Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

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.

Buying A Term Insurance Plan? Take These Factors into Account

Before you purchase a term insurance policy, you must consider a few factors that could help you get the best possible outcome from your term plan. Read the article to know the factors.

  • Nov 30, 2021
  • 1,258 Views

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.

Before you purchase a term insurance policy, you must consider a few factors that could help you get the best possible outcome from your term plan.

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.

Should You Get A Term Plan?

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.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What are the Documents Required for Term Insurance Plan?

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

Can You Get Term Insurance Without Income Proof?

How Much Cover Should I Take In A Term Plan?

How to Surrender Term Life Insurance When You Have No Liabilities?

Make Your Online Term Plan Your Familys Monthly Payout

Advantages of Buying Term Insurance in Your 50s

Do You Need Term Insurance Cover After Retirement?

टर्म इंश्योरेंस क्लेम प्रक्रिया

Is There Any Tax Benefit on Term Insurance?

Tax Benefits of Term Insurance in India

Insuring Against Disability With Disability Insurance Rider

Increasing Term Insurance and Riders

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

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

8 Benefits of Term Insurance You Should Know

Can Senior Citizens Avail Term Insurance?

Why Buy Term Insurance Even at Rising Rates?

Types of Life Insurance Policies in India

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

What is a term insurance plan with a return of premium, and how does it work?

Advantages & Disadvantages of Term Insurance in India

Which Death Type Does Your Term Plan Not Cover?

How Does Term Life Insurance Work? Learn the Benefits

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

Term Insurance: Smokers vs Non-Smokers

While Buying Term Insurance Compare Features, Not Just Premiums

Term Life Insurance Vs Money Back Life Insurance

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

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

Does Term Insurance Cover Accidental Death?

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

What is Critical Illness Policy?

Why Term Insurance Is Better Than ULIP?

6 Reasons That Make Term Insurance a Must Buy

How Much Term Life Insurance Cover Do I Need?

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

Importance of Term Insurance at Every Stage of Your Life

Why Should You Buy Term Insurance in 2022?

5 Benefits of Early Retirement Planning

How Does BMI Affect Your Term Insurance Premium?

Difference Between Term Insurance and Endowment Plan

How do I Calculate My Term Insurance Premium

What Is the Correct Age to Buy Term Insurance?

Term Insurance Basics You Should Know

Do Beneficiaries Pay Taxes on Term Insurance?

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Term Plans are Definitely Cheaper than You Think!

All about Online Income Tax Calculator

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

Should you have more than one nominee in your term insurance?

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

Why Should New Parents Buy Term Life Insurance?

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

Individual Life Insurance vs. Group Term Life Insurance

Why Spending Time with Friends is Essential for Your Mental Health?

Term Insurance Plans and Policies for Smokers

How Does Short-Term Life Insurance Work?

Why Premium Amount for Term Insurance is So Low?

Busting Myths and Facts About Term Insurance Policies

Is term Insurance Needed for People With No Dependents?

Should you buy a Renewable Term Life Policy?

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

Calculating Term Insurance Premium

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

Why Buy Term Insurance Plan With a High Cover?

9 Most Frequently Asked Questions on Term Insurance

Insuring Protection Against Death With Death Insurance Rider

4 Methods to Calculate How Much Term Insurance You Need

How Not To Get Your Term Insurance Claim Rejected

Joint vs Individual Term Insurance: Which One Should You Choose?

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Why should single women purchase term life insurance?

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

Insurance Policy for Housewife In India

6 Types of Death not covered in Term Insurance Plan

Why Married People Should Buy Term Insurance Under MWP Act?

Can Term Insurance Plans Be Purchased As A Gift?

Protection for your family

Is Term Life Insurance Plan an Investment or Expense?

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

What is a short term insurance policy?

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

10-Year Term Life Insurance Policy - Explained in Detail

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

How To Change The Nominee in Term Insurance?

