Watch This Before Buying Term Insurance | CA Rachana Ranade
ฝัง
- เผยแพร่เมื่อ 16 ก.ค. 2024
- In this video, I will be discussing mistakes to avoid before buying term insurance and what points should you check before buying a term plan.
"With Ditto, you can get personalized and unbiased advice on insurance. Understand your policy, get answers to your burning questions, and buy insurance, all at the same place:
bit.ly/3PwZ2Kc
A few prominent insurers might be increasing their term insurance rates in the next few weeks.
So, if you’re planning on buying a term plan, now might be the right time to lock in your premiums."
What is covered?
00:00 - Start
01:34 - Introduction
02:14 - 1st Mistake
04:05 - 2nd Mistake
06:40 - 3rd Mistake
08:45 - 4th Mistake
10:02 - 5th Mistake
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Correction at 09:30 - If a person is detected with a critical illness then he will receive an additional payout immediately after he is detected with such disease which are mentioned in the list of critical illness rider.
After detection of the disease the documents are to be filed for claiming the additional payout.
Hindi marathi madhe banva same video
Yes. The payout option is for accidental death rider
What happens if a persion becomes diabetic after 5 yrs of taking a term insurance ? Should the person voluntarily inform the insurance company ?
@@kalpesh_pawar Tula Term Insurance policy copy Marathi madhe naahi detat
Mam, But where and when can I get the list of that critical illness?
The volatility in the market is alarming. How can i diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation? I mean I've heard of people making up to $300k weeks during this crash and I'd like to know how.
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings.
@@tradekings5433 I agree, my profit has been quite consistent, regardless of market situation, I got in early 2019 and the constant downtrends and losses discouraged me so I sold off, and got back in Dec 2020 this time with guidance from a portfolio adviser that was commended by a famous economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser
@@emilybrown2719 Please can you leave the info of your investment advisor here? I’m in dire need for one
@@ladymariangray The advisor I use is Susan Agnes Hancock, she's verifiable, so you could just search her.
@@emilybrown2719 Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call
Your senses of humour is just osm and the way you explain things it's quite well thanku for your valuable knowledge
One of the important point I would like to mention here is that I desperately tried to buy a term insurance but in the process of getting one, I realised that companies basically ask for salary sheet or bank statements to calculate eligibility criteria for claim. In my case I was eligible only for 25 Lakhs (from LIC). Most youth fall in my category hopefully so it's bit saddening no matter how much premium we afford for good claim, it lies in the companies hand to decide what our value is.
This is to safeguard themselves against suicide claims I guess
SAME PROBLEM WITH ME..I HAVE BUSINESS INCOME OF ONLY 2LAKH AND 5LAKH OTHER INCOMES..BUT THEY CONSIDER ONLY 2LAKH AND I AM ONLY ELIGIBLE FOR 30LAKHS SUM ASSURED...EVEN THOUGH I HAVE TOTAL INCOME OF 7 LAKH..SO I GAVE UP TAKING A TERM PLAN.
Hi Rachana, I really love watching your videos😊 They are so damn informative. Thank you for making India financially strong by giving them financial knowlegde especially womens of india. We are so grateful to have a financial mentor like you. I humbly request you to record a video on LIC investments/policies as many of the agents are doing scams especially on poor village people. So that there is awarness among people about LIC agents which are manipulating people with unnecessary premiums. I hope you will record it soon. Loads of love & best wishes🙏😊
What a teaching skill !
I like the way you explain everything. Very honest and useful information 😊
I love watching your video explanation is so clear in financial.
Great Service You are Doing. ALL THE BEST
Keep continue your Service.
There are essential things you have not covered in your video like paying out the term insurance per year or paying out early in 5 years or 10 years if the cash flow into one's earnings was good to make sense to finish the commitment early if somebody starts late paying at 35-40 years timeline. Some insurers could not want to pay out till 65 to keep the term valid till 85 years. So based on the above scenario, we are not sure who is beneficial, whether it is an insurer or an insurance company in real terms. Appreciate your input in this instance!
