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Mistakes while Buying Term Insurance Plan | Reality of Term Life Insurance Policy - YouTube
Channel: Pushkar Raj Thakur: Business Coach
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So before I start this Video I would like
to ask you a question and you have to answer
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that question very thoughtfully. That question
is that God forbid but if any misshapen happens
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to you. If something happens to you that you
are no longer in this world, then tell me
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the names of five people who will continue
to send money to your house, after you die.
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If something happens to you, then five such
people will bear all the expenses to support
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your family. You can name them in the comments
below. I'll tell you one thing. Most people
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can't even think of five people. So I don't
talk about five, you write the names of only
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three people. You will realise that even if
they are your real sister or brother or your
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uncles. If something happens to you, no one
wants to take responsibility. People will
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say that we are not stable, what we do for
others and this is the harsh truth if you
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understand this sooner. You can provide security
to your family as early as possible. See,
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this is a question that you must think about.
If you do this brainstorming exercise today,
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then it will be beneficial.
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See, Today I am going to tell you. What is
this term insurance we are talking about?
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Why am I saying this, Now when we had made
a video on health insurance before this, most
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of you, people commented that you need a video
on term insurance, then I am going to tell
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in this video what are the things you
have to keep in mind before taking term insurance,
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and if you are taking it then why are you
taking it what will be its benefit, you will
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get to learn about everything, so there is
a simple meaning of term insurance is life
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insurance. You can understand why life insurance
as if you die, then your family will get the
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financial security, then see why it is necessary,
understand this, suppose there is a person,
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let's say he earns ₹ 50000 per month. Then
he is earning Rs. 600000 per year. I will
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say how much it will be in 20 years, I will
tell you why I took 20 years, this money will
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be 1.2 crore rupees in 20 years, now we are
talking about ₹ 120000, why I write this
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₹1,20,000, very simple, If a man is earning
500000 then he was earning 600000 for per
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year, he would earn one crore twenty lakhs
in 20 years. But if that person will no more,
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and he was earning member, then how will the
family survive If that man has children, then
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the education for children and if he earns
then he will also be able to marry children,
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there is much responsibility of Childers,
there are responsibilities of a wife and there
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are home expenses, how these all things will
get manage. Now you will say that we cannot
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think it, because if we didn't live in this
world what would we know what will happen.
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Look, you may be young today because I know
that most of my audience is young today, so
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they think in this way that what is the difference
if we die but as you will mature then you
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will realise that this is important, and I
will also tell you that people consider term
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insurance like insurance, they consider it
as an expense. Let me tell you why I think
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this is an investment. I will just tell you
that so as soon as you understand that your
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20 years of money you have to give as security
for your family and how can it come, It's
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a very easy way, If You have term insurance,
so what is term insurance then I Will Tell
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You Something which I've told You, I will
tell you, see I want to explain you today
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my parents, I am talking about them because
many people have patient's, the young generation
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will understand in that way. I have my insurance
also and all of my family is insured. I am
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taking an example of my parents because my
parents are 50 plus, so their age is above
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50 years today. Look, today I say that I pray
to God that my parents should live for 200
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years, but today if I go with a practical
approach, then we know what is an average
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human life? 70 years to 80 years then Most
humans live up to 70 to 80 years. We know
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this, so if I know that today my parents are
fifty-plus already and as per the average
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human life, human beings live up to 70-80
years, I want my parents to live as long as
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possible, I want them to live long, they will
live for 100 years, but this is what I know,
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that is my mindset. You may find it right
or wrong but I am going to explain it to you.
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Why this is also an investment, I have taken
insurance for my mother. I am telling you
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for an example, then my mother's policy is
two crore rupees. My mother has two life insurance
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policies, so I am telling you one thing. The
one insurance policy that we have taken here
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is two crores. We pay a premium for it, so
I am telling you this for example, that my
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mother's life insurance costs 50000 every
month and their risk cover is 2 crores. This
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means that I am giving fifty thousand per
year. I will pay ₹ 500000 in 10 years. Now
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I am saying that I give this. It was deducted
from my mom's account but there is family
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income from the house. We know that ₹500000
will be deducted from my account in 10 years.
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Now this is ₹ 500000 in 10 years, how it
will be in 20 years, you will say 10 lakhs
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and it will be 15 lakh in 30 years. And twenty
lakh in forty years, now if we talk about
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an average human life, We have reached to
ninety years. If we have reached ninety years,
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then I have paid a premium of mostly Rs.2000000.
