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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If you are an earning individual, the financial security of your family members will be of prime concern for you, isn’t it? One of the best ways to give your dependents the financial cushion they deserve is to purchase a term insurance policy. Today as a majority of the reputed insurance companies offer online services, buying a term plan is easy. You can compare the various plans online from different insurers and choose the right plan that perfectly fulfils your insurance needs.
What is Term Insurance?
Term insurance is a type of life insurance policy that offers a death benefit to the family members in the event of the policyholder’s untimely demise during the policy period.
Why must you buy a term plan in 2022
The onset of the COVID-19 pandemic has taught the world an important lesson, i.e., ‘life can be uncertain.’ It is a known fact that the deadly virus has claimed a million lives worldwide. In such a situation, it is only wise to give your family financial protection against such uncertainties to ensure that they do not face any financial stress in your absence.
With the imminent threat of the third wave of infection looming large, if you have not purchased a term insurance policy yet, it is best advised to buy it now in 2022 and secure your family’s financial future.
The COVID-19 pandemic-induced lockdown led to the loss of jobs, business closure, pay cuts, etc., which meant people faced several financial issues. In a situation where you have an income shortage, buying an insurance policy would be the last thing on your mind.
But buying a policy has become even more critical in 2022 than ever before. This is where term insurance holds a significant advantage over types of life insurance policies. You can purchase a policy with a high sum assured at an affordable price. There are term plans that start with a premium as low as Rs. 500 per month.
Thus, even if you have an income shortage, you can still afford to buy a term plan and give your family the financial protection they need.
Apart from the affordable premium and securing your family’s financial future, a term plan is a must-have in 2021 from the tax-saving perspective. The premium you pay for the term plan is eligible for tax benefit under Section 80C of the Indian Income Tax Act.
You can get a deduction of up to Rs. 1,50,000 in a financial year. Additionally, the death benefits your family may receive is entirely tax-free under Section 10(10D) of the IT Act.
Another significant benefit of buying term insurance cover in 2022 is that it offers excellent flexibility in choosing the coverage amount, the policy duration, renewability etc. Based on your specific insurance needs, you can choose the sum assured. For example, if you are facing a cash crunch due to the pandemic, you can purchase a policy with low sum assured, which directly translates to an affordable premium.
Similarly, if you don’t want to renew the policy, stop paying the premium, and the policy will expire automatically. Thus, based on your financial condition, you can buy the policy you need.
Today, in times of uncertainty, as you need to be financially prudent, do your research well about the various term plans before making the financial decision. But rest assured, a term plan can help you get peace of mind knowing that your family’s financial future is secured.
- A Consumer Education Initiative series by Kotak Life
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