There are many benefits to paying limited premiums which could include
1. Premium payments end within a short period
2. Better tax benefits if the S80C limit is not fully used
If you are able to manage your other living expenses along with the premiums to be paid then there is no harm in opting for the same.
Hi Mam firstly i always appreciate your work and this too is an eye opener. a lot of other channels also present a general view regarding the same but avoids to target the terms and conditions listed with the policy documents. regarding the riders for the term plan don't you think as they are all connected to the base policy will be coming with a lot of terms and conditions which need to be fulfilled exactly in the way they are mentioned in the plan otherwise it may happen so that later on when the illness actually happens the claim may not be passed. instead don't you think a comprehensive critical illness plan would be much benefited and it's too a complex one to go through. i understand it would be a costly affair but it would be surely a great deal compared to a rider..just because the premium remains fixed throughout the policy term of the term plan we cannot ignore about the policy terms and conditions which people usually avoid to read and later on repent on their decisions. I think the video of your is really good enough for creating awareness among the society but i also think that you should very well make us all aware to go through the complex policy company terms and conditions. I hope you will also address this vital point in your coming videos as hardly anyone has touched upon these... see you soon.. stay blessed
Hello, Rachana Mam I'm 17 years old boy from Surat, Gujarat. I wouldn't say I like to study from my commerce books about finance, I always go to your channel and other financial creators' channels or to some other books to Study and understand Finance (Lots of love to you😊, Thanks for creating this fantastic Content) and ya I watched your 3 Videos about Basics of Stock Market that you published for us and after watching that videos I started investing in Equity form Young Age, Thanks for sharing everything Mam 😇😇🤗🤗
varacha thi me.bhai
@@user-nt3dn4lk9y ohh good bhai mal ya koi devas
@@Kaushil__ age ? tari
17 CHE BHAI
@@user-nt3dn4lk9y 17 age che
Thank you Rachna , u guided well
I was looking some advise like this. so I got it from your video thanks a lot 😊
I have checked various term plans in different insurance providers. While considering the premium amounts in Max and HDFC life, I was surprised to notice that opting for 40 lacs of current payout costs higher premium than that of opting for 50 lacs. Why so?
Critical illness rider is a very good suggestion because illness can hit anytime, pandemic is proof of that. However please note that Critical illness rider will double your premium. That's what Edelweiss Tokio told me. If there's a cheaper option, please suggest that.
Thank you mam, for this informative video.
I have two questions
1. What if at the time of purchasing insurance, we don't know have knowledge of any pre-existing disease as no symptoms has showed till date.
2. What if a company has rejected/postpone my term insurance plan due to any medical reason.
Policy buy karte vaqt company ko bolo apke medical compulsory kar le. Jisse bhi aap policy le rahe h. Usko bolo.
Thank you so much for valuable information
Very nice information. Thank you!
Hi Rachana,
Khup chhan info...
Even if we provide wrong info about pre-existing disease but the term policy is always based upon the premedical health check ups. Am i right? In short policy provider is always aware of such pre-existing diseases if any. So whether correct info is provided or not shall not be the criteria while making the claim settlement. Please share your view.
As all know, US mkt is going down. In that case, can you make a video on Amazon stock's.
The stock has reached 52 weeks low.
Thanks in advance
Could you please guide on having term insurance from one insurance company only or with couple og more?
The information provided about the critical illness rider is incorrect. The cover amount under critical illness rider is paid out when the person is diagnosed with one of the critical illnesses listed in the policy document, and not when he dies. The purpose of the rider is to assist the person's family in treating him/her.