If you guys are already minded and learned
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the compounding, then you will say that there
is compounding on it, then I agree with you,
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but we know there is an investment of Rs.2000000,
and we know how much human life is, so it
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is clear that if we have term insurance today,
then we will get two crores, are you getting
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my point. In the midst of this, the second
thing in the term insurance that you people
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cannot think this in terms of investment,
you can think in terms of SIP, because the
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meaning of insurance is, risk Cover from day
one means the day you took insurance, you
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get risk coverage from the next day, this
I gave you an example of my mother, This is
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a big deal for me to think this about my mother.
It happens to all of us but you will have
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to think with a practical approach. See, I
took this example because I am also young
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and you are also young so you first check
whether your parents have term insurance or
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not, see I don't want to sell you anything,
I will just guide you. You have to see, If
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your parents do not have term insurance, then
you should keep one thing in mind. I wish
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our parents to have a very long life and they
should be happy for the rest of their lives.
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But still let's take a practical approach,
according to the amount of human life, how
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much premium will go and then you know what
is the surety that you are going to get, so
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for me, it is an investment also, there is
risk coverage also, insurance is not termed
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as investment, but it is also a risk coverage
and your family gets secured. So if there
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are earnings members in your family, then
it is very important to have life insurance
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for them. Now let's move on. If you take insurance,
then the first thing should be that it is
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from a renowned company. Renowned means, If
it is taken from LIC or taken from HDFC or
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taken from tata, then you get the claim easily
from renowned companies. If you have taken
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it from a small company, then you can be troubled
at the time of claim. So, this is the first
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rule that people should take insurance from
the well-reputed companies and renowned companies.
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So, this is the first point. Now the rule
of taking term insurance is that early benefit,
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that you will get the early age benefit as
soon. Now, this early age benefit means, see
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I have taken an example here. You can take
it online today. You can take term insurance
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from anywhere but I am giving you an example.
You took term insurance at the age of 18,
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if you have taken term insurance of one crore,
then your premium for the year will be ₹ 5000
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Approx means it even does not cost ₹ 500
months. That means you have to pay a premium
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of 5000 at the age of 18 years. If your age
is 28, the premium will increase. As age will
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grow, the premium will get easy, then you
have to pay a premium of 7000 for one crore
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here. If your age is 38 years, then you have
to pay a premium of 11000. If your age is
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48 years then you have to pay a 20000 premium
and if you are 58 age plus then you have to
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pay an em 42000. Now, this is subject to terms
and conditions. But I have told you an approximation
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that if you took the insurance at the age
of 18, then your risk is covered from day
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one, You have risk cover from the age of 18.
But if you got this wisdom after 10 years
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from today or after 20 years from today then
you have to pay more than double for the same
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policy of one crore. Are you understanding
it, if you will get more late, then your money
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increases, you have to pay four times more
money here? If you have wisdom after 20 years,
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then as long as you make the decision, it
is totally up to you, then I don't want to
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convince you anything about this. But I want
to tell you. This is my work that if you are
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taking term insurance then how to plan it.
Now there is an important thing, that is,
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not everyone can get term insurance. Term
insurance has a very simple meaning, no income
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and no term insurance so I have written here.
I write ITR here, because as soon as you go
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for insurance. Suppose you have any business,
you will be asked for ITR for 3 years, because
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you will have to show that your income is
coming, then you will be able to pay a regular
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premium and understand its significance. Why
should a company give you a policy of one
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crore, it will give it because you have income
n today's date and you earn fifty thousand
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rupees and according to your coming time you
may need one crore and two crores, so that's
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why does the company provide you with term insurance
of twenty times according to your annual income,
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then you can calculate it by themselves and
this is a general rule. Whatever your income
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will be, twenty times of it, suppose you have
an income one crore rupees, then do it 20
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times, then you can get a policy up to 20
crores, then it is very important to fill
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ITR, If you are earning money then file an
income tax return, according to the bracket
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of your income tax. You guys think that you
have to go to the CA to file ITR and you have
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to do a lot of manual processes. Processes
become very easy nowadays. See, if we talk
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about the Internet, then there is a renowned
website of India, ClearTax.in which you can
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easily file your ITR. There you are getting
the service of trusted ITR filing. Meaning
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here you don't have to do everything by yourself,
here you are getting the guidance of an expert.
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You can ask questions from them and they will
guide you on how you can file your ITR. There
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are also different packages here. If you are
salaried then there is an afferent package
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for you, if you have to pay capital gains
tax, then separate packages for that you find
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different packages on this website, whatever
you think is right, you can very easily do
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your ITR sitting at home through internet,
you can file your ITR, I'll put in description
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the link of ClearTax.in, so you can easily
go there and you can file your ITR return
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because it is required. I have told you
that ITR is required, let me tell you one
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more benefit of this. If you take term insurance,
you can take term insurance from anywhere.
