BEWARE | 7 INSURANCE MISTAKES (Must Watch) | Term Insurance 2024
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- čas přidán 18. 05. 2024
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When securing the financial future of your family, term insurance is a critical tool. However, to maximize its benefits, it's important to avoid common pitfalls that many people encounter. From choosing the right term length to ensuring adequate coverage and proper disclosure of medical information, understanding these key aspects can make a significant difference. Here are some mistakes to avoid while taking term insurance to ensure that your policy effectively meets your needs and provides the intended financial security for your loved ones.
Mistakes to Avoid While Taking Term Insurance
- Purchasing a Term Plan for a Short Period or Too Long:
Choosing the right term length is crucial. A term that is too short may leave your family unprotected if something happens to you after the policy ends. On the other hand, a term that is too long may result in unnecessarily high premiums, especially if your family no longer relies on your income after retirement. Aim for a term that covers your working years and any period when your family depends on your income.
- Delaying the Purchase of a Term Plan:
Postponing the purchase of term insurance can lead to higher premiums due to age-related risks and potential health issues. Early purchase ensures lower premiums and reduces the risk of policy rejection due to medical conditions.
- Default Lump Sum Payout Option:
Opting for a lump sum payout might not be ideal for everyone, especially those who are not financially savvy. It's important to explore other payout options such as a combination of lump sum and fixed monthly payouts or lump sum with increasing monthly payouts, which can provide better financial stability for your beneficiaries.
- Treating Insurance as an Investment:
Term insurance should primarily be viewed as a protection tool rather than an investment. The main goal is to ensure your family's financial security in your absence. While some policies offer maturity benefits, they should not be the primary reason for purchasing term insurance.
- Insufficient Sum Assured:
Choosing an inadequate sum assured can leave your family under-protected. Ensure the sum assured is sufficient to cover your family’s financial needs, considering factors like inflation, outstanding debts, and future expenses.
- Not Sharing Correct Medical Information:
Failing to disclose your full medical history can lead to claim denials. Always provide accurate and complete medical information to ensure your policy remains valid and your family can claim the benefits without issues.
- Opting for Excessive Riders or No Rider at All:
While riders can enhance your policy, opting for too many can make it expensive. Conversely, having no riders might leave you underinsured. Key riders to consider include Critical Illness, Terminal Illness, Waiver of Premium, and Accidental Death Benefit. Choose riders that provide significant benefits relevant to your needs.
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It's more informative bro, I appreciate your effort! pls do video on some more details on the unwanted riders too(assume it is for profile like yours) or common mistakes we make in choosing it. Also on most important points to check with the insurance provider before opting a term plan.
@@arunnath8615 I've tried to cover riders mistake in this video starting from 7:41.
However, I can also make a separate video on riders if there is enough interest.
I have already have Health insurance cover of 15 lakhs Care Health Insurance and Maxlife Term insurance for 1cr. In Term insurance I have added only two riders, 1. Terminals illness and 2. 8:32 Premium wavier for Permanent disability added, but I have not taken 60 illnesses riders, bcz all those are already covered in health insurance. Is good or shall I add the riders 60 critical illness ?
@@finance.boosan
Yes pls make a video about a complete guide to select term insurance Residence Indian and NRI
Make a video about essential riders.
Please make a video for how to claim a term insurance at some point of time its will be useful for many. Like what kind of doc required like that how do we approach insurance company
Thank you so much for the information sir
Choosing the insurance brand is the toughest, everyone finds some mistake and rejects
அருமை 👌 அருமை 👆மிக அருமை 👍 தொடருங்கள்.
Hello @boosan, can you please make a video how to drop/close insurance, especially lic without losing money paid so far
🎉very goood information
Hi boosan , please make a video of where to see the demat account balances live demo
Bro insurance companie iciciy, keep on rejecting my term insurance 3rd time due to I am diabetic and overweight. How to get it any advice. Please also explain the parameters of rejection.
NTM ( Nifty Total Market ) investment Pathi Sollunga Sir,
Bro, please talk about Nps tier 1 and 2 accounts in detail
Bro , can we create our own mutual funds?
Anna what is T2T stock, how to invest and what is advantage disadvantage of that sollunga please.