Correct ... But let's appreciate madam for creating awareness. Unfortunately a lot of people don't take it seriously. Besides death - few worse conditions to be in are
- permanent disability
- critical illness
A small incremental premium if a person is still healthy can really go a far way during crisis
There is a minor correction in the video - If a person is detected with a critical illness, he will receive an additional payout to manage his hospital expenditure.
Making a mistake in a video about a mistake itself 🤣🤣 oh the irony
Brother any idea like international term insurance policy company .Zurich insurance company and MetLife company is which one is best company to buy insurance plan from UAE Dubai .
Nice madam, but you missed about premium payment whether it should be done in 5 , 10 or 20 years which is better?
Ma'am, your videos are an excellent and very informative❤💫
⬆️Thanks For Watching.Reach out the
whatsap line for Financial Coaching For Consultation✉️...
Glad you like them!
Good explanations! The Ditto bit was quite useful, not useful, but a god send. Try out the premium calculator etc, i was going to take a 85 yr plan, then Ditto suggested not much useful, and i saved tons of money taking insurance to 65 yrs, which is more than enough. Please talk about this. Thanks!
Ditto is already waste
@@raghavendraoraghu3349 Is it? Maybe, but got good insights on their website..Saved me a lot of money while others were recommending expensive plans
Very good information thank you Rachana mam... but i have a doubt that "what if have Disease come _after taking the policy" .. we have to inform to them or exactly what ??? please reply mam
Hi madam,
Most of the term insurance now give options of investment in Equity funds with some increase in premium.
So what is it good to buy pure term insurance or term insurance with investment.??
Pls guide.
Stethoscope आणि pulseox 😅. Hilarious start .
Very informative talk.
Dr Raviraj
Hi Rachana, I like your videos but not happy with this one.
1. First and foremost, one should go for term insurance only if you have dependents and not enough wealth(at least 40x of your current yearly spending’s). Else not required.
2. If you can manage your finances well. Better invest the monthly/ yearly premium until you really have dependents.
3. It doesn’t matter the premium increase as you age. It will increase only according to inflation. If you can invest the so called less premium during your early years and take insurance say at 30 when u have dependents. Excess premium can be easily covered by the returns earned by the investment you have been doing until now.
4. Amount of coverage should be decided based on your yearly spending’s and not based on your salary.
5. Say you earn 10L but 5L is your spendings. Make sure you have cover for at least (25x of your spendings - Your current investments)
6. Don’t go for auto coverage increase plan.
7. Instead, Assess your coverage every 5 yrs. apply same formula as above and see where you stand. If you are fortunate and your corpus has substantially increased, you may not need to increase your coverage.
In the end, be judicious and decide on what is required for you at that date and time.
Make sure you invest the amount you saved on premiums wisely to increase your wealth.
Sir I am 35 years old and taken max life term plan just 1 month premium paid but I am now in a confused state after seeing their social media pages there are so many complaints regarding various issues so should I continue with my term plan or should I stop paying the premium.I am a railway employee and my wife and son depends on me.Please answer ASAP Sir
Great.hmmm Like you're selling term insurance too!!! How many desk a person should go before the mature amount credited to his account?!
Can you give us some information about the Trident share?
How to change a term plan ? Is it okay to lapse and buy a new one ?
Rachna your acting is superb.....may get chance in film industry too
Madam Ji, What to do with Polyplex now ~24% ⬇️ hold, sell or add❓️
Hi Rachna great Work Keep Going 👏👏. I want to know Should I buy refundable Term Insurance or Non Refundable Plan. Please explain Aspect and Impact of both.
Non refundable is better
Starting is लय भारी 👏👏👍
Two important questions
1) What is the rule of term insurance for a non-smoker who takes the insurance but later turns to smoking, how he can update the policy, or shall take new one
2) what shall be the ideal timeframe for sum insurance 65yrs (75yrs) or 90yrs
I am just 44yrs boy, I have term insurance until 65yrs would this beed to extend? Company didn't allow any modification in last 5yrs
Answers to your queries
1. Insurers do not allow change of plan mid-term from smoker to non-smoker plans. Also, some insurers do not consider non-smoking status unless it was given up for more than five years. In case you meet this requirement, you could opt for a new term plan
2. Ideal time frame could be up to 65-70 years.
@@CARachanaRanade ur first point answer is different what he ask..... He ask if non smoker become smoker
Answer is if you are applying as a non smoker and later started smoking, in that case company have all the right to reject the claim if death happened due to smoking reasons.
