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
If you miss life insurance premium payments, your policy could be cancelled. Read more to know about what happens if you stop paying your insurance premium?
A life insurance policy is a failsafe way to guarantee your family’s well-being. In essence, an insurance plan is a contractual agreement between you and your insurer that specifies that if you die, the insurance company will pay a lump sum to your nominees, ensuring a peaceful life for them.
Your insurer pays you as per your insurance plan, but only after you make all of your life insurance policy premium payments. Therefore, it is advisable to plan insurance carefully, keeping all possible factors in mind to make consistent premium payments. A single premium life insurance entails paying a lump sum amount. If you opt for monthly, quarterly, or half-yearly insurance premium payment mode, you can spread out your premiums at chosen intervals throughout the term period. Therefore, it is imperative to plan thoughtfully before purchasing a life insurance policy.
A failure at your end to make the life insurance premium payment will result in a policy lapse. However, a term life insurance policy gives you a grace period that usually lasts 30 days, to complete the pending payments.
Once your insurance has expired, it could be a tricky road ahead. There is, fortunately, a way to reinstate or restore the expired coverage. This method differs from one insurer to the other and is determined by the type of policy.
If you wish to reinstate a lapsed policy, you should fill out the reinstatement application. It’s identical to the application you filled out when you originally applied for the insurance coverage.
This differs considerably depending on your insurer. However, in most cases, if your reinstatement application is submitted within 90 days of the grace period’s completion, you do not require medical examinations.
Most firms will inquire about your existing health situation. In addition, they intend to evaluate if anything has altered since you submitted your initial application.
Life insurance policy premium payments are a full-time commitment and an important element of your financial plan. To prevent payment failures, one must understand how to plan insurance.
Planning for insurance starts by researching the type and form of coverage you require. A full coverage insurance plan is the best option for individuals with significant financial resources as it usually comes with higher premiums. However, you also have an option to buy a minimum life insurance coverage policy. In fact, ‘what is the minimum life insurance policy minimum life insurance policy is a frequently asked question. This type of plan provides coverage for a period ranging from 5-20 years, resulting in reduced monthly premiums.
Choose an automatic payment method that pays your monthly insurance premium on time, so you don’t have to worry about missing the payment deadline.
There’s no denying that timely premium payments are critical to ensuring the continued safety of you and your loved ones. However, if you miss a life insurance premium payment, you get an opportunity to make up for the delay during the grace period. Therefore, the best approach to prevent such payment failures is to plan insurance thoroughly and learn how to plan life insurance most appropriately right from the start.
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.
