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Kotak Guaranteed Savings Plan
A plan that offers long term savings and life cover.
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Kotak Lifetime Income Plan
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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
Premium is relatively lower
Premium as per chosen cover
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!
Ref. No. KLI/22-23/E-BB/2435