If policy started as Non smoker and then updated as smoker, will this 3 years period (IRDA section 45) start again? just like after adding rider???
As recently as last month i got denied insurance because i told them i had psoriasis twenty years ago!!
Hey @CA Rachana, Could you advise if in the case if both partners are working - do they have to buy term insurance for both?
In India trend is changed ,previously husband, head of family was working so normally term insurance was brought by husband. Now both are working.
Also previously options in Term plan were less , incase of insured death sum assured was given.
Now u have options like one policy which caters Term plan, investment growth thru mutual fund, hospitalization and critical illness.
also women insurance is cheaper than men . so recommendation is taking term plan for both depends on your goal. women plan can be used for legacy creation with less premium. and male insurance for risk cover
टर्म इन्शुरन्स घ्यावा, कसा घ्यावा हे सगळेच सांगतात. पण कोविड मध्ये खुप लोक गेली, बऱ्याच लोकाना lic क्लेम मिळाले पण एखाद्याला टर्म इन्शुरन्स क्लेम मिळाला हे कधी कानावर नाही आलं.
टर्म वाल्यांचा क्लेम सेटलमेंट रेट किती आहे? खरच हे किती लोकाना पैसे देतात यावर एक वीडियो बनवा. 🙏🏻🙏🏻🙏🏻🙏🏻
Good skit... brilliant... हे चालू ठेवा...
It was great informative video for all new people... Kudos to you.
I have had already considered all your advices appx 6 years ago when i was 31 years old for 6.4Cr value.. but additionally I opted premium payment term as 5 years for 40 years policy which is eliminating risk of missing any single installment in long term and BP/Diabetes issue arisen at later stage of life..
Thanks for watching!
Premium payment term as 5 years for 40 years policy mean????
@@mangeshsutar1932 Paying more premiums but only for lesser time, not for full insurance period.
In this case only premium is paid only for 5 years. Even if insured for 40 years.
Paying complete premium early is a bad choice in my opinion
You have taken very high cover and wasted your money, seems some agent scared you 😅😅😅. You can always invest additional money in index funds equities and that also is a cover.
Are we getting a video on whether to buy SGB on 27th December?
@CA Rachana Phadke Ranade few questions need answer for clearity
How to insure any provision while taking Term insurance that sum assured must adjust as inflation increases.
Provision for 50% payout + monthly payout.
Hi what if i already have term insurance and that time i was not aware about yearly incremental in sum assured, what should i do?
how ditto is different from policy bazaar ?
Wouldn't inflation nullify the benefit of monthly payout? the value of money decreases as the time passes by.
I recently talked to ditto it is regarding the last mistake u mentioned , he said after 2 years of taking term insurance we will get sum assured irrespective of any disease whether it is pre existing or not. minimum criteria is to pass first 2-3 years .
Don't trust this platforms as their intentions are to sell the policy, but the insurance company will be at the time of disperse can hd your claim...so it's best to be as authentic as possible....
@@kiranhon7894 very true
Yes section 45 of insurance act me bi yhi likha hai
Companies go for respective medical test while giving term insurance so nowadays it's difficult to get a policy by hiding any information. If anyone have pre-existing medical conditions in that case insurance company will reject insurance proposal or will give a hefty counter offer.
@@vineetgoyal8681 section 45 gives certain power to both company and consumer read it properly
Also let us know from where to buy term insurance by online ?? Else by visiting any branch office
I have one term insurance, I need to purchase one more. Shall I purchase same company insurance or different company.
