Thread by @BahlKanan

My relative passed away during covid 😥

Leaving a housewife, two kids aged 18 and 21 😔

And with a Home loan of 1 Cr+ and Car Loan of 15L+ 🥵

This could've been avoided via Term Insurance. Everything about Term plans👇

1/ What is Term Plan?

Term Plan is an insurance product with pure risk cover

This means that if you have it and you die within the cover age

Your family gets the cover amount

2/ I won't get my premium back, if I stay alive?

No you won't. This is a wrong way of looking at it

Think of my relative

Paying 2k-4k per annum on a cover of 2 Cr won't hurt much

Leaving your family with loans and without corpus to live ahead, will really pain you

3/ How much cover?

While there is an upper limit based on your income,

But you can buy plans from various insurers to reach the cover

General rule says 20x of income

I'll teach you a more scientific way of doing it

4/ Replacement Cost Method

1. List down your family's financial goals and liabilities:

A. Child's education
B. Child's marriage
C. Home Loan, Car Loan outstanding amt.

Add inflation in A and B

2. Present day expenses for next 20 years (factor inflation)

Cover Amt = 1+2

And hey, in case you need help selecting the right term plan,

You can speak to the insurance experts at Ditto who offer spam-free, personalized advice

I have myself used their service :)

Here's how👇

1. Go to Ditto’s website  — bit.ly/3EtFjX8

2. Click on “Book a FREE call”

3. Select Term Insurance

4. Choose the date & time as per your convenience and RELAX!

And Ditto's advisors will take it from there! Limited Slots! #partnership

Typo in Tweet 2/

The cost is 2-4k per month and not per annum!🙏