Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. 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 Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

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

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.

  • Nov 12, 2019
  • 6,419 Views

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.

Change in the specifications of the policy

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.

What is Free-look period? – An initial solution

The free-look period for life insurance is a specific period allowed by the insurer for the policyholder to reconsider the policy and its specifications. It is generally 15 days since the date you receive the policy documents. During this period,you can study the policy more carefully and decide whether the plan is right for you. You can change the specifications like sum insured or the policy tenure to meet your requirements. It also allows free-look cancellation in case you do not want to continue with the plan. If you cancel the plan during the free-look period, the insurer returns you the premium after charging a minimum fee.

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.

A different life insurance policy

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.

Other specifications

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.

Kotak e-Term

Download Brochure

Features

  • 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

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How Do Term Insurance Plans Differ for Smokers?

Sabse Pehle Life Insurance

Do Life Insurance Premiums Increase Every Year?

5 Benefits of Gifting Life Insurance Cover to Your Spouse

Why Do Life Insurance Agents Avoid Selling Term Plans?

All About Backdating in Life Insurance

How to Buy a Life Insurance Plan?

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

A Term Insurance Guide for Disabled People

Compare Different Life Insurance Products Offered By Kotak Life

Best Insurance Plans in India

Why do I Need Life Insurance?

Important Features of a Term Insurance Plan

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

Life Insurance Plans for Women

How Often You Must Review Your Life Insurance Policy?

Term Insurance Tips for NRIs in India

Difference Between Insurance and Assurance?

What Happens If I Stop Paying My Life Insurance Premium?

5 Advantages of Life Insurance Going Digital

Reasons Why Term Insurance Claims Get Rejected

FAQs on Life Insurance

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

Who Is A Nominee In A Life Insurance Plan?

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

Loan Against Life Insurance Policy

Term Life Insurance vs Accidental Death Insurance

Types of Insurance You Must Invest in for Secure Future

Difference Between Money Back and Endowment Policy

5 Smart Steps to keep in mind while buying term policies

Life Insurance with Money Back vs Without Money Back

How Many Insurances Should I Have?

How to Choose a Life Insurance Policy

All about Your Rights and Duties While Buying Life Insurance Policy

Role of IRDAI in the Insurance Sector

Why Renewal of Term Insurance Plan is Important

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

Customer Awareness on Information Security

Benefits of Term Insurance with Critical Illness Rider

Choose the Nominee of a Term Life Insurance Plan Wisely

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

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

Beware of Phishing & Fraud Insurance Calls

Guidelines for Linking Aadhar and PAN to Insurance Policies

How do life insurance payouts work?

When Should You Review Term Life Insurance of Yours?

Why Life Insurance Is Always a Smart Decision

Insurance Vs Investment - A Guide to Your Financial Goals

How to Use Different Types of Life Insurance for Retirement Planning?

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

What Is a Whole Life Insurance Plan?

Why Online Term Insurance Plans Cheap?

Is It Time to Review Life Insurance Policy of Yours?

Life Insurance for Overweight Applicants

How to Buy a Term Life Insurance Online

How Much Life Insurance Do You Need?

Is Voluntary Life Insurance the Same as Basic Life Insurance?

All About Life Insurance and How It Works?

What is Group Insurance?

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

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

How to Revive the Lapsed Life Insurance Policy?

5 Reasons Why a Women Should Buy a Life Insurance

What is the Difference Between Insurance and Reinsurance?

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

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

How Much Life Insurance Cover Do I Need?

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

Choosing Between Short-Term & Long-Term Insurance Plans

5 Reasons Why You Need Life Insurance in College

Different Types Of Life Insurance In India

Life Insurance and Millennials

Life Insurance Beneficiary

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

Does Life Insurance Pay for Suicidal Death?

Is Life Insurance an Investment?

Term Insurance Claim Process

Staying Insured While Investing

What is Sum Assured in Endowment Policy?

Different Types of Insurance Policies in India

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

Role of Life Insurance in Your Financial Portfolio

Types of Life Insurance Policies in India

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

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

Life Insurance Policy Closure

Life Insurance and Retirement Planning

Digital Life Certificate for Pensioners Seeking Pension

5 Easy Steps to Buying A Policy

How Does Life Insurance Work?

