Term Insurance Plan - Explained in Hindi - YouTube

Subscribe to the asset Yogi channel and press the bell icon

Be the first to watch Latest Finance Videos.

Namaskar my name is Mukul and welcome to asset Yogi

Where we unlock finance knowledge

In this video, we are going to talk about a term insurance plan

I have already suggested in my old videos that you should take term insurance.

Because this is the cheapest insurance plan.

So in this video, we will see all the benefits of term insurance.

How can you calculate its premium ?

What are its important features ?

So stay tuned to the video till the end

So you don't miss any important point

Let's go straight to the black board

First, we will understand what is term insurance

Then we will see why we should take term insurance

And later I will also give you some important tips related to term insurance

Term insurance is a kind of life insurance

Which you get for a defined period.

It is pure insurance.

In this, you only get the death benefit, not the maturity benefit

This means that suppose you have a policy of 30 years

So after 30 years, you will not get the premium amount which you had paid.

if you die, It's the only death benefit

So whatever your sum assured,, will be given to your family.

So your family can clear all the loans and liabilities you have.

So it becomes a kind of protection plan for the family.

That's why we call it pure insurance.

Why should we take this pure insurance, we will also see that soon.

First, let us look at more important features of term insurance.

In case of unfortunate death, whoever has paid the premium,

who has taken term insurance.

So his nominee either gets the lumsum amount

Or he can also get a monthly payment.

Meaning if someone wants regular income through that insurance plan

So the family can also get a regular income

If you opt for a monthly payment option.

And if we talk about premium so it depends on your age

How is your smoking habit, If you are a smoker then your premium gets high.

If you have an existing illness even then your premium becomes high.

And as you get older your premium also gets higher

So the sooner you get term insurance, the better it is.

You can also make a single payment of premium

Suppose you have taken term insurance for 20 years.

So you can take it by making a single payment or you can

Or you can also opt for regular payment

Yearly, half-yearly, quarterly, or monthly

Many people opt monthly, and some people opt yearly

Because it does not impose a sudden burden on you

You can pay a regular premium.

As you get your salary

Then if we talk about sum assured, That's how much you can sum assured

The insurance company allows you 20 times your annual income.

For example, suppose if your income is 5,00,000 Rs

So you can get the total sum assured up to 1cr, You can get a total cover of up to one crore.

Then if we talk about the policy term you get this policy for a minimum of 5 years.

And up to whole life is also available, Many companies even give for life.

But the maximum company gives only for 65 to 70 years.

You can also get a joint term plan,

If both husband and wife want to take insurance together.

Still, in term insurance, you can cover both of you by paying a single premium.

If one dies, the other gets the money.

You can also take additional riders by paying an extra premium.

If there is a critical illness Or there is a permanent or parcel disability

or if there is an accidental death Insurance covers in such cases as well.

So you can take additional riders by taking at the extra premium.

Now let us see why we should take term insurance

what are its benefits ?

If you take one policy then all your loans and liabilities are covered.

Otherwise, you have to take insurance for different things

Like you take insurance for property or any other type of loan and liability

Car loans are taken separately, taking a car loan separately is also compulsory.

But all the loans and liabilities you have, are fully covered.

You may have many liabilities that are not covered.

But in term insurance, all your liabilities are covered.

If the child has to have education in the future,

Or there is some other kind of liability on the family.

Like marriage, or want a monthly income.

Your wife or husband may not be working

So in such a case, this one insurance can cover all loans and liabilities.

After that critical illness, permanent or partial disability

It also gets covered in case of an accident.

As we talked about additional riders. You can also opt for additional riders.

Then the biggest advantage of this is that it is the cheapest insurance.

In this, You have to pay a very less premium.

And you gets the cover a lot.

On the other hand, if we go for Whole Life Insurance or endowment plans

There you get very less returns, and you have to pay very high premiums.

Also, the cover you get is relatively less as compared to term insurance.

And this is pure insurance, so insurance and investment are not mixed in it.

When you take an endowment plan, insurance and investment get mixed in it.

And many people start looking at insurance as an investment.

So in this, you have to take term insurance separately.

And you can invest separately in mutual funds, real estate, stocks, or you can invest in gold

You can invest in whatever investment you like. Because there you get very good returns

And lastly, you get tax benefits under section 80c

So whatever premium you will pay throughout the year

That you can claim tax benefits under section 80c

So these are all the advantages of term insurance

And because it's the cheapest insurance and since this is pure insurance,

I recommend this to all of you. Now I will give some tips to all of you.

First thing you should always take insurance cover

If you have any kind of loan or liabilities on you. or credit card debt or any other kind of liabilities

Let's assume your children's wedding is coming,

If you have kids, you have to take care of them

If you are a sole earning member and if you don't live

If some unfortunate incident happens, you must cover those liabilities.

Whether existing liabilities or future liabilities,

Education and marriage can also be in future liabilities

If your partner is not earning then if they want monthly income in the future for support

So all those become your future liabilities.

You should always take insurance cover to cover them.

And because term insurance is the cheapest that's why I recommend it.

then the second tip is to compare and purchase online

This means that if you compare online, you can get cheapest insurance.

And you must check the claim settlement ratio of every company.

Claim settlement ratio should be above 95%

This means that if 100 claims come to the company

So out of that, it processes 95% of the claims.

Their payment gets done with 95% claims

If someone has 98% then it means 98% of people got money

So whichever company has good claim settlement ratios it will always be better for you.

and start as early as possible because if you start early then your premium gets lock-in.

For example, suppose that someone is a nonsmoker

and you want to get a sum assured of one crore

Or let say you want to get your term insurance till the age of 60

Suppose if you are 28 years old and you start early So your premium will be ₹ 10000 p.a

And you have to pay only ₹ 10000 throughout This amount will not increase.

But if you are 40 years old, then this premium becomes ₹ 15000.

So you have to pay ₹15000 every year, so as your age increases, so does the premium.

So the sooner you can start term insurance, You should start

So these were all important features of term insurance,

Then we saw why we should go for term insurance.

And I also shared some tips with all of you.

I hope you like this video so please like and share it.

If you have some suggestions if you want to suggest any topic for future videos

So you can tell in the comment section below

I keep bringing such informative videos of finance every day

So if you have not subscribed yet, then subscribe form below and press the bell icon

so that you will get notification of the latest video.

See you in the next video till then

keep learning, keep earning and be happy as always.