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Think About Life Insurance Sooner than Later

Getting life insurance early gives many benefits like lower premium, provides a reliable asset, tax benefits and helps your family in uncertain times. Click here to know more why you should buy life insurance now

  • 5,053 Views | Updated on: Jan 15, 2024

The future is uncertain as is evident in the current times, where the COVID-19 pandemic has spared like fire across the world. With India crossing the highest number of COVID-19 cases, the fragility of life has become glaringly evident.

In such times, what you and your family need is reliable life insurance for the unforeseen times. A life insurance policy protects and financially secures the family in times of need. Thus, it would be good to think about buying life insurance at the earliest. Buying a comprehensive cover as early as possible will also offer you multiple other advantages.

Significant benefits of buying life insurance early

  • Avoiding the rising insurance charges: Due to the current COVID-19 pandemic, multiple insurance providers are expected to increase their premiums and charges. It was earlier expected that insurers will increase charges by nearly 40% post-April 2020. However, not all insurers have adjusted to the rise yet. Hence, it is best to secure a policy in lower rates rather than pay a higher sum for it later.
  • Understanding the criticality of the current times, Kotak Life Insurance provides you with a cost-effective life cover. The plan provides you with critical illness cover, accidental cover, and disability benefit at a price, which does not pinch your pocket. Also, the plan provides benefits for claims made for the death of the insured due to COVID-19.
  • · Securing a reliable asset for the ongoing uncertain times: The current pandemic situation has crashed economies across the world, including India. The value of stocks has significantly declined, reducing the worth of investments. In such dire times, a life insurance cover is one of the most reliable assets. Since life insurance of the policy does not bear a saving or investment component, it is protected from market fluctuations. Hence, it can be used to protect long-term goals.
  • Helping the family deal with unforeseen situations of the present: In the current scenario, there is no certainty of jobs. Also, the reduction in income has been significant. This, in return, has led to mounting debt, pending bills and outstanding liabilities. Thus, to ensure your family is well-secured to pay off impending liabilities, in case of an unfortunate event, it is best to buy a cover as early as possible.
  • Securing lower premiums when younger: A major component that is used to determine life insurance premiums is your age. Higher your age, the more will be your policy premiums. Insurance companies attach a greater risk to people who are older and thereby, charge them with higher premiums. So, to enjoy lower premiums, it is best to think about investing in a life cover as soon as possible.
  • Investing for a longer period and allowing the accumulation of a sizeable wealth: Life Insurance is an investment that allows you to stay invested for longer periods. You can generate sufficient wealth if you pay regular premiums and earn interest thereon for a longer tenure. Hence, buy buying a life insurance coverage early in life will help you ensure you allow your funds to grow better.
  • Buying a plan now to maximise tax benefits by exempting the policy premiums: Buying a life insurance cover will offer you two-fold tax advantages. Under Section 80C of The Income Tax Act, 1961, the premium paid will be exempted from tax up to ₹1.5 lakh. The sooner you buy the insurance, the sooner you will be able to start claiming the tax deductions.
    As per Section 10 (10D), the death benefit offered upon the demise of the insured is also tax exempted. Since taxation laws are subject to changes any time, it is best to secure a cover and enjoy the benefits as early as possible.

- 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

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  • 3 Payout Options
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