Buying Life Insurance Policies Is An Investment For Millennials

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Kotak E-Invest Plan

    Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.

  • Icon for Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.


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

Buy Life Insurance Now
  • 18th Nov 2019
  • 1,816

Life Insurance for Millennials

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

- A Consumer Education Initiative series by Kotak Life

Also read

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

    Nominee in Insurance may be any person named by a policyholder. You need to assign a trustworthy and responsible person as the nominee. Click here to ...

    Read more
  • Benefits of Term Insurance for Senior Citizens in India

    Term insurance is a policy, which is designed to offer complete protection to your loved ones.

    Read more
    • 20th Oct 2021
    • 447

    Choosing Between Short-Term & Long-Term Insurance Plans

    Short-term insurance usually last from 3 months to 1 year. Long-term insurance is an investment for your health and future in the long-run. Read on to...

    Read more

Related Plans

  • Kotak Raksha Group Micro Insurance Plan

    Kotak Raksha Group Micro Insurance Plan

    Kotak Raksha Group Micro Insurance Plan is a protection oriented plan that aims to cover the socially and economically weaker sections of the society....

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more