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

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


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 Youngsters, Working Couples Buy Term Insurance Plans?

As a youngster, you must consider term insurance plan as a great boon for your financial planning. Read this article to know more about term plan

  • Dec 21, 2021

As the name suggests, a term life insurance policy provides coverage against the uncertainties of life for a specific ‘term’ or duration. And, while it continues to remain the most popular type of life insurance policy, many modern youngsters are apprehensive about buying a term plan since it does not offer any maturity benefit, nor does it have an investment or savings component.

Many youngsters and working couples believe that they need not buy a term plan since they are financially independent. However, is this the right approach? Many financial experts and insurance gurus suggest that term insurance is a must-have for all, irrespective of age and income status.

When buying a term insurance policy, you must know its basic purpose. The fundamental reason why many people buy a term plan is to secure the financial future of their family members. The policy pays a death benefit to your family if something unexpected happens to you.

As a youngster, you must consider this a great boon for your financial planning. It would help if you looked at buying a term plan as the first step towards a robust financial plan for your future. The term insurance policy must be commensurate with your age and income. This will go a long way in helping you accomplish your long-term goals without being derailed by the uncertainties that may occur at any time.

Also, it is possible that after a certain age, when your parents retire or have no steady income, they may become financially dependent on you. Keeping this in mind, it is best advised to buy term insurance when you are young. Additionally, many youngsters and married couples tend to put off buying a term plan until they achieve a milestone like becoming a parent, marriage, or their child’s first birthday. However, they don’t realise that with age, the premium for the term plan keeps increasing.

Hence it is advisable to purchase a plan when you are young. The sooner, the better. In fact, many insurance advisors suggest that you must buy a term plan right from the day when you draw your first salary.

Another critical factor about purchasing a term plan at a young age is that you must reassess your insurance needs every few years as you grow in your career and progress to different life stages. This essentially means that you must relook at your coverage amount and increase the same as needed.

For example, when you are young and unmarried, you may have purchased a term plan for maybe 5-10 years with a sum assured of Rs. 5 lakhs. However, when you get married and have children eventually, you will have an additional responsibility of protecting your spouse and child. In this situation, a Rs. 5 lakh insurance cover may be insufficient to cover your family’s needs, and you may want to increase the cover-up to 20 lakhs or more

Also, even if both you and your partner are working, in the purview of the rising inflation, if something happens to either of you, one parent’s income may not be enough to meet the necessary expenses like child education, marriage, etc. Keeping this in mind, you and your partner must get a term insurance cover to secure your financial future.

Apart from securing your family’s future and giving you peace of mind knowing that your family will never face financial hassles, a term plan also serves as an excellent tax-saving instrument. So, when you are young, you may want to save a maximum amount on your tax payment. Having a term plan can help you get tax benefits up to Rs. 1.5 lakhs in a financial year. The premiums you pay are eligible for tax deduction under Section 80C of the Indian Income Tax Act.

Thus, with so many benefits of term insurance, there is no reason why working couples and youngsters should not buy a robust term plan.

Kotak e-Term

Download Brochure


  • 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


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Busting Myths and Facts About Term Insurance Policies

Comparing Term Plans – What Should You Look Out For

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

8 Benefits of Term Insurance You Should Know

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

5 Term Insurance Benefits for Single Women

Endowment Plans vs Term Plans: Understanding the difference

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

Which Death Type Does Your Term Plan Not Cover?

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

टर्म इंश्योरेंस क्लेम प्रक्रिया

Why Buy Term Insurance Even at Rising Rates?

Insuring Protection Against Death With Death Insurance Rider

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

Can I Get Term Insurance on Behalf of My Spouse?

How to Identify Term Insurance According to Your Needs?

What are incremental term insurance plans?

Individual Life Insurance vs. Group Term Life Insurance

Term Plan with Spouse Cover

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

Insuring yourself against Ill Health with a Critical Illness Rider

Term Life Insurance Vs Money Back Life Insurance

Can You Increase Your Term Insurance Cover?

10-Year Term Life Insurance Policy - Explained in Detail

Advantages & Disadvantages of Term Insurance in India

Term Life Insurance Plan for Smokers vs Non-Smokers

How Much Term Life Insurance Cover Do I Need?

9 Point Guide on how to File Income Tax Return Online

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

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

Calculating Term Insurance Premium

All you need to Know about Term Insurance Plans for housewives

Insurance Policy for Housewife In India

Know How to Invest at Every Age for Larger Returns

While Buying Term Insurance Compare Features, Not Just Premiums

5 Things To Consider While Buying Term Insurance Plan

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Ensure Protection Against Death, Disease & Disability With Life Insurance

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

Insuring Against Disability With Disability Insurance Rider

Does Term Insurance Cover Accidental Death?

Do You Need Term Insurance Cover After Retirement?

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

How To Change The Nominee in Term Insurance?

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

Is a Term Insurance Policy Portable?

How Much Cover Should I Take In A Term Plan?

What Is a Renewable Term Insurance Policy?

Difference Between Term Insurance and Endowment Plan

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

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Is There Any Tax Benefit on Term Insurance?

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

What is Critical Illness Policy?

