I know this might be a sensitive topic, but has anyone in your family claimed the term insurance after their loved ones passing? Is there any complications that arise when claiming?

Welcome to Personal Finance's Private Community

Has anyone ever claimed the amount from term life insurance?

Analyst

Has anyone ever claimed the amount from term life insurance?- Grapevine

Imagine someone approached you and proposed this: they have an insurance policy for a car, but, you get to pay the lowest premium in the market. So you ask how, and they say, that this will cover your great grand child's first car, and you just have to pay premium until the child's born.

Will you buy this insurance, now? No?

Then why are you paying premium for an insurance policy that is supposed to cover your 'soul' once you are in your afterlife?

"Religions are multilevel marketing companies selling insurance for the afterlife"

Why are you taking this insurance policy?

Software Developer

I am in my early 20s, and just started working. I came across a common point to buy a term plan instead of traditional Life insurance plans. I have only seen traditional LIC policies.
Can you guys explain the difference between both along with the pros and cons of each?
I am trying to find what's best to make me and my family secure.

How are Life insurance and Term insurance different?

Software Engineer

Hi everyone 
Need advice on which one to choose
Also would be helpful if you could mention the names of some

Life insurance or Term insurance

Milestone crossed 1M USD combined networth (~9.15Crore Household Net-Worth)
46 M (Software Engineer/Founder) + 37F Wife (Lawyer) + 1 Kid (3 Year Old) based out of Delhi.

So last week me and my wife finally reached this milestone, >1M USD networth. Here is our portfolio. I hope people here can recommend what I should do next.

This chart was made by our Wealth Manager.

Rough Net Worth Breakdown:

1. Provident Fund and National Pension Scheme (EPF + NPS): 1.1 Cr

EPF: 75L
NPS: 35L

2. Savings Account and Fixed Deposits: 20 L

Savings Account: 12L
Fixed Deposits: 8L

3. Mutual Funds (MFs): 3.8 Cr (Breakup Below)

Index Funds: 25%
Mid Cap: 15%
Contra: 10%
Small Cap: 20%
Flexi Cap: 30%

4. Fixed Income: 1.3Cr

FDs: 50L (Spread in segments of 5L across 10 banks)
NCD/Bonds: 80L 

5. SGB (Gold): 80L

6. Crypto: 46L

Bitcoin: 35L
Solana: 6L
XRP: 3L
other cryptos: <1L

International Investments: 1.49Cr
QQQ: 30L
NVDA: 32L
AAPL: 28L
AMZN: 33L
GOOGL: 26L 


We may get a good inheritance in the future, ~8Cr from my parents + ~15Cr from my wife's parents, but we are not planning on that. 

Our primary goals are education for our kid(+planning another 1), their marriage, 2x vacations a year(1 domestic+1 abroad), a decent lifestyle, and a good car(we have a SKODA Slavia right now, planning an SUV as we are extending our family).

Please share your financial journey and any advice, we look forward to reading your comments.

Reached 1M USD networth in India 🇮🇳

Wow. Congratulations man. 
Tell us more about what seniority, what kind of company you're at.

Also, 23 Cr inheritance? You must already have been very well off.

Corporate Strategist

Founder

Hey Folks! Planning to buy Term Insurance with 1Cr Cover.
Which platform would you suggest? Ditto Insurance or Policy Bazaar?

Term Insurance

Product Manager

I've completed 1 year in my first job. I've tried saving and investing some money, help me decide what I can do better:

Income: 22LPA

PPF: 3 Lakh
EPF: 2 Lakh
MF: 5 Lakh
Saving Account: 4.5 Lakh

Income for new FY post increment: 29LPA

I did these savings based on some advice from my elder brother.

I'd like to spend more this year though, with some travel and going out more, maybe even purchase a scooty/bike and a PS5 😁 - would these expenses be justified?

Apart from improving my savings & investments and 
still being able to afford a few luxuries, I want to know if I should get any of these:

- Health Insurance - Only 5 Lakh cover from company for me and my parents (note - parents are getting old)
- Life Insurance - Do we really need it, I'm still 24?

1 year in first job, please help me assess and improve

Hi guys,I wanted to know what financial mistakes or right things that you did at 24 yr.Which changed your perspective to see the life.And as a 24-year-old software engineer what should I focus on my next 5 years both personally and financially ?

What will you give an advice to 24yr old me

Is it necessary to have term Life Insurance?

Yes no why which company

Please Help and share your thoughts

Term Life Insurance

UX/UI Designer

Looking out to buy Term Insurance. Am married, and both of us are working.
Wanted advice on deciding the coverage amount, cover till age, deciding between various plans, should both of us take the insurance

Anyone who has taken it, please advise. Thanks in advance!

Term Insurance Advice Needed

Analytics Manager

Have you ever faced any insurance claims related issues ?

Senior Software Engineer

Hello folks.
First of all - this community is really helpful. I like how all of us share our learnings, queries etc and get quality insights on them.

Main question- I am 31 yrs old and would want to purchase life insurance.  Can anyone suggest me which is the best life insurance to buy?
Also, I think I should have bought life insurance before only 😅...2-3 yrs back

Life insurance to buy??

Which company is giving best term insurance?
Till what year have people brought term insurance? What have you kept retirement age there?
How useful be 1 crore term insurance be after 50-60 yrs considering inflation?
I am currently 25 yrs old and was planning to buy good term insurance

According to me the following are must have in order of importance:

1. Personal Accident Insurance
2. Critical Illness Cover
3. Health Insurance 
4. Car/Bike Insurance
5. Term Life Insurance

Please feel free to suggest other products, if I have missed any.
Also please suggest any recommended insurance providers for those products.

Insurance products that are Must Have

Actuarial Associate

With zero finance and not single interview call I really deciding to end this journey on this planet. Come on don’t label me coward ending own life needs huge load of courage too.  This is also help my family to get the Life insurance money and continue their normal life at seems to only option at the moment.

Just curious; Is Suicide a option!

Product Marketing Manager

Hello, grapeviners, I have taken a home loan of 30 lakhs for 13 years. Instead of taking home loan insurance plan i m thinking about taking term life insurance. Can you suggest some of the best out there and how much cover should i purchase. I m 24 years old working as swe.

Term life insurance

Term Insurance Required.!

Whats your strategy when it comes to Insurance?

- ULIP with life cover (the ulip returns outdo the insurance by the time the policy ends usually) Vs Term life

- Health ( Family floater Vs Individual cover ) assuming no pre existing conditions

Sad that most if our gen lacks good insurance knowledge and penetration (this for me is a key aspect of financial
Literacy!!)

Has anyone ever claimed the amount from term life insurance?

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