So before I start this post I would like to ask you a question and you have to answer that question very thoughtfully. That question is that God forbid but if any misshapen happens to you. If something happens to you that you are no longer in this world, then tell me the names of five people who will continue to send money to your house, after you die. If something happens to you, then five such people will bear all the expenses to support your family. You can name them in the comments below. I'll tell you one thing. Most people can't even think of five people. So I don't talk about five, you write the names of only three people. You will realise that even if they are your real sister or brother or your uncles. If something happens to you, no one wants to take responsibility. People will say that we are not stable, what we do for others and this is the harsh truth if you understand this sooner. You can provide security to your family as early as possible. See, this is a question that you must think about. If you do this brainstorming exercise today, then it will be beneficial. See, Today I am going to tell you. What is this term insurance we are talking about? Why am I saying this, Now when we had made a video on health insurance before this, most of you, people commented that you need a video on term insurance, then I am going to tell in this video what are the things you have to keep in mind before taking term insurance, and if you are taking it then why are you taking it what will be its benefit, you will get to learn about everything, so there is a simple meaning of term insurance is life insurance. You can understand why life insurance as if you die, then your family will get the financial security, then see why it is necessary, understand this, suppose there is a person, let's say he earns ₹ 50000 per month.
Then he is earning Rs. 600000 per year. I will say how much it will be in 20 years, I will tell you why I took 20 years, this money will be 1.2 crore rupees in 20 years, now we are talking about ₹ 120000, why I write this ₹1,20,000, very simple, If a man is earning 500000 then he was earning 600000 for per year, he would earn one crore twenty lakhs in 20 years. But if that person will no more, and he was earning member, then how will the family survive If that man has children, then the education for children and if he earns then he will also be able to marry children, there is much responsibility of Childers, there are responsibilities of a wife and there are home expenses, how these all things will get manage. Now you will say that we cannot think it, because if we didn't live in this world what would we know what will happen. Look, you may be young today because I know that most of my audience is young today, so they think in this way that what is the difference if we die but as you will mature then you will realise that this is important, and I will also tell you that people consider term insurance like insurance, they consider it as an expense. Let me tell you why I think this is an investment. I will just tell you that so as soon as you understand that your a very easy way, If You have term insurance, so what is term insurance then I Will Tell You Something which I've told You, I will tell you, see I want to explain you today my parents, I am talking about them because many people have patient's, the young generation will understand in that way. I have my insurance also and all of my family is insured. I am taking an example of my parents because my parents are 50 plus, so their age is above years, but today if I go
with a practical approach, then we know what is an average human life? 70 years to 80 years then Most humans live up to 70 to 80 years. We know this, so if I know that today my parents are fifty-plus already and as per the average human life, human beings live up to 70-80 years, I want my parents to live as long as possible, I want them to live long, they will live for 100 years, but this is what I know, that is my mindset. You may find it right or wrong but I am going to explain it to you. Why this is also an investment, I have taken insurance for my mother. I am telling you for an example, then my mother's policy is two crore rupees. My mother has two life insurance policies, so I am telling you one thing. The one insurance policy that we have taken here is two crores. We pay a premium for it, so I am telling you this for example, that my mother's life insurance costs 50000 every month and their risk cover is 2 crores. This means that I am giving fifty thousand per year. I will pay ₹ 500000 in 10 years. Now I am saying that I give this. It was deducted from my mom's account but there is family income from the house. We know that ₹500000 will be deducted from my account in 10 years. Now this is ₹ 500000 in 10 years, how it will be in 20 years, you will say 10 lakhs and it will be 15 lakh in 30 years. And twenty lakh in forty years, now if we talk about an average human life, We have reached to ninety years. If we have reached ninety years, then I have paid a premium of mostly Rs.2000000. If you guys are already minded and learned the compounding, then you will say that there is compounding on it, then I agree with you, but we know there is an investment of Rs.2000000, and we know how much human life is, so it is clear that if we have term insurance today, then we will get two crores, are you getting my point. In the midst of this, the second thing in the term insurance that you people cannot think this in terms of investment, you can think in terms of SIP, because the meaning of insurance is, risk Cover from day one means the day you took insurance, you get risk coverage from the next day, this I gave you an example of my mother, This is a big deal for me to think this about my mother. It happens to all of us but you will have to think with a practical approach. See, I took this example because I am also young and you are also young so you first check whether your parents have term insurance or not, see I don't want to sell you anything, I will just guide you. You have to see, If your parents do not have term insurance,
