial planning pyramid, a derivation from Maslows Hierarchy of Needs, the five steps can be categorized as:
These are the five stages of financial planning wherein insurance comes in the second step, before accumulating wealth.
The choice of insurance policies depends entirely on your needs. You need to assess the financial risks that you face and then buy suitable plans to insure such risks. However, some insurance plans are universally relevant and demand a place in everyones portfolio. These plans are as follows:
A term insurance policy is a basic life insurance plan that covers the risk of premature death. The policy comes with a specified tenure and if the insured dies during the tenure, a death benefit is paid.
Term insurance plans are a must simply because of the fact that death is uncertain. If the breadwinner of the family dies prematurely, the family might suffer a considerable financial loss. A term plan covers such loss. It pays the family a death benefit enabling them to meet their lifestyle expenses and also fulfil their goals.
Moreover, modern-day term plans have become all-inclusive. You can find different coverage variants that not only secure you against the risk of premature death but also against critical illnesses, terminal illnesses and accidental deaths. You can also opt for the whole life option and enjoy coverage up to 99 or 100 years of age.
Health insurance plans prove relevant because of the incidence of medical contingencies and the coverage that these plans provide. If you suffer an illness or are injured in an accident and require hospitalization, a health plan covers your medical bills.
In todays age, medical costs are increasing considerably and are rapidly becoming unaffordable for most families. According to official inflation data, medical inflation jumped to 8.4% in May 2021 compared to 3.8% in December 2019. The report also stated that the cost of medicines jumped 8.6% YoY while those of medical tests increased by 6.2%. Similarly, hospital charges jumped 5.9% YoY while consultation charges increased by 4.5%.
In such a scenario, having a health insurance plan has become a must. It ensures financial protection when medical emergencies strike.
A motor insurance policy becomes relevant if you own a vehicle. Whether you drive a two-wheeler or a four-wheeler, a motor insurance plan is mandatory under the provisions of the Motor Vehicles Act, 1988.
Motor insurance plans protect you from the financial liability that you might face if you injure someone else or damage third party property. The plan handles the financial obligation and compensates the third party for the loss suffered.
Furthermore, if you opt for comprehensive plans, you also get coverage for the damages that your vehicle suffers in an accident or in any other calamity. The plan also covers the theft of the vehicle and provides you with a lump sum benefit to help you replace the stolen vehicle.
These three policies are a must for your financial portfolio and should not be given a miss. They help you secure your finances if an emergency strikes.
The problem of underinsurance is very common in India since the penetration and the density is below the global average. Moreover, when it came to health insurance, General Insurance Councils data showed that between March 2020 and 14th May 2021, policyholders paid 40% of their medical bills out of pocket despite having health insurance.
Numbers dont lie. First, the penetration of insurance is low and, second, even those who have insurance are grossly underinsured. In such situations, buying optimal coverage is as important as buying insurance in the first place. If the coverage is not sufficient, the whole purpose of insurance stands defeated.
When buying insurance, opting for optimal coverage is important. Here are some simple formulae to consider:
Opt for a sum assured of at least 10 to 12 times your annual income. For instance, if your annual income is INR 25 lakh, you need coverage of at least INR 2.5 to 3 crore.
Opt for a sum insured which is equal to 50% of your annual income and the aggregated hospital bills over the last three years.
So, if your annual income is INR 25 lakh and you have suffered hospitalisation over the past three years the bill of which amounted to INR 2.5 lakh, your sum insured should be at least INR 15 lakh.
Remember, these are basic calculations that do not take into consideration other variables. Ideally, the coverage should depend on your financial needs that can be ascertained from different factors. Some such factors are as follows:
So, when buying insurance, do not make a hasty decision. Assess how much coverage you need and then pick the right plan.
The best-laid plans can go awry. Life has a tendency to throw the regular curveballs your way. You, thus, need a contingency plan. Insurance is that contingency plan which helps your portfolio absorb the financial shocks of emergencies.
Emergency planning is the first step of financial planning and insurance plans allow you to do just that. So, before you make elaborate savings and investment plans for your goals, do the insurance planning groundwork. Lay the foundation of secured financial planning, immune to emergencies. Thereafter, embark on your financial planning journey, plan your portfolio and watch your investments help you meet your goals.
