I wish I had this video 4 years back. You have correctly put most important points in this 14 mins video what I learned over 4 years. Kudos to your great work.
Hi Manas, you can download IRDAI's Annual Report for FY23 here: irdai.gov.in/annual-reports Please check page no. 33 of the PDF for information related to claim settlement ratio.
Kudos to you guys on explaining the nuances between critical and terminal illness rider. Keep these videos coming. I hope life and health insurance videos get as much views as it got for options trading
I'm not convinced about buying term plan early to lock in the premium. The rise in premium for a 25 yr old person vs a 30 or 35 yr old person is not much. The same amount if invested in MF via SIP could make lot of difference to your final corpus. I believe you should buy term plan only when you have dependents. Maybe when you get engaged (before marriage) if your wife is going to be dependent on you otherwise you could buy it when you start thinking of having a kid. I'm assuming that your parents are not dependent on your income.
I second that! Average salary for 25 yr - 30 yr won't be so much that they can get an insurance cover of 1-2 crores. Yes , the premium will be lower and so will the sum assured as well.
Term Insurance or your personal termination request application. Make sure you let the beneficiaries know that they are your term insurance beneficiaries and watch the benefits unfold, from up above the clouds.
Really, that's a fine quality content. But I felt that not as deinfluencing series. It was influencing (ditto). It was an useful content. Keep rocking!
can you please show me the need of any term plan with 30 years of my age, zero dependent, good enough property and multiple earnimg family member with zero debt?? there are multiple agent trying to sold me policy.
Are there any actual hard numbers of how much you'd benefit by getting Life Insurance early on? Getting it at 25 against 35 with respect to time value of money? Preferably with some actual factual data from a Life Insurance Provider. Usually you give justifiable numbers for it to make sense. However over here you just provided a blanket statement that buying insurance earlier on is better, which is also what these insurance companies say, to sell their insurances. Its very unlike you to not provide any numbers at all.
If you consider the time value of money alone, then it doesn't make sense to buy an insurance policy at the age of 25 as opposed to buying the policy at 35 assuming you buy the policy till 60 and you assume current prices. However there are a lot of assumptions baked in these calculations. They will change considerably if you assume you are buying a policy till 85 or 90. And what if we compare the same numbers assuming ages 25 and 30. As you can see there is a lot of variability and the financial equation could change based on these assumptions. And there are intangibles that you can't quantify. You are less likely to develop complications when you are 25. This may have a big impact on your premiums. There's also the fact that you get coverage for 10 years. What happens if your dependents need the money during that time. Once you account for these intangibles, then it may make sense to buy a term insurance plan when you're young as opposed to deferring that purchase. However, you should only make this decision based on your dependents. If you don't have dependents and you don't foresee dependents in the future, then there is no point in buying a term plan.
Hi Ditto, as a fellow insurance professional, I disagree with claims settlement ratio published as a valid criteria for selecting insurer. The ratio is skewed because of all the claims getting settled under corporate GTL. I would rather look at the solvency of the insurance company. I would look for an insurer who is not notorious for denying claim or finding a way to deny claim. Just like you mentioned in the video. Their claim settlement ratio could even be 99%. Also I am more comfortable even if the ultimated holding company or promoter is based out of India. Foreign capital is tough to regulate in terms of crisis. The biggest risk in purchasing life insurance is counterparty risk i.e solvency of the insurer.
Some of the facts are misstated 1. "Lock-in premiums for lifetime" - Not true since the coverage has validity of 2-3 years after which it must be renewed at prevailing rates and situation (age, illnesses) 2. "Index fund may give more than 12% in long term" - Mustn't focus only on the *potential* upside.
Hi , also the video should mention ( maybe you can add later) - updating Nominee/ Nominees with % allocation of share. Informing and educating the nominees about the life insurance protection available. Along with the claims procedure. Because the person who purchased the term insurance won't be around to claim the benefits
I didn't like this debate style of a video. No matter how good this video is, Pratik sounds so dumb. All the points which Pratik makes, that other guy is correcting him every time. Abhishek was better instead.
Hello LearnApp, Please resume membership soon or at least tell the date or month when you are going to resume memberships or If you don't want to restart membership please be honest and tell that you don't want to. Since months you have stopped taking memberships. I really want to learn trading, so kindly tell me if you want to start taking memberships or not.
What if someone doesn't have habit of smoking or drinking while buying the insurance but they eventually start smoking after 3-4 years. will that be a challange?
