Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
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The importance of a term insurance plan can never be exaggerated enough. If you want to ensure the financial protection and security of your loved ones, it is time to invest in a term insurance plan. Primarily, you need to understand term insurance meaning. A term insurance plan is a pure life insurance cover, which gives you an opportunity to grow the corpus for a specific period. If the policyholder dies during the term of the plan, the beneficiaries will receive the death benefit. However, if the policyholder survives the term plan, there will be no maturity benefit.
Once you have decided that you want to buy online term insurance, you need to make the decision keeping certain factors in mind. The term period in your plan is very crucial. The policy period should be as long as you can give your family the freedom to become financially independent.
Listed below are the factors you need to consider when buying a term plan.
The lower your age, the lower will be the premium amount. Hence, buy a term plan at the earliest to make the most of low premiums.
Women tend to get numerous discounts and offers from insurance companies. This is because they have a lower risk of death associated with their policy as compared to men.
3. Sum assured
The premium amount will be higher if the sum assured is higher because the coverage will be more than what is expected.
If you are a non-smoker and maintain a healthy lifestyle, you will get a discount on your premium amount.
The amount of premium will differ based on the payout. If you choose an increasing sum assured, the premium will increase over a period of time.
If you opt for a longer tenure, the premium amount will be high and this is the key factor in determining the amount of insurance premium. The term will depend on how long you wish to provide for your family in case of an unfortunate incident. Many companies offer a policy term between five years to 40 years.
It is advisable for every individual to opt for a longer policy term. You also need to consider your retirement age when choosing the term period. When you choose a longer period, you can enjoy fixed premium rates. Hence, you will have to pay the same amount of premium throughout the term of the insurance policy. Moreover, if you buy a policy at a young age and opt for a longer tenure, you will be able to enjoy lower premiums throughout the term. You will get a cover for life at a low premium amount. Lastly, you will remain insured throughout the policy term.
When you choose the term period for your plan, you need to consider your liabilities. You need to assess that until what period will these liabilities exist. In addition, you need to estimate that your children will become independent at what age. Additionally, you need to analyze that up to what age you will be able to continue working. Majority plans mature at the age of 65 and you can decide the term period of your plan accordingly. Most investors opt for term insurance for a longer term period because it gives a life cover at an affordable cost.
- A Consumer Education Initiative series by Kotak Life
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