Kotak e-Term Plan
Protect Your family’s financial future with Kotak e-Term Plan. Know more
Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family. Know more
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium. Know more
Kotak e-Invest
Insurance and investment in one plan with Kotak e-Invest. Know more
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Ref. No. KLI/22-23/E-BB/492
A term insurance plan is an important insurance product in the industry.
A term insurance plan is an important insurance product in the industry. It offers a high sum assured at a low premium and provides financial security to your loved ones in your absence. Many people prefer a term insurance policy as compared to a traditional life insurance plan. Once you understand what term insurance is, you will be in a position to consider riders/add-on covers for your term plan. However, not many are aware of the benefits offered by an add-on cover to the term plan. If you buy add-ons for your policy, you will get an enhanced cover and your life becomes easier.
A rider is an additional benefit on your term insurance and it will come into play in case of a specific eventuality. It is over and above the basic term insurance cover. A rider is included in your term insurance plan or you have to opt for it. Based on your health and needs, you can choose term insurance with critical illness rider as a value-added insurance cover for critical illnesses. Riders are of different types and based on your plan, you can choose the one that works the best for you. While buying a term plan, availing of a critical illness rider is essential. Such a rider will provide for extra financial assistance in case of a medical emergency. An illness or an accident can come unannounced and this is when a critical illness rider helps. You need to understand how this rider works. When you have a rider for the policy, you will receive a lump sum on the diagnosis of a critical illness, which is specified in the policy. As per the terms and conditions of the policy, the detection of critical illness could terminate or continue and it is important to check the coverage very carefully before you decide on a rider. There are innovative critical illness riders, which include different diseases including lifestyle disease.
Term insurance along with a critical illness rider has a host of benefits to offer. Some of these are listed below.
Things to keep in mind when buying a rider
Here are a few things you need to consider before you buy a critical illness rider.
Consider your present health condition and financial requirement before you purchase a term plan. This will help you make a well-informed decision about choosing suitable riders.
Ref. No. KLI/22-23/E-BB/492
