Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
Our representative will get in touch with you at the earliest.
When you buy term insurance, you’re purchasing financial protection for your loved ones. If something happens to you and you pass away, they’ll get the death benefit, and they can use the money for their future expenses.
To simplify the process of remitting the death benefit to the policyholder’s family, insurers ask them to provide nominee details in the application form. The nominee is the person who you appoint to receive the policy benefits during claim settlement. Though you can change the nominee in term insurance, you must choose the nominee wisely while buying the policy. As the insurance company will hand out the entire sum assured to the nominee.
Losing a loved one can be a distressing experience. At this crucial time, financial requirements can accumulate quickly, especially if the lost family member was the family’s sole breadwinner.
At this time, the entire focus must be on providing a swift claim process so that the death benefit is paid out to the intended person as quickly as possible. If a nominee is specified in the term insurance document, the insurer can promptly disburse the amount so that the family can put it to good use.
On the other hand, if no nominee is mentioned, the claims process can get complicated since the insurer has to find out who the legal heir is to the policyholder, which can stretch out the claims process.
Unfortunately, legal disputes over insurance claims are common in term insurance. If no nominee is specified, many family members come forward to claim the death benefit amount.
This can turn into an ugly legal battle that may go on for years, and eventually, the people who were the rightful owners of the amount may suffer. When you mention a nominee, the chances of legal disputes are close to zero since the insurer knows exactly who gets the pay-out.
Term insurance plans also allow you to appoint multiple nominees. You can also specifically mention the percentage of death benefits that you want each nominee to receive. For example, if you have chosen your mother and spouse as the nominee, you can specify in the term application that the death benefit be paid in 50-50 ratio to each nominee.
Having multiple nominees can be beneficial if you want different people in the family to get monetary benefits.
Many times, you may feel the need to change the nominee in your term insurance plan. This may happen if your original nominee does not survive the policy term or just because you have second thoughts about your nominee being responsible enough.
If you feel that way, you can always approach your insurer and submit a change of nomination form. Let us look at the steps required to change the nominee
You can easily change the nominee for your term insurance plan. If you’re yet to specify a nominee for your plan, do so that your family does not face any legal issues during claim settlement.
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...Know more
The Kotak Term Plan is a pure risk cover plan and an economical way of providing an adequate level of financial protection.Know more
Kotak Credit Term Group Plan provides life cover to a group of borrowers of credit institutions where the life assured is the borrower and the credit ...Know more