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Ref. No. KLI/22-23/E-BB/492
Term insurance is a reliable financial product that provides security to your loved ones at an affordable premium. However, selecting the right plan and understanding how to buy term insurance can be overwhelming. With various options available, it is essential to make an informed decision. This guide simplifies the process and offers a step-by-step approach on how to buy term insurance online, ensuring a seamless and hassle-free experience.
Understanding how to buy term life insurance can help you secure a suitable policy with ease. Here’s a step-by-step process to guide you:
Selecting a convenient payment schedule helps manage your budget efficiently. Additionally, you can choose a payment term, including:
Choosing an appropriate term insurance plan involves thorough assessment and consideration. Here’s how you can make an informed choice while understanding how to buy term insurance:
Most financial advisors recommend selecting a sum assured that is at least 15-20 times your annual income for adequate coverage. A higher sum assured can provide long-term financial stability for your dependents.
Death is one of the most stressful and traumatic events for the deceased person’s family. And, if the person is the breadwinner, the loss of income adds to the turmoil. So, now that you are aware of how to buy term insurance, make sure that you compare the details, buy a suitable term plan online, and protect your family from future financial hardships.
1
To choose the right plan, consider factors such as your financial obligations, future expenses, and dependents’ needs. Understanding how to buy term insurance can help you evaluate different policies effectively. Compare plans based on coverage, premium affordability, insurer reputation, and additional rider benefits before making a decision.
2
Key factors include your age, income, existing liabilities, lifestyle habits, and health conditions. Additionally, assess the insurer’s claim settlement ratio, policy exclusions, and available riders to ensure comprehensive coverage.
3
Financial experts recommend choosing coverage at least 15-20 times your annual income. Consider outstanding debts, future financial goals, and inflation while deciding the sum assured to ensure adequate financial security for your family.
4
The ideal tenure depends on your current age and retirement plans. Ideally, your policy should cover you until your financial dependents become self-sufficient, which is typically until 60-65 years of age.
5
Yes, buying term insurance online is safe and convenient. If you’re wondering how to buy term insurance, online platforms offer a seamless and transparent process. Reputable insurers provide secure payment gateways and encrypted data protection.
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.
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