How to Write a Will-Make a Will-Create a will-your own will-vasiyat-explained-In Hindi

How to Write a Will-Make a Will-Create a will-your own will-vasiyat-explained-In Hindi

How to Write a Will, Make a Will, Create a will, your own will, vasiyat will be explained in Hindi.

A Will or vasiyat is your direction that after your death, your asset, property, jewellery etc will be distributed to whom, that you have to mention.

Since when you will not in the world you would like the person should get your belongings easily without him\her to struggle. So proper distribution should be there of your assets to the people whom you want to.

 

 
 
How to Write a Will-Make a Will-Create a will-your own will-vasiyat-explained-In Hindi
 
 

To do this you will have to write a will or you will have to make your will with the help of lawyers and should be done before your death.

If you die without preparing your will in India, your wealth will then be distributed as per ‘Hindu Succession Law’ (Government rules, on how wealth should be divided among family members).

There are mainly two types of will Privileged  and unprivileged Will. Privileged will is created by a soldier, mariner, navy  person or airman. Unprivileged will is created by every person except the above people mentioned in privileged will.

There is no defined format to make your will, instead it can be written on a plain paper and require your signature along with of two witness.

However few things we will have to keep in mind while writing the will which I am going to explain brief. However before that let me tell you there are sites that can prepare your will online they will however charge some money and a professionally written will you will get.

Two major sites I found which are mentioned below

https://www.ezeewill.com/ by NSDL

http://www.hdfcsec.com/EWill/DynamicForms_ewill.aspx?type=ewill&id=ewill by HDFC Security

However many sites are there, but I am going to tell you the free way you can write your will easily without spending money.

 

Envelope with Last Will and Testament

 
Points to be considered while writing a will are

Declaration : In initial paragraph, you will have to declare that you are making this will in your full senses and free from any kind of pressure. You will have to mention your name, address, age, etc. at the time of writing the will so that it confirms that you really are, in your senses.

Details of Assets like Property, shares or any Documents(Fixed Deposit, Bonds etc.) : In the next step you will have to provide list of all items which you want to add in the will like house, land, bank fixed deposits, postal investments, mutual funds, share certificates owned by you. You must also indicate, where all these documents are stored by you. In all probability, these are in your bank safe deposit box. Even the will should be stored in there. Make sure you communicate it to the executor of the Will or your family members about your will location.

Ownership : At the end of the will, you should mention who should own your assets items and in what proportion, after you have gone.  If you are giving your assets to a minor, make sure you appoint a guardian of your assets till the individual you have selected, reaches an adult age. This guardian obviously, has to be a trustworthy person.

Signing the Will : At the end, once you complete writing your will, you must sign the will very carefully in presence of at least two independent witnesses, who have to sign after your signature, certifying that you have signed the will in their presence. The date and place, also must be indicated clearly at the bottom of the will. Make sure you and the witnesses sign all the pages of the will. Choose your witness carefully. The envelope has to be sealed after completing all the formalities and the seal must bear your signature and the date of sealing. The witnesses need not sign on the seal of the envelope. The envelope should be safely stored somewhere llike in bank locker and your kin should be aware about that. Do not Make multiple copies of will.

Witness : It would be better if you can get one witness as doctor and one as lawyer. A doctor signing a will, won’t raise any question of you, being of unsound mind. The lawyer, will vet the will and make sure you don’t make stupid mistakes at the time of writing and signing it. The witness should be young enough so that they would be living after your death also they should not be having any ownership of your assets in the will.

Asset divided in %: The value of assets can be inflated so it’s always better to mention that how much percentage of the money will be given to a particular person.

Note: Never ever do overwriting and mistake in writing your will by hand.

Sample Will format is attached below
https://1drv.ms/w/s!AsyTaFuYv8zcgjXq7rZwL0Ge–Wc

Please watch the complete video for proper understanding.

 

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What is a Term Insurance Plan-Details-Benefits-Comparison-Differences-How does it work-Hindi

What is a Term Insurance Plan-Details-Benefits-Comparison-Differences-How does it work-Hindi

What is a Term Insurance Plan- its Details, Benefits, comparison or Differences and How does it work I am going to explain in Hindi


Let’s start discussing from the basic then will start discussing on the term insurance.

What is a Life Insurance
Purpose of taking life insurance is to provide life cover to the policyholder and financial security to his family.