Is there any issue if purchase two diff. Insurance from diff company. Please guid
@rachanaranade mam,
Recently I took home loan for new flat and not taken house insurance yet as this is optional so I am confused whether I buy house insurance or buy term plan which I can attached to my home loan? Please advise
Thanks in advance
Ma'am, should a govt employee buy a term plan where there is a job for his family member on the compensate ground in uncertain death?
What about the Franklin india feeder. Franklin US opportunity find?
Is it good?
Pls analyse jeevan umang lic plan and the budget implication of 5 lakh premium cap detsils
If you buy term plan late that is also okay, because you pay extra now, but you have saved the premium amount in the previous years 😉
Yes agree
Exactly
And what about the HLV? Human Life Value in financial terms? You do realise that when you are below 35 your income multiplier is 30. That is to say if you are earning 15LPA (when you are 34) then you are eligible for a Term Cover of 4.5CRORE. Whereas if you are earning 25LPA (your are 46) then you are only eligible for Term Cover of 3.75CRORE. It's better to ensure early to have BENEFITS of REDUCED PREMIUMS, Riders comes at nominal rates, LESS MEDICALS as compared to when you are in 40's or 50's, and ENHANCED COVER.
You saved previous 5-6 premium but now you need to pay higher premium for 25-36 years. Not feasible
Not sure if existing policy holders can get top-up. Any idea if Max Life has this option for existing policy holders ?
At present, max life give three time to top up..at mairrage, first child and second child
Har koi bol raha jaldi le lo at age 20, but koi ni bata raha ki premium high hoga agar aap 7 laak above salaried employees nahi ho aur bahut kam cover milega...lagbhag aadha cover.
I didn't get the sum assured top up feature anywhere
I don't know where do you guys get that
What is the reason indigo paints hits the 52 week low?
Earlier is not better also? Age of 20 and max term duration ends the cover up to 60 years
But at the age of 40 same max term duration covers up to the age of 80. So definitely premium varies and better coverage.
Racha what about multiple term insurance is it correct or wrong. How to go about if u have already taken.
The problem with the monthly payout option is you have to depend on insurance company for life time and who knows they will provide monthly payout each month for the lifetime or not.what if they find any excuse or escape way in future so better if we choose lumpsum option and get rid of these types of fear
Go for Reputed and big banks
The way you start your video is amazing!! 🙂 I like it, ma'am!!
While taking policies there is no any pre-existing deseas but after that when we admitted and detect diabetes. Will it cover and how we prove that the deseas was not earlier.
Which is the best term insurance policy
Very good. Informative.
We need details information regarding small case
Excellent update ❤
In monthly payout option how the interest part calculated?
Hello Mam, thanks for the video. What's gonna happen, if someone took term plan at age 25, but by age 40 only he became diabetic. Will it hamper during claim settlement?
I have an important question, can you please help me answer that ?
My financial advisor told me that after 7 years of taking the policy, even if the insurer dies due to a pre existing disease (and it was not disclosed earlier) then also the company cannot reject the claim. Is that true ?
For the 5th mistake
If the person paid the premium for three years continuously, as per Section 45 of insurance act.
The insurance companies they cannot reject a claim if a fraud is discovered after a three-year period.
Very nice helpful HEALTHY VIDEO thanks mam🙏💐
Thank you for watching!
Ma'am how we can vary our Sum insured I have a policy and i don't know how to do that. Can I do it now after buying it?
Hi Mam,
I wanted to know whether can we take term plan with multiple company and is there any limit ?
Please share video on the above query...
Yes, you can take term plans with multiple companies without any limit.
Which insurance is available for alimony? Divorce is expensive in India.
You are great...all the best
Thank you 😊
Which plan is better a term plan or endowment plan ?
Why people talks about only taking a life insurance with endowment plan but not a term insurance plan ?
