Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

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. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?
  • 20th Jun 2019 |
  • 2,956

Life insurance serves as an ideal tool to help you cover the risks associated with uncertainties in life. A life insurance plan will provide your family with adequate financial security in your absence. It is one of the most effective ways of securing the financial future of your loved ones. The sum assured will be paid to the nominees in case of an untoward event. If you survive the term, you will be entitled to receive maturity benefits as well.

Difference between premiums in life insurance and term insurance

Many are of the opinion that a traditional life insurance policy and a term insurance plan are the same. A traditional term plan does not offer any maturity benefits to the policyholder. It only offers a death benefit in the case of the policyholder’s demise during the term of the plan. However, as mentioned above, a life insurance plan offers benefits on survival. In addition, term life insurance premiums are economical as compared to the premium payable in case of a traditional life insurance plan.

Ways to reduce life insurance premium without affecting the total coverage

Listed below are different ways, which can help you reduce your term life insurance premium rates.

  • Keep occupational activities in mind

Various professions come in the category of high-risk activities. You need to keep them in mind when you buy an insurance plan. These high-risk professions include defense activities, adventure sports, the chemical industry, and firefighting, among others. In cases like these, there will be a high insurance premium. Hence, if you are into any of these professions, you will have to pay a high premium amount. Hence, you need to give deep thought before pursuing any of the above-mentioned activities, as these could impact your insurance premium.

  • Stop smoking

It is a well-known fact that insurance companies charge higher insurance premiums for smokers. This is because of the risk associated with their health. The insurance company does not consider the frequency of smoking. Whether you are a ‘chain-smoker’ or an ‘occasional smoker’, an insurance company will consider you as a smoker, and you will be a high-risk investment for them. The term insurance premium will be high for smokers. Hence, if you are a smoker, and wish to reduce the payable premium amount, you need to stop smoking.

  • Inform the insurance company about pre-existing medical conditions

You might be asked to go through a medical test at the time of purchasing a policy. You need to be very honest about your health conditions during that point of time. If you have any pre-existing medical conditions, you need to define them and document the same. Many insurance companies charge a higher premium for applicants who have a pre-existing condition because it increases the risk for the company.

You need to be very transparent with the insurer while buying the policy. If the insurance company discovers that you misrepresented any medical information, they could refuse your claim at a future stage. Keep these three factors in mind if you want to enjoy a low premium amount on your life insurance plan.

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

9 Most Frequently Asked Questions on Term Insurance

Choosing Riders for Insurance Plans

6 Reasons That Make Term Insurance a Must Buy

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

6 Types of Death not covered in Term Insurance Plan

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Why Married People Should Buy Term Insurance Under MWP Act?

Planning For Children's Future

What is Insurance Premium - A Detailed Guide

Gift Your Father A Term Insurance Plan This Father's Day

Term Insurance Age Limit – Term Plan for All Age Groups

What Is the Correct Age to Buy Term Insurance?

Reasons You Need Term Insurance Plan as a Self-Employed Person

Can Term Insurance Plans Be Purchased As A Gift?

Can You Increase Your Term Insurance Cover?

Insuring yourself against Ill Health with a Critical Illness Rider

How To Calculate The Amount Of Term Life Insurance You Need?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Advantages & Disadvantages of Term Insurance in India

How Much Term Life Insurance Cover Do I Need in India?

Do You Need Term Insurance Cover After Retirement?

Why Should New Parents Buy Term Life Insurance?

Busting Myths and Facts About Term Insurance Policies

While Buying Term Insurance Compare Features, Not Just Premiums

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance Calculator - Everythng You Need To Know

8 Factors to consider before choosing a Critical Illness Insurance

Top 3 Reasons Why You Should Buy A Term Plan Now

All you need to Know about Term Insurance Plans for Housewives

Insuring Against Accidents with an Accidental Death Insurance Rider

8 Benefits of Term Insurance You Should Know

9 Ways to Help Family Members in Financial Trouble

Planning For Son or Daughter's Wedding

10-Year Term Life Insurance Policy - Explained in Detail

Best Investment Plans for Children - Secure Your Child's Future

Why Should You Buy Term Insurance in 2022?

Insuring Against Disability With Disability Insurance Rider

Is term Insurance Needed for People With No Dependents?

What are incremental term insurance plans?

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Can I Buy Term Insurance for a COVID-19 Patient?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

How Much Term Insurance Do I Need

Is Term Life Insurance Plan an Investment or Expense?

Term Insurance Basics You Should Know

Why 1 Cr Term Plan Is Necessary For Family?

