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Ref. No. KLI/22-23/E-BB/492
A Free look period for life insurance is given to the policyholder to reconsider the policy and its specifications. It is generally 15 days since the date you receive the policy documents. Click here to know in detail.
A term plan is a pure form of life insurance that offers you the ability to protect the future of your loved ones. The term insurance policy allows the policyholder to get an affordable life cover that is paid to the nominees in case of the insured’s untimely demise.
Even though the term policy does not offer a maturity value, it is still popular among people for the high sum assured it offers at low premiums. If you are wondering about buying term insurance, but are scared about being stuck with an unnecessary policy, you should be relieved to know that there are ways to change the specifications of the plan after purchase. Explained ahead are the ways to do the needful.
When buying a term insurance policy, you and the insurance company need to settle on certain specifications like the sum insured, the premium value, the tenure, and the frequency of the premium payments. These specifications are hard to be altered.However, some insurance companies increase the sum assured with time to cover for inflation.
Even though you do not have any control over it, it is still one way that the specifications of the policy change. If you want more flexibility, the ‘free look period’ will help you with the same.
You must use this period to make sure that the term policy offers you everything you need so you do not end up with a wrong investment.
Financial goals of a person can change at any point in life. You may require a larger sum assured or want to change the tenure of the policy to make sure that it meets with your new financial targets. Having a child will make you feel that way because you need a larger cover after your family grows in number. This is when you can opt for another life insurance policy . By doing this, you can increase the death benefit and enhance the financial security of your loved ones.
You can choose certain specifications about the policy during the tenure of the plan. You can remove or add nominees, update address, and change contact details easily by visiting the nearest branch or calling the customer care. The online term plan provider also allows you to do the same using the customer portal.
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.
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
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Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
