Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. 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 life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

FAQs on Life Insurance

Life insurance is an important component of our financial plan. Several insurers offer different types of plans which makes it confusing. Here are some life insurance FAQs and answers to get clarity.

  • Oct 10, 2019
  • 6,723 Views

Life insurance is an important component of your financial plan. It provides financial stability to your loved ones in case of an unfortunate event. Several insurers offer different types of plans. This makes life insurance confusing.

Here are some frequently asked questions (FAQs) associated with life insurance to help you get better clarity about the same:

1. What is life insurance?

This is the basic life insurance FAQ. Life insurance is a contract between you and the insurance company. The insurer agrees to pay the policy benefits to your nominees in case of

2. Why is life insurance useful?

Life cover is useful to ensure the financial stability of your family in case you are unable to earn due to an accident or illness. The policy also pays the benefits to your beneficiaries in case of an untoward event. Procuring such coverage ensures that your family can to meet their expenses and sustain their lifestyles even in your absence.

3. Is life insurance necessary?

One of the things to know about life insurance is that while it is not necessary, purchasing a policy is a smart investment decision. This is especially if you have dependents such as spouse, parents, and children. The life plan will provide financial security to your family if you are not around. Moreover, life policies offer several benefits and are a flexible instrument. Some of these include the flexibility of adding riders for greater coverage or withdrawing part of the accumulated corpus to meet expenses such as children’s education or wedding.

4. How do I decide on the amount of life insurance cover I need?

The maturity benefits primarily depend on the premium you pay during the policy term. This amount depends on several factors such as your lifestyle, spending habits, income, expenses, and debt obligations. It is recommended you procure coverage that is approximately between eight-ten times of your annual income.

5. How much does life insurance cost?

The insurance cost depends on the type of policy chosen. In addition, factors like the sum assured, premium amount, age, and coverage influence the insurance cost. The total insurance costs include mortality charges, administrative charges, and investment fees. To know all about life insurance costs, you must read the policy document.

6. Are different options available to pay the premium?

Yes, insurers provide several options for premium payment. You may choose monthly, quarterly, semi-annually, or annual payment options. Some policies are available with a one-time premium.

7. What are the consequences if I do not pay the premium on time?

A grace period of up to 30 days is available from the premium due date. If you do not pay the same within this period, the policy becomes defunct and all benefits are lost. You need to pay the revival premium when you want to restart the coverage.

8. How can I calculate term life insurance?

One of the common questions is about term insurance and how it is different from regular life policies. The former is a pure life cover and offers only death benefits to your nominees. If you survive the policy duration, there are no maturity benefits available. It is an affordable and convenient way to avail of higher coverage.

The aforementioned are some of the common life insurance FAQs and answers. You may research online for more information.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Think About Life Insurance Sooner than Later

Difference Between Insurance and Assurance?

What happens to joint life insurance after divorce?

Important Life Insurance Terms You Must Know

All About Life Insurance and How It Works?

Different Types of Insurance Policies in India

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

Best Insurance Plans in India

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

Factors to Check Before Buying Life Insurance in India

Advantages of Digitizing the Insurance Claims Process

What is Insurance Premium? | Definition of Insurance Premium

Do College Students Need to Buy a Life Insurance?

Does Life Insurance Pay for Suicidal Death?

All about IRDAI

Compare Different Life Insurance Products Offered By Kotak Life

How to Choose the Right Term Plan as per Your Age

How Much Life Insurance Do You Need?

Kotak Life Claim Settlement Ratio

Sabse Pehle Life Insurance

Life Insurance for Millennials

भारत में गृहणियों के लिए टर्म इंश्योरेंस

What is Minimum Life Insurance Policy?

Is It Advisable To Have Multiple Life Insurance Policies?

Life Insurance with Money Back vs Without Money Back

5 Things to Keep in Mind While Buying Life Insurance Policy

Top 5 Common Life Insurance Myths and Facts

Role of IRDAI in the Insurance Sector

Beware of Phishing & Fraud Insurance Calls

Different Types Of Life Insurance In India

Insurance and Endowment: Everything You Need to Know!

Why Life Insurance is Always a Smart Decision?

Why do I Need Life Insurance?

Most Common Life Insurance Riders to Enhance Your Existing Policy

बीमा क्षेत्र में IRDAI की भूमिका

Do Life Insurance Premiums Increase Every Year?

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Should You Buy Life Insurance After Getting Married?

Life Insurance and Retirement Planning

NRI Premium Payment Options

How to Make Death Claims on Life Insurance?

Process of Filing A Claim For Life Insurance

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

Know the many types of life insurance policies in India

Different Types of Protection Plans

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

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

Terminal Illness Benefit in Term Insurance

Difference Between Money Back and Endowment Policy

What is the process of reactivating lapsed life insurance policy?

