10-Year Term Life Insurance Policy
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.

  • Kotak E-Invest Plan

    Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.

  • Icon for Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.

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.

Back

10-Year Term Life Insurance Policy - Explained in Detail

Term Insurance Quote
  • 20th Jan 2020
  • 6,293

10-Year Term Life Insurance Policy - Explained in Detail

Life insurance policies come with long policy terms and some even have lifetime coverage. This translates to you paying the premium for 20-30 plus years. But do you really need coverage for that long? If you are not the one for long-term insurance policies then a 10-year insurance plan is meant for you. Let’s run through the features and benefits of a 10-year term insurance plan and some frequently asked questions.

Features and Benefits of the 10-year Insurance Plan:

1. 10-year coverage: You are able to avail a life insurance cover for 10 years and if anything were to happen to you within the 10-year term, a death benefit would be given to the beneficiary.

2. Short-term planning: Ten years is a short duration for an insurance policy but it is also short enough for mapping out a plan. A 10-year insurance plan helps you make specific financial arrangements for your family in case something were to happen to you.

3. Tax benefit:You can claim the payments made towards securing life insurance under Section 80C to avail tax benefits

4. Surrender Option: If you feel that you have no liabilities left or do not require a life cover anymore, you can surrender the insurance policy. This makes you eligible for a certain amount of money which is called the surrender value of the policy.

5. Rider benefit: Term insurance plans come with insurance rider benefit which enables you to get extra coverage from uncertain incidents like accidental death, critical illness, etc.

p>6. Loan against insurance policy: You can avail loan against your insurance policy if there is an emergency situation. These loans are a lucrative option when compared to a personal loan.

7. Death Benefit: If you were to pass away during the policy term, then a lump sum would be given to your beneficiary as a death benefit to secure their financial condition.

Who Is Best Suited for This Plan?

A 10-year insurance plan is best suited for everyone because the term plan gives you a life cover for ten years. This plan is perfect for people in the below-given situations:

  • Your retirement date is coming up or you have retired from work already: In this situation, the 10-year term insurance plan aids your spouse by providing financial assistance if you were to pass away after retirement.
  • The mortgage loan taken by you will be getting over in the next ten years: In such a situation, if you were to pass away, your spouse would be able to pay off the mortgage loan without any hassle
  • Your health is deteriorating: If you know that your health is declining and you have dependent children or spouse, this type of insurance is the perfect option to safeguard finances for them.
  • Your children are in school as you are nearing retirement: To secure your young children from any unknown threats, a policy with a 10-year term gives a sense of relief and safety.

How Does a 10-year Insurance Policy Work

In this type of policy, you have to regularly pay the premiums according to the payment frequency chosen by you. In case of death, a lump sum amount would be given to your beneficiary. As it is a term insurance plan, you cannot avail any maturity benefit if you survive the policy term insurance plan?

Frequently Asked Questions (FAQs)

1. Is there an age restriction to be eligible for availing a 10-year term life insurance plan?

Yes, the minimum age limit to be eligible for a 10-year insurance plan is 18 years and maximum age limit is 65 years.

2. What if the policyholder were to pass away after the policy term expired?

As a 10-year term insurance policy is a term plan, it doesn’t have any maturity benefit.

3. What would happen if the policyholder failed to pay the premiums?

There would be a grace period varying from insurer to insurer. If you failed to pay even within the grace period, the policy would lapse.

4. Is there any protection benefit involved with the term plan if the policy has lapsed?

No, there are no benefits that you can avail if the policy were to lapse.

Buy Term Plan Online and Secure your Loved Ones

- A Consumer Education Initiative series by Kotak Life

Also read

    • 16th Dec 2021
    • 395

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

    Choosing the right term cover can be confusing and overwhelming for some. After all, it is about your family's financial security. Here are five ways ...

    Read more
    • 5th Oct 2020
    • 942

    Why Should You Buy Term Insurance in 2022?

    Term insurance plan covers you against various risks & is surely cheaper & simpler than you think. Click the link for more information on term plan he...

    Read more
  • 4 Reasons Why You Need Critical Illness Cover

    Recovering from a severe illness or surgery can be both expensive and time-consuming so it’s very important to have a critical illness covered in yo...

    Read more

Related Plans

  • Kotak Term Plan

    Kotak Term Plan

    The Kotak Term Plan is a pure risk cover plan and an economical way of providing an adequate level of financial protection.

    Know more
  • Kotak Term Group Plan

    Kotak Term Group Plan

    Kotak Term Group Plan provides life cover to the member, by paying a lump sum benefit to the beneficiary in case of an unfortunate event.

    Know more
  • Kotak Credit Term Group Plan

    Kotak Credit Term Group Plan

    Kotak Credit Term Group Plan provides life cover to a group of borrowers of credit institutions where the life assured is the borrower and the credit ...

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Get protected at less than Rs.19/day with Kotak e-Term Plan. Our term insurance plan combines best-in-class features & comprehensive coverage with...

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more