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
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
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.