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

Every Father needs a financial security and stability for his future. Term Insurance Plan is the best gift you can give him. Read on to know why you should invest in term plan.

  • 2,659 Views | Updated on: Feb 27, 2024

A father’s priority is to provide a sheltered life for his family - physically, emotionally, and financially. Even though you cannot assign a tangible value to his dedication, you can express your gratitude for his struggles. And Father’s Day presents the ideal opportunity for this.

So how do you select a meaningful Father’s Day gift to mark your regard for your father? He is the man who spent his life securing his dependents against any type of distress. Therefore, he would always appreciate something that conveys security and reliability. A term plan that names him as the beneficiary would ensure his financial stability in times of crisis. Thus, it would be the ideal gift to thank him for all his sincere efforts.

What is a term plan?

As a pure protection life insurance plan, in exchange for a fixed premium, a term plan pays a specified death benefit to the nominee in case of unfortunate eventualities during the policy tenure. The money helps the family to tide over any financial crisis arising from the sad loss.

Why buy a term plan as your father’s gift?

Here’s a summary of all the ways a term plan can serve your father:

Financial security

Always placing your needs first, did your father save enough to meet the expenses of his retirement years? The retirement corpus he amassed might look paltry in the face of current inflation. With advanced age, medical costs can also increase. It might force him to rely on his children’s financial support. Thus, now that he depends on your income, if something unfortunate happens to you, he might face cash crunches. If you buy a term plan with your father as the nominee, the sum assured (SA) will act as his financial shield even if an unwanted incident occurs.

Extensive coverage at affordable prices

Term plans are the most inexpensive life insurance products. Thus, at prices that suit your budget, you can buy life cover sufficient to meet expenditures your father might incur now or in the future.

Multiple payout options

Term plans offer various claim settlement schemes. You can choose a one-time lump sum payout option for covering immediate expenses, like your outstanding loans. The residue after paying off such debts can fund your father’s living costs. Otherwise, you can opt for a recurring payout plan to provide a constant income to your father.

Inbuilt Features

An accidental death benefit is an inbuilt feature which provides extra payouts over the base Sum Assured if you meet with a fatal accident.

A permanent disability benefit is an inbuilt feature which will waive off future premiums if you sustain any lasting disability due to an accident

Additional Protection with Riders

Lifestyle diseases are rampant among the youth these days due to work-related stress. A critical benefit rider pays on the diagnosis of such life-threatening ailments. It will help finance your expensive healthcare while keeping your savings intact for your father and other family members’ future needs.

Final word

Your father has always kept you safe. It is time you take over the mantle and ensure his financial security. The e-Term plan by Kotak Life offers comprehensive coverage at affordable premiums. It presents multiple coverage options, including inbuilt accidental death and total permanent disability protection. Payout choices are also flexible, from immediate to level-recurring or increasing-recurring payout options, to suit your father’s needs. Therefore, this Father’s Day, invest in Kotak e-Term Plan online, select your father as the beneficiary, and safeguard him against money-related stress.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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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

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