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.
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.
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!
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A lifeinsurance policy is a plan that can offer coverage to your family in case of an unfortunate event. The purpose of a life insurance policy is to provide financial security to the family if something goes wrong. The policy has a low premium involved and covers the risk of death. Life insurance is an ideal risk management tool and you must surely invest in it.
It is important to review life insurance on a timely basis. Your requirement in terms of money will increase from the time when you first took the policy. If you fail to review the policy as things change in life, you could end up with a lower amount when you require funds. You need to consider any debt you have taken or include additional expenses that you might have to incur in the future. These include your child’s education and his/her wedding, among others.Reviewing your life insurance cover is essential to change the sum assured.
Once you understand what life insurance is and know the benefits of the same, you need to review your policy. If you have recently got married or had a child, you will have to change the sum assured. Again, if you take any additional liabilities, the burden of repayment will require you to increase life insurance coverage. Whenever your income changes or you take a leap in your career, you will need to review the policy and increase the sum assured. You will also have to review life insurance policy when you hear any bad news or customer reviews/experiences about the insurance company.
You need to understand how to review the policy. Primarily, you need to analyze the amount of coverage you have purchased and evaluate if it is sufficient to cover the needs of your family in your absence. Now consider all the liabilities under your name. Next, determine the corpus you need for important goals in the family like the education of your children. Now, consider the amount of income you will need when your income stops. Lastly, consider inflation because the expenses are only going to increase. Once you have made these calculations, you need to compare it with the amount of insurance you have now. Any deficiency will require you to buy a bigger insurance cover. You need to have a balance between your needs and the cover you have.
There is no particular amount of coverage. The amount varies from one individual to another. There could be two families of the same size but they might have different insurance requirements. Hence, there is no one size, which fits everyone.
It is an ideal step to buy a life insurance cover but it is equally important to review the cover keeping the changing scenarios of your life in mind.
- A Consumer Education Initiative series by Kotak Life
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