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

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance
  • 12th Nov 2019 |
  • 3,668

If you,like many others are worried about the financial problems that could plague your family in the future, now is the time to put an end to your worries. Breadwinners in the country are constantly about the uncertainties that life brings.They are always worried about an unfortunate event that could change their lives forever. By investing in the right type of insurance, you can make a decision that will have a direct impact on your future. To ensure that you are making the right choice, you need to read about different factors that will help you choose a plan.

Different factors that will help you choose term life insurance:

1. Premium

Before buying an insurance policy, you need to understand the premium that you will be liable to pay. If you have never purchased an insurance plan, you need to know that the premium is the price you are paying for the coverage. It is paid periodically as per the rules of the insurance company. Many people only focus on a low premium term insurance and this could be a huge mistake. You should not buy a plan based on the amount of premium. There are other factors to consider as well. These factors are explained ahead.

2.Income

Before you decide on an insurance plan, you need to consider your income. Your current earnings and potential income will help you choose the right type of plan. You need to compare premium of term insurance to make the right decision. Talk to your insurer about your future financial plans and then buy a plan.

3. Pros vs. cons

You need to consider the pros and cons of life insurance before you invest. Consider the costs and map it against the benefits of an insurance cover. The benefits offered by the plan will justify the cost you are incurring for the same.

4.Who will the insurance cover?

Various types of insurance plans offer different kinds of coverage. Hence, it is important to check if the plan covers your dependents. Depending on what you are looking for, you need to be careful, that your preferred plan covers the majority of health-related issues or not.

5. Types of life insurance plans

When you start looking for insurance, you will understand that there are four types of plans available for you. Hence, understand what each plan offers and then make a decision.

  • Endowment policy
  • The first type of insurance plan is an endowment policy where the insurer will pay a certain amount of money on maturity or upon death, whichever is earlier.

  • Term insurance policy
  • In this policy, you will get a cover for life for a specific period. It will pay the nominee in case of an unfortunate incident. It is a low premium life insurance plan.

  • Unit-Linked Insurance Plan (ULIP)
  • ULIP offers investment and insurance coverage. In addition to an insurance cover, your premium amount will be invested in your preferred instruments such as stocks o bonds.

  • Money back policies
  • This plan offers payments at regular intervals after a certain period.

    You need to be very careful when choosing a policy. Ensure you talk to people and consider your needs before making a decision. Do not rush the process and do not make the mistake of focusing only on low-cost insurance plans.

Calculate Term Insurance Premium

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

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

Term Insurance: Smokers vs Non-Smokers

Term Plan with Spouse Cover

What Should You opt for - Limited or Premium Pay?

How Does Term Life Insurance Work? Learn the Benefits

Why 1 Cr Term Plan Is Necessary For Family?

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

What is Critical Illness Policy

Why Should New Parents Buy Term Life Insurance?

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

What Is a Renewable Term Insurance Policy?

How To Change The Nominee in Term Insurance?

Is term Insurance Needed for People With No Dependents?

6 Reasons That Make Term Insurance a Must Buy

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

Busting Myths and Facts About Term Insurance Policies

Term Plans are Definitely Cheaper than You Think!

What is Insurance Premium - A Detailed Guide

Term Insurance Calculator - Everythng You Need To Know

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

Tax Benefits of Term Insurance in India

While Buying Term Insurance Compare Features, Not Just Premiums

Everything About Claim Settlement Ratio for Term Insurance

Choosing Riders for Insurance Plans

Comparing Term Plans – What Should You Look Out For

Insuring Protection Against Death With Death Insurance Rider

How to Compare Term Insurance Online

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

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

Ensure Protection Against Death, Disease & Disability With Life Insurance

4 Methods to Calculate How Much Term Insurance You Need

Can Senior Citizens Avail Term Insurance?

Term Insurance With Riders In India

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

Steps on How to Buy Term Insurance Online

How to Surrender Term Life Insurance When you have No Liabilities

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

Eligibility Criteria for Buying Term Insurance in India

5 Term Insurance Benefits for Single Women

8 Things To Do After Buying Term Insurance

Advantages & Disadvantages of Term Insurance in India

Calculating Term Insurance Premium

Insuring yourself against Ill Health with a Critical Illness Rider

Individual Life Insurance vs. Group Term Life Insurance

10-Year Term Life Insurance Policy - Explained in Detail

Difference between Term Insurance and Life Insurance

How Much Term Insurance Do I Need

Term Life Insurance Plan for Smokers vs Non-Smokers

What Is the Correct Age to Buy Term Insurance?

