Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Should you buy a Renewable Term Life Policy?

Make sure you keep these things in mind when purchasing a renewable term life insurance policy, you can be protected by a policy that best suits your specific needs. Click here to know more!

  • Nov 19, 2019
  • 3,385 Views

A term insurance policy is a life cover that provides death benefits to the nominees of the policyholder if the insured dies before the tenure of the plan ends. If you survive the policy term and opt for a new one, you will end up paying a higher premium for a fresh plan. This is where a renewable term insurance policy can help you. With this option, you do not have to re-qualify to buy the policy.

Term Policy: Notable Aspects

As an informed policyholder, you must be aware of the different aspects that a term policy has. Your age, current health, and smoking habits determine the premium of the term life insurance plan. If you survive the policy tenure, you need to buy a new policy or renew the existing one. If you decide to buy a new term plan,your premiums will be higher as you are now older and probably not as healthy as you were earlier.If you opt for a renewable term policy, it will be easier for you to extend the term. In addition,you will have the option of a fixed level premium.

A few other noteworthy aspects of a term plan:

  • Tenure of the cover
  • Fixed level premium
  • Ability to be converted into a cash value plan

1. Tenure of the cover When you are opting for a renewable term life insurance plan, you can purchase either a yearly renewable plan or one that is renewed after a certain period such as 20 years or more. This way, the premium will be evenly charged over a long period,thereby making it more affordable.

2. Fixed level premium When you are buying the term policy with a renewal option, be sure to check if your insurer is charging a fixed level premium. Most insurers increase the premium after a certain period. If you find the right term policy, you can pay the same premium as long as you keep the plan active.

3. Ability to be converted into a cash value plan

When you are looking to buy a renewing term life insurance plan, settle for the one that offers the flexibility to be converted into a cash value plan. This way, you can convert the policy accordingly in the time of your retirement or if there is a drastic change in your health.

Renewable Term Life vs. Convertible Term Life

The renewable term policy allows you to extend the cover without having to re-qualify for the plan. On the other hand, if you are insured by a convertible term plan, you can change it from a term cover to a whole life policy. The pure form of renewable term policy cannot be converted to any other type of coverage.When buying a term life insurance plan, make sure that you keep these aspects in mind. This way, you can be protected by a policy that suits your particular needs effectively.

Buy Term Plan Online

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Advantages of Buying Term Insurance in Your 50s

Should you have more than one nominee in your term insurance?

Busting Myths and Facts About Term Insurance Policies

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

Is term Insurance Needed for People With No Dependents?

Why 1 Cr Term Plan Is Necessary For Family?

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

Buying A Term Insurance Plan? Take These Factors into Account

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

Does Term Insurance Cover Accidental Death?

Endowment Plans vs Term Plans: Understanding the difference

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

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

10-Year Term Life Insurance Policy - Explained in Detail

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

Tax Benefits of Term Insurance in India

भारत में जीवन बीमा कितने प्रकार के होते हैं?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Difference Between Term Insurance and Endowment Plan

How To Choose the Right Term Insurance Plan?

Can I Get Term Insurance on Behalf of My Spouse?

What is Insurance Premium - A Detailed Guide

Insurance Policy for Housewife In India

Joint vs Individual Term Insurance: Which One Should You Choose?

Term Insurance Age Limit – Term Plan for All Age Groups

Should You Buy a Term Plan After 40?

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

All About Term Insurance Inbuilt Coverage

Term Insurance with Critical Illness

What All Documents Required For Term Insurance In India?

Term Plans are Definitely Cheaper than You Think!

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

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

Can Senior Citizens Avail Term Insurance?

Can Term Insurance Plans Be Purchased As A Gift?

3 Things to Consider When Buying Term Insurance, If You are Single

What are the Documents Required for Term Insurance Plan?

Do Beneficiaries Pay Taxes on Term Insurance?

4 Things To Expect From Your Term Insurance Plan in India

Why Buy Term Insurance Even at Rising Rates?

Why Should New Parents Buy Term Life Insurance?

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

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

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

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Term Life Insurance Plan for Smokers vs Non-Smokers

Term Plan with Spouse Cover

How to Compare Term Insurance Online

Insuring Against Disability With Disability Insurance Rider

4 Reasons Why You Need Critical Illness Cover

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Should You Buy Term Insurance in 2022?

How Much Cover Should I Take In A Term Plan?

Insuring yourself against Ill Health with a Critical Illness Rider

Why Spending Time with Friends is Essential for Your Mental Health?

How Not To Get Your Term Insurance Claim Rejected

Why You Must Include In Your Financial Planning?

