Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

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

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. Know more

Kotak E-Invest

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

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. Know more

Kotak Lifetime Income Plan

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

6 Signs That You Are Not Financially Ready For An Early Retirement

6 Signs That You Are Not Financially Ready For An Early Retirement
  • 22nd Dec 2021 |
  • 539

There may be various reasons you wish to retire early, such as disliking your job, pursuing travel, other interests, etc. But early retirement involves much more than just giving up your job. Your finances must be stable, and you must have a plan to address your regular and critical expenditures in the future. Choosing to retire early without proper planning can make you regret your decision later on.

Look out for the below signs, which signify that you are not yet ready for retirement.

1. You Are Struggling with Current Expenses

If you are unable to pay your bills comfortably with the current paycheck, early retirement may not be a good idea for you. While some expenses such as commuting may decrease when you retire, others like health, entertainment, and travel expenses may add on. Also, while struggling to pay your bills, there is little scope for investing and saving for retirement.

2. You Have Debts/Loans

If you still paying EMIs for home loans, study loans, or other debts, early retirement can further misbalance your finances. Therefore, you should pay off the debts before choosing to retire so that it doesn’t take a toll on your finances in the future.

3. You have no Retirement Plan (or Insufficient Savings)

Early retirement calls for efficient planning for at least a few years before you plan to retire. You must have a retirement plan and other savings that are more than enough for your expenses post-retirement. If you have opted for a retirement plan, the corpus must be sufficient to serve you for those extra retirement years.

4. You Do Not Have a Health Coverage

It is a crucial factor to look for while retiring early. It is vital to have insurance for health, life, and other disabilities before you retire so that such emergencies don’t affect your funds meant for other things. If you are still to get health coverage, it might not be a suitable time to retire.

5. You Have Family Obligations/Responsibilities

If you have family responsibilities such as education or marriage of children, dependent parents, or other obligations, you must reconsider your plan to retire. It is a better idea to get rid of all the responsibilities of the dependents before you choose to retire early.

6. You Don’t Have Separate Fund for Emergencies

Emergencies can fall upon us at any time, and you must be prepared for them before you plan your early retirement. There must be a separate emergency corpus to handle such situations. It may be in the form of market investment, properties, or other assets that can be easily liquefied in times of need.

Plan Wisely to Make the Most of Your Retirement Years

Early retirement is an excellent idea if you wish to lead a life on your terms, but the retirement years may be fruitful only if it has been planned wisely and well in advance. Also, you must be emotionally ready to retire with a plan in mind to utilise your free time.

Kotak e-Term Plan


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

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


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is term Insurance Needed for People With No Dependents?

Insuring Against Disability With Disability Insurance Rider

Why Buy Term Insurance Plan With a High Cover?

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

How To Choose the Right Term Insurance Plan?

Everything About Claim Settlement Ratio for Term Insurance

8 Benefits of Term Insurance You Should Know

Term Plans are Definitely Cheaper than You Think!

Do You Need Term Insurance Cover After Retirement?

Advantages & Disadvantages of Term Insurance in India

What Happens if you Hide Facts in your Term Insurance?

What is Critical Illness Policy

Does Term Insurance Cover Accidental Death?

Why should single women purchase term life insurance?

Is Life Insurance Investment Worthy Enough

6 Types of Death not covered in Term Insurance Plan

Why does every working woman need life insurance?

Importance of Term Insurance at Every Stage of Your Life

Planning For Children's Future

How Much Cover Should I Take In A Term Plan?

9 Most Frequently Asked Questions on Term Insurance

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

Why Buy Term Insurance Even at Rising Rates?

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should You Buy Term Insurance in 2022?

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

Different Types of Protection Plans

8 Factors to consider before choosing a Critical Illness Insurance

9 Ways to Help Family Members in Financial Trouble

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

What are incremental term insurance plans?

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

Why is it important to buy term insurance plan?

What is a short term insurance policy?

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

Calculating Term Insurance Premium

What Is the Correct Age to Buy Term Insurance?

5 Benefits of Early Retirement Planning

Can Senior Citizens Avail Term Insurance?

