Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
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 e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
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.
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!
There is a tendency to believe that a term plan makes you worry about death. It is understandable if you do not want to ponder over mortality. However, you must look at it from another angle. Term insurance is an important type of life insurance policy. It is a product to help you secure the future of your loved ones. Death is inevitable, but with a term policy, you can make sure that your dependents do not struggle for finance.
A term insurance plan has various advantages. Explained below are a few term insurance benefits to give you a better idea. A term insurance policy:
A term policy is a pure life cover. It means that the policy only pays the sum assured in case of the policyholder’s death before the end of the policy term. This makes the policy cost-effective when it comes to the premium aspect. The benefit is offered as a lump sum that can be used to cover the nominees’ financial liabilities.
The best part about a term policy is that it provides a large cover for a very affordable price. Non-smokers in their early 30s can buy a term cover of INR 1 crore for an annual premium of less than INR 10,000.
Certainly, you have a few financial liabilities like car loan and home loan, among others. If the breadwinner of the family passes away before paying off the debts it becomes a huge challenge for the family members to repay these debts. If he or she has a term plan, the liabilities can be easily managed.
Death of the main earner of the family leaves the household without a source of regular income. To tackle that problem, some insurers offer term policies with a monthly income facility. The nominees receive a portion of the benefit as a lump sum and the rest is paid periodically.
A term policy comes with insurance riders, which you can buy to enhance your cover. A critical illness rider, for example, can help in case you are diagnosed with certain serious diseases. This additional benefit makes the policy even more lucrative.
Different stages of life change one’s financial goals. When you are married or have a child, your financial liabilities will increase. Depending on your needs, you can always enhance your term policy cover. However, remember that doing this will cost you a higher premium.
The financial security of your loved ones is the most important thing. It is a scary thing to wonder about their wellbeing in your absence. To achieve peace of mind, you need to protect their future and make sure that you have done everything in your power to provide your family with a comfortable life. Buying a term plan ensures this.
Now that you understand how a term life insurance policy can offer you and your family security and comfort, it is time to choose the right cover. Compare different plans to find the one that suits you.