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

Different Types of Protection Plans

What Should You opt for - Limited or Premium Pay?

Importance of Term Insurance at Every Stage of Your Life

Steps on How to Buy Term Insurance Online

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

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance Calculator - Everything You Need To Know

What is a term insurance plan with a return of premium, and how does it work?

All you need to Know about Term Insurance Plans for housewives

What Happens if you Hide Facts in your Term Insurance?

How to Identify Term Insurance According to Your Needs?

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

भारत में गृहणियों के लिए टर्म इंश्योरेंस

How Does BMI Affect Your Term Insurance Premium?

Why Term Insurance Is Better Than ULIP?

Planning For Son or Daughter's Wedding

Is a Term Insurance Policy Portable?

Calculating Term Insurance Premium

Different Types of Premiums in Term Insurance?

Side Effects of Covid-19 Booster Doses

What Is the Correct Age to Buy Term Insurance?

What Is a Renewable Term Insurance Policy?

How To Evaluate Your Term Insurance Quote?

9 Point Guide on how to File Income Tax Return Online

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

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

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

What is Critical Illness Policy?

Cost of Term Insurance Likely to Increase Soon

Why Married People Should Buy Term Insurance Under MWP Act?

Should You Have Multiple Term Life Insurance Policies?

Term Insurance With Riders In India

How do I Calculate My Term Insurance Premium

Eligibility Criteria for Buying Term Insurance in India

Is ₹1 Crore Term Insurance Good Enough Cover?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Why is it important to buy term insurance plan?

Do You Need Term Insurance Cover After Retirement?

10 Ways to Mentally Refresh After a Stressful Day

Why should single women purchase term life insurance?

8 Factors to consider before choosing a Critical Illness Insurance

Is There Any Tax Benefit on Term Insurance?

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

All about Online Income Tax Calculator

8 Benefits of Term Insurance You Should Know

Advantages & Disadvantages of Term Insurance in India

6 Types of Death not covered in Term Insurance Plan

Insuring Against Accidents with an Accidental Death Insurance Rider

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

Term Insurance Basics You Should Know

What is a short term insurance policy?

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

Protection for your family

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

Can You Increase Your Term Insurance Cover?

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

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

Why Premium Amount for Term Insurance is So Low?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

9 Most Frequently Asked Questions on Term Insurance

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Increasing Term Insurance and Riders

5 Reasons to Have a Child Education Plan

5 Things To Consider While Buying Term Insurance Plan

4 Methods to Calculate How Much Term Insurance You Need

11 Types of Death not covered in Term Insurance Plans

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

Why does every working women need life insurance?

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

Comparing Term Plans – What Should You Look Out For

While Buying Term Insurance Compare Features, Not Just Premiums

Zero Cost Term Insurance Plan: What is & Should you buy it?

Is Group Term Life Insurance Provided By Employer Sufficient?

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

5 Term Insurance Benefits for Single Women

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

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

9 Ways to Help Family Members in Financial Trouble

Insuring Protection Against Death With Death Insurance Rider

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

Choosing Riders for Insurance Plans

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

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

How to Surrender Term Life Insurance When You Have No Liabilities?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Which Death Type Does Your Term Plan Not Cover?

8 Things To Do After Buying Term Insurance

Is Term Life Insurance Plan an Investment or Expense?

Know How to Invest at Every Age for Larger Returns

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

Planning For Children's Future

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

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

Can I Extend the Tenure of My Term Insurance Plan?

Everything About Claim Settlement Ratio for Term Insurance

Why Buy Term Insurance Plan With a High Cover?

Tips to Choose the Right Term Period for Term Insurance Plan

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

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

Should Youngsters, Working Couples Buy Term Insurance Plans?

Term Insurance Plans and Policies for Smokers

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

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

How To Change The Nominee in Term Insurance?

Is Life Insurance Investment Worthy Enough

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

6 Reasons That Make Term Insurance a Must Buy

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

What are incremental term insurance plans?

Do term insurance policy have a waiting period after buying?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Individual Life Insurance vs. Group Term Life Insurance

What Are the Best Term Insurance Plans for Planning Retirement?

Term Insurance: Smokers vs Non-Smokers

How Does Term Life Insurance Work? Learn the Benefits

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

Top 3 Reasons Why You Should Buy A Term Plan Now

5 Benefits of Early Retirement Planning

How Much Term Life Insurance Cover Do I Need?

What are the Tax Benefits of Sukanya Samriddhi Yojana (SSY)?

Understanding Term Insurance Riders

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

What is Term Insurance? Term Plan Meaning and Definition

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

How Does Term Life Insurance Work? Learn the Benefits