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.
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.
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!
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.
Our representative will get in touch with you at the earliest.
One of the most basic forms of financial protection for your loved ones is a term insurance plan. A simple term insurance policy entitles your family to a lump sum death benefit pay out in case something was to happen to you during the policy period. If you’re an earning individual and have people depending on you or their finances, then a term insurance policy is a must for you.
Life Cover Amount
When you purchase a term plan, you must choose how much life cover you would need. This is the amount that would be paid to your family in case you pass away during the policy period. Your family would be relying on this amount for their future goals and expenses. So, you must calculate their financial requirement in the future and figure out the total life cover you need. You can do this by using an online insurance calculator that takes into account your age, lifestyle, income expenses, liabilities etc and advises a life cover amount.
Policy Tenure
Unlike whole life insurance, term plans are valid for a limited number of years. So you must decide the policy term for your plan. Depending on your age, it could be anything from 10 to 30 years. If you’re getting a term plan at an early age, then it is advisable to go for the maximum available policy term, as this would attract lower premiums.
Online or Offline Purchase
Nowadays you can purchase a term plan from the comfort of your home. All documentation will be done digitally when you purchase a policy online. You may wish to buy your term policy offline by visiting the insurer or via an agent. Do note, however, that premiums for online bought policies are lower since the insurer’s expenses are reduced.
Insurance Company
If you scan the market for an insurance policy, you’ll be awed by the sheer number of companies offering these plans. It may be confusing or hard to choose one insurance company out of so many. Our advice is to choose a well-known and reputed insurance firm for your term plan. Make sure they have a good claim settlement ratio, favourable reviews, are financially robust, and most importantly, have a good customer relations wing.
Before you buy a term plan, reconsider by asking yourself whether you really need a term insurance policy. If you’re a breadwinner for your family and have dependents, then yes, you must buy a term plan. If you’re earning but do not have any dependents, then you do not need a term plan. Similarly, if you’re retired and have no dependents, again, you do not need a term plan.
You must also note that if you’re buying a term policy, make sure that the tenure is not going beyond your retirement age, as after that your dependents may eventually become financially independent.
- A Consumer Education Initiative series by Kotak Life
Kotak Assured Return Employee Benefit Plan is an insurance plan designed for Employers /Trusts, Employer – Employee groups who wants experts to mana...
Know moreKotak Assured Pension is an annuity plan that promises to pay a regular stream of income on immediate basis or post deferment period for life, ensurin...
Know more