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


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.

Life Insurance for Millennials

Know why there’s a need for life insurance for millennials and how they’re misled by life insurance myths! Read here to know about them and how it’s important for financial planning!

  • Jul 07, 2022
Amit Raje
Written By :
Amit Raje

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.

Amit Raje
Reviewed By :
Prasad Pimple

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

It has been observed that millennials tend to believe that the life insurance policy is not a necessity. Some life insurance myths contribute to these beliefs. However, most of these are misconceptions, and here are the two most significant ones:

2 Misconceptions Millennials Have about Life Insurance and What They Need to Know

Misconception 1: A life insurance policy is an investment

For ages, life insurance companies have advertised the policy as an investment tool with maturity cash benefits. This has created the misconception among the millennials that life policies are designed as a money-making investment product. In reality, a pure life insurance plan is a risk management tool. It is designed to make sure that the loss of a loved one does not put the family under any additional financial stress.

Misconception 2: A life insurance policy is expensive

It is almost impossible to know all about life insurance without putting in the time and effort. Not having a clear understanding of the policy leads to the misconception that such a plan is costly. However, as a millennial, you can always opt for a term policy, which is affordable and offers a substantial sum assured in case of an unfortunate incident. Buying the right life insurance policy will make sure that your family’s financial needs are taken care of when you are not present to take care of them.

When to buy life insurance

It is important to buy a life insurance policy according to the stage of life you are in to make sure that you purchase the ideal cover for you. The different life phases when you should invest in a life insurance plan are as follows:

  • Single
  • If you are a young and single person, who is the primary earner of the family, buying a life insurance policy is important for you. Surely, you will want your family does not face any financial constraints when you are not around. Young business owners with financial debts require the policy so that in case of their untimely passing, the nominees can take care of the liabilities.

  • Married
  • Getting married comes with many financial responsibilities. It is even trickier because if one of the spouses passes away then the other one ends up with all the debt. Having a life policy can help with that situation, as the death benefit can cover all the financial obligations.

  • Married with children
  • Even if you do not buy a life policy after getting married, you need one immediately after having a child. The future of your little one is in your hands, and you must
    make sure that his or her requirements are fulfilled even in your absence.

What kind of life insurance policy you need

As a millennial, you now understand the need of life insurance for a secure future. We, at Kotak Life Insurance, offer different kinds of life policies, which include term, whole life, and endowment plans, among others. The term policy comes with death benefits at an affordable premium. It has a fixed term. The whole life policy offers the death benefit for the entire lifetime. The endowment plan has an added maturity benefit that you receive if you survive the policy term. You need to keep your financial goals in mind while choosing your preferred type of life insurance for millennials.

Invest in Term Life Insurance and secure your Loved Ones

Kotak e-Term

Download Brochure


  • 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


- A Consumer Education Initiative series by Kotak Life