बीमा क्षेत्र में IRDAI की भूमिका

Adding A Child to Your Life Insurance Policy?

Is It Advisable To Have Multiple Life Insurance Policies?

How to Make Death Claims on Life Insurance?

Nominee in insurance - A Complete Guide on nomination in insurance

Top 5 Common Life Insurance Myths and Facts

What is Minimum Life Insurance Policy?

In India, should NRIs purchase life insurance?

जीवन बीमा पर ऋण

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

Term Insurance Vs Life insurance: Small Details, Big Differences

Is it Worth Buying Disability Rider on Term Insurance?

Take 100% Responsibility of Your Family with Term Life Insurance

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

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

Why One Must Buy Term Insurance before 25 Years

जीवन बीमा क्या है?

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

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

Does Life Insurance Cover Terminal Illness?

5 Ways to ensure faster settlement of claims

Biggest Life Insurance Myths

Most Common Life Insurance Riders to Enhance Your Existing Policy

भारत में जीवन बीमा पॉलिसियों के प्रकार

Guide for Buying Online Term Insurance Plans for Senior Citizens

Always keep your Nominee informed

Health Insurance VS Life Insurance

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

Can An Individual Buy Multiple Term Insurance Plans?

Various Term Insurance Premium Payment Options Available in India

Life Insurance for Millennials

Why You Should Never Cancel Life Insurance Policy

“Life” Insurance or “Death” Insurance?

What is Insurance Coverage? Overview, Types, and Examples

6 Things You May Not Know about Life Insurance

How to Find the Best Term Insurance Plan in Seven Steps

What is Life Insurance?

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

How to Calculate Human Life Value(HLV)?

8 Things to Consider Before You Buy Life Insurance

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Why Your Family Should Know About Your Life Insurance Policy?

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

Should You Buy Life Insurance After Getting Married?

How To Choose The Right Life Insurance

Is Life Insurance For Millennials Really Needed?

What Is Investment Insurance?

5 Common Life Insurance FAQs and Answers

What Is Insurance Rider and It’s Benefits?

Important Life Insurance Terms You Must Know

Life Insurance for Overweight Applicants

Kotak Life Claim Settlement Ratio

Health Insurance VS Life Insurance

All about IRDAI

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

What is the Current Trend in Term Insurance?

How to Choose Life Insurance for All Ages?

How to Customize Your Life Insurance Policy with Riders

Important Terminologies of Life Insurance

Types of Life Insurance Or One Investment, Many Options

Benefits of Buying Term Insurance Plan for Senior Citizens in India

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

क्या जीवन बीमा एक निवेश है?

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

Think About Life Insurance Sooner than Later

Life Insurance vs Mutual Funds

Process of Filing A Claim For Life Insurance

All You Need to Know About KYC

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

Can NRI Buy Life Insurance in India?

Choosing a Life Insurance Beneficiary

6 Different Types of Insurance Policies

NRI Premium Payment Options

All about Life Insurance Calculators

What are robo-advisors in insurance?

Does Family History Affects your Term Life Insurance Rates?

7 Superficial Reasons People Avoid Buying Insurance Online

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

Voluntary Life Insurance Policy Vs Group Life Insurance

Do Your Financial Planning with Life Insurance!

Details Required To Be Filled In A Life Insurance Form

Key Things to Review in Your Life Insurance Policy Document

Does Life Insurance Policy Cover Covid Death?

What are the Benefits of Endowment Policy?

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Life Insurance Vs. Mutual Funds Investment

Insurance Changes You Need to Make Post Marriage

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

What happens to joint life insurance after divorce?

What Is Staggered Payment Option Under Term Insurance Policy?

What is Underinsurance & The Dangers of Being Underinsured

5 Things to Keep in Mind While Buying Life Insurance Policy

Why Buying a Term Insurance is Important for all Parents

Term Plan with Return of Premium (TROP)

Why is Medical Test Important While Buying a Term Insurance?

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

Terms and Conditions of Term Insurance Plans

Why Term Insurance for Women is Important?