5 Checks When Buying Life Insurance Endowment Plans, Hindi


This video discusses the five things to check before you buy a life insurance endowment plan When you are buying any life insurance plan, including a life insurance endowment plan, you need to ensure adequate life insurance coverage You can take the help of online life insurance calculators to find out how much life insurance you need Financial advisors can also help you calculate the amount of life insurance you need Find out the premium that you need to pay in various life insurance endowment plans for life insurance coverage you need Don't be surprised if you find the premiums to be very high This is because life insurance endowment plans combine life insurance coverage with investment and the life insurance coverage is less Once you seek higher and adequate coverage, you need to pay higher premium In that event, the issue arises whether the payment of high premiums is sustainable This is the reason why many experts advise buying term plans which provide high coverage with low premiums You can then separately focus on investments The charges are high in life insurance endowment plans and the insurance companies are not obliged to disclose them This is unlike unit linked insurance plans or ULIPs, where charges have to be disclosed Once you know the charges, you can find out the impact of the charges on the growth of the money In ULIPs, you can find out the portion of your premium that is actually being invested after paying for the charges Since in a life insurance endowment plan, the insurance company bears the investment risk and takes investment decisions, it makes low risk investments As a result, the growth of your money is not high Even the bonus in a life insurance endowment plan, if the provision exists, is not guaranteed The bonus amount is not guaranteed You need to check out the bonus track record of the life insurance endowment plan You need to find out the IRR or internal rate of return to find out the return from the life insurance endowment policy Typically the returns are 4-5% You need to check whether the growth rate of your money can be higher than the average inflation rate, so that you save enough The surrender charges are very high in life insurance endowment plans It may take you 7-8 years of being in the policy to just get your premiums back Earlier exit will mean that you get only a portion of your premiums paid The charges are not only high in life insurance endowment plans but most of the imposition is done in the initial period of the policy

Source: Youtube


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