Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
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A term life insurance policy is a very useful investment, which helps your family in times of a financial crisis. The term plan offers a huge financial cover to the nominees of a policyholder in case he or she passes away before the tenure of the policy is over. It is an affordable cover, as it does not come with any maturity benefits. A policy like this is a pure life insurance plan, as it only offers death cover.
When you apply for a term policy, the insurance company considers factors such as your age, lifestyle, current health condition, family history, gender, and income source.
Among these, the family history part is perhaps the most critical aspect to understand, as you need to learn about various points in this factor.
The following three main aspects of family history impact your mortality risk.
Certain medical conditions are known for being transmittable. So, if one of your parents is suffering from any condition, you run a high risk of being diagnosed with it at some point in your life.
If the parents of the policyholder have died at an early age because of critical illnesses then he or she too has the risk of an early death.
The environment you and your family live in can be a catalyst for grave diseases. An unhealthy living condition might result in infections and other illnesses.
List of illnesses that are checked in your family history
Although every insurance company considers these illnesses, these do not affect their premiums equally. For example, some insurers might take diabetes very seriously, but others might not charge you too high for it. However, there is a tendency among the insurers to deny someone a policy if their family’s medical history is filled with illnesses. They can still consider you if your health condition is perfect and you lead a healthy lifestyle.
Never hide family history
Many people tend to hide their family history while buying a term life insurance plan because they believe that it might result in higher premiums or rejection. The truth is, the insurance companies might find it out on their own eventually. It surely comes out if any claim is made by your nominees. This results in a rejection of the death claim. It will surely put your loved ones in jeopardy.To avoid this situation, always be truthful about any information that the insurer needs to know.
The best way to save yourself from a high premium is to stay healthy. Take care of yourself, do not smoke or drink, exercise regularly, and go for regular health checkups.The insurance companies always prefer a healthy policyholder.
- A Consumer Education Initiative series by Kotak Life
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