Acharya Prashant clarifies the distinction between Atma (the Self) and Jivatma (the individual soul) as explained by Shri Krishna in the Bhagavad Gita. He emphasizes that Atma is the ultimate truth, which is unborn, eternal, and beyond birth or death. In contrast, Jivatma is a product of the ego (Aham) and delusion, where the individual mistakenly identifies the ego as the Self. The speaker points out that while Shri Krishna describes the Atma as immutable and indestructible, he refers to the Jivatma as that which wanders and takes on new bodies. This distinction is crucial because the common misunderstanding that the 'Atma' reincarnates is a misinterpretation of the scriptures. Acharya Prashant further explains that the concept of rebirth applies to Prakriti (Nature) and the Jivatma, but not to the specific individual person. Using the analogy of rabbits, he explains that while the species 'rabbit' continues to exist through nature's cycles, a specific individual rabbit does not return. He warns against the ego's tendency to claim it is the Atma to avoid the reality of its own mortality. The speaker asserts that an individual has only one life and one death, and the wisdom lies in utilizing this single lifetime for spiritual growth rather than relying on the false hope of personal reincarnation. He concludes that the Jivatma, being identified with the body and nature, undergoes constant change, but the individual 'I' as a specific entity does not have multiple births.