Key Factors to Consider While Comparing, Buying Life Cover Policy
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance
  • 12th Nov 2019 |
  • 4,076

If you,like many others are worried about the financial problems that could plague your family in the future, now is the time to put an end to your worries. Breadwinners in the country are constantly about the uncertainties that life brings.They are always worried about an unfortunate event that could change their lives forever. By investing in the right type of insurance, you can make a decision that will have a direct impact on your future. To ensure that you are making the right choice, you need to read about different factors that will help you choose a plan.

Different factors that will help you choose term life insurance:

1. Premium

Before buying an insurance policy, you need to understand the premium that you will be liable to pay. If you have never purchased an insurance plan, you need to know that the premium is the price you are paying for the coverage. It is paid periodically as per the rules of the insurance company. Many people only focus on a low premium term insurance and this could be a huge mistake. You should not buy a plan based on the amount of premium. There are other factors to consider as well. These factors are explained ahead.

2.Income

Before you decide on an insurance plan, you need to consider your income. Your current earnings and potential income will help you choose the right type of plan. You need to compare premium of term insurance to make the right decision. Talk to your insurer about your future financial plans and then buy a plan.

3. Pros vs. cons

You need to consider the pros and cons of life insurance before you invest. Consider the costs and map it against the benefits of an insurance cover. The benefits offered by the plan will justify the cost you are incurring for the same.

4.Who will the insurance cover?

Various types of insurance plans offer different kinds of coverage. Hence, it is important to check if the plan covers your dependents. Depending on what you are looking for, you need to be careful, that your preferred plan covers the majority of health-related issues or not.

5. Types of life insurance plans

When you start looking for insurance, you will understand that there are four types of plans available for you. Hence, understand what each plan offers and then make a decision.

  • Endowment policy
  • The first type of insurance plan is an endowment policy where the insurer will pay a certain amount of money on maturity or upon death, whichever is earlier.

  • Term insurance policy
  • In this policy, you will get a cover for life for a specific period. It will pay the nominee in case of an unfortunate incident. It is a low premium life insurance plan.

  • Unit-Linked Insurance Plan (ULIP)
  • ULIP offers investment and insurance coverage. In addition to an insurance cover, your premium amount will be invested in your preferred instruments such as stocks o bonds.

  • Money back policies
  • This plan offers payments at regular intervals after a certain period.

    You need to be very careful when choosing a policy. Ensure you talk to people and consider your needs before making a decision. Do not rush the process and do not make the mistake of focusing only on low-cost insurance plans.

Calculate Term Insurance Premium

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is Underinsurance & The Dangers of Being Underinsured

Nominee in insurance - A Complete Guide on nomination in insurance

All about IRDAI

Key Things to Review in Your Life Insurance Policy Document

5 Reasons Why a Women Should Buy a Life Insurance

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Types of Life Insurance Policies in India

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

Who Is A Nominee In A Life Insurance Plan?

All about Life Insurance Calculators

Digital Life Certificate for Pensioners Seeking Pension

Is It Advisable To Have Multiple Life Insurance Policies?

Beware of Phishing & Fraud Insurance Calls

Life Insurance for Overweight Applicants

How to Customize Your Life Insurance Policy with Riders

Why Renewal of Term Insurance Plan is Important

Life Insurance and Retirement Planning

Customer Awareness on Information Security

Life Insurance vs Mutual Funds

What is Group Insurance?

Take 100% Responsibility of Your Family with Term Life Insurance

Why Term Insurance for Women is Important?

What is an Endowment Plan?

Term Plan with Return of Premium (TROP)

5 Common Life Insurance FAQs and Answers

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Life Insurance Policy Closure

Why Your Family Should Know About Your Life Insurance Policy?

Biggest Life Insurance Myths

How Does Life Insurance Work?

Top 5 Common Life Insurance Myths and Facts

How Much Life Insurance Do You Need?

How to Buy a Term Life Insurance Online

Does Life Insurance Cover Terminal Illness?

Always keep your Nominee informed

How To Choose The Right Life Insurance

Is Life Insurance an Investment?

Term Insurance Vs Life insurance: Small Details, Big Differences

What Is Social Impact Investing and How Does It Benefit Society?

भारत में जीवन बीमा पॉलिसियों के प्रकार

How Much Life Insurance Cover Do I Need?

Life Insurance for Overweight Applicants

Types of Life Insurance Or One Investment, Many Options

How Often You Must Review Your Life Insurance Policy?

5 Things to Consider Before You Buy Life Insurance

Sabse Pehle Life Insurance

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

What Is the Procedure to choose a nomination in life insurance policy?

When are Millennials required to take out a life insurance policy?

What is the Difference Between Limited and Regular Pay Insurance Plan?

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

Choosing Between Short-Term & Long-Term Insurance Plans

Why do most Indians choose the wrong way to buy life insurance?

Term Life Insurance vs Accidental Death Insurance

Insurance Changes You Need to Make Post Marriage

Does Family History Affects your Term Life Insurance Rates?

Can An Individual Buy Multiple Term Insurance Plans?

Voluntary Life Insurance Policy Vs Group Life Insurance

Kotak Life Claim Settlement Ratio

Life Insurance Vs. Mutual Funds Investment

Choosing a Life Insurance Beneficiary

Term Life Insurance Vs Money Back Life Insurance

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Life Insurance with Money Back vs Without Money Back

Why is Medical Test Important While Buying a Term Insurance?