Thank you
Brother can you Explain about how these insurance company making money
Bro oru doubt epo nan PLI katitu varan atha new va eduka pora term insurance la solanuma bro
Super
I subscribed your channel
Bro I have made about 2cr term insurance for me. Now even I don't have that much idea how to handle it and use it for my family. Can you make a video about how to utilize the claimed amount for my family I have 2 daughters and a wife? How can they sustain and settle themself.
Bonds interest bank la credit time tax pidichitu thaan poduvangla bro
Is it wise to avoid taking separate health insurance plan if i take critical/terminal illness rider in my term insurance plan?
No, health insurance is necessary even if we have these riders.
Sir, medical test la diabetes irukkunu extra premium pay panna solranga
Policy edukalama sir? please suggest me.
Hi bro I have a question. Could you please clarify if investing a portion of my monthly salary, around 5000 to 8000 Rs, in the Quant ELSS Tax Saver Fund Direct Growth Mutual Fund is a good choice? Are there any better alternatives? I have idea to started my SIP in this fund. please share you opinion
Bro best health insurance, one sollunga bro
Health insurance mistakes
Hi boosan bro ... a small suggestion..... always u r doing a vaulable videos.. if use english sub title, it will be helpfull for other language persons also ... and our community size also ll get increase... 😊
Bro.. One quick question.. Lumpsum investment can be done only using index fund? Or can we do in mid or large cap also.. Is lumpsum specific only to index fund? Can you pls clarify. Thanks.
Lumpsum can be done in any funds
@@finance.boosan thank you bro
Bro mutual fund portfolio diversification pathi video podunga…
Right now im doing SIP in index funds but inum explore pananum nu oru interest iruku but overlap agama epadi pana nu therila and also long run hold panuramari
Check his 2024 investment portfolio in his playlist
Hybrid fund patti sollunga bro
Bro !!! Term insurance la education minimum 10th,12th,or degree padichu irukanum nu solraanga
I am only 5th standard dhan padichuruken
But business panren 2years
IT RETURN declare panni edukalam solraanga
Claim la problem varuma?
Thanks for your video
I am already your subscriber❤ ❤❤❤
Super bro tamil la sub tille podu irrugala ..
Anna, Ajay here ❤
@financeBoosan bro there are many instagram videos saying mutual funds are scam and we wont get aby returns. Can you make a video on it. Also what is the terms and condition in MF explain that as well with an example so it will helpful
I've shared my mutual fund portfolio with charges and details in this video
My Mutual Fund Portfolio | SIP Investments for Long term | Mutual Fund Returns & Charges czcams.com/video/Ji5Cg2O_XDs/video.html
Please check if this helps
How to Start SIP & How SIP works? With Real Life Experience | SIP for Beginners
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Thanks a lot. I was super confused after seeing the video on Instagram saying it's scam. And where you replied to video but I can't find it
u have made many videos on Insurance and thus emphasizing on the importance of Insurance.. i appreciate it.. but you have never mentioned about MWP act options.. could you please throw some light on it.. whether premium will increase bcoz of it..
This is what I was about to say. He has made almost 4 to 5 videos but i dono why is not giving info about MWP act.
how to buy your course na there is no pay option
Hello Mahesh, Could be browser specific issue. Did you retry in a different browser?
Also In Which browser did you not see Pay Option?
Boosan bro, plz put video reg NIFTY TOTAL MARKET INDEX...
Bro can’t able to access the course in your website, already sent mail regarding this, no action taken, kindly check this
Insta la msg panni paarungae bro response pannuvaaru
ப்ரோ ஹெல்த் இன்சூரன்ஸ் பாலிசி மற்றும் டேம் லைஃப் இன்சூரன்ஸ் மாத பிரிமியம் மூலம் எடுக்கலாமா, ❔❔❔❔
Can we take insurance using policy bazaar
I think it's not the bad option to do with policy bazaar. Anyway they are just a medium for you and the insurance company. The insurance company that you gonna choose is really important. It's my opinion only. Try to do research before you gonna go.
Ok thanks bro
Best term insurance sulunga bro...
