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Ref. No. KLI/22-23/E-BB/492
You should review term life insurance policy on a timely basis. Click here to know the reasons why you need to re-evaluate and increase term insurance coverage 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.
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.
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.
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.
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.
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.
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.
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.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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