Guidelines for Linking Aadhar and PAN to Insurance Policies

Adding A Child to Your Life Insurance Policy?

Important Terminologies of Life Insurance

A Term Insurance Guide for Disabled People

Why You Should Never Cancel Life Insurance Policy

Can NRI Buy Life Insurance in India?

10 Most Frequently Asked Questions - FAQs on Term Insurance

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Why Do Life Insurance Agents Avoid Selling Term Plans?

7 Superficial Reasons People Avoid Buying Insurance Online

All about Your Rights and Duties While Buying Life Insurance Policy

Role of IRDAI in the Insurance Sector

5 Easy Steps to Buying A Policy

All About Backdating in Life Insurance

How Do Term Insurance Plans Differ for Smokers?

What are the Benefits of Endowment Policy?

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

How to Find the Best Term Insurance Plan in Seven Steps

Difference Between Term Insurance and Endowment Plan

Life Insurance Plans for Women

What is Minimum Life Insurance Policy?

Most Common Life Insurance Riders to Enhance Your Existing Policy

What Should One Expect During the Medical Evaluation for Life Insurance?

Details Required To Be Filled In A Life Insurance Form

9 Most Important Things You Must Learn About Paying Life Insurance Premium

जीवन बीमा क्या है?

Insurance Vs Investment - A Guide to Your Financial Goals

What Is Staggered Payment Option Under Term Insurance Policy?

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Life Insurance Beneficiary

Why Buying a Term Insurance is Important for all Parents

Can You Transfer Life Insurance Policies to Another Company in India?

Process of Filing A Claim For Life Insurance

Loan Against Life Insurance Policy

Different Types of Insurance Policies in India

Term Insurance Claim Process

What is a Single Premium Term Plan and its Tax Benefit?

How to Revive the Lapsed Life Insurance Policy?

What Is Financial Planning?

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

How to Make Death Claims on Life Insurance?

ULIPs: Suitable for all

Reasons Why Term Insurance Claims Get Rejected

Different Types Of Life Insurance In India

How to Calculate Human Life Value(HLV)?

Important Life Insurance Terms You Must Know

Term Insurance Tips for NRIs in India

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Do Your Financial Planning with Life Insurance!

Does Life Insurance Pay for Suicidal Death?

FAQs on Life Insurance

5 Things to Keep in Mind While Buying Life Insurance Policy

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Compare Different Life Insurance Products Offered By Kotak Life

How to Buy a Life Insurance Plan?

NRI Premium Payment Options

Life Insurance for Millennials

Why do I Need Life Insurance?

5 Smart Steps to keep in mind while buying term policies

Think About Life Insurance Sooner than Later

Is it Worth Buying Disability Rider on Term Insurance?

What Is a Whole Life Insurance Plan?

All About Life Insurance and How It Works?

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

क्या जीवन बीमा एक निवेश है?

Life Insurance and Millennials

Benefits of Buying Term Insurance Plan for Senior Citizens in India

First Job? Here’s Some Tips on How to Manage Finances

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Everything You Must Know About ULIP Riders

Why One Must Buy Term Insurance before 25 Years

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Is It Time to Review Life Insurance Policy of Yours?

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Various Term Insurance Premium Payment Options Available in India

In India, should NRIs purchase life insurance?

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

6 Different Types of Insurance Policies

Is Voluntary Life Insurance the Same as Basic Life Insurance?

What are robo-advisors in insurance?

What is Human Life value and a Human Life Value Calculator?

Benefits of Term Insurance with Critical Illness Rider

Choose the Nominee of a Term Life Insurance Plan Wisely

5 Benefits of Gifting Life Insurance Cover to Your Spouse

Health Insurance VS Life Insurance

Why Online Term Insurance Plans Cheap?

Types of Insurance You Must Invest in for Secure Future

What is Life Insurance?

Difference Between Money Back and Endowment Policy

Important Features of a Term Insurance Plan

Should You Buy Life Insurance After Getting Married?

What is Insurance Coverage? Overview, Types, and Examples

Do Life Insurance Premiums Increase Every Year?

How To Use Different Types Of Life Insurance For Retirement Planning?

Does Life Insurance Policy Cover Covid Death?

What is Sum Assured in Endowment Policy?

6 Things You May Not Know about Life Insurance

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Terms and Conditions of Term Insurance Plans

When Should You Review Term Life Insurance of Yours?

Best Insurance Plans in India

Difference Between Insurance and Assurance?

What Happens If I Stop Paying My Life Insurance Premium?

Why Life Insurance Is Always a Smart Decision

5 Advantages of Life Insurance Going Digital

What is the Current Trend in Term Insurance?

How to Choose a Life Insurance Policy

What Is Insurance Rider and It’s Benefits?

5 Ways to ensure faster settlement of claims

Is Life Insurance For Millennials Really Needed?

How Many Insurances Should I Have?

How to Choose Life Insurance for All Ages?

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Health Insurance VS Life Insurance

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

जीवन बीमा पर ऋण

“Life” Insurance or “Death” Insurance?

Staying Insured While Investing

What Is Investment Insurance?

Role of Life Insurance in Your Financial Portfolio

How to Choose the Right Life Insurance Policy for Your Age?

Difference Between ULIP and Endowment Plan?

5 Reasons Why You Need Life Insurance in College

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Guide for Buying Online Term Insurance Plans for Senior Citizens