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Ref. No. KLI/22-23/E-BB/492
Voluntary life insurance is offered by employers to their employees, Basic life insurance is like a contractual agreement between you and your insurer. Read on to know more.
There are so many financial tools and terms out there that it is only natural for people to face doubt and confusion. In an internal debate within your mind wherein you are trying to figure out which is the best life insurance policy, it is highly possible that you find trouble differentiating between its different kinds and the types of benefits they offer. In this particular article, we will learn about the difference between voluntary and Basic life insurance.
Voluntary life insurance is offered by employers to their employees wherein they have to pay a relatively low premium.
Basic life insurance is like a contractual agreement between you and your insurer wherein you get a protection cover for your loved ones.
Voluntary Life Insurance |
Basic Life Insurance |
Employer benefit |
Private/Personal Insurance |
Premium is relatively lower |
Premium as per chosen cover |
Less customisation |
More customisation |
Validity is till the time the employee is part of the organisation |
Validity depends on the term period chosen by the policyholder |
No medical check-up needed |
Medical check-up needed |
Guarantee issue provided |
Guarantee issue not provided |
If you are wondering whether you can buy life insurance online, then the answer is - Yes, you can. In fact, owing to the COVID-19 pandemic, many people have actively shifted to the online forum for looking after their financial tools and investments. People did buy policy online before the pandemic as well, but the frequency of online purchases has only increased post social distancing.
Whether either of the two insurances are necessary is entirely up to you, but it is advisable to get both voluntary and basic life insurance. Each has its own benefits to offer, but both of them ensure financial stability for you and your loved ones. It all comes down to choosing the best policy for which you need to have all the information so as to make the right decision. There are a host of insurers and banking institutions you can find by doing a quick search on the internet to buy policy online! Research well and choose wisely!
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.
