Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
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It is comforting to know that you and your loved ones have a financial safety net in case your health takes an unexpected turn. Planning ahead and saving for a rainy day is always a good idea, but sometimes it can be hard to manage different insurance policies, especially during days when the money is tight. Hence, it is important to choose an insurance policy that is going to be beneficial and easy to invest in.
When it comes to picking the best insurance policies, two particular ones that should be a part of your financial planning are Life Insurance and Health insurance. Though these terms are quite common, people often get confused regarding their varying terms and conditions. Read along to understand the basics of each policy.
Life insurance pays out a death benefit to the insured individual’s beneficiaries. It acts as a financial safety net for the family in case of the demise of the policyholder. The main purpose is to leave behind sufficient monetary funds to replace the loss of future income, and cover expenses like day-to-day costs, outstanding medical bills, or any other debts. It can also be used to fund saving accounts for education or spousal retirement.
The two most important reasons as to why you need life insurance is that -
As per the current Indian tax laws, life insurances also offer tax exemptions. However, the tax benefits alone should not be your motivation for buying into a life insurance plan.
Health Insurance Plans or a Medical health insurance is limited to paying for the policyholder’s current medical expenses that can include doctor’s consultation charges, hospital stays, medical procedures, medicines, tests, etc. The premiums for life insurance policies can either be fixed or flexible, depending on the choice of plans. However, medical insurance premiums are fixed but the tenure is not, as the goal here is to offer protection, not investment.
The central purpose of any kind of medical insurance plan is to ensure that -
While both types of insurance policies are essential, it is imperative that you at least get one of either of the two. Paying for health and life insurance simultaneously becomes a lot less scary when you buy the coverage you need. Those of you under the age of 30 who do not have a chronic condition may be able to avoid the latter. However, people with dependents should not avoid both these needs. Given the uncertain times that we are living in, it is better to be prepared for the future and protect yourself as well as your loved ones.
- A Consumer Education Initiative series by Kotak Life
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