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This Motivational Speaker Went From Being Unemployed to Making $50,000 Per Appearance in 3 Years. Heres How She Did It – NextAdvisor
Posted: at 7:49 pm
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For Kelly Charles-Collins, being let go was the push she needed to take her passion for speaking full-time.
I had the comfort of my job, so I played footsie, she says. Charles-Collins, an attorney, had four paid speaking engagements under her belt as a side hustle at rates ranging from $5,000 to $7,500. While lucrative, her day job created a time crunch that prohibited her from going bigger.
I had one foot in and one foot out. Because of the security of my job, Id go all out [with] pursuing my dream at times, and then other times Id retreat to the comfort and safety of my paycheck.
The comfort and safety soon disappeared: at the end of 2019, the prestigious law firm Charles-Collins was employed at could no longer afford her salary and decided to let her go. Being terminated set her on a path to becoming an in-demand speaker on unconscious bias, bystander intervention (about which she has an award-winning TEDx talk), and courageous conversations. She now commands a fee of $50,000 per speaking engagement, and helps other women build businesses and brands that involve speaking up and being fully themselves.
Getting there wasnt easy, though. Heres the advice she has for current and aspiring entrepreneurs when it comes to landing dream clients and charging the rates you want.
Charles-Collins had a target date to eventually pursue her side hustle full-time, but the sudden termination forced her to shift her timeline.
I had been planning to leave, but not until August 2020, she says. The entrepreneur had been building up her speaking business as a side hustle in the evenings while still practicing law. At the time of being let go, I hadnt done what I was supposed to do as far as saving money. I had an emergency fund in the low five figures range, which would have paid bills for three months. What I would have liked to have had was six to nine months of expenses saved. It was scary because I was now doing what I wanted to do, but the business needed to support me.
The first few months were rough as she went from steady paychecks to the uncertainty of securing clients and revenue. She got some referrals, pitched associations and organizations, and started to see movement in people hiring her as a speaker. She also used this downtime to build her website and market herself more actively on social media so she would be easy to find when prospective clients wanted to learn more about her work.
In addition to planning for retirement, consider passing your emergency fund in case an unexpected layoff or hit to your income requires more cash on hand.
Then, in 2020, a race-related incident stoked the fires for Charles-Collins.
When I heard about what happened to George Floyd, I put out a post on social media, she says. I told those who wanted to learn how to become allies that I would do a Zoom call, and they could come and ask questions. I felt I should create a safe space for people to have conversations and ask questions.
As a speaker on the bystander effect, a psychological phenomenon in which the presence of others prevents us from intervening in an emergency and the mother of a son who was a victim of police brutality, per a story she tells in her TEDx talk the entrepreneur aimed to be helpful, but also direct.
I told the people who attended that I was not there for their comfort, but that I had perspective, capacity, and context to answer their questions.
The call along with groundwork she had laid beforehand in the months prior was the catalyst for Charles-Collins business growth. In addition to referrals from attendees themselves, the YouTube livestream was shared so widely that it began to show up in Google search results. Company representatives from various organizations were discovering her through search engines and began reaching out, asking her to do similar listening sessions and Q&As for their teams.
She presented in social media groups, with corporate teams and leaders, and at town hall events. As she sharpened her approach, she incrementally raised her rates along the way eventually reaching $50,000 per engagement.
One of the first companies that hired me for listening sessions was Raymond James, she says. That was their first-ever town hall event on race. It was myself and Dr. Johnnetta Cole who were the speakers, and there were over 3,000 people on that town hall.
After the event, Raymond James asked Charles-Collins to train its leaders. Other companies that engaged her for speaking and training commitments included eBay, Cherry Hill Public School District, the Tampa International Airport, and various law firms. In six months, she was able to match and then exceed her salary as a lawyer.
I was very fortunate that, for 2020 and 2021, I got a lot of business through word of mouth, she notes.
Charles-Collins wanted to help other women build financial independence and cultivate a sense of belonging. She founded a community called Ladies Who Leverage, and a new stream of revenue was born.
I never wanted to be a coach, but I like mentoring and strategizing, she notes. My goal was to create a safe space where women could work together without competing. I now get to share all the lessons Ive learned over the years with my community.
