When are Millennials required to take out a life insurance policy?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Kotak e-Term Plan

When are Millennials required to take out a life insurance policy?

Here’s all the information you millennials need in terms of life insurance. Read here to know about how it’s important to have life insurance for millennials!

  • Nov 18, 2019
  • 2,252 Views

When it comes to life insurance, it is always considered something that only adults who are above 30 years. Millennials believe that a life policy is something that they will need only after a decade or so. However, it is important that this perception changes. Understanding the implications of a life cover will help you decide if you require it.

Need of life insurance for millennials

The importance of life insurance for millennials depends on the point of whether they have any dependent or not. So, as a millennial, you have to first understand whether your parents’ financial condition would get affected if something unfortunate happens to you. If the answer is yes, you definitely need to consider purchasing a life policy. You will also need it if you are married. This way, your financial liabilities will not be imposed on your spouse.

How life insurance helps

Life insurance is a product that is used to manage financial risks. With such an insurance plan, the policyholder ensures the monetary security of his or her family. The policy provides financial aid to the dependents of the insured in case of his or her untimely death. You can choose from multiple plans depending on your requirements and financial state. Moreover, life insurance policies offer tax benefits under section 80C of the Indian Income Tax Act, 1961.

What kind of life insurance policy millennials should buy?

When you decide to buy a life cover for the first time, it can be rather confusing for you. You have the flexibility to choose from different kinds of life insurance plans depending on your personal needs. You can get a term insurance policy, which comes with a specific tenure. In such a plan, the dependents receive the death benefit only when the policyholder passes away before the end of the term. On the other hand, the whole life policy does not have any specific tenure. The policy stays active throughout your entire life. You need to determine your needs so you can choose your policy wisely.

Things to consider when buying a life insurance

The first thing you need is to determine the amount of cover you need. It depends on a few factors such as your long-term financial goals, monetary liabilities in the form of debts, and the regular household expenses. The death benefit must cover all of these. A general rule that you can follow is to opt for a cover that is at least ten times your annual income.

Also, make sure that you do not overpay. Compare different plans to find an affordable policy.

When to buy life insurance

The need of life insurance depends on your current life stage. Explained below a guide that involves the different stages wherein you should invest in life insurance.

  • Single
  • If your parents, grandparents, siblings, or any other loved one depends on you financially, you need a life insurance policy. It will protect them when you are not around.

  • Married
  • When you are married, your financial liabilities often fall on the shoulder of your spouse in case of an untoward event. The life insurance policy will help your spouse in such a circumstance.

  • Married with kids
  • When you have children, buying a life cover becomes even more important. It can help to pay for their education and wedding expenses in your absence.

    Therefore, there is no specific time to buy life insurance. You need to consider your financial situation and the number of dependents and then make a smart investment decision.

Buy Term Insurance and Secure your Loved Ones

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Compare Different Life Insurance Products Offered By Kotak Life

5 Benefits of Gifting Life Insurance Cover to Your Spouse

Process of Filing A Claim For Life Insurance

What is an Endowment Plan?

How to Make Death Claims on Life Insurance?

How Much Life Insurance Cover Do I Need?

When Should You Review Term Life Insurance of Yours?

What Is Insurance Rider and It’s Benefits?

How Does Life Insurance Work?

Why do most Indians choose the wrong way to buy life insurance?

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

Is Life Insurance For Millennials Really Needed?

What are the Benefits of Endowment Policy?

Why do I Need Life Insurance?

क्या जीवन बीमा एक निवेश है?

Can NRI Buy Life Insurance in India?

Top 5 Common Life Insurance Myths and Facts

Why Your Family Should Know About Your Life Insurance Policy?

Best Insurance Plans in India

Types of Life Insurance Or One Investment, Many Options

Life Insurance Vs. Mutual Funds Investment

Sabse Pehle Life Insurance

Difference Between Money Back and Endowment Policy

5 Smart Steps to keep in mind while buying term policies

Benefits of Term Insurance with Critical Illness Rider

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

How to Calculate Human Life Value(HLV)?

Why Do Life Insurance Agents Avoid Selling Term Plans?

How to Choose a Life Insurance Policy

10 Most Frequently Asked Questions - FAQs on Term Insurance

What is Human Life value and a Human Life Value Calculator?

Term Insurance Tips for NRIs in India

Term Insurance Claim Process

Insurance Vs Investment - A Guide to Your Financial Goals

Customer Awareness on Information Security

How Often You Must Review Your Life Insurance Policy?

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

First Job? Here’s Some Tips on How to Manage Finances

Life Insurance vs Mutual Funds

How do life insurance payouts work?

Is It Advisable To Have Multiple Life Insurance Policies?

Different Types of Insurance Policies in India

Various Term Insurance Premium Payment Options Available in India

Digital Life Certificate for Pensioners Seeking Pension

Does Life Insurance Cover Terminal Illness?

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

What are robo-advisors in insurance?

Difference Between ULIP and Endowment Plan?

Does Life Insurance Policy Cover Covid Death?

Details Required To Be Filled In A Life Insurance Form

5 Reasons Why a Women Should Buy a Life Insurance

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Do Life Insurance Premiums Increase Every Year?

6 Things You May Not Know about Life Insurance

Life Insurance and Millennials

Terms and Conditions of Term Insurance Plans

Is it Worth Buying Disability Rider on Term Insurance?

How Much Life Insurance Costs and How Much Insurance Cover You Need?

What is Sum Assured in Endowment Policy?

What Is a Whole Life Insurance Plan?

Reasons Why Term Insurance Claims Get Rejected

How to Customize Your Life Insurance Policy with Riders

What is a Single Premium Term Plan and its Tax Benefit?

