Insurance
Term Insurance
How much cover is needed
- Current Expenses - ₹1 lakh / Month
- Inflation - 5%
- Till 60 years - ₹4.1 Crore - At 2054 - ₹4.54 L / Month
- Till 70 years - ₹7.7 Crore - At 2064 - ₹7.39 L / Month
- Till 80 years - ₹10.9 Crore - At 2074 - ₹12.04 L / Month
Term Insurance Plan Calculator 2024 | Ditto
Term life insurance
- Annual Salary * 10
- Only one exclusion
- Suicide in 1 year or 2 years
- honour death by accident
- exclude death due to natural calamity or death due to war
- Simple term insurance which will give 100% money to nominee
- No other features/riders
- Till age 50/60
- Build wealth more than the insurance
- Don't buy single pay policy
https://freefincal.com/re-assemble-step-3-buy-term-life-insurance
- https://freefincal.com/what-you-need-to-know-before-buying-term-insurance
- PNB met Life
- Sum insured without tax detection
- HLV (Human Life Value) - 9 crore
- 35 years (till 60 years)
- 5 crore - 46020
- 39000
- 3 crore - 27612 (incl tax)
- 23400
- 1 crore - 10974
- 9300
- 5 crore - 46020
- 10 years
- 1 cr - 7906
- 3 cr - 19470
- One time pay option
- What will happen if I don't pay premium after certain age
- Term plan - ICICI Prudential iProtect Smart: Rs 50 lakh
- Health Insurance - ICICI Lombard Family Floater: Rs 3 lakh
| Participating | Non-Participating | |
|---|---|---|
| Guaranteed | Par Traditional (Endowment, Whole-Life with bonuses) | Non-Par Guaranteed Savings Term Insurance (Protection) Annuities (Fixed) |
| Market-Linked | (Typically absent in India) | ULIPS (Unit-linked) Variable Annuities (less common) |
Life Insurance vs Term Insurance
| Difference | Term Insurance | Life Insurance |
|---|---|---|
| Coverage | Only premature death | Both premature death and survival until the policy tenure |
| Premiums | Low and Affordable | Higher Rates |
| Maturity benefit | Usually not payable | Mostly Payable |
| Death benefit | Payable | Payable |
| Term | 10 to 35 years | 5 to 30 years |
| Paid-up/Surrender value | No, paid-up value or surrender value | If premiums are discontinued after a specified number of years, the plan acquires a paid-up value, and if surrendered after that, a surrender value is paid. |
| Flexibility | Not Flexible | Very Flexible |
Difference Between Term Insurance and Life Insurance
Links
- Reality of Money Back Plans, Guaranteed Income, Endowment | Insurance + Investment? | LLA - YouTube
- Term Insurance : Ultimate Guide | Watch this to Avoid Scams | LLA - YouTube
- Life Insurance 101 with Money Minded Mandeep @LabourLawAdvisor - YouTube
- Best Life Insurance Plan 2025 | Term Plan Guide for 2025 | Pranjal Kamra - YouTube
- Axis Max Life
- Reliance Nippon Life
- Term Insurance: How to get 2x sum assured at 1/3rd price? | Masterclass 2025 - YouTube
ULIPs (Unit Linked Insurance Products)
ULIPs better than Mutual Funds? The Real Truth - YouTube
ULIP का काला सच | Unit Linked Insurance Plan Vs Mutual Fund | Which is better investment? - YouTube
Health Insurance
- Restoration Benefit
- Health insurance policy - You need to change immediately! Health insurance will be rejected? - YouTube
- Why your base health policy and super top-up policy should have the same renewal date!
- Does it make sense to buy a 25 Lakh base health insurance policy?
Others
Endowment Plan / Endowment Policy
A type of life insurance policy that provides life cover as well as a maturity benefit. The life cover component provides a lump sum payout to your loved ones in the case of your unfortunate demise, while the maturity benefit component provides a fixed payout given at the time of maturity
Endowment Fund
An endowment fund is a collection of investments that generates revenue to support charitable activities. The initial capital for an endowment fund comes from donations, which are often tax-deductible. The goal of an endowment fund is to provide a sustainable source of income for charitable activities, while also ensuring long-term financial stability.
Keyman Insurance Policy
A keyman insurance policy is a life insurance plan a company takes out on an important employee to protect itself financially if that person dies or becomes disabled. The business is both the policyholder and the beneficiary, paying the premiums and receiving the payout, which can be used to cover business continuity, debt, or the cost of hiring and training a replacement. Key people include anyone whose expertise is crucial to the company's success, such as a founder, director, or top salesperson.