How to Select the Best Term Insurance Plan for Yourself?

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During my time at HDFC Life Insurance and ET Money, I would have spoken to a few hundred term insurance policyholders. I got a better idea of their thought process when choosing a term insurance plan, noticed some mistakes they made, questions they asked related to life insurance etc. On basis of what I learnt, this video here details the 6 steps on needs to follow when selecting a term life insurance policy. These steps will ensure you are buying the best term insurance plan for yourself and the life insurance cover you choose is optimum

👉 Video Chapters:
00:00 What is Term Life Insurance
01:14 Benefits of Term Insurance Plans
03:55 How to Calculate Your Life Insurance Cover
08:19 6 Steps When Choosing a Term Insurance Plan
08:28 1. Ideal Life Insurance Coverage
09:01 2. Tenure of Term Insurance Policy
10:50 3. Target Highest Peace-of-Mind
12:16 4. Life Insurance Riders (Critical Illness, Disability & Accident)
14:03 5. Claim Settlement Ratio
14:58 6. Insurance Process & Documentation
16:14 Discount on Term Insurance Plans
16:42 Married Women's Property Act in Life Insurance

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Disclaimer: I am not a SEBI registered investment advisor or research analyst. The content posted on this platform is purely for educational purposes and none of it constitutes investing or trading advice. Viewers should do their own research and diligence before investing or acting on the information presented

[koustuvdutta]

LLA and Mr. Shankar Nath are our go to places for personal finance! Always loved your data rich content and elegant style of presentation.

It will be interesting if you compare a standard 1 cr term plan from Hdfc, Max life, Tata AIA and ICICI prulife especially in terms of policy wordings and listed critical illness. Your experience in insurance sector will put a lot of value! Thank you.

[harsha.ambati]

I have been thinking about how to buy term insurance from past 3 days.. u made my work simplier, thanks sir
🙌🏻🙌🏻🙌🏻🙌🏻

[Rajesh.A]

Simple way of teaching, easy to understand for beginners.

[carlsagan]

Once again great analysis. Just an add-on, along with the settlement ratio, one should also look for a ratio of the amount of settlement ratio and the number of claims rejected after filing. This is available on the IRDIA report.

[maalik]

I am 33 and haven't bought any term insurance nor plan to do it. The reason is the company I work for and the ones I have worked for in the past usually provide coverage of 5-10 times my annual CTC, which is adequate for my family for quite a few years. Also, in the next 10-12 years, hopefully, my total net worth should surpass my desired insurance coverage so I probably won't need insurance after that. As long as I keep working in some corporate for the next 12 years which provides sufficient term insurance coverage, I don't need to purchase it separately.
Running my thought process by you to see if you think I'm making a mistake here.

[saravanaavelpari]

Never seen such an articulated and clear explanation 👍🏻 happy to have found your channel

[nitsuryawanshi]

Please make a video on Health insurance and at what age we should but if we have health cover from our organization.

[JayeshBPatil]

Sir,
Please do video on Health Insurance.

[krunaldesai]

Nice informative video, Sir.. Fortunately came.to ur video at correct time.. I did have some questions before i am finalizing and signing the contract.. I will surely email with pointers for your valuable advice.. Thank you..

[ArunSharma-qwdf]

Sir kindly make the video on health insurance

[shankar]

As always, mind-blowing and differentiated content. Shankar, you're a light bearer for my financial journey. I'm at cross roads in confirming my life insurance related queries and your video speaking from your experience, helped validate my understanding. I shall write to you for additional queries I might have. A big thank you.

[inigob.s.]

Great work sir 👍 it would be delightful if you come with your own way of analysis and deliverance on health insurance as well 🙂

[dsaha]

Shankar Ji, Many thanks, Yes MWP Act is very useful advise.. You always come with unique way is remarkable...

[biswajyoti.]

sir learning from u has been a pleasure, with many finance related channels on yt u hv always been honest nd given us indepth insights into various topics. I'm 19 nd gettin correct guidance from u will surely help me in making financial decisions in my near future. Again thnx a lot sir, you're doin a grt job :))

[anupdsouza]

Very informative video Shankar. I learnt about term insurance pretty late I'd say and bought one just before Covid hit at age 33. Having assessed financial needs I feel that I might need another policy. Couple of questions in this regard. 1. Should one purchase a new policy from the same insurer or different one? 2. Are dependents guaranteed to get the sum assured from all the term policies one might have bought? 3. How should one calculate the rider coverages as different illnesses/disabilities would require different amounts for treatment etc. Once again, thank you for adding value to our financial lives 👍

[anurag]

Very Detailed yet simple to understand. Great job in creating this content. Keep up the good work !!

[arupgupta]

Excellent Sir. May I request to add
A. Enhancement of sum assured with life stage in the same policy.
B. Limited premium plans.
Your opinion and views matter. Hence request your thoughts and advice on both above.

[Jyyo]

A normal thumbnail today. 🙂

Also here there is a hindsight bias, for eg the premium amounts have soared in the recent past. I bought a plan in 2017 for x amount and today the same plan is 1.3 times of x, (assuming I am of same age) so the cost is going to be much higher 🙂

[debbie]

Such a simplistic way explanation... Very useful video ...Thanks a lot Sir

I have one doubt ..me and my wife both are working ...age 36 and 31. I thought to buy two term ins one for me and another on my wife...is it a good idea or any other facts to consider?

[ankurgoel]

Would be good to see on health insurance