Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
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A plan that offers long term savings and insurance in one premium.
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Insurance against medical expenses related to heart, brain, liver and Cancer.
Term insurance is a policy, which is designed to offer complete protection to your loved ones. The policy will also provide peace of mind by ensuring that your aging parents will be well looked after in the future. Buying term insurance for senior citizens is essential. It will ensure that your loved ones are taken care of even in your absence.
Moreover, the life insurance policies for senior citizens have many added benefits too. This type of life insurance can be very useful when it comes to the needs of elderly people and couples. It gives them a feeling of care and protection, while making them feel financially independent and mentally secure.
When we put light on the importance of life insurance for senior citizens in India, it highlights that even in your absence, the term insurance for senior citizens will have them covered and protect your family from landing into financial trouble in case of an emergency. Additionally, and most importantly, term insurance for senior citizens gives you peace of mind by providing surety that your ageing parents will be taken care of in the future and in your absence.
Term insurance is a type of insurance which will provide coverage for a particular period. In case of death of the insured during the policy tenure, he will receive a death benefit, and if he survives the tenure, he will not receive anything. The idea behind an online term plan is to provide for the well-being of the policyholder’s family if an untoward incident was to occur.
Parents are the most important part of our lives. Taking care of their needs and requirements is a duty. When you choose to get term insurance for senior citizens, you are not only ensuring that your spouse will be taken care of but also that they will be comfortable, free, and independent.
In addition to this, term insurance for senior citizens is also important because the benefit received from these policies helps manage debts, loans, medical expenses, etc.
If you are a senior citizen, listed below are the reasons why you should avail of a term insurance policy.
In many cases, children are financially dependent on their parents for their expenses. When you buy term insurance, you give them the financial freedom to take care of themselves until they start earning particularly when you are not around.
Term insurance for senior citizens can provide complete independence to your spouse during your absence. It can act as a source of income for the spouse. If you are a man and have a wife who is dependent on you, things could become financially difficult for her. Hence, term insurance will give her a sense of respect when you are no longer around.
When you are no longer there to look after your family, you can leave behind a legacy. It is nothing but a wish to help loved ones and ensure that they remember you in difficult times. In case of an unfortunate event, the insurer will provide your dear ones with a lump sum to take care of their financial requirements.
Imagine a scenario wherein you are the only earning member of the family and have taken a loan. Due to an unfortunate incident, the burden of repaying the loan comes on your family in your absence. This situation could leave your family members in a pile of debt. However, with an online term plan, the family members can pay off the loan with the sum assured they receive as the death benefit.
Selecting the right life insurance for senior citizens in India can be a difficult and time taking task, given the huge number of policies that are available in the market. However, it is advised that you must take ample time and explore the market before opting for term insurance for senior citizens.
Here are some important steps that you must follow to select the right term insurance for senior citizens:
Let’s have a look at some of the key features of a good term plan for senior citizens:
Buying the best term insurance plan for senior citizens in India will ensure that you feel honored and do not worry about the financial future of your family. In addition, with a term insurance policy, you can avail income tax benefit under Section 80C of the Income Tax Act, 1961. Term plan can also provide a source of funds for death expenses, medical expenses, funeral expenses, and payment of loans. Therefore, a term plan is the best investment you can make. It will ensure the financial security and safety of the most important people in your life. Compare available options, check term insurance quote, and choose a plan that is suitable as per your needs in terms of your age, finances, and health condition.
Ref. No. KLI/22-23/E-BB/492
