How to choose the RIGHT INSURANCE? Best Term Plan 2024 | Why is it IMPORTANT?

Term Insurance is a type of life insurance policy that provides a lump sum payout to the beneficiaries in the event of the policyholder's death. Unlike other life insurance products such as endowment policies or ULIPs, term insurance focuses solely on providing financial protection without any investment returns. It's essentially a risk management tool that ensures your loved ones are financially secure in case of your untimely demise.

Why Term Insurance is Essential

Term insurance is a must-have for several reasons. It provides financial security to your loved ones in case of your untimely demise, ensuring they are protected from the burden of debts and expenses. Additionally, term insurance is affordable, offering substantial coverage at relatively low premiums. Moreover, it provides peace of mind, knowing that your family will be taken care of financially even when you're no longer there. In uncertain times, having term insurance is a prudent and responsible decision to safeguard your family's future.

One of the primary features of term insurance is its affordability. Premiums for term insurance policies are typically much lower compared to other types of life insurance, making it accessible to a broader range of individuals. Additionally, once you purchase a term insurance policy, your premiums remain fixed throughout the policy duration. This means you won't have to worry about unexpected increases in premium payments over time.

Another key advantage of term insurance is the guaranteed claim payouts. After a certain period, usually three years, the chances of claim rejection are minimal, provided the policyholder has paid all premiums as required. This reliability gives policyholders peace of mind knowing that their loved ones will receive the financial support they need when it matters most.

Term insurance also offers tax benefits, allowing policyholders to claim deductions under Section 80C of the Income Tax Act. Moreover, the death benefit paid out to the nominees is usually tax-free, further enhancing its attractiveness as a risk management tool.

While term insurance offers several benefits, it's essential to consider the duration of coverage carefully. Opting for coverage beyond a certain age, such as 60 or 65 years, may not be financially prudent, as the need for insurance decreases with age. In such cases, the premiums paid over an extended period may outweigh the benefits received.

Determining the ideal coverage amount can be challenging, but tools like Ditto's Cover Calculator can help individuals assess their needs accurately. By considering factors such as income, expenses, liabilities, and future financial goals, individuals can determine the optimal coverage amount to ensure their loved ones are adequately protected.

Additionally, life stage benefits offered by some insurers provide flexibility by allowing policyholders to adjust their coverage amount during significant life events such as marriage or the birth of children. This feature ensures that the policy remains relevant to the policyholder's changing circumstances over time.

In conclusion, term insurance offers an affordable and reliable way to protect your loved ones financially. By understanding its features and benefits and carefully assessing your needs, you can make informed decisions to secure your family's future.

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[jayraj]

Va thala ... Un videos vachi than I am educating other people of my age early 30s .. thanks and kudos to you

[rajasundaramrajaram]

Thank you, the best clarity.
For first time most helpful advice.
Thank again brother

[vr]

Hey bro, , following your channel for a some time, the content and video posted was too good and showing a great impact & sharing some great knowledge for the importance investment.
Thanks a lot, ,keep rocking 💯❤👍

[THILLAIRAJA]

Thanks for the useful information bro.

[KGF_Daa]

If you are going to take term insurance worth of 2cr + then start with full annual payment for first year, so that chances of ur application rejection is less.. once ur application is rejected in any insurance company..it's like a black mark then it's very difficult to get insurance.. don't go with third party app.. if u know any agent that's better

[K.Muthukumaran]

Really good information bro, thanks for making this video

[parthibanr]

I am an Insurance advisor. Being a tech enthusiast I find it hard to communicate these to the youngsters now. Thank you for this video. Will be sharing these to the people definitely.

[sabareerangaraj]

sir, informative and your series of videos guided me and my friends on taking a policy. thank u . secondly i got one more doubt on "group insurance" - we have a small welfare association of around 30 members - give your suggestions

[kishore]

In Initial videos you recommended Policy bazaar and now ditto..?

[TheFuturisticPastTimeTraveller]

Great content bro! One question - I am an NRI and have LIC Jeevan Labh Policy. Should I still go for a term insurance? TIA.

[mohamednazzim]

Hy boosan....I wanted to invest in Us market..so I invested in Navi nastaq 100 fund, but they temporarily stopped, so I started in motilal oswal nastaq 100 etf and also in mirae asset sp 500 top 50 ETF but this 2 ETF is overlapping at 50 percent of stocks but need to get US market exposure so even Bal 50 is the good exposure to get that so shall kep investing in both or shall I h investing in only one?

[venkatesansundararajan]

Super. Very useful to those who are not taking term insurance so far.

[karbioster]

Hi Bro. is this right time to make lumpsum investment in equity mutual funds? Time horizon 7 years.

[neverbackdown]

Mr .boosan brother wht do you think about it bees and pharma bees compared to nifty bees and bank bees

[dhilipanraja]

Flexi cap and multi cap .... which one is best broo... ready to take risk?

[surendarsingh]

Hi bro.. Tata Nifty Realty fund pathi sollunga pls

[maniprathap]

Bro ditto or policy bazaar which is better to take insurance?

[sivakumar-zoft]

Hell Boosan, I am following ur channel. Topics are good. My problem is I can't understand tamil much, if it's possible can u give subtitles in English for whatever u speak in tamil, which can be very helpful/ useful

[ulaganathans]

Hi Bro, I'm planing to apply Term insurance, but I'm confused with the plans, so Can you help me to choose best term insurance

[martinarockiaraj]

Hi Brother,
Thanks for your informative video.
Please let me know which is better, Ditto or Policy Bazaar?