What is the Health insurance and term insurance | STC51

When we hear the name insurance, many people see it as a topic that is not really related to us, while some people think of it as a matter related to illnesses or death. We take insurance, but we take insurance for health, which is not really worth it. We try to take insurance for human life, but if we know everything about insurance, we will change our opinion. So in this video, what is insurance? How many types of insurance are there? The most important thing is term insurance. What is term insurance? What are the benefits of term insurance? Let’s learn about insurance in this article

• First, to put it simply, insurance is said to compensate for unexpected huge losses and disasters in the future.

• To compensate for such huge losses, we have to pay some amount in the form of a premium.

• Due to medical expenses, the middle class family goes into poverty. However, if those families had healthy insurance for individuals, they would have taken care of all the expenses when the medical came.

• However, insurance is for life, health, vehicles, properties, trips Insurance can be taken for anything like this

Life Insurance

• This is a personal life insurance that provides insurance to the family in case of death of the insured person

Health insurance

• Health insurance is an insurance that is taken for our health
• This health insurance covers any medical expenses or hospital expenses due to any illness

Motor insurance

• Insurance given to bikes, trucks, cars, vehicles is called motor insurance
• This motor insurance comes to vehicles if someone steals any vehicles

Home insurance

• Home insurance covers any damage to the house due to disasters like floods, earthquakes

Travel insurance

• We can also take travel insurance while going on any trip, as part of which, if you are robbed at the end or your luggage is lost, this insurance will cover you for any accident during the trip
• Apart from these, cyber There are various types of insurance like Insurance Business Insurance
• But as part of all these, what every person should have is Term Insurance

Term Insurance

• Term can simply be said to be the time period during which a person’s life is insured, i.e. life insurance
• During this time, if the policyholder unfortunately dies, the strike amount is given to the nominee of the policy holiday. If anything happens to him during that time period, he will not get any amount.
• The main purpose of tearm insurance is that if something happens to the earning person, he should not only help the family but also want to get some kind of return.
• Moreover, there is no need to take it for everyone, including the elderly and children in the house.
• Now let’s see what points to check before taking the timings.

How Much coverage should be taken?

• According to the suggestion of insurance experts, no matter how much our annual income is, we should ensure that it is covered 20 times more than 50.
• For example, if your annual income is 5 lakhs, then the minimum insurance should be one crore.
• Now you may think that one crore rupees is more, but due to the current increasing inflation, one crore rupees will not be more in ten to 20 years. This coverage is Percentage varies
• Depending on your expenses and your assessment, decide on the coverage by keeping everything in mind

What should be the insurance tenure

• That is, for how many years should the coverage be taken?
• The main purpose of term insurance is to prevent the family from struggling financially if the family depends on their income.
• We earn until we retire up to 60 years.
• Also, our family depends on us, but after that, our children will get jobs, so by then the family will no longer depend on us. Insurance tenure is sufficient for those aged 60 to 62.
• What kind of company should be selected for insurance?
• Before taking any insurance, the first thing you need to know about the company is the claim settlement ratio.
• That is, how many people claim in the insurance? You should know that the settlement has been made
• That is, in the case of claim settlement, it means that the company has made insurance settlement for 98 people out of 100 people, so choose only the company with a high claim settlement ratio
• Another thing is that the sooner we take term insurance, the more important it is, the sooner we take term insurance, the less the premium we have to pay.
• For example, if your age is 25 years, if you take term insurance for one crore rupees to have coverage till 60 years, you will have to pay Rs 10,000 every year, and even till the end, you will have only that 10,000 as PLC.
• If your age is 30 to 35 years, then when you take coverage, you will have to pay Rs 15,000 annually. Therefore, by taking it early, you will pay the same premium till the end as you were paying at the age of 25.
• The sooner you get insurance, the better

Check all these points before taking insurance

• Tax benefits are also provided by taking insurance along with security
• Under Section 80c tax deduction, you can get tax deduction up to the features
• Another important thing is that the riders in term insurance are also very important riders. These are optional. These give coverage for some types of risks, but for these you have to pay some extra amount.
• There are also some types of riders, let’s see what they are now

Accidental Death Benefit Rider

• If the person who chooses this rider dies due to any accident, the policy will pay the sum issued amount along with some extra amount to the nominee

Critical Illness Benefit Rider

• These days, due to pollution, heart attack and cancer are common If you select this rider, if you suffer from any of the diseases mentioned by the insurance company while the policy is active, a certain amount will be given to the policy holder.

Waiver of Premium Rider

 

• If you become disabled due to any accident or any accident during the policy insurance period, you will not be able to work and you will not be able to pay the premiuem, so all the future premiums will be waived, which means you do not need to feel them yet. There are some riders.
• These have some benefits, but they may not be usedful for everyone.
• We must take some precautions before taking term insurance.
• Otherwise, there is a chance that the claim will be rejected during the policy due to small mistakes we make.

Those mistakes are

• Not being able to share correct medical information.
• The premium we pay depends on the habits we have.
• If we smoke cigarettes, drink alcohol, The premium for those who have such habits is also high.
• Before taking insurance, the company asks us for some details related to health.
• Then we have to give the correct information.
• But some people lie about their bad habits to reduce the premium.
• If we do this, if they find any proof when we claim the insurance, there is a chance that they will reject our claim, but we should never give them wrong information.
• So there will be no financial support for the family.
• That is why we should share the correct medical information with them.
• Many people cannot even tell their families that they have taken term insurance.
• They do not even know that they have a policy. Even after that person dies, the policy will lapse if the premium is not paid. We should immediately explain the policy to them in detail at home.
• The details of whom to contact at the time of claim should be given to the family members.
• Before taking the policy, we should check every point in the documents.
• Many people sign wherever they are asked without reading the documents. They sign without reading the blood group details, name, etc.
• Also, even after taking the policy, you should check whether the policy documents are correct or not.
• If there is any mistake, you should immediately call customer care and get it corrected.This term insurance is intended to help the family financially if something happens to the breadwinner. It should not be seen as a way to get returns from the policy.
• Before you take the insurance, take advice from your insurance advisor.