Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

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. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

How to Choose the Right Life Insurance Policy for Your Age?

How to Choose the Right Life Insurance Policy for Your Age?
  • 25th Oct 2021 |
  • 461

One of the prized possessions most of us have is the family. And, as a family member, you would want to ensure the well-being of all your loved ones throughout their life. And to ensure that they don’t ever face any financial hardship even in your absence, it is paramount that you secure their future by buying a robust life insurance policy.

Life insurance gives your family a financial cushion and helps them take care of their everyday needs in the event of your untimely demise. So, while buying the right insurance policy for your family, you must analyse their various financial needs.

Choosing the right Insurance policy based on your age

Your financial status and requirements may change through different stages of life. For example, when you are unmarried, you may have different financial responsibilities compared to when you get married or become a parent. However, throughout various stages of life, you would need sufficient life insurance protection.

In your 20s

If you are young and in your 20’s, you may not have too many financial responsibilities or financial dependents. However, you may still need a life cover to give your family financial protection. In such a situation, you can consider buying a term plan with high coverage. This will ensure that your family gets a lump sum amount if something happens to you.

In your 30s

Most Indians get married or have a child in their 30s and start a new family. It is also the time when you start putting your family’s interest ahead of your own and think about financial planning for the future. You may plan for your child’s future expenses.

So, in terms of choosing the right life insurance policy at this stage, you can buy a term plan. The premium will be relatively affordable as compared to other policies, and you can get high coverage. Alternatively, you can consider purchasing a money-back plan or a return of a premium term plan. This will help you get sufficient coverage, and if you outlive the policy period, you will get the premium back, which is a big plus as you may approach your 40s by the time your policy matures.

In your 40s and 50s

A lot of people in India realise the importance of buying life insurance in their 40s. At this age, even those who avoided buying a policy earlier tend to purchase life insurance. According to IRDA, people in the 40s constitute the most significant chunk of life insurance policyholders in India. While in your 40s, you could be doing well in your professional life, and your children may be still dependent on you financially.

Even if you may have a decent income at this stage, you may feel burdened with taking care of your children’s education needs and parents’ medical expenses. Experts suggest that at this stage, it is better to purchase a life insurance policy that offers both life cover and investments-cum-savings opportunities like ULIP (Unit Linked Insurance Plan).

As you attain your 50s, your children may become financially independent and already think about your retirement. It would be the best time to purchase a retirement life insurance plan with retirement not too far. You may still have enough time to accumulate a decent corpus that you can use post-retirement and manage the expenses during the golden years of your life.

In your 60s

When you are in your 60s, you may be wondering, ‘if it is too late to buy insurance?’ But remember, it is never too late to purchase life insurance. So, if you have not purchased a plan yet, you can do it now.

At this stage, your reason for buying insurance may not be to secure your loved ones’ future but also to make up for the lost income and pay off the dues you may have. This way, you can protect your loved ones from facing the repayment burden.

However, at this stage, the only glitch in getting an insurance cover would be the high premium cost. As you grow old, you are more vulnerable to suffering from illnesses and to cover the risk, the insurance companies charge a high premium.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is Term Life Insurance Plan an Investment or Expense?

What is a short term insurance policy?

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

Term Insurance: Smokers vs Non-Smokers

Why 1 Cr Term Plan Is Necessary For Family?

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

Best Investment Plans for Children - Secure Your Child's Future

Why does every working woman need life insurance?

How to Surrender Term Life Insurance When you have No Liabilities

What Are the Best Term Insurance Plans for Planning Retirement?

Should You Have Multiple Term Life Insurance Policies?

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

Eligibility Criteria for Buying Term Insurance in India

5 Benefits of Early Retirement Planning

All you need to Know about Term Insurance Plans for Housewives

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance Calculator - Everythng You Need To Know

Tips to Choose the Right Term Period for Term Insurance Plan

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

Can Term Insurance Plans Be Purchased As A Gift?

Should You Buy a Term Plan After 40?

Insurance Policy for Housewife In India

How To Choose the Right Term Insurance Plan?

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

Term Insurance With Riders In India

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

Why Buy Term Insurance Plan With a High Cover?

Insuring Against Accidents with an Accidental Death Insurance Rider

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

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

What is Term Insurance - A Complete Guide

Is There Any Tax Benefit on Term Insurance?

Term Plans are Definitely Cheaper than You Think!

Understanding Term Insurance Riders

Is a Term Insurance Policy Portable?

