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Life Insurance vs. Death Insurance: Exploring the Key Distinction

Term plan makes you worry about death? Look at it from another angle. It is a product to help you secure the future of your loved ones. Click here to know its advantages.

  • 4,833 Views | Updated on: Jan 15, 2024

There is a tendency to believe that a term plan makes you worry about death. It is understandable if you do not want to ponder over mortality. However, you must look at it from another angle. Term insurance is an important type of life insurance policy. It is a product to help you secure the future of your loved ones. Death is inevitable, but with a term policy, you can make sure that your dependents do not struggle for finance.

A term insurance plan has various advantages. Explained below are a few term insurance benefits to give you a better idea. A term insurance policy:

  • Offers efficient monetary cover
  • A term policy is a pure life cover. It means that the policy only pays the sum assured in case of the policyholder’s death before the end of the policy term. This makes the policy cost-effective when it comes to the premium aspect. The benefit is offered as a lump sum that can be used to cover the nominees’ financial liabilities.

  • Provides huge cover at an affordable premium
  • The best part about a term policy is that it provides a large cover for a very affordable price. Non-smokers in their early 30s can buy a term cover of INR 1 crore for an annual premium of less than INR 10,000.

  • Takes care of your liabilities
  • Certainly, you have a few financial liabilities like car loan and home loan, among others. If the breadwinner of the family passes away before paying off the debts it becomes a huge challenge for the family members to repay these debts. If he or she has a term plan, the liabilities can be easily managed.

  • Provides the facility monthly income
  • Death of the main earner of the family leaves the household without a source of regular income. To tackle that problem, some insurers offer term policies with a monthly income facility. The nominees receive a portion of the benefit as a lump sum and the rest is paid periodically.

  • Offers economical riders
  • A term policy comes with insurance riders, which you can buy to enhance your cover. A critical illness rider, for example, can help in case you are diagnosed with certain serious diseases. This additional benefit makes the policy even more lucrative.

  • Increases the cover depending on your requirements
  • Different stages of life change one’s financial goals. When you are married or have a child, your financial liabilities will increase. Depending on your needs, you can always enhance your term policy cover. However, remember that doing this will cost you a higher premium.

  • Protects your family from facing financial challenges
  • The financial security of your loved ones is the most important thing. It is a scary thing to wonder about their wellbeing in your absence. To achieve peace of mind, you need to protect their future and make sure that you have done everything in your power to provide your family with a comfortable life. Buying a term plan ensures this.

    Now that you understand how a term life insurance policy can offer you and your family security and comfort, it is time to choose the right cover. Compare different plans to find the one that suits you.

- A Consumer Education Initiative series by Kotak Life

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

Kotak e-Term

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  • 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**

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