Buy a Life Insurance Plan in a few clicks
Insurance and Investment in one plan.
Protect your family's financial future.
Thank you
Our representative will get in touch with you at the earliest.
Features
Ref. No. KLI/22-23/E-BB/492
Here are some of the life insurance myths that you may know about. Clear the confusion that you’ve before buying life insurance! Click here to read more!
Many life insurance myths influence people to keep this form of insurance out of their financial planning. This is a risky decision as the death of an earning family member can cause serious damage to their finance. Here are some misconceptions that you must not believe in
It is commonly believed that life insurance is costly. However, this myth is far from the truth. If you buy a term insurance plan, you can get a huge cover at an affordable price.
As a young person, you might not believe that you need a life insurance policy if you are healthy and do not have many liabilities. What you need to realize is that the great uncertainty of death does not consider age. You always need to make sure that your family is financially taken care of during your absence.
Many people feel that this misconception is true. However, in reality, health issues do not make you unworthy of buying a life plan. In fact, if you are suffering from such problems, you require a life insurance plan more than a healthy individual. However, you need to note that in such an insurance plan, a persistent health issue and a family history of health complications will increase the premium.
If you believe in this myth, you are missing a great opportunity to build a fortune. If you invest in a life cover with maturity benefits, the money will multiply significantly over time. If you wait to marry and then invest in a life insurance plan, the money will have lesser time to grow.
This might seem like a fact, especially if you are young. However, the problem with this idea is that it does not take into account the possibility of death. Protecting your loved ones from financial challenges is essential, and you need life insurance for this purpose.
Another myth about life insurance is that the policy offered by your employer is enough.However, the cover is discontinued in case of job change or termination. This risk should be avoided by purchasing an individual life insurance plan.
Tax-saving is an advantage that you enjoy when you buy a life policy. However, it is not the main purpose of the insurance policy. A life insurance plan is designed to provide financial protection to your loved ones.
Some life policies come with maturity benefits apart from the death benefits. Hence, you can use the policy to build a corpus that can make your life after retirement more comfortable.
Now that you are aware of these life insurance facts, you can consider buying a policy and create a foolproof financial portfolio.
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.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
