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5 Benefits of Gifting life Insurance cover to your Spouse

Buy Life Insurance Now
  • 17th May 2021
  • 418
5 Benefits of Gifting life Insurance cover to your Spouse

​You can get life insurance for your spouse. In fact, it may be advised to get life insurance for your spouse on priority. With many couples working and earning together, the need for life insurance is crucial for both spouses. If your spouse is working, the sum assured from their policy can help the rest of the family carry on with their routine lives in their absence. Insurance is also crucial in the case of non-earning spouses as their contribution to the family still remains indispensable. Therefore, it may be recommended to buy life insurance for your spouse.

Some benefits of buying a life insurance plan for your spouse:

  • Life insurance is necessary in the case of an earning member: If your spouse is earning, it becomes essential to protect their income with an insurance plan. In the unfortunate event of their demise, a life insurance plan can offer you the required funds to continue with the same standard of living as before. This can also help your children with their professional dreams and aspirations.
  • Life insurance can cover medical expenses: These days, life insurance plans offer additional riders like critical illness benefits, disability benefit, etc. This removes the need to buy a separate health insurance policy. You can simply pay a nominal cost to add the medical cover rider to your life insurance plan and claim lump sum amounts on the diagnosis of listed disease.
  • Life insurance is important for a non-earning spouse, too: Life insurance is not only for earning members but also for non-earning members of the family. Your spouse contributes a lot to your household. Their absence can leave a void in the house that can be hard to compensate. However, a life insurance plan can offer some respite here. The sum assured can be used to maintain a similar lifestyle, cover the higher education expenses or marriage costs of a child, repay loans, and more.
  • Joint life insurance is more affordable: Buying a single joint life cover policy can be more cost-effective than purchasing different plans for all members of the family. With a spousal plan, you pay one premium for a policy that covers both you and your spouse. You do not have to worry about premium dates, expiry dates, or policy renewals in case of expired plans of multiple policies. Your finances are more streamlined and the payments are hassle-free.

Life insurance plans for your spouse by Kotak Life

1. Kotak e-Term Plan

The Kotak e-Term Plan is an economical and pure risk cover plan that can be an ideal means of providing financial protection for your partner. While this plan secures the financial future of your spouse in case of untimely demise, you can also opt for additional protection against accidental death as well as total and permanent disability through optional riders, thus enhancing your plan’s coverage.

The following are the key features of the Kotak e-Term Plan:

  • Low-cost insurance with a minimum sum assured of ₹25,00,000 and no limit on the higher end.
  • Three payout options - Immediate Payout, Level Recurring Payout, Increasing Recurring Payout.
  • Riders like the Kotak Permanent Disability Benefit Rider and the Kotak Critical Illness Plus Rider.

To sum it up

Life insurance is crucial for men and women. A term plan is an ideal way for both the spouses to be protected under a wholesome insurance plan. And in times of need, term insurance is a reliable tool that helps to cater to the future needs of their loved ones, especially children.

Disclaimers

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS: -

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Kotak e-Term Plan: UIN:107N104V02, Form No: N104. This is a Non-Participating pure protection plan. For sub-standard lives, extra premium may be charged based on Kotak Life Insurance underwriting policy. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

Kotak Mahindra Life Insurance Company Ltd. Regn. No.: 107,CIN: U66030MH2000PLC128503, Regd. Office: 2nd Floor, Plot # C-12, G-Block, BKC, Bandra(E), Mumbai-400 051. Website: www.insurance.kotak.com|Email: clientservicedesk@kotak.com| Toll Free No.: 1800 209 8800 | Ref. No.: KLI/21-22/E-WEB/506

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. Under license.

- A Consumer Education Initiative series by Kotak Life

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