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


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.

Do term insurance policy have a waiting period after buying?

Typically, there is a term period when applying for life insurance. The waiting period is the time between submitting an application for insurance and obtaining permission to begin coverage. There is a term period before coverage begins under several life

  • Jan 30, 2023

There is a term period before coverage begins under several life insurance policies. This is the waiting period before your plan coverage begins after enrolling. If you pass away during the coverage period, your heirs will only get a refund of the premiums you’ve paid. This knowledge is helpful as you consider the effects of life insurance on your loved ones.

You should not take life insurance lightly because it is a part of your entire estate plan, which is a crucial financial exercise. A financial planner may assist you in developing an estate plan that considers your unique situation and objectives.

    Key Takeaways

    1 Key notes about the term insurance waiting period are mentioned below.

    2 The waiting period benefits not just the policyholder but also the family members.

    3 The waiting period is of two type, one takes place during the application process.

    4 Another is the term that the closed one has to wait to use to acquire the death benefits.

Why Do We Need Life Insurance?

Life Insurance is a financial product designed to assist with the financial support of a deceased policyholder’s loved ones. You purchase a life insurance policy for a predetermined amount of coverage and choose a beneficiary or beneficiaries. Monthly or quarterly premium payments are made according to risk indicators for death, such as age and general health. The insurance company will pay the death benefit specified in your policy upon your passing.

Term Life Insurance is intended to assist in covering unforeseen costs if they arise. However, life insurance is not meant to protect you in the same way that other policies do. Instead, it benefits the people closest to you. For instance, it can be used to cover final expenses if you have a large family or to replace lost income if you were working at the time of your death and your loved ones rely on you financially.

What is the Definition of an Insurance Waiting Period?

Two primary types of waiting periods are associated with life insurance policies: the application pending and the death benefit waiting period. The end consequence is the same, your life insurance policy won’t pay out if something occurs to you during the term insurance waiting period. But, first, let’s go down to how each one operates.

Term Period While Application Is Pending

There is typically a term insurance waiting period when you apply for life insurance. The waiting period is between filling out an insurance application and receiving approval to start coverage. For an automated system, this may take as little as a few minutes, and for a human, this could take weeks. Neither your premiums nor coverage will begin after the application’s waiting time has ended. You will not leave anything to your heirs if you pass away during this period.

Duration of Waiting Period for Death Benefits

There is a waiting period for term insurance before a policyholder’s beneficiaries can receive death benefits after the insurance company has approved the policy and begun collecting premiums. Deaths occurring within the waiting period for death benefits will result in no payout to beneficiaries. Instead, most policies will pay out a percentage of the total premiums you’ve paid up to that point.

Why does Term Insurance Plan Have Waiting Period?

There is a holding time for applications, so the insurance provider may decide whether or not to offer coverage. During this period, employees are surveyed about their lifestyle habits, such as whether or not they smoke or drink heavily. In addition, a physical examination and other information that could affect your actuarial life expectancy will likely be required. The insurance firm uses this data to determine your risk level and lifespan and then calculates your rates accordingly.

Did You Know?

Most death benefit term period are included in policies as a “blanket.” This is functionally analogous to the standard language in contracts barring compensation in the event of suicide.


Concluding, we can say that majority of term insurance plans come with a waiting period, while few can be categorized under term life insurance with no waiting period. There are two types of waiting periods associated with insurance: application waiting periods, which occur between the time you apply and the time your coverage becomes effective, and death benefit waiting periods, which occur between the time you receive coverage and the time your death benefits become effective. Regardless of the waiting tenure, it is advisable to invest in term insurance, as the benefits are worth the wait.

Kotak e-Term

Download Brochure


  • 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


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Should Youngsters, Working Couples Buy Term Insurance Plans?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Term Plan with Spouse Cover

Why Premium Amount for Term Insurance is So Low?

Calculating Term Insurance Premium

4 Reasons Why You Need Critical Illness Cover

How Does Term Life Insurance Work? Learn the Benefits

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

Everything About Claim Settlement Ratio for Term Insurance

Should you buy a Renewable Term Life Policy?

Advantages of Buying Term Insurance in Your 50s

Why Buy Term Insurance Even at Rising Rates?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Top 3 Reasons Why You Should Buy A Term Plan Now

Why Should You Buy Term Insurance in 2022?

What All Documents Required For Term Insurance In India?

Busting Myths and Facts About Term Insurance Policies

10 Most Frequently Asked Questions - FAQs on Term Insurance

Different Types of Premiums in Term Insurance?

Term Plans are Definitely Cheaper than You Think!

How Not To Get Your Term Insurance Claim Rejected

Why Term Insurance Is Better Than ULIP?

Individual Life Insurance vs. Group Term Life Insurance

How do I Calculate My Term Insurance Premium

Term Insurance Age Limit – Term Plan for All Age Groups

Which Death Type Does Your Term Plan Not Cover?

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

Why Married People Should Buy Term Insurance Under MWP Act?

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

Is Life Insurance Investment Worthy Enough

Term Insurance Plans and Policies for Smokers

Term Life Insurance Plan for Smokers vs Non-Smokers

Term Insurance: Smokers vs Non-Smokers

Choosing Riders for Insurance Plans

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

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

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

9 Ways to Help Family Members in Financial Trouble

Term Insurance With Riders In India

8 Benefits of Term Insurance You Should Know

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

Insuring Against Disability With Disability Insurance Rider

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

Why Buy Term Insurance Plan With a High Cover?

