Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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When you buy a term insurance plan, you take a step to provide for the financial stability of your loved ones in your absence. Life is uncertain and the best way to handle it is by considering how you want your loved ones to live after you are no longer around to take care of them. You may be quite fit and are leading a healthy lifestyle; however, it is always better to take the right steps at the right time. Investing in term insurance plans will help ensure that the future of your loved ones is secure.
Primarily, you need to understand how does term insurance work. A term insurance policy is a very basic plan that covers the risk of death. It is a simple plan with no frills.In this plan, the insurance company will pay an agreed life cover amount on the death of the insured. In return, you agree to pay a certain amount in the form of premium each year for the coverage. If you survive the policy term, there is no survival benefit paid to you. One of the biggest benefits of term insurance is coverage for life at a low premium amount.
Here are different ways in which a term life insurance helps you.
In a term insurance plan, the insured enjoys a high amount as life cover. This amount will be paid as a death benefit on the demise of the sole breadwinner of the family and it acts as an income replacement source. It helps your loved ones maintain their lifestyle without falling in a debt trap.
The amount paid at the time of death benefit will be a tool for the repayment of liabilities in case of an untimely death of the income earner. Hence, if you have any outstanding loans and you have to pay them off, your family will be able to do so from the sum they receive.
The simple and straightforward features of term insurance make it an ideal investment option. The premium is cost-effective; hence, you will not feel that it is a burden. The premium amount on the insurance policy is exempted from tax up to INR 1.5 lakh according to Section 80C of the Income Tax Act, 1961 and the death benefit paid to the nominees is tax-free under Section 10 (10D) of the Act.
- A Consumer Education Initiative series by Kotak Life
