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.

How to Buy a Life Insurance Plan?

A simple 7 step approach on how to buy a life insurance that shall benefit you and your family in case of any uncertainty.

  • Oct 10, 2021
  • 1,583 Views

Life insurance plans have become an important asset for almost everyone. After all, they ensure that your family is financially protected and cared for in the eventuality of your unfortunate passing. One of the benefits of today’s era is the abundance of choices that we all have. However, when it comes to determining how to choose a term insurance plan, the process can get rather difficult and confusing.

Learning how to buy life insurance entails number of factors you need to look into. Therefore, to help you out, here is a step-by-step guide to help you make the best viable selection.

Step 1: Understand the Type of Insurance You Need

The three main forms of life insurance policy are term life insurance, universal life insurance, and whole life insurance. A term life policy with relatively low and affordable premiums may be the ideal option if you require coverage for a short period of time and want to protect your family. If you want to have coverage for the rest of your life while simultaneously increasing your savings, a whole or universal insurance plan is a good option.

Step 2: Determine If the Coverage Offered and Your Budget Are Aligned

In a perfect scenario, your coverage bandwidth would be at least 10 times your current revenue. You’ll obtain an estimate of how much you’ll need by taking into account probable extra loans, children’s schooling, and other incidental costs. Ensure that you consider everything while settling on an amount so that your loved ones are able to care for themselves.

Step 3: Look at Different Premium Types

Make sure you choose a premium payment plan that fits your budget. In most cases, experts suggest that paying yearly rather than in instalments is better because paying modest sums of money on a regular basis usually results in a very large additional fee. Hence, make sure you choose a premium payment structure that aligns with your financial planning.

Step 4: The Rider Addition

Adding rider benefits to your life insurance policy is a given plus as it covers you for incidents like accidents, medical emergencies, etc. Also, premium waiver and certified insurability are two alternatives to explore. It’s not uncommon for insurance plans to include one or both elements as part of the standard agreement, you will find exceptions. You can buy riders for an additional premium.

Step 5: Time to Commence the Hunt

You may start looking for insurance providers and evaluating rates, now that you know what sort of insurance you want and how much coverage you need. There are a plethora of options for online insurance. Among the most important stages in selecting an insurer is to conduct comprehensive research and aligning your and your family’s needs.

Step 6: Upload The Documents and Get Medical Exam Ready

After you have chosen your preferred coverage, completed your application form, and are familiar with all aspects of your customised insurance plan, your insurance company will conduct a medical examination. This is to ensure you are free of any terminal illnesses and so that the green light for policy purchase can be given.

Step 7: Pay the Premium and Seal the Deal

Pay the first payment when your policy purchase has been authorised and cement yours and your family’s financially safe and secure future.

To summarise, how to get life insurance is not as difficult of a task as it may appear. You can always seek professional assistance along the way, plus there is the option to get life insurance online. These professionals will also help you choose the best plan that matches your needs and requirements. When you have the opportunity to prepare for the future, why not take it? Make your choices today!

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

Types of Life Insurance Or One Investment, Many Options

How to Find the Best Term Insurance Plan in Seven Steps

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

7 Superficial Reasons People Avoid Buying Insurance Online

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

Take 100% Responsibility of Your Family with Term Life Insurance

Why Your Family Should Know About Your Life Insurance Policy?

5 Common Life Insurance FAQs and Answers

How To Choose The Right Life Insurance

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

5 Smart Steps to keep in mind while buying term policies

Different Types of Insurance Policies in India

Compare Different Life Insurance Products Offered By Kotak Life

Sabse Pehle Life Insurance

Various Term Insurance Premium Payment Options Available in India

How Do Term Insurance Plans Differ for Smokers?

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

How Many Insurances Should I Have?

How Much Life Insurance Cover Do I Need?

Nominee in insurance - A Complete Guide on nomination in insurance

6 Different Types of Insurance Policies

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

How Often You Must Review Your Life Insurance Policy?

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

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

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Term Insurance Tips for NRIs in India

भारत में जीवन बीमा पॉलिसियों के प्रकार

How to Calculate Human Life Value(HLV)?

All You Need to Know About KYC

Guidelines for Linking Aadhar and PAN to Insurance Policies

Always keep your Nominee informed

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

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

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

Is It Advisable To Have Multiple Life Insurance Policies?

How to Revive the Lapsed Life Insurance Policy?

Insurance Vs Investment - A Guide to Your Financial Goals

Is Voluntary Life Insurance the Same as Basic Life Insurance?

How to Choose Life Insurance for All Ages?

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

What are the Benefits of Endowment Policy?

Does Life Insurance Policy Cover Covid Death?

जीवन बीमा क्या है?

Benefits of Term Insurance with Critical Illness Rider

Biggest Life Insurance Myths

Savings cum Protection Plans Secures Your Family from Unforeseen Events

What is Insurance Coverage? Overview, Types, and Examples

Role of Life Insurance in Your Financial Portfolio

What is Underinsurance & The Dangers of Being Underinsured

In India, should NRIs purchase life insurance?

Different Types Of Life Insurance In India

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

How to Customize Your Life Insurance Policy with Riders

What is Sum Assured in Endowment Policy?

