5 Things to Keep in Mind While Buying Life Insurance Policy
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

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

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

5 Things to Keep in Mind While Buying Life Insurance Policy

5 Things to Keep in Mind While Buying Life Insurance Policy
  • 17th Jul 2018 |
  • 4,791

Here are 5 things to keep in mind.

We are pleased that you have put your trust in us. Let’s take a look at some essential steps to take once you receive the policy document in your hand. If there is something amiss with it, you can take immediate corrective actions and save yourself trouble down the road.

Check the policy for errors, omissions and exclusions:

Always read the fine print of the policy document. Check all your personal information, bank details, contact details and nominee details correctly. Also review the policy benefits, sum assured, policy term, and the premium amount. If you have doubts, call the insurance company and get your answers.

Inform your loved ones about the policy:

It is a good practice to inform and maintain a written record about details of the policy and leave simple instructions that can be accessed by your dependents when you are not around to guide them.

Keep the policy document safe:

Your original policy bond is an important document that ought to be kept safely. It’s a good practice to keep digital records for your review.

Set a reminder for the next premium to be paid

If you have several insurance policies, keeping a track of their due dates will be exhausting. You can save yourself the hassle by automating your premium payments via your bank or credit card.

Educate the dependents on the claim process

It’s important to inform your nominee about the claim settlement process. In case of an unforeseen event, they should be able to claim without facing any difficulty.

Read more on: What to Do After Buying a Term Insurance

Stay Protected, Stay Secure. Jano Hamesha.

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

5 Advantages of Life Insurance Going Digital

Take 100% Responsibility of Your Family with Term Life Insurance

क्या जीवन बीमा एक निवेश है?

Difference Between Insurance and Assurance?

Guidelines for Linking Aadhar and PAN to Insurance Policies

How to Choose a Life Insurance Policy

Sabse Pehle Life Insurance

Why Your Family Should Know About Your Life Insurance Policy?

Benefits of Buying Term Insurance Plan for Senior Citizens in India

What are the Benefits of Endowment Policy?

Life Insurance for Overweight Applicants

Term Plan with Return of Premium (TROP)

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Role of Life Insurance in Your Financial Portfolio

Life Insurance Vs. Mutual Funds Investment

5 Things to Consider Before You Buy Life Insurance

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

FAQs on Life Insurance

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

How Much Life Insurance Do You Need?

How Often You Must Review Your Life Insurance Policy?

Important Terminologies of Life Insurance

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Is It Advisable To Have Multiple Life Insurance Policies?

NRI Premium Payment Options

How To Choose The Right Life Insurance

What is the Difference Between Limited and Regular Pay Insurance Plan?

Is Life Insurance an Investment?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Choosing Between Short-Term & Long-Term Insurance Plans

Different Types Of Life Insurance In India

How Much Life Insurance Cover Do I Need?

How Many Insurances Should I Have?

Think About Life Insurance Sooner than Later

Why do most Indians choose the wrong way to buy life insurance?

When are Millennials required to take out a life insurance policy?

Can NRI Buy Life Insurance in India?

Difference Between Term Insurance and Endowment Plan

6 Different Types of Insurance Policies

Why One Must Buy Term Insurance before 25 Years

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Why Term Insurance for Women is Important?

Is Voluntary Life Insurance the Same as Basic Life Insurance?

Best Insurance Plans in India

Is It Time to Review Life Insurance Policy of Yours?

Terms and Conditions of Term Insurance Plans

Why is Medical Test Important While Buying a Term Insurance?

How to Buy a Life Insurance Plan?

Important Life Insurance Terms You Must Know

Customer Awareness on Information Security

What is an Endowment Plan?

6 Things You May Not Know about Life Insurance

Does Life Insurance Cover Terminal Illness?

Why Do Life Insurance Agents Avoid Selling Term Plans?

भारत में जीवन बीमा पॉलिसियों के प्रकार

Term Insurance Tips for NRIs in India

Details Required To Be Filled In A Life Insurance Form

Life Insurance and Millennials

Does Family History Affects your Term Life Insurance Rates?

What is Minimum Life Insurance Policy?

5 Easy Steps to Buying A Policy

Everything You Must Know About ULIP Riders

All about Your Rights and Duties While Buying Life Insurance Policy

What is Underinsurance & The Dangers of Being Underinsured

Digital Life Certificate for Pensioners Seeking Pension

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

Life Insurance for Overweight Applicants

What is Human Life value and a Human Life Value Calculator?

What Is Investment Insurance?

How To Use Different Types Of Life Insurance For Retirement Planning?

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

How to Make Death Claims on Life Insurance?

Difference Between ULIP and Endowment Plan?

Health Insurance VS Life Insurance

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Do Life Insurance Premiums Increase Every Year?

Life Insurance Policy Closure

Benefits of Term Insurance with Critical Illness Rider

Life Insurance for Millennials

Should You Buy Life Insurance After Getting Married?