then you should keep one thing in mind. I wish our parents to have a very long life and they should be happy for the rest of their lives. But still let's take a practical approach, according to the amount of human life, how much premium will go and then you know what is the surety that you are going to get, so for me, it is an investment also, there is risk coverage also, insurance is not termed as investment, but it is also a risk coverage and your family gets secured. So if there are earnings members in your family, then it is very important to have life insurance for them. Now let's move on. If you take insurance, then the first thing should be that it is from a renowned company. Renowned means, If it is taken from LIC or taken from HDFC or taken from tata, then you get the claim easily from renowned companies. If you have taken it from a small company, then you can be troubled at the time of claim. So, this is the first rule that people should take insurance from the well-reputed companies and renowned companies. So, this is the first point. Now the rule of taking term insurance is that early benefit, that you will get the early age benefit as soon. Now, this early age benefit means, see I have taken an example here. You can take it online today. You can take term insurance from anywhere but I am giving you an example. You took term insurance at the age of 18, if you have taken term insurance of one crore, then your premium for the year will be ₹ 5000 Approx means it even does not cost ₹ 500 months. That means you have to pay a premium of 5000 at the age of 18 years. If your age is 28, the premium will increase. As age will grow, the premium will get easy, then you have to pay a premium of 7000 for one crore here. If your
age is 38 years, then you have to pay a premium of 11000. If your age is pay an em 42000. Now, this is subject to terms and conditions. But I have told you an approximation that if you took the insurance at the age of 18, then your risk is covered from day one, You have risk cover from the age of 18. But if you got this wisdom after 10 years from today or after 20 years from today then you have to pay more than double for the same policy of one crore. Are you understanding it, if you will get more late, then your money increases, you have to pay four times more money here? If you have wisdom after 20 years, then as long as you make the decision, it is totally up to you, then I don't want to convince you anything about this. But I want to tell you. This is my work that if you are taking term insurance then how to plan it. Now there is an important thing, that is, not everyone can get term insurance. Term insurance has a very simple meaning, no income and no term insurance so I have written here. I write ITR here, because as soon as you go for insurance. Suppose you have any business, you will be asked for ITR for 3 years, because you will have to show that your income is coming, then you will be able to pay a regular premium and understand its significance. Why should a company give you a policy of one crore, it will give it because you have income n today's date and you earn fifty thousand rupees and according to your coming time you may need one crore and two crores, so that's why does the company provide you with term insurance of twenty times according to your annual income, then you can calculate it by themselves and this is a general rule. Whatever your income will be, twenty times of it, suppose you have an income one crore rupees, then do it 20 times, then you can get a policy up to 20 crores, then it is very important to fill ITR, If you are earning money then file an income tax return, according to the bracket of your income tax. You guys think that you have to go to the CA to file ITR and you have to do a lot of manual processes. Processes become very easy nowadays. See, if we talk about the Internet, then there is a renowned website of India, ClearTax.in which you can easily file your ITR. There you are getting the service of trusted ITR filing. Meaning here you don't have to do everything by yourself, here you are getting the guidance of an expert. You can ask questions from them and they will guide you on how you can file your ITR. There are also different packages here. If you are salaried then there is an afferent package for you, if you have to pay capital gains tax, then separate packages for that you find different packages on this website, whatever you think is right, you can very easily do your ITR sitting at home through internet, you can file your ITR, I'll put in description the link of ClearTax.in, so you can easily go there and you can file your ITR return because it is required. I have told you that ITR is required, let me tell you one more benefit of this. If you take term insurance, you can take term insurance from anywhere. If you need any guidance for term insurance then I will put google form in the description and comment box. You can fill up it and my team will help you, so if you have term insurance then it will be beneficial that under section 80c you can get tax exemption up to 1.5 lakh, then you can save 1.5 lakh rupees here under section 80C, If you have term insurance here, now there is another benefit, I'll tell you that. When you get a term insurance claim, Let's say someone has a policy of one crore or even two crores, there was someone's name in the house and some mishap happened. Now the money that will come is exempted under section 10(10)D, tax is exempted under it then if one crore rupees come, no tax will be levied on it and if 10 crore rupees is received, then no tax will be levied on it. You don't have to pay any tax, When it comes to term insurance money, it is important to understand it here. Now finally there are some benefits. It is for you to understand that when you take term insurance, you can also take these add on if you want. My job is to tell you all these things then accidental rider you get an add on benefit. What does accidental rider mean? The policy you have is one crore and suppose anyone has a policy. Mr X has a Policy of rupees one crore, and he died in a car accident. So, if there is a car accident, then if it is accidental, policy of one crore will get Rs 2 crore. This is the benefit of the rider, let's take another example. There was a policy in the name of some lady. She fell from the stairs and if some accident happened, then again she would get two crore rupees. If there was a policy of one crore rupees, it would double. The second is Critical Illness Rider, Critical illness means If someone gets cancer, if you have taken a rider, then whatever benefit is there in the rider. If you get a benefit of 5000000 in your policy, then it is ₹ 5000000 as soon as you will discover from critical illness, then you will have to tell them. The doctor will give in writing that you have
because we have seen in society then it is very important to have term insurance. Again, you may have many questions, you can ask in the comments. We will try to answer that in the next video, if you find this video valuable, then you can share it and you can like it. This increases our encouragement. Finally, If you are watching this video on Facebook then you can follow it and if you are watching on YouTube then you can subscribe and click on the bell icon. I will see you in the next video till the time, there is a link in the description and comment box and you go self-made.
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