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.
When you decide on buying life insurance, it implies that you have gone over all the possible options available before choosing one. Many people often go for a term insurance policy as it is a popular form of life insurance due to its affordability and other benefits. In addition, the availability of online term plans has made it easier to compare different plans and has also made them more accessible and preferred.
Before we move ahead, let us look at what is term insurance policy. In elementary words, a term insurance policy is a risk cover that provides financial aid to your loved ones in case of your unfortunate and untimely demise. As the name suggests, a term insurance policy is active for a fixed period. The beneficiaries/nominees can receive a death benefit if they pass away within the predetermined term period. A noteworthy fact is that your beneficiaries or you do not receive a payout if you outlive the policy tenure.
Though you do all the math and weigh the pros and cons before buying a policy, you might want to increase your coverage or insurance period in the future, depending on your changing needs. Thankfully, insurers today offer this feature, making it convenient for you to alter specific policy terms and conditions.
Such a plan is also known as convertible life insurance. It is self-explanatory - a term plan that can be converted to other life insurance plans that usually have a more extended insurance period than a regular term plan. This may be available as a feature when you buy your term insurance policy or may be offered to you as an add-on to your existing plan. The term insurance policy is converted only when you request that you wish to do so. One of the most prominent questions here would be ‘what happens to the premium?’. The premium for term insurance remains the same because this set value is decided while buying the policy.
A convertible plan comes with several benefits that may seem missing from a regular term plan.
Under this term plan, the policy is renewed towards the end of the insurance period. Although usually, to renew the plan at the end of the policy, you must invest in a new plan altogether, becoming highly stressful. Moreover, by the time you complete the first policy and decide to buy a new one, you would have grown older, and therefore, the chances of rejection would be much higher.
The added advantage of buying a renewable policy along with your term plan is that you do not have to go through paperwork multiple times. The premium for term insurance can also be fixed (which is likely to remain the same), and you can pay a yearly renewable plan or one renewed after a fixed period.
Buying a term insurance policy is essential to ensure a financially stable future for your family. Therefore, all the relevant factors must be considered before a decision is taken to invest in one!
- A Consumer Education Initiative series by Kotak Life
The Kotak Term Plan is a pure risk cover plan and an economical way of providing an adequate level of financial protection.Know more
Get protected at less than Rs.19/day with Kotak e-Term Plan. Our term insurance plan combines best-in-class features & comprehensive coverage with...Know more