Now a sought-after speaker, womens empowerment strategist, and owner of a six-figure business, Charles-Collins wakes up every day excited to help others use their voices to both make a difference and get paid.
I could have gone back to the comfort of practicing law, or I could do what I said I wanted to do, which is to walk in my purpose and speak.
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Christine Quinn Is ‘the B*tch Whisperer’ in New Book – The Cut
Posted: at 7:49 pm
Photo-Illustration: by The Cut; Photos: Abrams Image
When Christine Quinn the polarizing but indisputable beating heart of Netflixs Selling Sunset set out to write her first book, she didnt want it to be a vanity project or another humdrum celebrity memoir. (It so happens that her co-star, Chrishell Stause, released a celebrity memoir in February).
Instead, Quinn, whose brutal honesty and stalwart commitment to drama have made her a breakout star, wanted to create something that would help anyone who walked into a bookstore, whether they were a fan or a troll or a stranger. I went into the show wanting to be myself, showcase my personality, and to be the most organic, real version of me, an unapologetic bitch. I thought people were going to ask me about beauty secrets or fashion tips, but the No. 1 DM I was receiving was about confidence: how to talk to people, how to set boundaries, how to say yes, how to say no, Quinn tells me on the phone as she washes off her makeup in her New York hotel room. Confidence was not something I was born with. I acquired it through years and years of noes and trials and tribulations and figuring myself out.
How to Be a Boss B*tch is her self-helpmemoir hybrid that reclaims the word bitch as empowering while walking you through the snippets of Quinns life, from dropping out of high school to drinking flutes of Dom with a too-controlling sugar daddy. Peppered with financial advice, a few co-worker digs, and Quinns signature sharp (too sharp?!) humor, the book is also an effort to bring you closer to the real Christine a woman who says shes more three-dimensional than her shit-stirring-villain edit.
Why reclaim bitch?
I think for way too long, theres been a negative connotation around the word. Why is it that a woman who is outspoken who has an opinion, who can set boundaries, who can say yes and no is labeled a bitch? I felt like it was time for me to reclaim that word. If youre being called a bitch, youre doing something right because quiet, amenable women never make history. Thats Eleanor Roosevelt, by the way. Dont quote me on that.
You wrote the book after season three of Selling Sunset wrapped theres been a lot of drama over the past two seasons. Whats it like for the book to come out now?
I started on a show that I wasnt in control of the narrative, and thats why it was important for me to tell my story. If I dont do it, someone else will. So yes, a lot changed, and a lot of time went by, and I didnt get to talk about current events from the show because we already had everything written. That was difficult. Im not in control of the editing room, but I am in control of the book and what I say. We didnt know when the book was going to be released, so it actually worked out quite serendipitously.
You write about how youre living your full truth these days and how for so long youd lived in the blank space of the Christine that the writers and producers of the show wanted me to be. You say thats where your disappointment with the show took root producers didnt show you as a full person, and people came at you thinking the Selling Sunset Christine was the real Christine. Can you talk more about that?
The most important takeaway is that you have to understand were three-dimensional creatures, as human beings and individuals, and producers were pinning me in a very one-dimensional box. Thats where my frustrations lie because youre only seeing one side of me. I do have a heart, I do laugh, I do cry, I am vulnerable. Theres so many different facets to peoples personalities, and you werent seeing that. That was on the editing floor. That was in the trash can.
How do you approach writing about your relationships with co-workers (there were a few mentions of Chrishell, for instance) and sugar daddies? Were you ever nervous of what they would think reading it?
No. God, no! The process for me was just telling my story. Theres a call to action in each chapter, and theres a reason Im telling each story; Im not just filling space. It was all very intentional. Writing about my relationships set a foundation for writing about my freedom, which for me came through financial independence and job security. I realized thats what I valued most, so writing about the relationships that brought me there was necessary to telling the story as a whole.
I was interested in the character of Svetlana, the alter ego you put on at work. How is the real Christine different from Svetlana?
