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.
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A term insurance plan is a life insurance instrument that protects your loved ones in your absence. It is specifically designed for the chief earning member of a household and aims to protect their income in the unfortunate event of their demise. If you are no longer around to take care of your family financially, the sum assured from a term plan will ensure that they have the right financial support (as chosen by you) in their hour of need. Term insurance plans are also one of the most affordable forms of life insurance. This makes them highly popular and sometimes difficult to choose from a variety of products available in the market.
This is why it is often suggested to thoroughly compare term insurance plans before making the decision to buy one.
Why is it important to compare term insurance plans?
Here are some reasons why you must compare term insurance from different insurers to find a policy that is best suited to your needs:
How to compare term insurance plans?
An online term life insurance comparison is an easy and straightforward affair. It can be done anytime and anywhere. Here are some things you should keep in mind before you buy a plan for yourself.
1. Compare prices and buy a plan that suits your budgetary limitations.
When you compare term insurance plans, you can get to know the price at which an insurance company is offering you a plan that is tailor-made for your necessities. Most insurance providers allow you to customize the plan by choosing a policy term, the sum assured, riders, etc. However, the things you choose may later reflect on the premium that you pay for your term insurance. By comparing all offerings online, you can get an estimate of each plan. You can then choose a product that seems the most inexpensive in price and rich in its advantages.
2. Compare the sum assured so you can understand your future needs better.
The most commonly selected figure for the sum assured in India is ₹1 crore. It is largely believed that such a sum is enough to secure the future of your spouse, children, and other dependents. While this figure is significant to meet most costs, it may or may not be ideal for everyone. When you pick a sum assured, it is essential to know your family’s overall requirements. Moreover, since the sum assured directly impacts your premiums, picking a higher or lower sum assured, could also depend on your income and other expenses. When you compare plans online, check the sum assured offered by each insurer and compare it to the premiums. Many term plans offer a sum higher than this too. See, if that is what you need. If you are worried about the premiums, consider buying insurance at an early age. Insurance companies charge you the least when you are young.
3. Compare the features of different plans to pick a wholesome policy.
While comparing plans, make sure to browse through all their features. Some common ones include flexibility in payouts (one-time, monthly, etc.), flexibility in premium payments (monthly, quarterly, semi-annually, annually), the option to change the cover amount later, etc. It helps to pick a plan that is flexible because your needs are bound to change with time. Hence, having the option to make alterations to your policy as per your changing lifestyle can be of great advantage.
4. Check the claim settlement ratio (CSR) to select a dependable insurance provider.
The claim settlement ratio depicts the number of times an insurer settles claims in a year. So, if the CSR is 90%, the insurer settled 90 out of 100 claims in a year. The higher the number, the better it is, as this reduces the chances of your claim being rejected at a crucial time. A high CSR also shows the reliability and brand value of the insurance company in the market. Since a term insurance plan is a long term commitment, it may be advised to choose a plan from an insurance company that enjoys a good reputation in the insurance industry.
5. Look for deals, discounts, and other benefits to minimize costs.
Some insurance providers may offer a discount to couples or existing customers who have another policy with the same company. You may also get an additional seasonal reduction in the price at a given time. An online term life insurance comparison can help you find a good discount that considerably reduces your overall expenditure.
6. Compare riders and add the most appropriate ones to extend the plan’s coverage.
Another advantage of comparing plans is that you get to choose multiple riders that can enhance the coverage of your policy. When you compare term insurance policies, make sure to go through the riders, each one offers. Pick the ones that you think can benefit you, such as a critical illness rider, permanent disability rider, or an accidental death rider. Now compare the price of adding these riders. Riders usually come at a nominal cost, but can still affect the overall premium for a policy. Make sure you pick a plan that remains cost-effective irrespective of the riders you select.
7. Compare the tenure each insurer offers to ensure uninterrupted protection.
The right tenure for your policy will largely depend on your age. A long tenure can result in more premiums being paid. Hence, it may not be advisable for some people. At the same time, a shorter tenure may not be enough to keep your loved ones secure. When you compare plans, make sure to check the policy term that all insurers offer. This can be an important consideration in picking out your term plan.
Kotak term insurance Plans
While you compare different term insurance plans to find a suitable product, here are two plans from Kotak that can fit in all your needs. Here’s what each one has to offer:
1. Kotak Term Plan
2. Kotak e-Term Plan
To sum it up
A term life insurance comparison can help you buy a policy that is perfect for your needs and those of your family. Not only does it result in cost-effective options but also lets you purchase a plan that has a wide variety of offerings with the support and backing of a trustworthy brand name. It eliminates all scope for doubt and ensures that you lead a stress-free life with peace of mind.
Therefore, before buying a term plan, make sure to compare various plans and find out what is best suited to your requirements. It only takes a few minutes and safeguards your loved ones for a long time to come.
- A Consumer Education Initiative series by Kotak Life
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