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Ref. No. KLI/22-23/E-BB/492
Staggered payment meaning - It is a payout option under term plan where the nominees receives a portion of the sum assured as a lump sum and the remaining in monthly or annual payments. Click here to know more.
Term policies offer death benefit to the immediate family, but one thing that goes unnoticed is that not everyone is a pro at handling finances. When the family receives a lump sum amount as cover, the amount might be big and the family might not be good at handling finance. For such people, there is a staggered payment option.
In case you are wondering about what staggered payment is, we are here to help you understand the idea behind it and how you can opt for one.
Staggered payment is an option under a term plan wherein the nominee(s) receive a portion of the sum assured as a lump sum, and the remaining money comes in form of monthly or annual payments.
The duration of the payments varies from policy to policy. This way, the nominees do not have to worry about what to do with the lump sum, and they can plan their finances accordingly. The monthly payments make it easier to take care of the household expenses without much hassle.
The staggered insurance payment option comes with two different choices:
Under this option, the remaining money after the lump sum payment is paid in monthly instalments. The payment amount is fixed and it is paid for a pre-determined period.
If you are worried about inflation, this option will surely ease your mind. When you opt for the increasing monthly income option, the increases the income by a certain percentage annually. This way, you can tackle the ever-rising expenses.
You must opt for the staggered payment option if:
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
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Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
