Friends, I want to give two pieces of information today! First is that, according to scriptures, eight people in this world are immortal! Aswathhama, King Bali Mahrishi Vedvyas, Lord Hanuman, Vibhishan, Kripacharya, Parshuram And Rishi Markandey. And second piece of information is that you are not immortal! Yes, you heard it right! You are not immortal! The population of this world is around 800 crores. In the next 70-80 years, no one of them would exist. Everyone is sure to die! Hi friends, I am Sonu Sharma! Today's video is little emotional! In today's video, I will talk about insurance, which is very boring topic, but very important. If you love your family then I request you to watch this video till the end, There is an incident of Mahabharat where Yaksha asks Yudhisthir that what is the strangest thing in this world? Yudhisthir replies, everyday, tons of people die in front of us, and rest people pray to be immortal. This is the strangest thing in the world.
This is the strangest
thing in the world.
Friends, if we think carefully then this still exists. Everyone knows that they have to die one day but still people don't understand that death is waiting, can come anytime. You can run away from anything in this world, but not from death. See a few months old news. On UP-Meerut Expressway an SUV collides with a school bus. Six people of one family died, and two are in hospital. Who knew that people left home won't come at home. And when death has to come, then people even rent a submarine, and go several meter down to see the remainings of Titanic. Recently, a submarine named Titanic got lost with some billionaires. After a long search operation that news came out that all four billionaires died along-with pilot. This submarine charges crores of rupees takes billionaires and keeps going on to show the remainings of Titanic, that was drowned some years ago!
This submarine
charges crores of rupees
This time, the same happened. The difference was that this submarine was not able to come back after the journey! The CEO of the submarine company also died. We hear such tragedies everyday in news. Sometimes road accident, sometimes, the news of people dying in flood of Himachal and Uttrakhand, in recent train accident of Balasore death of more than 300 people. Don't know, if they had insurance or not. Don't know how many of them had debt which their family would have to pay! After their death, how would their family survive? Earthquake, fire accidents, these days, getting heart attacks at small age, pandemic like Corona, and don't know what else we saw with our eyes. Still we think, nothing wrong would happen to us. And that's why we don't think insurance is important. We don't get life insurance.
We don't get life insurance.
Today, almost everyone has taken some kind of debt. Must watch this video, I have made on debt more than 30 lakh people have watched it in a few days! Have you ever thought, if something happens to you then who would pay this debt? Yes, your family! Would you like your family to pay the debt while weeping? No! Then you should get enough insurance claim then loan can be paid off and family can take care of itself. Everyone has to go friends. But we just have to think that our family shouldn't feel the monetary issue after our death! They would feel sad for our death but they shouldn't face monetary issues. The future of our kids shouldn't be uncertain! Our old parents shouldn't beg to spend their life. Friends, small temptation gives us big losses. I am telling you a very strange fact, everyone has vehicle insurance, because that is compulsory! But not life insurance. Brother, how much you care about car and bike that if it collides, then it should have insurance so that you can get claim and don't have to spend money! So, are you immortal? Won't you die? [I am immortal not you] People say that 'Sonu sir, say good things, don't talk about death'. Don't spread negativity! But think a little what is more negative, accepting the truth is negative or not accepting the truth and pushing the family into an uncertain future? According to Economic Survey 2022-23 in year 2021, the life insurance penetration is just 3.2%. That means, only 3 out of 100 people have insurance. National health profile data got released in April 2017 and it turned out that only 27% Indians have health cover, which is the most important thing after food.
National health profile data
That means, even today more than 100 crore people don't have health insurance. There are several developed countries as compared to India where every citizen has health insurance. Australia, New Zealand, Canada, Denmark, Japan, Israel. In today's video, we will understand and talk about insurance. Getting insurance is as important as food, clothes and house. Those who understood it, would have a risk-free future. And the concept of Insurance is centuries old. There was a military leader of Rome in 100 B.C. Caius Marius. He made a burial club in his troops. If any of the club member dies suddenly then other people would pay for his funeral. At that time, it was believed in Rome if a person is not buried properly after his death then he becomes ghost. So it is very important to bury every person properly. Later this club got evolved, and the family of dead people started getting some stipend. In our country, insurance was started 200 years ago. In year 1818, the first insurance company was established in Kolkata. The name was Oriental Life Insurance. However this company got failed by 1834.
However this company
got failed by 1834.
But the companies like Madras Equitable and Bombay Mutual took the responsibility! At that time, foreign insurance companies had more dominance. Like Alberti Life Insurance and Royal Insurance. Both of them were big companies of that time. In year 1950, many unfair practices were spreading in insurance sector. Corruption became a very problematic thing in a sensitive sector like Insurance. Literacy rate was also less at that time. People were less educated. Due to which the government passed an ordinance in 1956. And they nationalized the life insurance sector. 245 Indians and foreign insurance companies together formed LIC, Life Insurance Company! In 1990, the government took the route of liberalization, and private players entered the market. After which, the revolution in this sector started. According to the report of Indian Express one out of every 4 person gets a heart attack, and after covid, 25-years old youngsters are getting heart-attacks. That's why getting insured is very important.