Svetlana: Yes, we love her. We love Svetlana. She is just the definition of an absolute boss. She never wavers. She never quivers. She never thinks twice. She is an assassin in the confidence realm, and she is what I channeled. She is who I became. I feel like Im at the point where Im comfortable in my own self, which is where I encourage everyone to be in the novel to where you dont have to fake it, to where you made it. Thats where Im at. Ive stepped into my power, and I dont need her anymore, but I used her as a tool when I needed her. My dad and my mom were the ones who gave me the advice Fake it till you make it. In my own way, I just want everyone to get to the point where they dont have to fake it anymore; theyve made it. It really is a journey of manifestation all around.
How did you pick her name?
Something about it felt really powerful, I dont know. I had a Siamese cat named Samantha when I grew up. It was a play off Samantha from Sex and the City. I said, Well, shes gotta be international, right? Shes gotta be well traveled and worldly. So thats how Svetlana came to be.
Will we get to see you next season on Selling Sunset?
Absolutely. I am not going anywhere when it comes to television, that is for sure. Will I be promoting another company? Absolutely not. Will I be promoting my own company? Absolutely. Its up to the production companies discretion to get creative with story lines, which is what they do for a living. So I just have to do whats best for my business and myself, but Im not going anywhere. Its in the hands of network gods right now.
This interview has been edited and condensed for clarity.
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3 Reasons an Early Retiree Invests Heavily in Index Funds – Business Insider
Posted: at 7:49 pm
Brandon, a blogger and podcaster known as "Mad Fientist," achieved financial independence six years ago at age 34 and has been dedicating his time to passion projects ever since.
He hasn't had to withdraw much from his portfolio for retirement yet, because his expenses are fairly low and he still has a stream of passive income from a credit card search tool he created as a software developer several years ago. That said, Brandon (who uses only his first name online) told Insider that he has always been "obsessed with money," and that he's done a lot of research into how to achieve the highest returns from his portfolio.
"Mad Fientist was a purely selfish endeavor in the sense that when I started it, I thought that I was going to become a better investor by researching investment strategies and things like that in order to be an active investor," he said. "It was early on in my research that I realized that passive index investing has the higher likelihood of success."
Active investing means buying and selling regularly, buying low and selling high to try and time the market for optimum gains. Passive investing in this case, through index funds means taking a hands-off, longer term approach, leaving money in the market to weather its ups and downs over time.
Brandon added that particularly for people who are interested in retiring early, it's crucial to keep your investments as simple and standard as possible because of how much longer you need your portfolio to last than the typical retiree.
"Maybe I could figure out some investing strategy that would maybe outperform by 1% for a year," he said. "Doing it for the next 50 or 60 years is going to be near impossible."
Brandon cited three reasons why he feels so strongly about keeping the vast majority of his investments in index funds.
Brandon said that the two most important qualities for his investment vehicles is that they are "simple and cheap."
He told Insider that he currently has 95% of his portfolio invested in Vanguard Total Stock Market Index Fund, Vanguard Total International Index Fund, and Vanguard Bond Index Fund.
"The stock portion is split between international and total stock market index funds," Brandon said. "I try to keep that at roughly a 70/30 split."
He emphasized the importance of keeping fees as low as possible. "That's just money that's never coming back," he said.
"I also try to be as diversified as possible so that I'm not going to be worried in case, like, Enron 2 happens," Brandon added. "And then have it as automated as possible so that my brain can't try to sabotage itself because it always does."
Automating his investments setting up regular deposits into his investing account so he doesn't have to decide when or how much to invest helps Brandon remain as hands-off as possible, which is also important to him as an investor. "I've learned a lot over the years that I really like trying to time the market," Brandon said. "So I need to just automate as much as possible and set rules for myself that I don't sabotage myself when I think I know better."
Nearly all of Brandon's portfolio is invested in index funds, but he still allows for a 5% allocation to investments in specific stocks he believes will succeed. He calls it his "fun portfolio."
"That's where I can if I think I know better than everyone else buy certain stocks, and stuff like that," he said. He's been keeping track of this portfolio in a spreadsheet to see how it measures up against the market.
As it turns out, Brandon said he "doesn't know better than anyone else, because I would've been better off keeping it in Vanguard total index fund ."
A.J. Jordan
Personal Finance Reporter
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3 Reasons an Early Retiree Invests Heavily in Index Funds - Business Insider
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