Can I Make Changes to My Term Insurance Policy Post Purchase?

5 Reasons to Buy Term Insurance When You are in Your 30s

What Types of Deaths Are Covered in a Term Insurance Plan?

Why Term Insurance Is Better Than ULIP?

Protection for your family

Why Should You Add a Rider to a Term Insurance Plan?

How Not To Get Your Term Insurance Claim Rejected

Term Plans are Definitely Cheaper than You Think!

Individual Life Insurance vs. Group Term Life Insurance

How To Change The Nominee in Term Insurance?

What Are the Best Term Insurance Plans for Planning Retirement?

Term Life Insurance Plan for Smokers vs Non-Smokers

How Does A Term Life Insurance Work in India?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Why Buy Term Insurance Plan With a High Cover?

How to Surrender Term Life Insurance When you have No Liabilities

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Term Insurance Plans and Policies for Smokers

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Term Insurance: Smokers vs Non-Smokers

Is There Any Tax Benefit on Term Insurance?

8 Things To Do After Buying Term Insurance

4 Reasons Why You Need Critical Illness Cover

Different Types of Protection Plans

4 Things To Expect From Your Term Insurance Plan in India

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Buying A Term Insurance Plan? Take These Factors into Account

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

What All Documents Required For Term Insurance In India?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Can I Get Term Insurance on Behalf of My Spouse?

Steps on How to Buy Term Insurance Online

Cost of Term Insurance Likely to Increase Soon

What Should Be The Duration Of Your Term Plan in India?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

5 Term Insurance Benefits for Single Women

How Does Term Life Insurance Work? Learn the Benefits

What is Critical Illness Policy

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Why Term Plan Should Be The First Step To Securing Your Future?

Do Beneficiaries Pay Taxes on Term Insurance?

What are the Documents Required for Term Insurance Plan?

Can I Extend the Tenure of My Term Insurance Plan?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Different Types of Premium in Term Insurance

Should Youngsters, Working Couples Buy Term Insurance Plans?

Term Plan with Spouse Cover

Increasing Term Insurance and Riders

Is It Good To Buy A Term Insurance Plan In 2022?

4 Methods to Calculate How Much Term Insurance You Need

Is ₹1 Crore Term Insurance Good Enough Cover?

Eligibility Criteria for Buying Term Insurance in India

Why Term Insurance Is Important in times of COVID-19?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Comparing Term Plans – What Should You Look Out For

Why Buy Term Insurance Even at Rising Rates?

Should You Have Multiple Term Life Insurance Policies?

Understanding Term Insurance Riders

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance – Why You Must Include In Your Financial Planning?

5 Things To Consider While Buying Term Insurance Plan

Know How to Invest at Every Age for Larger Returns

Difference between Term Insurance and Life Insurance

Importance of Term Insurance at Every Stage of Your Life

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Why Should You Not Take A Term Plan Without Medical Test in India?

What Should You opt for - Limited or Premium Pay?

What Happens if you Hide Facts in your Term Insurance?

Advantages of Buying Term Insurance in Your 50s

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Why should single women purchase term life insurance?

Why does every working woman need life insurance?

Why Premium Amount for Term Insurance is So Low?

How To Choose the Right Term Insurance Plan?

5 Benefits of Early Retirement Planning

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Which Death Type Does Your Term Plan Not Cover?

Do I Need to Give a Medical Test for Term Insurance in India?

Endowment Plans vs Term Plans: Understanding the difference

What is Term Insurance - A Complete Guide

All About Term Insurance Inbuilt Coverage

Is a Term Insurance Policy Portable?

Tax Benefits of Term Insurance in India

Insurance Policy for Housewife In India

What is a short term insurance policy?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

How to Compare Term Insurance Online

How To Choose the Right Sum Assured Under a Term Plan?

How Much Cover Should I Take In A Term Plan?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Term Insurance With Riders In India

What Is a Renewable Term Insurance Policy?

Is Life Insurance Investment Worthy Enough

Term Insurance with Critical Illness

Should You Buy a Term Plan After 40?

Can Senior Citizens Avail Term Insurance?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Tips to Choose the Right Term Period for Term Insurance Plan

Does Term Insurance Cover Accidental Death?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

How to Identify Term Insurance According to Your Needs?

Why is it important to buy term insurance plan?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Calculating Term Insurance Premium

Insuring Protection Against Death With Death Insurance Rider

Everything About Claim Settlement Ratio for Term Insurance

Online vs Offline Term Insurance: Which Is The Better Option To Buy