I am not able to open trading account because my bank details are on maiden name and aadhar card is marital name. None of the apps like zerodha, angel one etc have option to upload marriage certificate, for clarifying name change for ladies
We need to mention our health insurance details or enough only our life insurance details ?
Nice video , one question : can only nominees / dependants will be covered under the plan , can we later change the dependants after a few years without surrendering the plan ?
Should be possible
Hi mam am beginner I have a question for you mam whenever I sit to trade I start getting scared mam that is the reason am not able to trade what shall I do mam plz help me
Hi, Any chance of recovery for JUBLFOOD? I picked the stock as per your recommendation at the time of Diwali.
You did not mention to cover our present liabilities like Home loan personal loan other loans if any. That should be added to sum assured.
Is this good to invest in TATA AIA NFO
Thank you for the informative video ma'am, if a person has already done any of these mistake while taking the term plan, any possibility to correct that now maam?
By taking a new insurance. And then later decline previous one once new policy get issued.
Very useful information...Have you taken term insurance? If yes then which did you buy?
I'm new to stock market /Crypto and would like to invest but I've go no idea on how to make good profits. Pls what's the best approach you'd recommend?
Exactly, at the moment bitcoin is the best and profitable coin to buy and invest in..
@@Eugeneronnie9274 Indeed crypto is the best investment, Earning3x my salary soon I won't have to work anymore..women should start taking part in these kinds of digital investment
Wow I'm just shocked some one mentioned expert Mrs Evelyn Vera name i thought I'm the only one trading with her
How does this Bitcoin stuff work, I am interested and willing to invest heavily as I have heard too many testimonies
Wow!! Impressive you trade with Mrs Evelyn Vera too! I thought people don't know her that well.... She's really awesome!
Hello, I have Lic e-Term plan already and they don't have any option of top up. I need to increase my cover. Should I buy another policy from some other insurance company or can by Lic tech Term plan from LIC itself? Are there any benifit If I opt for Lic tech term as I have another term insurance policy from lic. I know one policy is better than two.
AU small finance bank is getting massive, plz make a video on it.
Mam i need help regarding my term insurance plan, please give ur suggestion to my problem:
I have purchased term insurance from max life insurance 4 years back and in june 2022 one premium has been due and there after all the premiums has been paid correctly but due to that june 2022 due my policy got lapsed. Now for renewal they are asking for medical report and i m ready for it. If the policy get renewed after medical test will there be any problem in future for claims for my family in case some bad happens to me due to this policy lapse thing?
Now I m planning to buy new term insurance by cancelling this one so please suggest me what to do i am very much confused.
Hi , can you explain nishchit aayush plan?
Hi, you didn't talk about age. What shud be the ideal maturity age for term insurance
Make a comparison vdo on term insurance offering companies
Madam if a person attains age 18 he takes a term insurance policy he was a non smoker and becomes a smoker after 2 year's / now what he should do now because he became a smoker and he should inform to the insurance company and take a new policy or the earlier policy shall be continued and his legal heirs shall get the claim in the future if the proposer died during the policy period or the claim will be rejected - please explain or clarify...
If I increase my term insurance coverage after 3 year then my 3 year period will reset and i will loose advantage of section 45 of insurance act.
Usually i provided all information in term insurance. But section 45 makes assurance that term insurance company donot find any loophole in my policy.
even though all pvt company claim ratio are good but still they reject claim in first 3 year wrt after 3 year.
So,In this case should we increase our coverage and risk advantage of section 45.
Or
Opt different policy
sir pahle se hi term plan le rakha hai aur car loan lete samay bhi life insurance liya, to kya bank death k baad usi insurance se amount settaled karegi ya nominee ko term insurance ka paisa milne ke baad usme se legi
Can my already accepted home loan be declined, if I reject their (insurance loan + preperty insurance) within free-look period?
What if I show them my Term policy (bought 1 day ago) which has cover 6x the home loan?