Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

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

Kotak Lifetime Income Plan

Retirement years are the golden years of life. 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.

10 Most Frequently Asked Questions - FAQs on Term Insurance

A term insurance plan is one of the most important investments you can make to provide your loved ones with financial security in case if an unfortunate incident.

  • Jun 19, 2019
  • 4,295 Views

A term insurance plan is one of the most important investments you can make to provide your loved ones with financial security in case if an unfortunate incident. It is important for you to know about different aspects of the insurance plan. Here is a list of ten term insurance related queries that will help you understand what is term insurance and make the future secure.

Q.1: How does a personal habit like smoking matter while choosing a term insurance plan?

A: The term insurance plan is a life cover and insurance companies depend on risk assessments. If you have a higher risk of getting affected by a critical illness then the insurers charge you a higher premium. If you are a smoker then you will have to pay a higher premium than a non-smoker policyholder.

Q.2: Can the premiums change after a period of time?

A: The premium you pay depends on various factors. If you start smoking or drinking then you will have to pay a higher premium. The rule is the same for any policyholder who takes a hazardous job. Inclusion of new riders changes the premium too.

Q.3: Why should I buy an individual insurance plan when I have life insurance through my employer?

A: If your employer offers life insurance to the employees then that can prove beneficial. However, these covers are often not sufficient and you need a higher sum assured for your family’s security. In addition, the insurance cover from your employer is discontinued once you stop working for them.

Q.4: What is the difference between term insurance and accidental insurance?

A: The accidental insurance provides the death benefit only if the insured dies in an accident. The term insurance policy offers cover for any kind of death.

Q.5: What is the difference between term insurance and life insurance?

A: If you buy term insurance online then the nominees will be paid a sum assured if an untoward event takes place. Life insurance provides benefits on the maturity of the plan.

Q.6: Does term insurance have any maturity benefits?

A: Some insurers offer to return the premium on the maturity of the plan. However, this costs you higher premiums.

Q.7: Will the insurer pay the sum assured if the policyholder dies outside of India?

A: The nominees of the policyholder receive the sum assured even if the insured dies outside India.

Q.8: What would happen in a scenario wherein the policyholder has two separate term policies?

A: In case the policyholder has two separate term plans, the second insurer has to be made aware of the first policy and the first insurer must provide acknowledgment.

Q.9: Can Non-Resident Indians (NRIs) buy term insurance in India?

A: If the NRI is legally an Indian citizen, he/she can buy term insurance.

Q.10: Does term insurance have tax benefits?

A: Yes, as per Section 80C of the Income Tax Act, 1961 the policyholder can get a tax benefit of up to INR 1.5 lakh.

The aforementioned term insurance FAQs will help you to have a better understanding as to how this type of insurance policy works.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

4 Things To Expect From Your Term Insurance Plan in India

Tips to Choose the Right Term Period for Term Insurance Plan

Term Insurance Basics You Should Know

10-Year Term Life Insurance Policy - Explained in Detail

Advantages of Buying Term Insurance in Your 50s

Can a Housewife Buy a Term Insurance Plan - All You Need to Know

Buying A Term Insurance Plan? Take These Factors into Account

How To Choose the Right Term Insurance Plan?

How do I Calculate My Term Insurance Premium

8 Things To Do After Buying Term Insurance

Is ₹1 Crore Term Insurance Good Enough Cover?

Individual Life Insurance vs. Group Term Life Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Does Term Insurance Cover Accidental Death?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Should You Have Multiple Term Life Insurance Policies?

Term Life Insurance Plan for Smokers vs Non-Smokers

Term Insurance Age Limit – Term Plan for All Age Groups

Do term insurance policy have a waiting period after buying?

9 Point Guide on how to File Income Tax Return Online

Make Your Online Term Plan Your Familys Monthly Payout

Insuring Protection Against Death With Death Insurance Rider

Why Term Plan Should Be The First Step To Securing Your Future?

Eligibility Criteria for Buying Term Insurance in India

What Types of Deaths Are Covered in a Term Insurance Plan?

Cost of Term Insurance Likely to Increase Soon

Can Term Insurance Plans Be Purchased As A Gift?

Difference Between Term Insurance and Endowment Plan

Reasons You Need Term Insurance Plan as a Self-Employed Person

4 Methods to Calculate How Much Term Insurance You Need

Side Effects of Covid-19 Booster Doses

What is a term insurance plan with a return of premium, and how does it work?

Why should single women purchase term life insurance?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Can I Extend the Tenure of My Term Insurance Plan?

What is Insurance Premium? | Definition of Insurance Premium

What Should You opt for - Limited or Premium Pay?

What Should Be The Duration Of Your Term Plan in India?

Term Insurance: Smokers vs Non-Smokers

Why Married People Should Buy Term Insurance Under MWP Act?

5 Things To Consider While Buying Term Insurance Plan

Steps on How to Buy Term Insurance Online

What All Documents Required For Term Insurance In India?

How To Choose the Right Sum Assured Under a Term Plan?

6 Types of Death not covered in Term Insurance Plan

Why Buy Term Insurance Even at Rising Rates?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Different Types of Premiums in Term Insurance?

What are incremental term insurance plans?

Comparing Term Plans – What Should You Look Out For

Top 3 Reasons Why You Should Buy A Term Plan Now

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Why You Must Include In Your Financial Planning?

Should You Buy a Term Plan After 40?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Can Senior Citizens Avail Term Insurance?

Term Plans are Definitely Cheaper than You Think!

