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Kotak e-Term Plan

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

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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

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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

A Term Insurance Guide for Disabled People

A Term Insurance Guide for Disabled People
  • 20th Jun 2019 |
  • 3,608

A term insurance policy should be an important part of your investment portfolio as it is the most affordable plan to secure the financial wellbeing of your loved ones if something untoward happens to you. It is different from a regular life insurance plan. Before you consider purchasing a term plan, you need to have an in-depth understanding of the same. A term insurance plan will ensure that your nominees receive the sum assured in case of an unfortunate incident takes place during the period of the policy. This means you can secure the financial future of your loved ones during your absence. However, if you survive the policy term, there will be no maturity benefit. A term plan is a highly economical life insurance plan, which offers significant benefits and covers the biggest risk of death. Since life is unpredictable, you need to be prepared for the worst and a term plan will help you with the same.

Can you purchase life insurance for disabled people?

The requirement of financial inclusion is more important for a disabled individual as such a person’s need is much more complex as compared to physically fit individuals. This is because there is a necessary corpus used against the check-ups, medical bills, and therapies.

Important parameters to consider while buying a term plan for a disabled individual

It is essential to buy term insurance for disabled people. You need to keep certain things in mind when buying a term plan.

1. Coverage

The term life insurance for disabled plan comes with a clause that allows the nominees of the policyholder to receive the sum assured if the policyholder passes away during the term period. Hence, whenever you choose a term plan, consider the coverage; it should be adequate to meet your requirements.

2. Premium amount

A term plan for disabled individuals does not offer any benefits on maturity. Hence, when the policyholder survives the policy term no amount is to him/ her. However, a term plan is an attractive investment, as it offers protection at a nominal cost. You need to keep the premium amount in mind when you buy term insurance for disabled. Ensure that the coverage offered by the plan is proportional to the premium paid by you.

3. Consider inflation

A term insurance plan is indeed futuristic in its nature. It provides coverage that fits the needs of a disabled individual. This is why you need to carefully choose a policy, after considering the impact of inflation. Doing this will ensure that there is proper coverage along with sufficient funds in place.

When buying a term insurance plan for a disabled person, you need to consider the disability that the particular individual has. The sum assured should be enough to meet the financial needs of the family members. Moreover, the premium amount should be in proportion to the benefits offered by a term plan.

If you have not invested in any insurance plan for the disabled, a term plan is an ideal option, as it is hassle-free and economical.

Kotak e-Term Plan

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

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