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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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You might know people who have life insurance and are paying a substantial amount towards the premium. So what is life insurance policy and does it really work? Yes, it certainly does work but let’s understand what life insurance is and its benefits in detail today.
life insurance is an agreement between you and the insurer who will pay a lump sum amount in the event of your demise. In return, you pay premiums for a fixed period of time to secure the future of your family.Life Insurance Insurance policy helps you get a life cover and also create wealth for the long-term. There are various kinds of insurance policies available to suit your financial requirements like term insurance, endowment plan, money-back insurance policy and many more.
Now that you know the meaning of life insurance, let’s take a look at some of its benefits:
1. Risk Coverage
In case you pass away, the beneficiary of the policy will get a lump sum amount to secure their future, eliminating the need to be dependent on someone else.
2. Tax Benefit
The premiums paid towards insurance can be claimed for income tax deductions under Section 80C of Income Tax Act, 1961. This reduces your taxable income, aiding you to obtain a life cover instead.
3. Loan Option
The insurance policy companies allow you to get a loan against your policy if you are in need. It has lower interest rates when compared to a personal loan and is much quicker in terms of processing. The option is available on selected policies.
4 . Health Cover
Life insurances also cover expenses related to illnesses or hospitalization, freeing you of the burden of medical bills.
5 . Variety of Policies
There are several varieties of insurance policies available to help you secure your future. You can choose a type of policy depending on your needs and purpose.
6. Riders
This option enables you to add extra perks to your policy. The rider options can cover critical illnesses, disability, waiver of premium, accidental death benefit and much more.
1.Term Insurance
Term insurances provide life cover in the event of your demise and don’t have any maturity benefits. This is the simplest form of insurance and cheaper than most other options present in the market.
2. Endowment Plan
Endowment plan is similar to term insurance but the only difference is that the lump sum amount is paid out even if you survive the maturity period. Unlike term plan which provides no maturity benefits.
3. Unit Linked Insurance
ULIPs or Unit Linked Insurance Plans invest some part of your premium towards life insurance and the rest into a financial instrument. The policy has a lock-in period of 5-years and can be continued even after the lock-in ends. You can also choose where you want to invest according to your risk appetite.
4. Whole Life Insurance Plan
Whole life insurance plan covers you throughout your life where you pay the premiums for a stipulated period of time. The corpus is paid out to your family in case of death and does not have a fixed validity. This plan is perfect if you have financial dependents as the death benefit will help secure them.
5. Money Back Policy
Money Back Policy gives you life coverage throughout the policy term and also provides regular payments on survival. The payment made is a percentage of the sum assured which is given during the plan tenure and the rest of the sum assured is paid out on maturity of the policy. In case you pass away during the tenure, the sum assured is paid regardless of the payments made to you before.
6. Annuity Pension Plan
Pension plan involves paying a lump sum amount to the insurance company where the payments are sent out immediately on a regular basis or in a lump sum form. The wealth can also be left to accumulate according to your risk appetite.
Though life may seem smooth when you are younger but as you age there could be some health issues arising, requiring medical aid. Also, no one can predict their life span and till what age they may be with their loved ones. If something were to happen, you wouldn’t want your family to wind up paying your loans and clearing the debt. Life insurances help secure the future of your family and also helps them sustain through the tough times. It leaves them with enough wealth to be independent and carry on.
- A Consumer Education Initiative series by Kotak Life
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