Important Terminologies of Life Insurance

What is Human Life Value (HLV) & How to Calculate it?

Does Family History Affects your Term Life Insurance Rates?

Details Required To Be Filled In A Life Insurance Form

What is Insurance Coverage? Overview, Types, and Examples

Life Insurance for Overweight Applicants

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

Does Life Insurance Policy Cover Covid Death?

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

All about Your Rights and Duties While Buying Life Insurance Policy

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

What is Group Insurance?

Do Your Financial Planning with Life Insurance!

Why You Should Never Cancel Life Insurance Policy

भारत में जीवन बीमा पॉलिसियों के प्रकार

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

Digital Life Certificate for Pensioners Seeking Pension

All about Life Insurance Calculators

How Much Term Life Insurance Cover Do I Need?

Whole Life Insurance Definition: How It Works, With Examples

Life Insurance Vs. Mutual Funds Investment

In India, should NRIs purchase life insurance?

Why Your Family Should Know About Your Life Insurance Policy?

Customer Awareness on Information Security

Loan Against Life Insurance Policy

Can I Transfer My Term Life Insurance Policy to another Company?

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

Key Things to Review in Your Life Insurance Policy Document

What Is Insurance Rider and It’s Benefits?

6 Different Types of Insurance Policies

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

Why Term Insurance for Women is Important?

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

Voluntary Life Insurance vs. Basic Life Insurance

How Does Life Insurance Work?

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Why Porting Health & Life Insurance after Marriage is Important?

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

How Much Life Insurance Should You Have?

How to Choose Life Insurance for All Ages?

Single Premium Term Insurance: Meaning & Tax Benefits

Here's How to Choose The Tight Life Insurance

Adding a Child to Your Life Insurance Policy?

Is Life Insurance For Millennials Really Needed?

Benefits of Gifting Term Insurance to Your Spouse

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

What Happens If You Stop Paying Premiums of Life Insurance?

Why Do Life Insurance Agents Avoid Selling Term Plans?

5 Common Life Insurance FAQs and Answers

What is KYC - Meaning, Types, and Importance

Choosing a Life Insurance Beneficiary

जीवन बीमा क्या है?

What Is Investment Insurance?

What is the Difference Between Insurance and Reinsurance?

Want to surrender your life insurance policy? Here's a guide

How Do Term Insurance Plans Differ for Smokers?

Nominee in insurance - A Complete Guide on nomination in insurance

Life Insurance and Millennials

Know the many types of life insurance policies in India

Backdating in Life Insurance: Should You Avoid it?

Health Insurance VS Life Insurance

6 Things You Didn't Know Life Insurance Could Do

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

How to Use Different Types of Life Insurance for Retirement Planning?

Term Life Insurance vs Accidental Death Insurance

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

How do life insurance payouts work?

Invest in Insurance to Secure Your Future

Benefits of Term Insurance for Senior Citizens in India

5 Easy Steps to Buying A Policy

Why is Medical Test Important While Buying a Term Insurance?

How often should I review my policy?

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

How to Buy Life Insurance Policy Online?

7 Superficial Reasons People Avoid Buying Insurance Online

Term Insurance Vs Life insurance: Small Details, Big Differences

क्या जीवन बीमा एक निवेश है?

Biggest Life Insurance Myths

Life Insurance vs. Death Insurance: Exploring the Key Distinction

How Many Insurances Should I Have?

Benefits of Term Insurance with Critical Illness Rider

जीवन बीमा पर ऋण

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

Staying Insured While Investing

Choosing Riders for Insurance Plans

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

How to Customize Your Life Insurance Policy with Riders

What is Underinsurance & The Dangers of Being Underinsured

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

6 Ways You Can Ensure Fast & Smooth Claim Settlement

Insurance vs Investment - Know the Difference

Always keep your Nominee informed

What are robo-advisors in insurance?

What is Life Insurance?

What Is the Difference Between Group Term and Voluntary Term Life Insurance?

Life Insurance vs Mutual Funds

Is Life Insurance Worth It?

Health Insurance VS Life Insurance

Term Plan with Return of Premium (TROP)

Guidelines for Linking Aadhar and PAN to Insurance Policies

How to Choose a Life Insurance Policy

Life Insurance Plans for Women

Role of Life Insurance in Your Financial Portfolio

Who Is A Nominee In A Life Insurance Plan?

What is Surrender Value in Insurance, and How is it Calculated?

Everything You Need to Know About Endowment Policy

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

Life Insurance Beneficiary

Choosing Between Short-Term & Long-Term Insurance Plans

Life Insurance for Overweight Applicants

5 Reasons Why a Women Should Buy a Life Insurance

Types of Riders in Insurance Policy

What are the Benefits of Endowment Policy?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Is It Time to Review Life Insurance Policy of Yours?