That's why getting
insured is very important.
But when you go for insurance some agents are there to make you fool! Today, misselling has become a major problem in insurance. Sometimes you are not sold the product, which you need, rather you are sold the plan, in which the agent gets good commission! After paying 1-2 premium, when a person start seeing his own money getting half then people stop giving premium! In year 2008, it was very terrible. Total 2 crore policies got sold, in which 1.5 crore policies got cancelled. That means, 75% customers waste their money after investing. Only due to the misselling of the policy! It's not that people are fool. They just trust their agents, and some agents take wrong advantage of their trust. There would be many of you people which are sold something by their agent.
There would be
many of you people
If you have faced misselling or fraud in the name of insurance, then must tell in comment box. Friends, always be clear before buying an insurance. Whether you have to buy an insurance or you have to do an investment. I repeat. Be clear in your mind before buying an insurance. that whether you have to buy an insurance, or you have to do an investment. Most of people consider insurance as an investment. Insurance is to make your future risk-free. And investment is to make profits. Both of them have huge difference. So think before whenever you invest money! Don't jump into a well just because someone has explained you! Remember, you buy a pot after checking it, there shouldn't be a hole. Similarly, it is not good to invest hard earned money anywhere. Do trust but don't trust blindly. Friends, I think, in today's time especially after Covid the most important insurance is health insurance. We will understand it in detail in today's video that what the health insurance is, what products it has, and what things we have to check before buying insurance. Five things are protected in health insurance. No. 1, Hospitalization! No. 2, treatment of critical illness. No. 3, Medical bills. No. 4, post hospitalization! No. 5, Day care procedures. Checking three things is very important while buying a health insurance. First of all, inclusion and exclusions. What is in the policy and what is not in the policy! Because not everything in included in the policy! Second, room rent cappings. And third, the most important point is pre existing disease. Let's try to understand all these things in detail!
Let's try to understand
all these things in detail!
Never think to do any fraud while getting health insurance. If you already have any disease then please tell your agent about it. Even if you do smoking it is very important to tell about that also! Otherwise, it would cause problem in claim settlement. Apart from that, also be aware that insurance company shouldn't not cheat you! Because hospitals are so expensive that one hospital bill can make you poor instantly. It should not happen that even after taking health insurance you get problems in getting claims. Such problems happen with many people and it is common to see fightings on the hospital counter. You have to see if there is room rent capping clause or not in your policy! According to this, you can take a room upto a particular limit. You can't rent a the room beyond that rent. All this is mentioned in your policy! Similar capping can be on ICU also! Like, 2% of of the maximum assured amount, you won't get more money than that! You would get single occupancy room or double occupancy room and always remember doctors have visiting charges according to room categories. Yes!
Yes!
If doctor comes to see you in general ward then the visiting fee would be 500 rupees per visit. If the same doctor comes in semi-private ward then he will take 1000 rupees. If the same doctor comes in private ward then maybe he would take 1500 rupees, and if you are rich and you have taken suite room in hospital then the fee of same doctor can be 2500 rupees per visit. It is very important to know this first. Otherwise you say, 'I have health insurance policy' 'I will stay in suite room', and you got heart-attack by seeing the bill during discharge. Note that there is a capping in the policy on which there won't be any disbursement. That's why, read the policy carefully, don't trust any agent blindly. There is a thing called automatic restoration! What is it? Let me tell you! Suppose your maximum assured amount is a pot filled with water. Once you got sick, more than half pot got empty. When you fall sick after some months, so do you have that leftover water, or has the pot gotten filled again? Suppose your maximum assured amount is 4 lakh rupees.
Suppose your maximum
assured amount is 4 lakh rupees.
You fell sick and it costed around 3 lakh rupees. After 5 months, you fell sick again! And do you have only 1 lakh rupees for treatment, or are you eligible for 4 lakh rupees? You have to get this cleared with your policy advisor! There is one more thing, pre and post-hospitalization expenses. There are some expenses before getting admitted in the hospital. Like, if you are not well so you can consult a doctor in OPD. Doctor would tell some tests, like blood test, XRay test, Urine test, CT scan ECG, MRI. After seeing this reports, doctors can give you advice to get into hospital. So the expense of this consultation and test this is called pre-hospitalization expenses. Is it covered in your policy or not, it is must to check this also. Similarly, there are expenses after discharge from hospital. Medications, Follow up treatment, doctor consultation, again some tests physiotherapy these are called post-discharge recovery expenditure. It is very important to check them all are pre-hospitalization and post-hospitalization expenses are covered in your policy or not? Now, there would be some talented people. Maybe there is a person who came to know that I have cancer so he got health insurance. And after 10 days, he went for treatment. That is not possible. During insurance, your pre-existing diseases and your lifestyle choices, everything is checked. And there is a waiting period for these diseases. Note properly that what that waiting period is. Take my word for it don't hide anything about yourself before buying health insurance. Now the most important thing, let's talk about life insurance. There are mainly seven types of policies in life insurance. Term life insurance Whole life insurance Endowment plans Unit link Child plans Pension plans and my personal favorite that is term insurance.
