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Do Your Financial Planning with Life Insurance!

Financial planning with life insurance should be taken into focus so that you can set clear goals and safeguard for your family’s security. To know more click here!

  • 6,613 Views | Updated on: Feb 23, 2024

Securing the financial future of your family is a priority. You can live your life to the fullest and chase your dreams without a worry only when you know that your loved ones will be taken care of after you. This is why financial planning with life insurance should be an integral part of your monetary goals.

The earlier the better

Buying the life insurance policy early has various benefits. Firstly, when you are young and healthy, insurance companies offer you an affordable premium. Secondly, by getting the policy early, you allow your money to grow into a substantial corpus.

An integral part of financial planning

The life insurance policy is designed to provide monetary aid to the nominees of a policyholder if he or she passes away before the policy tenure is over. This makes the policy an important aspect of any financial plan. It secures the future of your loved ones.

The purpose of life insurance

The importance of life insurance is immeasurable. Every earning family member must realize that his or her dependents will fall into a financial crisis in case of an unfortunate event like death. To secure their financial stability, a life insurance plan can be used as a protective product.

  • Protecting the family
  • In life, there is nothing more important than your loved ones. As a responsible family member,you need to do everything in your power to protect them from all financial constraints. A life policy can help with this.

  • Savings and investment
  • Depending on the type of life cover you buy, the life insurance policy can provide you with the opportunity to use it as a savings product. The premiums you pay towards the policy build a sizable wealth. You receive the lump sum when the policy matures.

  • Eliminate any risk against your debts
  • The untimely death of the breadwinner of a family is devastating. One of the most challenging things the surviving members face is the liability to repay the debts. If you have a life insurance plan, the death benefit received from it can be used to pay off the debts.

  • Meet long-term financial goals
  • Undoubtedly, you have many long-term life goals like buying a home, providing high-quality education to your children, and living a comfortable retired life, among others. When you invest in a life policy, you make sure of a lump sum return,which can be used to meet those goals.

  • Tax-saving
  • Under Section 80C of the Income Tax Act, 1961, the premium paid towards your life insurance plan is tax-deductible. Moreover, the proceeds that you receive from your policy come with tax benefits under Section 10 (10) D. These tax benefits make investing in a life policy even more fruitful.

    You cannot build a happy and fulfilling future without proper financial planning. You have to set clear goals for your family’s financial security. A life insurance policy safeguards these goals by offering financial aid when you most need it.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

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