What Happens If I Stop Paying My Life Insurance Premium?

Types of Life Insurance Policies in India

Is Life Insurance an Investment?

How to Choose the Right Life Insurance Policy for Your Age?

“Life” Insurance or “Death” Insurance?

जीवन बीमा पर ऋण

What is Group Insurance?

Why Online Term Insurance Plans Cheap?

Do Your Financial Planning with Life Insurance!

Why is Medical Test Important While Buying a Term Insurance?

Most Common Life Insurance Riders to Enhance Your Existing Policy

What is Underinsurance & The Dangers of Being Underinsured

5 Reasons Why You Need Life Insurance in College

Term Insurance Vs Life insurance: Small Details, Big Differences

Health Insurance VS Life Insurance

Is Voluntary Life Insurance the Same as Basic Life Insurance?

Always keep your Nominee informed

What Is the Procedure to choose a nomination in life insurance policy?

Why Life Insurance Is Always a Smart Decision

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Guide for Buying Online Term Insurance Plans for Senior Citizens

What Should One Expect During the Medical Evaluation for Life Insurance?

Why One Must Buy Term Insurance before 25 Years

What is Life Insurance?

How to Buy a Life Insurance Plan?

Why Term Insurance for Women is Important?

Think About Life Insurance Sooner than Later

All About Life Insurance and How It Works?

भारत में जीवन बीमा पॉलिसियों के प्रकार

How To Choose The Right Life Insurance

ULIPs: Suitable for all

Why You Should Never Cancel Life Insurance Policy

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Difference Between Insurance and Assurance?

9 Most Important Things You Must Learn About Paying Life Insurance Premium

NRI Premium Payment Options

5 Things to Consider Before You Buy Life Insurance

Difference Between Term Insurance and Endowment Plan

Kotak Life Claim Settlement Ratio

Can An Individual Buy Multiple Term Insurance Plans?

Choosing a Life Insurance Beneficiary

Role of Life Insurance in Your Financial Portfolio

Everything You Must Know About ULIP Riders

Choose the Nominee of a Term Life Insurance Plan Wisely

What Is Social Impact Investing and How Does It Benefit Society?

Important Terminologies of Life Insurance

All about Life Insurance Calculators

All about IRDAI

Role of IRDAI in the Insurance Sector

Does Life Insurance Pay for Suicidal Death?

Guidelines for Linking Aadhar and PAN to Insurance Policies

Term Life Insurance Vs Money Back Life Insurance

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Does Family History Affects your Term Life Insurance Rates?

How to Find the Best Term Insurance Plan in Seven Steps

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Beware of Phishing & Fraud Insurance Calls

Key Things to Review in Your Life Insurance Policy Document

Life Insurance for Millennials

Term Life Insurance vs Accidental Death Insurance

What Is Staggered Payment Option Under Term Insurance Policy?

What Is Financial Planning?

Important Features of a Term Insurance Plan

How to Buy a Term Life Insurance Online

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Types of Insurance You Must Invest in for Secure Future

5 Easy Steps to Buying A Policy

Life Insurance Beneficiary

Different Types Of Life Insurance In India

What is Minimum Life Insurance Policy?

How to Choose Life Insurance for All Ages?

5 Things to Keep in Mind While Buying Life Insurance Policy

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Adding A Child to Your Life Insurance Policy?

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

All about Your Rights and Duties While Buying Life Insurance Policy

Life Insurance and Retirement Planning

How Do Term Insurance Plans Differ for Smokers?

Life Insurance for Overweight Applicants

Life Insurance for Overweight Applicants

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Life Insurance Policy Closure

Is It Time to Review Life Insurance Policy of Yours?

What happens to joint life insurance after divorce?

How To Use Different Types Of Life Insurance For Retirement Planning?

Insurance Changes You Need to Make Post Marriage

5 Advantages of Life Insurance Going Digital

A Step-by-Step Guide: How To Make An Investment Plan?

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Biggest Life Insurance Myths

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

5 Common Life Insurance FAQs and Answers

How Much Life Insurance Do You Need?

What is the Current Trend in Term Insurance?

7 Superficial Reasons People Avoid Buying Insurance Online

Term Plan with Return of Premium (TROP)

6 Different Types of Insurance Policies

Health Insurance VS Life Insurance

What Is Investment Insurance?

Why Buying a Term Insurance is Important for all Parents

Nominee in insurance - A Complete Guide on nomination in insurance

Important Life Insurance Terms You Must Know

FAQs on Life Insurance

How to Revive the Lapsed Life Insurance Policy?

A Term Insurance Guide for Disabled People

What is the Difference Between Limited and Regular Pay Insurance Plan?

Should You Buy Life Insurance After Getting Married?

What is the Difference Between Insurance and Reinsurance?

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

Who Is A Nominee In A Life Insurance Plan?

5 Ways to ensure faster settlement of claims

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Life Insurance with Money Back vs Without Money Back

How Many Insurances Should I Have?

All About Backdating in Life Insurance

Choosing Between Short-Term & Long-Term Insurance Plans

Take 100% Responsibility of Your Family with Term Life Insurance

Voluntary Life Insurance Policy Vs Group Life Insurance

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

Can a Term Plan be the Substitute for a Retirement Plan?

Why Renewal of Term Insurance Plan is Important

जीवन बीमा क्या है?

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Staying Insured While Investing

Can You Transfer Life Insurance Policies to Another Company in India?

Loan Against Life Insurance Policy

Life Insurance Plans for Women

In India, should NRIs purchase life insurance?

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

What is Insurance Coverage? Overview, Types, and Examples