Term life insurance
Term insurance is the most effective policy in all policies. I must say, like the mango is the king of all fruits similarly term insurance is the king of all insurance policies. In which you can choose the high life cover for a specific period. By paying less premium with term life insurance you can secure the financial future of your family. Generally, there is no maturity value in term insurance. And you don't have to worry about term insurance. That's why you get policy in low rates. If something happens to you during policy period, then your family would get the insured amount.
If something happens to
you during policy period,
You would have watched the ad of PolicyBazaar, in which Akshay Kumar becomes Yamraj. Now, Kaaleen Bhaiya of Mirzapur is also visible in this ad. I love Policybazaar because it has given multiple options to the consumers. They have opened everything, nothing is hidden. Any customer can search anything here. Can do comparison! Now no one would be able to cheat him! PolicyBazaar is listed on stock market. This is a credible company! I checked their website, I came to know that they have 5.90 crores registered customers. They have 51 insurance partner and have sold more than 2 crore policies. More customers means much bigger pool, and maybe this is the reason that they give such mind-boggling offers that would blow your mind. What is the cost of 1 crore term insurance plan? 16 rupees everyday! No matter how poor a person is, he can afford 16 rupees everyday! And I think, everyone should do it. And the biggest benefit of online insurance is that you can do a comparison of multiple premiums of different insurance companies. And I think, online term plans are the most affordable plans. There is transparency here that what the inclusions and exclusions are in the policy! You can check the details on your existing policy that what is going on in policy. Let me give the link of PolicyBazaar for your support. If you want, you can study it completely. Now, the most important thing. Wherever you are buying insurance from, always check their claim settlement performance once. The company you are buying policy from what its claim settlement ratio is. PolicyBazaar tells us that from April 2022 to January 2023 they have assisted claims settlements worth 102 crores. No one takes the insurance claim in happiness, During such time, when you are already upset, so the claim settlement should be smooth!
No one takes the
insurance claim in happiness,
You don't have to go around to get back your own money! It was told in annual report of ARDI 2021-22 LIC settled 13.50 death claims, and all private players settled 2.37 lakh claims. And if we talk about claim amount the total amount was 28,408 crores where it was 17,410 crores for all the private players. Max life had the highest claim settlement ratio who settled 99.34% claims. If we talk about worldwide there had been multiple times when companies had to give mountainous payouts.
If we talk about worldwide
Like, the storm Katrina in year 2005, which did a lot of damage. Terrorist attack of 11 September in America in which 3000 people died. But the biggest payout was during American financial crisis in 2008. At that time, the total payouts were $21 trillion! If we talk about individual life insurance, then 201 Million dollars insurance policy is the Guinness world record holder. Who sold this policy? Dovi Frances sold this policy who was the MD of insurance company named SG LLC. But whom he sold? Don't know! The only known this is that he is a billionaire working in technology space of America, who lives in Silicon Valley! Similarly, there is an interesting story of Rowan At Kinson, who is known for his cartoon character Mr. Bean. He had a very rare car Mclaren F1. And in year 2001, his car collided with a tree. After which his car caught fire and he got shoulder injuries, but the insurance company faced huge problem when they had to give 9.10 lakh pounds for repairing around 9.5 crore rupees just for repairing. While leaving, let's understand which are the factors defining your life insurance coverage? How much would be your insurance premium how much life cover would you get all this is decided by 7 factors. First of all, age of the policyholder. What is the age of the person who is buying policy? Second, health condition! Both current and history! Means that what is the current and old health history of the policyholder. Third, what his occupation is! What he does. Fourth, smoking and drinking habits. Fifth, what type of policy he wants to buy! Sixth, what the claim history of that person is, it is also checked. And seventh, location! Means, the place of living. Where he lives. All these seven factors play an important role while buying insurance policy. While leaving, I want to tell you one more thing, whoever have bought any kind of policy for themselves I request you to share all the details of insurance policy with family.
While leaving, I want to
tell you one more thing,
Many a times, people do this mistake, they buy the policy but their family doesn't know that what policy he has bought and from whom he has taken! Unfortunately, if something happens to you then whom your family would talk to? Must share these things with 2-3 family members, so that, if something happens to you then on one would face any issue in taking claim and your family members should know what kind of policies you have! I hope, this video would help you in your insurance life, must get the insurance. I will meet you in another video till then take care of your health, subscribe the channel, and press the bell icon!
subscribe the channel,
Thank you so much! Jai Hind!
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