Is Group Term Life Insurance Provided By Employer Sufficient?

Gift Your Father A Term Insurance Plan This Father's Day

Calculating Term Insurance Premium

Should Youngsters, Working Couples Buy Term Insurance Plans?

5 Term Insurance Benefits for Single Women

Why Term Insurance Is Better Than ULIP?

Should you have more than one nominee in your term insurance?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Term Life Insurance Vs Money Back Life Insurance

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Benefits of Short-Term Life Insurance Policy

Difference Between Term Insurance and Endowment Plan

Term Insurance with Critical Illness

Is Life Insurance Investment Worthy Enough

How Does Term Life Insurance Work? Learn the Benefits

All you need to Know about Term Insurance Plans for housewives

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

How to Identify Term Insurance According to Your Needs?

How To Change The Nominee in Term Insurance?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

How To Calculate The Amount Of Term Life Insurance You Need?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

How Much Term Life Insurance Cover Do I Need in India?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

How to Compare Term Insurance Online

Do You Need Term Insurance Cover After Retirement?

Planning For Son or Daughter's Wedding

What Is a Renewable Term Insurance Policy?

Why Spending Time with Friends is Essential for Your Mental Health?

Insuring yourself against Ill Health with a Critical Illness Rider

Tax Benefits of Term Insurance in India

All about Online Income Tax Calculator

Why Should You Add a Rider to a Term Insurance Plan?

Why 1 Cr Term Plan Is Necessary For Family?

5 Reasons to Have a Child Education Plan

Understanding Term Insurance Riders

Term Insurance Calculator - Everything You Need To Know

Choosing Riders for Insurance Plans

Why Should You Not Take A Term Plan Without Medical Test in India?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

8 Benefits of Term Insurance You Should Know

3 Things to Consider When Buying Term Insurance, If You are Single

Everything About Claim Settlement Ratio for Term Insurance

Joint vs Individual Term Insurance: Which One Should You Choose?

Do Beneficiaries Pay Taxes on Term Insurance?

Insuring Against Disability With Disability Insurance Rider

How To Evaluate Your Term Insurance Quote?

11 Types of Death not covered in Term Insurance Plans

Is term Insurance Needed for People With No Dependents?

How Does Term Life Insurance Work? Learn the Benefits

टर्म इंश्योरेंस क्लेम प्रक्रिया

Do I Need to Give a Medical Test for Term Insurance in India?

What Happens if you Hide Facts in your Term Insurance?

Should you buy a Renewable Term Life Policy?

Can You Get Term Insurance Without Income Proof?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

8 Factors to consider before choosing a Critical Illness Insurance

Is There Any Tax Benefit on Term Insurance?

Why Premium Amount for Term Insurance is So Low?

5 Reasons to Buy Term Insurance When You are in Your 30s

Is Term Life Insurance Plan an Investment or Expense?

How to Surrender Term Life Insurance When You Have No Liabilities?

Difference Between Short-Term and Long-Term Insurance

Know How to Invest at Every Age for Larger Returns

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Endowment Plans vs Term Plans: Understanding the difference

Term Insurance Plans and Policies for Smokers

Importance of Term Insurance at Every Stage of Your Life

Insurance Policy for Housewife In India

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Why Short-Term Insurance Plans Deserve a Second Look?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Is It Good To Buy A Term Insurance Plan In 2022?

What is Term Insurance? Term Plan Meaning and Definition

All About Term Insurance Inbuilt Coverage

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

How Much Term Life Insurance Cover Do I Need?

9 Ways to Help Family Members in Financial Trouble

9 Most Frequently Asked Questions on Term Insurance

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

How Does BMI Affect Your Term Insurance Premium?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Why Term Insurance Is Important in times of COVID-19?

Can I Get Term Insurance on Behalf of My Spouse?

Term Insurance With Riders In India

Can I Make Changes to My Term Insurance Policy Post Purchase?

Types of Life Insurance Policies in India

Planning For Children's Future

Increasing Term Insurance and Riders

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

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Can You Increase Your Term Insurance Cover?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Why is it important to buy term insurance plan?

How Does Short-Term Life Insurance Work?

Insuring Against Accidents with an Accidental Death Insurance Rider

What are the Documents Required for Term Insurance Plan?

Which Death Type Does Your Term Plan Not Cover?

Different Types of Protection Plans

Why Should You Buy Term Insurance in 2022?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

6 Reasons That Make Term Insurance a Must Buy

Advantages & Disadvantages of Term Insurance in India

Is a Term Insurance Policy Portable?

Protection for your family

Can I Buy Term Insurance for a COVID-19 Patient?

While Buying Term Insurance Compare Features, Not Just Premiums

10 Ways to Mentally Refresh After a Stressful Day

What is Critical Illness Policy?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Term Plan with Spouse Cover

How Not To Get Your Term Insurance Claim Rejected

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Term Insurance vs Life Insurance: Understand the Difference and Benefits

What is a short term insurance policy?

5 Benefits of Early Retirement Planning

Why Buy Term Insurance Plan With a High Cover?

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

Why Should New Parents Buy Term Life Insurance?

What Are the Best Term Insurance Plans for Planning Retirement?

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

What Is the Correct Age to Buy Term Insurance?

Why does every working women need life insurance?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

4 Reasons Why You Need Critical Illness Cover

Zero Cost Term Insurance Plan: What is & Should you buy it?

Busting Myths and Facts About Term Insurance Policies

How Much Cover Should I Take In A Term Plan?