Insuring Against Accidents with an Accidental Death Insurance Rider

5 Things To Consider While Buying Term Insurance Plan

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

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

8 Factors to consider before choosing a Critical Illness Insurance

Is ₹1 Crore Term Insurance Good Enough Cover?

Why Should You Buy Term Insurance in 2022?

Should You Buy a Term Plan After 40?

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

What are incremental term insurance plans?

Can You Increase Your Term Insurance Cover?

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

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

How Does A Term Life Insurance Work in India?

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

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

Why Term Insurance Is Better Than ULIP?

Understanding Term Insurance Riders

6 Types of Death not covered in Term Insurance Plan

Is Life Insurance Investment Worthy Enough

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

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

Insuring Against Disability With Disability Insurance Rider

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

Can I Extend the Tenure of My Term Insurance Plan?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

5 Benefits of Early Retirement Planning

Does Term Insurance Cover Accidental Death?

What Are the Best Term Insurance Plans for Planning Retirement?

Increasing Term Insurance and Riders

Can Term Insurance Plans Be Purchased As A Gift?

Why Married People Should Buy Term Insurance Under MWP Act?

How to Identify Term Insurance According to Your Needs?

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

What is Term Insurance - A Complete Guide

Why Buy Term Insurance Even at Rising Rates?

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

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

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

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

What All Documents Required For Term Insurance In India?

Should Youngsters, Working Couples Buy Term Insurance Plans?

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

Endowment Plans vs Term Plans: Understanding the difference

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

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

How Much Cover Should I Take In A Term Plan?

Cost of Term Insurance Likely to Increase Soon

Advantages of Buying Term Insurance in Your 50s

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

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

Term Insurance Plans and Policies for Smokers

Is a Term Insurance Policy Portable?

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

All About Term Insurance Inbuilt Coverage

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

Which Death Type Does Your Term Plan Not Cover?

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

Importance of Term Insurance at Every Stage of Your Life

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Why Premium Amount for Term Insurance is So Low?

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

Tips to Choose the Right Term Period for Term Insurance Plan

Term Insurance Basics You Should Know

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

Is Term Life Insurance Plan an Investment or Expense?

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

How Not To Get Your Term Insurance Claim Rejected

Can I Get Term Insurance on Behalf of My Spouse?

All you need to Know about Term Insurance Plans for Housewives

9 Ways to Help Family Members in Financial Trouble

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

Different Types of Protection Plans

How To Choose the Right Term Insurance Plan?

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

Protection for your family

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

Do You Need Term Insurance Cover After Retirement?

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

Different Types of Premium in Term Insurance

Why Buy Term Insurance Plan With a High Cover?

Term Insurance Age Limit – Term Plan for All Age Groups

9 Most Frequently Asked Questions on Term Insurance

Do Beneficiaries Pay Taxes on Term Insurance?

Planning For Children's Future

What Happens if you Hide Facts in your Term Insurance?

Why does every working woman need life insurance?

Why is it important to buy term insurance plan?

Why should single women purchase term life insurance?

8 Benefits of Term Insurance You Should Know

What is a short term insurance policy?

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

4 Reasons Why You Need Critical Illness Cover

What are the Documents Required for Term Insurance Plan?

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

Insurance Policy for Housewife In India

Know How to Invest at Every Age for Larger Returns

Term Insurance with Critical Illness

Planning For Son or Daughter's Wedding

Make Your Online Term Plan Your Familys Monthly Payout

Top 3 Reasons Why You Should Buy A Term Plan Now

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

4 Things To Expect From Your Term Insurance Plan in India

Is Group Term Life Insurance Provided By Employer Sufficient?

Should You Have Multiple Term Life Insurance Policies?

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

Is There Any Tax Benefit on Term Insurance?

Buying A Term Insurance Plan? Take These Factors into Account