6 Reasons That Make Term Insurance a Must Buy

Can I Extend the Tenure of My Term Insurance Plan?

Should You Have Multiple Term Life Insurance Policies?

Why Premium Amount for Term Insurance is So Low?

What Is the Correct Age to Buy Term Insurance?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Term Insurance: Smokers vs Non-Smokers

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

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

9 Ways to Help Family Members in Financial Trouble

How Does Term Life Insurance Work? Learn the Benefits

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Which is better limited pay or regular pay in term insurance?

How Not To Get Your Term Insurance Claim Rejected

5 Smart Steps to keep in mind while buying term policies

Term Insurance Calculator - Everything You Need To Know

What Happens if you Hide Facts in your Term Insurance?

5 Benefits of Early Retirement Planning

10 Most Frequently Asked Questions - FAQs on Term Insurance

4 Methods to Calculate How Much Term Insurance You Need

Can You Get Term Insurance Without Income Proof?

Top 3 Reasons Why You Should Buy A Term Plan Now

What is Insurance Premium? | Definition of Insurance Premium

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Buying A Term Insurance Plan? Take These Factors into Account

Cost of Term Insurance Likely to Increase Soon

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

4 Things To Expect From Your Term Insurance Plan in India

Why does every working women need life insurance?

Eligibility Criteria for Buying Term Insurance in India

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

When Should You Review Term Life Insurance of Yours?

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

Importance of Term Insurance at Every Stage of Your Life

Term Insurance Plans and Policies for Smokers

Why You Must Include In Your Financial Planning?

Why Term Insurance Is Better Than ULIP?

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

Types of Life Insurance Policies in India

How Does Term Life Insurance Work? Learn the Benefits

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

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

Difference Between Term Insurance and Endowment Plan

Key Differences Between Term Insurance, ULIPs, And Health Insurance

5 Reasons to Have a Child Education Plan

Why Buy Term Insurance Plan With a High Cover?

Is Group Term Life Insurance Provided By Employer Sufficient?

Different Types of Premiums in Term Insurance?

Why Should New Parents Buy Term Life Insurance?

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

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

8 Things To Do After Buying Term Insurance

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

11 Types of Death not covered in Term Insurance Plans

Understanding Term Insurance Riders

Planning For Children's Future

Side Effects of Covid-19 Booster Doses

What Are the Best Term Insurance Plans for Planning Retirement?

Planning For Son or Daughter's Wedding

Should You Buy a Term Plan After 40?

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

Is Term Life Insurance Plan an Investment or Expense?

Tax Benefits of Term Insurance in India

Term Insurance Basics You Should Know

Term Insurance Claim Process

Why Short-Term Insurance Plans Deserve a Second Look?

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

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

Why should single women purchase term life insurance?

Can An Individual Buy Multiple Term Insurance Plans?

Tips to Choose the Right Term Period for Term Insurance Plan

What All Documents Required For Term Insurance In India?

How Does Short-Term Life Insurance Work?

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

Advantages of Buying Term Insurance in Your 50s

Choosing Riders for Insurance Plans

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

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

Can Senior Citizens Avail Term Insurance?

How to Compare Term Insurance Online

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

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

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

Can Term Insurance Plans Be Purchased As A Gift?

Increasing Term Insurance and Riders

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Insuring Against Accidents with an Accidental Death Insurance Rider

Should you buy a Renewable Term Life Policy?

9 Most Frequently Asked Questions on Term Insurance

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Different Types of Protection Plans

How Does BMI Affect Your Term Insurance Premium?

Term Insurance vs Life Insurance: Understand the Difference and Benefits

6 Types of Death not covered in Term Insurance Plan

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

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

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

Everything About Claim Settlement Ratio for Term Insurance

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

Term Insurance Age Limit – Term Plan for All Age Groups

Is Life Insurance Investment Worthy Enough

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

All about Online Income Tax Calculator

Do term insurance policy have a waiting period after buying?

How To Choose the Right Term Insurance Plan?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Why Should You Buy Term Insurance in 2022?

Is ₹1 Crore Term Insurance Good Enough Cover?

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

Is term Insurance Needed for People With No Dependents?

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

Term Plans are Definitely Cheaper than You Think!

Why is it important to buy term insurance plan?

What are the Documents Required for Term Insurance Plan?

What is Term Insurance?

What is a short term insurance policy?

Do Beneficiaries Pay Taxes on Term Insurance?

Term Insurance with Critical Illness

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

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

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

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

Difference Between Short-Term and Long-Term Insurance

How do I Calculate My Term Insurance Premium

10 Ways to Mentally Refresh After a Stressful Day

Why Married People Should Buy Term Insurance Under MWP Act?

Protection for your family

Steps on How to Buy Term Insurance Online

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

Benefits of Short-Term Life Insurance Policy

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

8 Factors to consider before choosing a Critical Illness Insurance

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

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

4 Reasons Why You Need Critical Illness Cover

Why 1 Cr Term Plan Is Necessary For Family?

Make Your Online Term Plan Your Familys Monthly Payout

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

Term Insurance With Riders In India

All About Term Insurance Inbuilt Coverage

How To Evaluate Your Term Insurance Quote?

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