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Features
Ref. No. KLI/22-23/E-BB/492
Life is a journey filled with evolving responsibilities and financial commitments. From starting your first job to getting married, having children, and planning for retirement, each stage of life presents unique financial challenges. Understanding the importance of term insurance at every life stage ensures that you and your loved ones remain financially secure through life's transitions.
In simple words, a term plan is a type of life insurance policy that offers coverage for a specific period. In such plans, the insurance company pays the death benefit, i.e., the sum assured amount, to the policyholder’s family in case of their demise during the policy period.
However, if the policyholder survives the tenure, the coverage expires, and there are no survival benefits. At this point, the insured can either let go of the cover or renew the policy. With renewal, the terms and conditions may also be renewed.
Buying a term plan is the most affordable and effective way of securing your family’s financial future. Let us look at the reasons why you need to consider the importance of term insurance at every life stage.
When you are young and start your career, you may have limited or no financial responsibilities and liabilities. Therefore, at this stage, buying a term insurance policy is a perfect choice for you; you can get the coverage at a lower premium.
The best part of buying term insurance early is that the premium does not increase with age and is locked for the entire policy tenure. While the premium rate may differ from one insurance company to another, you can compare the plans and choose the best plan to suit your specific needs. Additionally, you can enjoy tax benefits. The premium you pay for the policy is eligible for tax deduction up to Rs.1.5 lakhs in a financial year under Section 80C of the Indian Income Tax Act.
Getting married is an important milestone in your life. You may be excited to start a new life with your beloved spouse. But, as soon as you get married, your financial responsibility increases; you become obliged to take care of your partner’s needs. This is a perfect situation to buy an online term plan. Term insurance will help you get sufficient coverage for your spouse against the increasing liabilities because such liabilities will fall on your partner if something untoward happens to you.
The payout from the term insurance will come in handy to help your spouse pay off the debts and remain financially secure and stress-free.
Words cannot describe the joy of becoming a parent; it is a beautiful feeling. And as a parent, you would want to give the best of everything to your child, isn’t it? From the best education to the best lifestyle, you would like to fulfil your child’s every wish. But what will happen to your child’s dreams and aspirations if you are not around?
This is why many young parents are investing in several financial schemes like a term insurance policy to secure their child’s future. The claim amount from the policy can be helpful to fulfil your child’s basic needs, including education and other things, for a longer period.
Retirement is the stage of life where financial independence becomes essential. While your regular income ceases, expenses such as healthcare and daily living continue. Acknowledging the importance of term insurance at every life stage helps ensure that your loved ones are not burdened with financial stress if anything happens to you.
A well-planned term insurance policy becomes necessary during retirement as it helps cover any remaining financial obligations, including outstanding debts and rising healthcare costs. It ensures that your spouse or dependents are not financially strained. Additionally, if you have opted for a return of premium term plan, you can receive a lump sum payout at the end of the policy tenure, providing financial security during your post-retirement years.
A term insurance plan offers several advantages that make it a vital part of financial planning. Here’s why learning the importance of term insurance at every life stage is significant:
Despite its numerous benefits, term insurance is often misunderstood. Here are some common misconceptions that prevent individuals from making the right financial decisions or truly weighing the importance of term insurance at every life stage:
A term insurance policy serves as a dependable financial safety net, offering security at every stage of life. Regardless of being single, married, raising a family, or enjoying retirement, a well-structured term plan ensures your loved ones remain financially protected in your absence.
Investing in a reliable term plan today not only safeguards your family’s future but also aligns with your long-term financial aspirations. Prioritizing the importance of term insurance at every life stage can be one of the most impactful decisions you make to secure your financial legacy.
1
Purchasing a term insurance plan early allows young professionals to lock in lower premiums, ensuring cost-effective long-term coverage. Recognizing the importance of term insurance at every life stage helps them build a financial safety net, covering debts and securing their family’s future.
2
A term insurance plan delivers financial security to a spouse in case of unforeseen circumstances. The payout helps manage household expenses, pay off liabilities, and maintain financial stability.
3
Parents have the responsibility of securing their child’s future. A term plan ensures that children’s education, lifestyle, and other financial needs are met even in the absence of a parent.
4
With a well-structured term insurance policy, children’s education and upbringing remain financially secure, preventing any disruptions due to unforeseen events.
5
Mid-life financial planning involves managing debts, savings, and future security. Term insurance acts as a strong foundation, ensuring financial protection for dependents while covering ongoing obligations.
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.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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