Life Insurance with Money Back vs Without Money Back

Always keep your Nominee informed

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Does Life Insurance Pay for Suicidal Death?

Role of IRDAI in the Insurance Sector

5 Benefits of Gifting Life Insurance Cover to Your Spouse

All about IRDAI

Life Insurance Plans for Women

Why Life Insurance Is Always a Smart Decision

Adding A Child to Your Life Insurance Policy?

How to Calculate Human Life Value(HLV)?

Is it Worth Buying Disability Rider on Term Insurance?

7 Superficial Reasons People Avoid Buying Insurance Online

How to Customize Your Life Insurance Policy with Riders

Health Insurance VS Life Insurance

A Term Insurance Guide for Disabled People

How to Find the Best Term Insurance Plan in Seven Steps

When Should You Review Term Life Insurance of Yours?

Why You Should Never Cancel Life Insurance Policy

How to Choose the Right Life Insurance Policy for Your Age?

What Is Financial Planning?

What are robo-advisors in insurance?

10 Most Frequently Asked Questions - FAQs on Term Insurance

A Step-by-Step Guide: How To Make An Investment Plan?

What Is the Procedure to choose a nomination in life insurance policy?

How to Choose Life Insurance for All Ages?

What is Sum Assured in Endowment Policy?

Different Types of Insurance Policies in India

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Choosing a Life Insurance Beneficiary

Term Insurance Vs Life insurance: Small Details, Big Differences

जीवन बीमा पर ऋण

5 Smart Steps to keep in mind while buying term policies

Types of Insurance You Must Invest in for Secure Future

Loan Against Life Insurance Policy

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Can a Term Plan be the Substitute for a Retirement Plan?

Does Life Insurance Policy Cover Covid Death?

ULIPs: Suitable for all

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

All About Life Insurance and How It Works?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

What is Insurance Coverage? Overview, Types, and Examples

What Is Staggered Payment Option Under Term Insurance Policy?

Staying Insured While Investing

Is Life Insurance For Millennials Really Needed?

Top 5 Common Life Insurance Myths and Facts

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

What Is Insurance Rider and It’s Benefits?

What Should One Expect During the Medical Evaluation for Life Insurance?

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

Can You Transfer Life Insurance Policies to Another Company in India?

5 Ways to ensure faster settlement of claims

जीवन बीमा क्या है?

What is Group Insurance?

First Job? Here’s Some Tips on How to Manage Finances

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

All about Life Insurance Calculators

9 Most Important Things You Must Learn About Paying Life Insurance Premium

What is a Single Premium Term Plan and its Tax Benefit?

In India, should NRIs purchase life insurance?

Why do I Need Life Insurance?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Insurance Changes You Need to Make Post Marriage

What Happens If I Stop Paying My Life Insurance Premium?

Types of Life Insurance Policies in India

Guide for Buying Online Term Insurance Plans for Senior Citizens

Process of Filing A Claim For Life Insurance

Term Insurance Claim Process

Insurance Vs Investment - A Guide to Your Financial Goals

What is Life Insurance?

Biggest Life Insurance Myths

Why Online Term Insurance Plans Cheap?

Nominee in insurance - A Complete Guide on nomination in insurance

5 Reasons Why a Women Should Buy a Life Insurance

“Life” Insurance or “Death” Insurance?

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Important Features of a Term Insurance Plan

Why Renewal of Term Insurance Plan is Important

Various Term Insurance Premium Payment Options Available in India

Term Life Insurance Vs Money Back Life Insurance

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

5 Reasons Why You Need Life Insurance in College

What Is a Whole Life Insurance Plan?

Difference Between Money Back and Endowment Policy

5 Common Life Insurance FAQs and Answers

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Why Buying a Term Insurance is Important for all Parents

Compare Different Life Insurance Products Offered By Kotak Life

Types of Life Insurance Or One Investment, Many Options

Can An Individual Buy Multiple Term Insurance Plans?

Life Insurance vs Mutual Funds

Who Is A Nominee In A Life Insurance Plan?

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

All About Backdating in Life Insurance

Reasons Why Term Insurance Claims Get Rejected

Term Life Insurance vs Accidental Death Insurance

Savings cum Protection Plans Secures Your Family from Unforeseen Events

How Does Life Insurance Work?

What is the Current Trend in Term Insurance?

Key Things to Review in Your Life Insurance Policy Document

Life Insurance Beneficiary

How to Revive the Lapsed Life Insurance Policy?

Life Insurance and Retirement Planning

Voluntary Life Insurance Policy Vs Group Life Insurance

How Do Term Insurance Plans Differ for Smokers?

Beware of Phishing & Fraud Insurance Calls

What Is Social Impact Investing and How Does It Benefit Society?

Kotak Life Claim Settlement Ratio

How to Buy a Term Life Insurance Online

Choose the Nominee of a Term Life Insurance Plan Wisely

Do Your Financial Planning with Life Insurance!