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

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

Busting Myths and Facts About Term Insurance Policies

What are the Documents Required for Term Insurance Plan?

What Should You opt for - Limited or Premium Pay?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

8 Benefits of Term Insurance You Should Know

What is Critical Illness Policy

Why Term Insurance Is Better Than ULIP?

What All Documents Required For Term Insurance In India?

Everything About Claim Settlement Ratio for Term Insurance

While Buying Term Insurance Compare Features, Not Just Premiums

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

Term Insurance Age Limit – Term Plan for All Age Groups

Why is it important to buy term insurance plan?

Term Insurance Plans and Policies for Smokers

9 Most Frequently Asked Questions on Term Insurance

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

5 Things To Consider While Buying Term Insurance Plan

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

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

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

How Much Term Insurance Do I Need

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Buying A Term Insurance Plan? Take These Factors into Account

Term Insurance with Critical Illness

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

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

How Much Cover Should I Take In A Term Plan?

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

Choosing Riders for Insurance Plans

Planning For Children's Future

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

Term Plan with Spouse Cover

How Not To Get Your Term Insurance Claim Rejected

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Why Premium Amount for Term Insurance is So Low?

How to Identify Term Insurance According to Your Needs?

Protection for your family

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

What is Insurance Premium - A Detailed Guide

6 Types of Death not covered in Term Insurance Plan

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

Increasing Term Insurance and Riders

4 Reasons Why You Need Critical Illness Cover

Is Group Term Life Insurance Provided By Employer Sufficient?

5 Term Insurance Benefits for Single Women

Tax Benefits of Term Insurance in India

Endowment Plans vs Term Plans: Understanding the difference

How To Change The Nominee in Term Insurance?

Calculating Term Insurance Premium

Can You Increase Your Term Insurance Cover?

Can I Extend the Tenure of My Term Insurance Plan?

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

4 Things To Expect From Your Term Insurance Plan in India

Is Life Insurance Investment Worthy Enough

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

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

Individual Life Insurance vs. Group Term Life Insurance

What Is a Renewable Term Insurance Policy?

Advantages of Buying Term Insurance in Your 50s

Do Beneficiaries Pay Taxes on Term Insurance?

Why Should New Parents Buy Term Life Insurance?

Insuring yourself against Ill Health with a Critical Illness Rider

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

How Does Term Life Insurance Work? Learn the Benefits

Is ₹1 Crore Term Insurance Good Enough Cover?

4 Methods to Calculate How Much Term Insurance You Need

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

9 Ways to Help Family Members in Financial Trouble

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should You Buy Term Insurance in 2022?

Do You Need Term Insurance Cover After Retirement?

Is term Insurance Needed for People With No Dependents?

Does Term Insurance Cover Accidental Death?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Why Married People Should Buy Term Insurance Under MWP Act?

Insuring Protection Against Death With Death Insurance Rider

Advantages & Disadvantages of Term Insurance in India

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

8 Things To Do After Buying Term Insurance

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

Different Types of Premium in Term Insurance

Why Buy Term Insurance Even at Rising Rates?

6 Reasons That Make Term Insurance a Must Buy

Insuring Against Disability With Disability Insurance Rider

How to Compare Term Insurance Online

Top 3 Reasons Why You Should Buy A Term Plan Now

Planning For Son or Daughter's Wedding

Term Insurance – Why You Must Include In Your Financial Planning?

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

Why should single women purchase term life insurance?

Which Death Type Does Your Term Plan Not Cover?

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

8 Factors to consider before choosing a Critical Illness Insurance

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

Can Senior Citizens Avail Term Insurance?

Term Life Insurance Plan for Smokers vs Non-Smokers

Importance of Term Insurance at Every Stage of Your Life

Comparing Term Plans – What Should You Look Out For

Ensure Protection Against Death, Disease & Disability With Life Insurance

10-Year Term Life Insurance Policy - Explained in Detail

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

What are incremental term insurance plans?

Know How to Invest at Every Age for Larger Returns

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

How Does A Term Life Insurance Work in India?

Term Insurance Basics You Should Know

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

Steps on How to Buy Term Insurance Online

What Is the Correct Age to Buy Term Insurance?

Cost of Term Insurance Likely to Increase Soon

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

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

What Happens if you Hide Facts in your Term Insurance?

All About Term Insurance Inbuilt Coverage

Difference between Term Insurance and Life Insurance

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

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

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

Different Types of Protection Plans

Can I Get Term Insurance on Behalf of My Spouse?