When Should You Review Term Life Insurance of Yours?
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

  • Icon for Kotak Preferred e-Term Plan

    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.

  • Icon for Kotak Guaranteed Savings Plan

    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.

  • Icon for Kotak Preferred e-Term Plan

    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!

  • Icon for Kotak Preferred e-Term Plan

    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.

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.

Back

When Should You Review Term Life Insurance of Yours?

Term Insurance Quote
  • 1st Oct 2019
  • 2,171

When Should You Review Term Life Insurance of Yours?

An insurance plan is like an umbrella on a rainy day. Whenever it rains, you pull out the umbrella, and whenever you are in trouble, you look for an insurance cover. A term plan offers coverage for your life. It provides cover for a specific duration at a low amount of premium. In case of an unfortunate event, the insurer will provide your family with financial security.

Reasons why need to review term life insurance coverage you require

With increasing age and various changes that happen in your life, you must evaluate your cover to ensure that you have adequate protection at all times. Here are a few compelling reasons for you to re-evaluate the cover.

  • Increase in dependents

  • Whenever there is an increase in dependents, you need to review term insurance online. There will be an increase in dependents when you get married, have children, or when your parents retire and they are dependent on you. As and when there is an increase in dependents, you need to look at different ways to include them in your coverage.

  • Increase in liabilities

  • A liability like a long-term loan requires a re-evaluation of the sum assured. You would want your dependents to pay off the same without any financial stress. This is why you need to evaluate the term insurance plan. If you were not going to be around, you would not want your loved ones to be under a pile of debt. Include all the liabilities and consider a higher cover.

  • Change in the family situation

  • You might have to increase the term insurance cover due to a change in the family circumstance. If your spouse resigns from the job or if your parents move in with you, it will be essential to revise the insurance cover.

  • Adverse reports about the insurance company

  • When you hear negative reviews about the insurance company, it is time to reconsider the policy and look at other options. You can also move to another insurer and look for term life insurance online.

  • Change in career or income levels

  • If you have got a promotion and are now earning a higher income as compared to the past, you will have to re-evaluate your insurance requirements. This is mainly because your family will be enjoying an expensive lifestyle and you will have to increase the coverage to help them maintain the standard of living in your absence.

  • Tax-saving opportunities

  • If you do not make the most of the available tax benefits under the Income Tax Act, 1961, you need to consider increasing term insurance. With high coverage, you might have to pay a high premium amount and thereby avail of a high tax benefit.

    Remember, it makes no sense to be over-insured and pay a premium that is beyond your means. However, it is not a good idea to remain under-insured as well. Hence, you must review the term life insurance plan and re-evaluate it when required.

Invest in Term Insurance Now to Save Tax

- A Consumer Education Initiative series by Kotak Life

Also read

    • 30th Nov 2021
    • 428

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

    The purpose and features of a term plan and a retirement plan are different, read this article to understand whether you can substitute a term plan fo...

    Read more
  • Why Renewal of Term Insurance Plan is Important

    There is no amount of certainty in our lives. From childhood, we learn to protect our loved ones.

    Read more
    • 15th Feb 2022
    • 635

    A Step-by-Step Guide: How To Make An Investment Plan?

    Designing the best investment plan takes more than just opening a savings account. Here is a step -by-step investment planning guide that can aid you ...

    Read more

Related Plans

  • Kotak Term Plan

    Kotak Term Plan

    The Kotak Term Plan is a pure risk cover plan and an economical way of providing an adequate level of financial protection.

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more