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

Think About Life Insurance Sooner than Later

Is Life Insurance For Millennials Really Needed?

Who Is A Nominee In A Life Insurance Plan?

Difference Between Money Back and Endowment Policy

NRI Premium Payment Options

What is Group Insurance?

Kotak Life Claim Settlement Ratio

What Happens If I Stop Paying My Life Insurance Premium?

Is It Time to Review Life Insurance Policy of Yours?

Beware of Phishing & Fraud Insurance Calls

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

Term Life Insurance vs Accidental Death Insurance

Adding A Child to Your Life Insurance Policy?

Can NRI Buy Life Insurance in India?

Does Family History Affects your Term Life Insurance Rates?

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

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

Does Life Insurance Pay for Suicidal Death?

Voluntary Life Insurance Policy Vs Group Life Insurance

Life Insurance vs Mutual Funds

What is the Current Trend in Term Insurance?

6 Things You May Not Know about Life Insurance

Why Buying a Term Insurance is Important for all Parents

Important Life Insurance Terms You Must Know

How to Choose a Life Insurance Policy

Types of Insurance You Must Invest in for Secure Future

Choosing a Life Insurance Beneficiary

What Is Staggered Payment Option Under Term Insurance Policy?

Difference Between Insurance and Assurance?

What Is Investment Insurance?

What is Life Insurance?

Best Insurance Plans in India

5 Reasons Why a Women Should Buy a Life Insurance

Role of IRDAI in the Insurance Sector

How to Buy a Term Life Insurance Online

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

Term Plan with Return of Premium (TROP)

Can An Individual Buy Multiple Term Insurance Plans?

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

Reasons Why Term Insurance Claims Get Rejected

Is it Worth Buying Disability Rider on Term Insurance?

Details Required To Be Filled In A Life Insurance Form

Does Life Insurance Cover Terminal Illness?

5 Ways to ensure faster settlement of claims

Why You Should Never Cancel Life Insurance Policy

Why Term Insurance for Women is Important?

Term Insurance Claim Process

5 Things to Keep in Mind While Buying Life Insurance Policy

All About Backdating in Life Insurance

8 Things to Consider Before You Buy Life Insurance

Do Life Insurance Premiums Increase Every Year?

How to Make Death Claims on Life Insurance?

जीवन बीमा पर ऋण

Life Insurance Policy Closure

What Is a Whole Life Insurance Plan?

All About Life Insurance and How It Works?

What is the Difference Between Insurance and Reinsurance?

“Life” Insurance or “Death” Insurance?

5 Advantages of Life Insurance Going Digital

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

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

How Does Life Insurance Work?

Why Online Term Insurance Plans Cheap?

Customer Awareness on Information Security

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

How do life insurance payouts work?

All about Your Rights and Duties While Buying Life Insurance Policy

Health Insurance VS Life Insurance

Life Insurance for Overweight Applicants

Terms and Conditions of Term Insurance Plans

Life Insurance Plans for Women

Why Renewal of Term Insurance Plan is Important

Why One Must Buy Term Insurance before 25 Years

When Should You Review Term Life Insurance of Yours?

Process of Filing A Claim For Life Insurance

How Much Life Insurance Do You Need?

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

All about IRDAI

Loan Against Life Insurance Policy

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

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

Why do I Need Life Insurance?

Is Life Insurance an Investment?

Why Do Life Insurance Agents Avoid Selling Term Plans?

A Term Insurance Guide for Disabled People

What Is Insurance Rider and It’s Benefits?

Life Insurance for Millennials

Life Insurance Beneficiary

5 Benefits of Gifting Life Insurance Cover to Your Spouse

Do Your Financial Planning with Life Insurance!

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

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Insurance Changes You Need to Make Post Marriage

Guide for Buying Online Term Insurance Plans for Senior Citizens

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

Life Insurance and Millennials

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

Life Insurance and Retirement Planning

5 Easy Steps to Buying A Policy

Term Insurance Vs Life insurance: Small Details, Big Differences

Most Common Life Insurance Riders to Enhance Your Existing Policy

Types of Life Insurance Policies in India

Health Insurance VS Life Insurance

Top 5 Common Life Insurance Myths and Facts

Key Things to Review in Your Life Insurance Policy Document

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

Digital Life Certificate for Pensioners Seeking Pension

Choose the Nominee of a Term Life Insurance Plan Wisely

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

What is Minimum Life Insurance Policy?

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

Important Terminologies of Life Insurance

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

What are robo-advisors in insurance?

Why Life Insurance Is Always a Smart Decision

Life Insurance with Money Back vs Without Money Back

All about Life Insurance Calculators

5 Reasons Why You Need Life Insurance in College

क्या जीवन बीमा एक निवेश है?

Life Insurance Vs. Mutual Funds Investment

बीमा क्षेत्र में IRDAI की भूमिका

Life Insurance for Overweight Applicants

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

Important Features of a Term Insurance Plan

FAQs on Life Insurance

Should You Buy Life Insurance After Getting Married?

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

What happens to joint life insurance after divorce?

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

Choosing Between Short-Term & Long-Term Insurance Plans

Why is Medical Test Important While Buying a Term Insurance?

Staying Insured While Investing