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!
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Term plans are the most sought after insurance policies due to the various advantages offered by it. Many get a term policy just for pure life cover available at an affordable price. Are you considering to get an insurance plan as well? Let’s look at the features of a term plan and some reasons as to why you should opt for it.
Here are some major features of term insurance that you need to know about:
1. Affordable Option amongst Various Policies
A term plan is the most affordable plan from the several life insurance options available in the market. You could end up adding riders and get a larger sum assured but the premium quote remains to be less expensive when compared to policies like money-back insurance, whole life policy, etc.
2. Easy Mode of Purchase
The mode of purchase of plans has become even easier where you can get a policy from the comforts of your home. Online term plans are the most popular amongst the masses as they are simple and do not contain a lot of elements that you have to understand. In the case of confusion, you can fill a lead form on the insurer’s website and
the customer care executive will guide you through the entire process of getting an online policy.
3. High Sum Assured
Term plans promise high sum assured at an affordable rate when compared to other plans. This sum assured or death benefit helps in securing your family members and providing
them with financial stability. You can go on to get a suitable amount of death benefit based on the needs of your family and any liabilities you may have to pay off.
4. Rider Benefits
Insurance riders are additional components that you can combine with your term insurance policy to increase coverage. Some of the commonly bought riders are critical illness rider, accidental death rider, a permanent disability rider, waiver of premium, etc. Term plans allow you to add these riders and still get an affordable premium.
Term plans offer you flexible premium payment options which are monthly, quarterly, half-yearly and yearly. These options enable you to pay as per your income cycle.
Getting an insurance policy is considered by most but due to some reasons many stray away from it or end up investing somewhere else. But while looking at policies, many forget that these plans secure your life and give financial stability to your family. So let’s look at the reasons as to why you should opt for a term plan:
1. Safeguards Your Loved Ones
Term insurance provides pure life cover to you and promises a death benefit for your loved ones. This death benefit is a lump sum or a regular payout given to your family to stabilize their future. You can also choose the sum assured while buying the policy and account for the cost of education, liabilities, etc. to cover your family.
2. Eliminates Stress
When you know that your family is taken care of, it reduces the stress from your life considerably. With the sum assured available to pay off any loans and debts you may have,
your family will be able to live independently. Hence, a term plan takes some of the weight off your shoulder.
3. Tax Benefits
You are shelling out a part of your income to secure life insurance but some extra perks that you get with it are income tax benefits. You can claim the premiums paid towards the policy under Section 80C of the Income Tax Act, 1961. Another tax benefit for your family is that the sum assured can also be claimed under Section 10(10D).
- A Consumer Education Initiative series by Kotak Life