There are two ways in which a person can take life insurance
  • By opting for a pure life cover known as term insurance
  • By taking life cover along with saving component built in called as endowment insurance

What is a Term Insurance Plan-Details-Benefits-Comparison-Differences-How does it work-Hindi

What is Term Insurance
  • Term insurance is a type of life insurance in which it covers a certain period of your life.
  • If the insured dies the amount or death benefit will be given to the nominee.
  • If the insured remains till the policy term, no amount is given.
  • Th main purpose of term insurance is to provide the cover to your family on a very minimum premium(Fixed rate of payments)
Advantages of Term Insurance
  • Simplicity (Much easier to understand than endowment plans)
  • Competitive pricing(can be easily compared)
  • Flexibility
    • Opt out any time, just stop paying your premium
    • You can add accident cover, disability benefit etc. (depends on insurance company plan)
  • Tax Benefit
  • Lowest Premiums
    • Provides financial security at lowest cost for your family

What is a Term Insurance Plan-Details-Benefits-Comparison-Differences-How does it work-Hindi

Limitations of Term Insurance
  • Premium of the insurance increases if you take the policy in higher age
  • You cannot take insurance after 65 or 70 depends on the company providing insurance
  • It will not serve your purpose of saving money or wealth creation not possible
  • No surrender benefit or loans are available under these policies
  • You cannot renew them if for any reason you become uninsurable
Point to be noted before taking term insurance
  • How good is the insurance company
  • How much cover do you need
  • Check CSR(Claim settlement ratio)
  • Compare terms and conditions with various insurance companies
  • It’s advisable to take two term insurance from two different companies – separate polices if one claim is rejected we can have another
  • Do not miss the premiums(Some companies like LIC provides 30/15 Days grace period to deposit the premium other may not)
  • If you are smoker the premium will be more.
  • Consider inflation in mind
  • Consider Add-ons
What is a Term Insurance Plan-Details-Benefits-Comparison-Differences-How does it work-Hindi
Documents Required for Term Insurance
  • PAN card.
  • Proof of age (passport/birth certificate/driving licence/PAN card etc.)
  • Proof of address (utility bills/ration card/bank account statement/voter’s ID card/passport).
  • Proof of identity (passport/voter’s ID card/Aadhaar card/driving licence/letter from a public servant or authority verifying identity).
  • Proof of income (Income tax return/employer’s certificate/Income Tax assessment order).
  • Recent passport sized photographs.
Exclusions for Term Insurance Plans
  • Suicide
  • Death due to war, terrorism drought: Natural calamities
  • Death due to actions by the insured: Death by opting for extreme sports etc.
  • Death due to intoxication or narcotics: consumption of drugs, alcohol etc
Claim Process
The claim settlement process is provided in brief below:
  • Intimate the insurer regarding the claim
  • Document submission: original insurance document, proof of the claim, death certificate, medical records etc. as required.
  • Decision on the claim: Once the documentation has been submitted and verified, the insurer will take a decision on whether the claim will be honoured based on the documentation provided.

IRDAI Report 2015-16

  • Go to https://www.irdai.gov.in/
    Search for Annual Report and in annual report check claim ratios
  • A summary of claim ratios from report I found in below link
    http://www.business-standard.com/article/finance/lic-still-tops-industry-in-claim-settlement-says-irdai-annual-report-115010801063_1.html

Link to the presentation

https://1drv.ms/p/s!AsyTaFuYv8zcgjGWxAjIdIXtiYez

Please watch the complete video for proper understanding.

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Pradhan Mantri Jeevan Jyoti Bima Yojana - hindi

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details, Benefits, Eligibility, Claims & How to Apply online – In Hindi

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details, Benefits, Eligibility, Claims & How to Apply online I will explain you in hindi.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India which was launched when other schemes like Jan Dhan yojana, Atal Pension yojana and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - Details, Benefits, Eligibility, Claims & How to Apply online - In Hindi
Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana both are different in terms of cover and how you are insured. Means the first jeevan jyoti yojana is covering your life in case of death by any means on the other hand suraksha bima yojana is covering your life in case of accident. This this is very important to understand as most people don’t know about it.

Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana
This is a helpful insurance scheme that will provide benefit of Rs. 2 Lakh which will be payable to the family of the member in case of his death due to any reason.

The main highlights of this scheme are:
  1. Protection at an affordable cost
  2. Instant processing: No medical examination required or any health certificate to join scheme.
  3. Easy enrolment: Enrolment based on a simplified proposal form
Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana
Eligibility:
  1. Person should be 18-50 Years of age.
  2. Should have functional bank account
  3. Require written consent for Auto Debit of premium.

Risk coverage
Two lakh rupees in case of death by any means(Except accident)

Policy Term
One year renewable

Insurance premium
330 Rs per annum + Service tax(currently 14%) – Deduct every year on 31st May.
Will cut through auto-debit from savings account.

Lien Period
45 Days from the date of enrolment

Maturity/Surrender Benefit
Nothing

Tax Benefit
Exemption as per IT laws of india

Insurance Claim
Require a claim form to be submitted along with death certificate of the person.

Note: If the person drops the scheme after opting it and he or she need to enrol it again he will have to pay the premium along with health certificate need to be submitted to the bank.

Insurance Rules link
Application form Link
Claim Form
Please watch the complete video for proper understanding.

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