Bro tata AIA la etha pathi oru video podunka full berife ah Midcap 150 Momentum 50 Index Fund is believed to benefit our policyholder to meet their long-term investment goals as the mid cap has provided the best return amongst the market cap space over time.
வணக்கம்,
நான் கரூர் வைசியா வங்கி மூலம் ஸ்டார் ஹெல்த் இன்சூரன்ஸ் - ல் மருத்துவ காப்பீடு செய்துள்ளேன். இவ்வாறு எடுக்கும் காப்பீட்க்கும் தனியாக ஒரு முகவர் மூலம் பெறும் காப்பீட்டுக்கும் கிளைம் பெறுவதில் வேறுபாடு ஏதும் உள்ளதா?
I think no difference, only thing point of contact will be difficult and in some emergency time supporting issue will be there. If chose policy bazaar or Ditto, they will guide you in all the time.
Hi, My self gowtham. I have taken the HDFC Term insurance policy with the help of your video and DETO plat form. The premium is just RS 645 with 50 lack coverage up to 40 years. special mention DETO platform is really good, just give it a try - every one will love it. I thank Finance Boosan for educating me.
Hello sir,I had basic term insurance for ₹2crore.Policy term upto 75 years. Now iam working in railways. Iam paying policy premium of ₹27132/-(₹13566/- halfyearly).
what is HLV in term plans. Will it affect my sum assured ₹2 crore amount after my age crosses 60 once I retired from railways?
Kindly clarify sir.
Zerodha Kite app la mutual fund SIP panna mudiuma bro?
Coin nu oru app iruku athula than panna mudiyum. Coin app is part of zerodha only
@@nandhakumarm6335 Thanks bro
Already Taken but taken for 100Y , and i am 28 now , What can i do now ? need a suggestion
100 years is too high of a time, please check with insurance company if there is a way to reduce that.
Alternatively you can stop this and buy another one for appropriate period.
@@finance.boosan any way it will reach my family right thats how i choose this , is it bad?
Bajaj Term plan is good sir
Bro i have a doubt instead of taking term insurance naan adhey cash ah 60 years ku nifty la potute vandha adhey returns dhana adhu best ah irukum la bro
What if something bad happens in the first few years? Insurance isn't about survival benefits; it's solely to protect dependents from unforeseen events.
It good to Never mix insurance and investments, also better not to confuse between them.
@@finance.boosan agreed bro
இன்சூரன்ஸ் எடுக்க ஆசைதான் அதை எந்த கம்பெனி மூலம் எடுப்பது எப்படி எடுப்பது என்று தெரியவில்லை நீங்கள் வழிகாட்டினால் உதவியாக இருக்கும் உங்களை தொடர்பு கொள்ள ஏதேனும் வழிகள் இருக்கிறதா sir
Check in his playlist he already provided 4 or 5 video clearly
சரியான நேரத்தில் சிறப்பான வீடியோ.
ஒரு சந்தேகம்.
ஏற்கனவே எடுத்த Term Insurance ஐ அப்படியே பிரிமியம் கட்டாமல் விட்டுவிட்டு, புதிதாக ஒன்று எடுக்கலாமா? (நீங்கள் விளக்கியுள்ள சில தவறுகளை திருத்திக் கொள்ள ). நன்றி.
சாத்தியம், நீங்கள் பழைய பாலிசியைப் புதுப்பிக்கவில்லை என்றால் அது பயனற்றதாகிவிடும், நீங்கள் புதியதைத் தொடங்கலாம்.
Thank you very much for your immediate response & information
@@finance.boosan
For Example, In a family if both husband and wife are working in a well job. Is there any necessity to take term insurance bro?
Since the family can survive well if one of them is no more by uncertainty.
In my opinion, if both are earning, then each may take 50% coverage what that family needs and remaining 50% of premium saved should be saved compulsorily, so that the entire financial burden will not rest on one shoulder.
Hope Boosan can explain better.
@@RamC_007definitely need to have Term and Health Insurance,
If the video is sponsored please mention it as sponsored
Already mentioned as paid promotion
He informed at 3:48
He has already mentioned but how does it serve your purpose if he hadn't mentioned it?
He already mentioned. Please watch full
Lol
Bro ippo I started investing in nifty 50 index and nifty largemidcap 250 explore panalam nu pakuren but there’s 39% overlap athu ok va?