Different Types of Protection Plans

8 Factors to consider before choosing a Critical Illness Insurance

भारत में गृहणियों के लिए टर्म इंश्योरेंस

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

Know How to Invest at Every Age for Larger Returns

Term Insurance Age Limit – Term Plan for All Age Groups

How To Evaluate Your Term Insurance Quote?

Why You Must Include In Your Financial Planning?

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

What is Insurance Premium? | Definition of Insurance Premium

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

Top 3 Reasons Why You Should Buy A Term Plan Now

Everything About Claim Settlement Ratio for Term Insurance

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

All About Term Insurance Inbuilt Coverage

What is Term Insurance? Term Plan Meaning and Definition

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

Term Plan with Spouse Cover

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Can I Get Term Insurance on Behalf of My Spouse?

5 Reasons to Have a Child Education Plan

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Why does every working women need life insurance?

Insuring yourself against Ill Health with a Critical Illness Rider

Cost of Term Insurance Likely to Increase Soon

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

Different Types of Premiums in Term Insurance?

Term Insurance with Critical Illness

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Should Youngsters, Working Couples Buy Term Insurance Plans?

Is Life Insurance Investment Worthy Enough

Tips to Choose the Right Term Period for Term Insurance Plan

3 Things to Consider When Buying Term Insurance, If You are Single

Should You Buy a Term Plan After 40?

Planning For Son or Daughter's Wedding

9 Point Guide on how to File Income Tax Return Online

Term Insurance With Riders In India

Should You Have Multiple Term Life Insurance Policies?

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

How Does Term Life Insurance Work? Learn the Benefits

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance Calculator - Everything You Need To Know

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

All you need to Know about Term Insurance Plans for housewives

Choosing Riders for Insurance Plans

Benefits of Short-Term Life Insurance Policy

Planning For Children's Future

How To Choose the Right Term Insurance Plan?

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

Difference Between Short-Term and Long-Term Insurance

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Steps on How to Buy Term Insurance Online

4 Reasons Why You Need Critical Illness Cover

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

Why Short-Term Insurance Plans Deserve a Second Look?

10 Ways to Mentally Refresh After a Stressful Day

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

Do term insurance policy have a waiting period after buying?

Why is it important to buy term insurance plan?

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

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

Side Effects of Covid-19 Booster Doses

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

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

How to Identify Term Insurance According to Your Needs?

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

5 Things To Consider While Buying Term Insurance Plan

10 Most Frequently Asked Questions - FAQs on Term Insurance

5 Term Insurance Benefits for Single Women

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

Endowment Plans vs Term Plans: Understanding the difference

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

4 Things To Expect From Your Term Insurance Plan in India

What Are the Best Term Insurance Plans for Planning Retirement?

8 Things To Do After Buying Term Insurance

11 Types of Death not covered in Term Insurance Plans

Why 1 Cr Term Plan Is Necessary For Family?

What are incremental term insurance plans?

Eligibility Criteria for Buying Term Insurance in India

What Is a Renewable Term Insurance Policy?

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

How to Compare Term Insurance Online

What All Documents Required For Term Insurance In India?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

Is ₹1 Crore Term Insurance Good Enough Cover?

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

Difference Between Term Insurance and Endowment Plan

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

Ensure Protection Against Death, Disease & Disability With Life Insurance

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

Insuring Against Accidents with an Accidental Death Insurance Rider

Understanding Term Insurance Riders

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

What Happens if you Hide Facts in your Term Insurance?

Can You Increase Your Term Insurance Cover?

Term Life Insurance Plan for Smokers vs Non-Smokers

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

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

9 Ways to Help Family Members in Financial Trouble

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

What Should You opt for - Limited or Premium Pay?

Comparing Term Plans – What Should You Look Out For

Can I Extend the Tenure of My Term Insurance Plan?

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

Is a Term Insurance Policy Portable?

Zero Cost Term Insurance Plan: What is & Should you buy it?