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

Term Insurance With Riders In India

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

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance Calculator - Everythng You Need To Know

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Term Life Insurance Plan for Smokers vs Non-Smokers

10-Year Term Life Insurance Policy - Explained in Detail

Planning For Son or Daughter's Wedding

Is Term Life Insurance Plan an Investment or Expense?

Best Investment Plans for Children - Secure Your Child's Future

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

Can I Extend the Tenure of My Term Insurance Plan?

Why 1 Cr Term Plan Is Necessary For Family?

Term Insurance: Smokers vs Non-Smokers

Can Term Insurance Plans Be Purchased As A Gift?

All About Term Insurance Inbuilt Coverage

Busting Myths and Facts About Term Insurance Policies

Know How to Invest at Every Age for Larger Returns

Do Beneficiaries Pay Taxes on Term Insurance?

Advantages of Buying Term Insurance in Your 50s

How Does A Term Life Insurance Work in India?

Is There Any Tax Benefit on Term Insurance?

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

Tips to Choose the Right Term Period for Term Insurance Plan

Term Insurance Basics You Should Know

Steps on How to Buy Term Insurance Online

Eligibility Criteria for Buying Term Insurance in India

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

What Should You opt for - Limited or Premium Pay?

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

What is Insurance Premium - A Detailed Guide

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

How to Surrender Term Life Insurance When you have No Liabilities

Individual Life Insurance vs. Group Term Life Insurance

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

Term Insurance Age Limit – Term Plan for All Age Groups

Term Insurance – Why You Must Include In Your Financial Planning?

How Not To Get Your Term Insurance Claim Rejected

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

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

Ensure Protection Against Death, Disease & Disability With Life Insurance

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

Which Death Type Does Your Term Plan Not Cover?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Can You Increase Your Term Insurance Cover?

Choosing Riders for Insurance Plans

4 Methods to Calculate How Much Term Insurance You Need

Insurance Policy for Housewife In India

Why Married People Should Buy Term Insurance Under MWP Act?

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

Tax Benefits of Term Insurance in India

Buying A Term Insurance Plan? Take These Factors into Account

Should You Buy a Term Plan After 40?

Insuring Against Accidents with an Accidental Death Insurance Rider

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

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

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

Endowment Plans vs Term Plans: Understanding the difference

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

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

Why Term Insurance Is Better Than ULIP?

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

How Much Term Insurance Do I Need

Key Differences Between Term Insurance, ULIPs, And Health Insurance

6 Reasons That Make Term Insurance a Must Buy

4 Reasons Why You Need Critical Illness Cover

How to Identify Term Insurance According to Your Needs?

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

What Are the Best Term Insurance Plans for Planning Retirement?

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

Increasing Term Insurance and Riders

How To Change The Nominee in Term Insurance?

How to Compare Term Insurance Online

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

Term Insurance with Critical Illness

What All Documents Required For Term Insurance In India?

Term Insurance Plans and Policies for Smokers

Why Premium Amount for Term Insurance is So Low?

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

What are the Documents Required for Term Insurance Plan?

Is a Term Insurance Policy Portable?

Different Types of Premium in Term Insurance

Can I Get Term Insurance on Behalf of My Spouse?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

While Buying Term Insurance Compare Features, Not Just Premiums

Insuring yourself against Ill Health with a Critical Illness Rider

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

Comparing Term Plans – What Should You Look Out For

5 Things To Consider While Buying Term Insurance Plan

5 Term Insurance Benefits for Single Women

Insuring Protection Against Death With Death Insurance Rider

Term Plan with Spouse Cover

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

Difference between Term Insurance and Life Insurance

Protection for your family

What is Term Insurance - A Complete Guide

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

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

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

8 Things To Do After Buying Term Insurance

Make Your Online Term Plan Your Familys Monthly Payout

Understanding Term Insurance Riders

What Is a Renewable Term Insurance Policy?

4 Things To Expect From Your Term Insurance Plan in India

Top 3 Reasons Why You Should Buy A Term Plan Now

Cost of Term Insurance Likely to Increase Soon

Why Should New Parents Buy Term Life Insurance?

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

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

How Does Term Life Insurance Work? Learn the Benefits

Should You Have Multiple Term Life Insurance Policies?

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

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

Is ₹1 Crore Term Insurance Good Enough Cover?

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

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

All you need to Know about Term Insurance Plans for Housewives