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Why Renewal of the Life Insurance Policy is Important?

You should review term life insurance policy on a timely basis. Click here to know the reasons why you need to re-evaluate and increase term insurance coverage of yours.

  • 7,237 Views | Updated on: May 08, 2024

An insurance plan is like an umbrella on a rainy day. Whenever it rains, you pull out the umbrella, and whenever you are in trouble, you look for an insurance cover. A term plan offers coverage for your life. It provides cover for a specific duration at a low amount of premium. In case of an unfortunate event, the insurer will provide your family with financial security.

Reasons why need to review term life insurance coverage you require

With increasing age and various changes that happen in your life, you must evaluate your cover to ensure that you have adequate protection at all times. Here are a few compelling reasons for you to re-evaluate the cover.

  • Increase in dependents
  • Whenever there is an increase in dependents, you need to review term insurance online. There will be an increase in dependents when you get married, have children, or when your parents retire and they are dependent on you. As and when there is an increase in dependents, you need to look at different ways to include them in your coverage.

  • Increase in liabilities
  • A liability like a long-term loan requires a re-evaluation of the sum assured. You would want your dependents to pay off the same without any financial stress. This is why you need to evaluate the term insurance plan. If you were not going to be around, you would not want your loved ones to be under a pile of debt. Include all the liabilities and consider a higher cover.

  • Change in the family situation
  • You might have to increase the term insurance cover due to a change in the family circumstance. If your spouse resigns from the job or if your parents move in with you, it will be essential to revise the insurance cover.

  • Adverse reports about the insurance company
  • When you hear negative reviews about the insurance company, it is time to reconsider the policy and look at other options. You can also move to another insurer and look for term life insurance online.

  • Change in career or income levels
  • If you have got a promotion and are now earning a higher income as compared to the past, you will have to re-evaluate your insurance requirements. This is mainly because your family will be enjoying an expensive lifestyle and you will have to increase the coverage to help them maintain the standard of living in your absence.

  • Tax-saving opportunities
  • If you do not make the most of the available tax benefits under the Income Tax Act, 1961, you need to consider increasing term insurance. With high coverage, you might have to pay a high premium amount and thereby avail of a high tax benefit.

    Remember, it makes no sense to be over-insured and pay a premium that is beyond your means. However, it is not a good idea to remain under-insured as well. Hence, you must review the term life insurance plan and re-evaluate it when required.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

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.

Amit Raje
Reviewed By :
Prasad Pimple

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

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