Advantages & Disadvantages of Term Insurance in India

What Are the Best Term Insurance Plans for Planning Retirement?

Why You Must Include In Your Financial Planning?

Why 1 Cr Term Plan Is Necessary For Family?

Protection for your family

Why does every working women need life insurance?

Is term Insurance Needed for People With No Dependents?

What are incremental term insurance plans?

Comparing Term Plans – What Should You Look Out For

Cost of Term Insurance Likely to Increase Soon

8 Factors to consider before choosing a Critical Illness Insurance

Endowment Plans vs Term Plans: Understanding the difference

5 Benefits of Early Retirement Planning

Should You Buy a Term Plan After 40?

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

How To Choose the Right Term Insurance Plan?

11 Types of Death not covered in Term Insurance Plans

Insuring yourself against Ill Health with a Critical Illness Rider

Difference Between Term Insurance and Endowment Plan

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Difference Between Term Insurance and Endowment Plan

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

What is Insurance Premium? | Definition of Insurance Premium

10 Ways to Mentally Refresh After a Stressful Day

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

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

Buying A Term Insurance Plan? Take These Factors into Account

How To Evaluate Your Term Insurance Quote?

Why Should New Parents Buy Term Life Insurance?

Importance of Term Insurance at Every Stage of Your Life

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

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

What is a short term insurance policy?

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

How Much Cover Should I Take In A Term Plan?

What Happens if you Hide Facts in your Term Insurance?

Can Term Insurance Plans Be Purchased As A Gift?

Eligibility Criteria for Buying Term Insurance in India

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

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

9 Point Guide on how to File Income Tax Return Online

6 Reasons That Make Term Insurance a Must Buy

How Much Term Life Insurance Cover Do I Need?

All about Online Income Tax Calculator

Term Insurance Basics You Should Know

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

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

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

What Should You opt for - Limited or Premium Pay?

What is Critical Illness Policy?

Tax Benefits of Term Insurance in India

6 Types of Death not covered in Term Insurance Plan

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

Tips to Choose the Right Term Period for Term Insurance Plan

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

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

Do You Need Term Insurance Cover After Retirement?

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

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

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

How Does Short-Term Life Insurance Work?

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

What are the Documents Required for Term Insurance Plan?

Types of Life Insurance Policies in India

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

Increasing Term Insurance and Riders

How to Compare Term Insurance Online

What Is a Renewable Term Insurance Policy?

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

8 Things To Do After Buying Term Insurance

Do Beneficiaries Pay Taxes on Term Insurance?

Term Insurance Calculator - Everything You Need To Know

Benefits of Short-Term Life Insurance Policy

Planning For Children's Future

Difference Between Short-Term and Long-Term Insurance

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

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

Can You Increase Your Term Insurance Cover?

भारत में जीवन बीमा कितने प्रकार के होते हैं?

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

Why is it important to buy term insurance plan?

5 Term Insurance Benefits for Single Women

5 Things To Consider While Buying Term Insurance Plan

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

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

Term Insurance with Critical Illness

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Understanding Term Insurance Riders

Steps on How to Buy Term Insurance Online

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

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

Insuring Against Accidents with an Accidental Death Insurance Rider

Can I Get Term Insurance on Behalf of My Spouse?

Should You Have Multiple Term Life Insurance Policies?

All you need to Know about Term Insurance Plans for housewives

Make Your Online Term Plan Your Familys Monthly Payout

4 Things To Expect From Your Term Insurance Plan in India

How to Identify Term Insurance According to Your Needs?

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

Is There Any Tax Benefit on Term Insurance?

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

Does Term Insurance Cover Accidental Death?

टर्म इंश्योरेंस क्लेम प्रक्रिया

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

While Buying Term Insurance Compare Features, Not Just Premiums

5 Reasons to Have a Child Education Plan

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

Why Short-Term Insurance Plans Deserve a Second Look?

How Does BMI Affect Your Term Insurance Premium?

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

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

How to Buy 1 Crore Life Insurance Policy Without Medical Test

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

Is ₹1 Crore Term Insurance Good Enough Cover?

How Does Term Life Insurance Work? Learn the Benefits

10-Year Term Life Insurance Policy - Explained in Detail

Is Group Term Life Insurance Provided By Employer Sufficient?

Can Senior Citizens Avail Term Insurance?

Can I Extend the Tenure of My Term Insurance Plan?

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

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

Know How to Invest at Every Age for Larger Returns

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

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

Why should single women purchase term life insurance?

What Is the Correct Age to Buy Term Insurance?

Term Insurance vs Life Insurance: Understand the Difference and Benefits

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

What is Term Insurance? Term Plan Meaning and Definition

9 Most Frequently Asked Questions on Term Insurance

Is Term Life Insurance Plan an Investment or Expense?

Is a Term Insurance Policy Portable?

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

Insurance Policy for Housewife In India

Insuring Protection Against Death With Death Insurance Rider

Different Types of Protection Plans

Planning For Son or Daughter's Wedding

Can You Get Term Insurance Without Income Proof?

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

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

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

How To Change The Nominee in Term Insurance?

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

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

4 Methods to Calculate How Much Term Insurance You Need

All About Term Insurance Inbuilt Coverage

Term Life Insurance Vs Money Back Life Insurance

Side Effects of Covid-19 Booster Doses

Ensure Protection Against Death, Disease & Disability With Life Insurance