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If you need any guidance for term insurance
then I will put google form in the description
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and comment box. You can fill up it and my
team will help you, so if you have term insurance
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then it will be beneficial that under section
80c you can get tax exemption up to 1.5 lakh,
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then you can save 1.5 lakh rupees here under
section 80C, If you have term insurance here,
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now there is another benefit, I'll tell you
that. When you get a term insurance claim,
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Let's say someone has a policy of one crore
or even two crores, there was someone's name
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in the house and some mishap happened. Now
the money that will come is exempted under
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section 10(10)D, tax is exempted under it
then if one crore rupees come, no tax will be levied
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on it and if 10 crore rupees is received,
then no tax will be levied on it. You don't
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have to pay any tax, When it comes to term
insurance money, it is important to understand
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it here. Now finally there are some benefits.
It is for you to understand that when you
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take term insurance, you can also take these
add on if you want. My job is to tell you
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all these things then accidental rider you
get an add on benefit. What does accidental
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rider mean? The policy you have is one crore
and suppose anyone has a policy. Mr X has
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a Policy of rupees one crore, and he died
in a car accident. So, if there is a car accident,
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then if it is accidental, policy of one
crore will get Rs 2 crore. This is the benefit
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of the rider, let's take another example.
There was a policy in the name of some lady.
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She fell from the stairs and if some accident
happened, then again she would get two crore
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rupees. If there was a policy of one crore
rupees, it would double. The second is Critical
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Illness Rider, Critical illness means If someone
gets cancer, if you have taken a rider, then
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whatever benefit is there in the rider. If
you get a benefit of 5000000 in your policy,
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then it is ₹ 5000000 as soon as you will
discover from critical illness, then you will
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have to tell them. The doctor will give in
writing that you have detected critical illness
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and you will inform the insurance company
and whatever amount will be covered according
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to your rider, it is not what you will get
according to term insurance. The rider has
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a separate benefit, then this money will be
credited to your account. Take an example
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of Yuvraj Singh, he was diagnosed with cancer,
so let's assume that his term insurance policy
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has added on, there is an add on of critical
illness, so if his cancer is detected, then
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according to his rider, he was to get Rs 5
crore, then he will get Rs 5 crore and if
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his policy is of 50 crores, then whenever,
maybe after 200 years, then even more than
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that, we all are his fans, so I am taking
an example. So whenever a miss is happening,
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if it is a policy of 50 crores, then he will
get 50 crores and whatever is the rider amount,
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he will get the first. And whatever amount
it is, it is according to the income, so the
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bigger the income, then the bigger the term
insurance, so I have already told you that
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it will be twenty times of annual income.
Now after this there is one more add on, a
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disability rider, suppose that if someone
did not die, but death did not happen and
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both hands are gone, now this is a disability,
now the premium he had to pay, he doesn't
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need to pay this. Secondly, whatever will
be the benefit of his rider accordingly, it
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will be credited in his account at the same
time, so here you have understood the benefit
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of add on, there is one more thing that you
ask basic questions from me, I will try to
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answer them in the next videos. If you ask
whether there is suicide cover or not, then
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let me tell you that there is no suicide cover
within 1 year under term insurance. Even if
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someone commits suicide after 1 year, he still
gets the full amount of term insurance. If
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we take the example that we all know that
Sushant Singh Rajput committed suicide, then
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if he committed suicide he may have insurance
two years before committing suicide. Maybe
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it was insurance of 50crore, then if he took the
policy 2 years ago and committed suicide after
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2 years, it had a miss happening which was
very bad, very bad happened to his family
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too and whoever is the nominee of his family,
they will get term insurance money. Well,
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Money is not as important as an important
human being. Everyone agrees, but still, this
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thing is absolutely clear that everyone needs
financial support. If an earning member dies
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from any family then he has to face a lot
of problems because we have seen in society
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then it is very important to have term insurance.
Again, you may have many questions, you can
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ask in the comments. We will try to answer
that in the next video, if you find this video
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valuable, then you can share it and you can
like it. This increases our encouragement.
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Finally, If you are watching this video on
Facebook then
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you can follow it and if you are watching
on YouTube then you can subscribe and click
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on the bell icon. I will see you in
the next video till the time, there is a link
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in the description and comment box and you
go self-made.
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