Unga portfolio pathapo your holding axis blue chip fund and also nifty 50 which is like 60% overlap, any thoughts on that?
Bro yaa Annual income 3 lakh bro ... Nee nga sonna yallam check panna bro life cover 2 cr varudhu bro ... But yaa Annual income 3lakh erukka nala ... Cover maximum 1 cr dhaa bro varudhu.... Naa yanna pandradhu bro... Konjam sollu nga
You can start with ₹1Cr/- plan and later when your income increases you will have newer limit and you can get another plan on top of the existing one
Konjam porumaya pesunga bro please. Very useful information but the pace of your voice is too fast and unable to watch the video.
Reduce speed of video bro 1 to .75x
@@musicever9767 I watch the video on a TV bro. It doesn't have the option to reduce the playback speed.
Insurance agent mathiri neenga ditto agenta?😂😂
Why do millionaires really need a term insurance?
First comment ❤
Nalla term insurance neengale sollunga bro..
Ippo marraige agala, nominee change panna mudiyuma...
Evlo time change pannalam...
Ippo Appa, apram wife, apram child... Mudiyuma?
என்னையா ஓங்க அப்பாவே நாமினி யா இருந்தா என்னையா
Yes bro, eppo venum nalum nega nominee change there is no limit, and neinga yaruku yavolo percentage poganum nu set pannalam.
For good term insurance eppudi choose pannanum nu bossan bro already 4 to 5 video potrukaru, playlist iruku. Atha porumaya yalla video pathu oru notebook note pannunga. Then you will surely now how to choose best plan. But health and Term insurance both or important so plan it accordingly. Na last week tha buy panna, ennodo age 29 na coverage year 55 varaikum pannirukan and 15 lakhs ku health insurance potrukan. Mainly don’t go with any ULIp and money guarantee plan, etc, always choose pure Term Plan like Vanilla flavour. Do investment separately and Insurance coverage separate.
Bro nifty 50 la investment pannalam solringa. But oru doubt bro. Nifty 50 nu search panna uti, navy (nifty 50) intha mari naraya katuthu. Itha patthi kojam details ah sollunga bro pls.
BEST Index Fund - Top 5 Nifty 50 funds - தமிழ்
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@@finance.boosan bro intha video patha bro. Eanaku enna doubt na uti nifty 50 na enna , Navi nifty 50 na enna bro , common ah news la sollum pothu nifty 50 nu thana solranga
Sir, I need to start investing in mutual funds, i am not aware of it. I am watching many videos of yours. I need to have much understanding about it. Please give me your contact
அண்ணா, நீங்க சொன்ன மாறி 15 years, 15%, monthly 15k, amount inverst panni after 15 years 1 crore amount அ உண்மையாவே நம்ப bank account கு credit பண்ணிக்க முடியுமா அண்ணா. அத பத்தி proff video கொஞ்சம் போடுங்க அண்ணா. Pls அண்ணா 🙏 my kind request அண்ணா.
Bro.. neega mutal equity fund la invest panna its based on the stocks performance. FD or RD maari we cant expect fixed return. Aprm yn yellam financial advisors or youtubers 12% return soldraga apdinu keta, Answer is "Based on past performance" avlotha.. Boosan mattum illa even namma PM nanacha kuda correct aana return yaaralayum solla mudiyathu for equity fund.
Ungalukku fixed return mutual fund la venum apdina : Bond or dept fund la invest pannalam. Athu ynna difference apdinu boosan bro video potrukaru search panni paruga.
All the best for your investment journey !!..
@@AbdulHameed-tq4mu bro na enna kekura na, return problem illa bro,
Namba intha mari 20 years kuda invest pannalam but at last la avulo amount eaduka mudiuma. Atha doubt bro
Past la eaduthurukaaga bro.. comparatively india economy eppo fast ah tha grow aaguthu.. so nambuvom.. main ah namma portfolio allocation um mukkiyam, Yvlo percent large cap, mid cap and small cap namma hold pandrom apdingratha poruthu nammaku return vary aagum. But minimum 12 to 13% kandippa kadaikum nu na nambura.
@@abdulhameed-gv2cz tq bro