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Kotak e-Term Plan

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

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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

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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

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Should you buy a Renewable Term Life Policy?

Should you buy a Renewable Term Life Policy?
  • 19th Nov 2019 |
  • 2,522

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 Plan


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

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


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