Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. 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 life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. 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.

Smart Steps to keep in mind while buying term policies

Can’t decide how to choose the best term life insurance plan in India, read here to know 5 smart steps to get that confusion cleared and simply go ahead and buy term insurance online!

  • Nov 18, 2019
  • 3,653 Views

Life is full of uncertainties, and death is one of the most devastating ones among them. One moment can change the entire life of a family. Not only it can cause emotional suffering, but it can also hurt them financially. To tackle such a scenario, you can buy term insurance to ensure your family’s financial well being if you are not there to take care of them in the future.

However, before you buy a term policy, you should follow the below-mentioned five steps:

1. Decide on the amount of cover required

If you are wondering how to choose best term insurance plan in India, you should start by figuring out how much cover you need. The sum assured should be enough to cover the regular household expenses, education of your children, and your debts. Also,remember to factor in the possible future medical expenses of your family.

2. Finalize on the tenure of the term policy

The tenure might depend on the term insurance eligibility as some insurers offer policies with a fixed duration. However, you should consider opting for a cover that lasts until your retirement. Having a cover until your retirement makes it more secure for your family. If you are 30 years old right now and want to work until your 60s then choose a term policy that has a tenure of 30 years.

3. Do not ignore inflation

When purchasing a policy, consider the effect of inflation. If you find yourself asking ‘‘how much term insurance do I need’’, you need to understand that the cover that seems sufficient today, might not be enough after 20 years. The smartest thing to do would be to revise the cover every few years as the cost of living increases. You can also opt for a policy that offers to increase the sum assured by 5% to 10% annually.

4. Buy the term plan online

The Internet has revolutionized the life insurance industry. You can now buy a policy in minutes, right from the comfort of your home. Buying the online term plan comes with many other benefits too. You can compare different policies easily and determine which one meets your needs. Buying a term plan online also makes it possible for you to get the policy directly from the insurer’s website, without needing an agent. This will save you a lot of money as well.

5. Purchase the most affordable plan

The guide on how to choose the best term insurance plan cannot be completed without suggesting how to find the most cost-effective policy. To do so, you need to thoroughly compare different insurers. You will find that the premium varies depending on the insurer and the policy. Hence, you have the chance to find the most suitable as per your budget.

Now that you know how to choose term life insurance,you can make an informed decision. This way, you can be sure that you have opted for a product that secures the financial future of your family.

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

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

Busting Myths and Facts About Term Insurance Policies

Term Insurance Terminology

Everything about Incremental Term Life Insurance Policy

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

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

How to Compare Term Insurance Online

Why You Must Include In Your Financial Planning?

Is Death Due to Covered by Term Insurance?

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

What is Critical Illness Policy?

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

Family Protection Term Insurance: Safeguarding Your Loved Ones

Documents Required for Term Insurance

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

4 Things To Expect From Your Term Insurance Plan in India

Benefits of Short-Term Life Insurance Policy

How to Identify Term Insurance According to Your Needs?

4 Methods to Calculate How Much Term Insurance You Need

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

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

Term Insurance for Women

Increasing Term Insurance and Riders

Is Term Life Insurance Plan Worth?

8 Benefits of Term Insurance You Should Know

Term Insurance Calculator - Everything You Need To Know

Should Youngsters, Working Couples Buy Term Insurance Plans?

Is Group Term Life Insurance Provided By Employer Sufficient?

Top 5 Features of Term Insurance

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

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

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

Various Term Insurance Premium Payment Options Available in India

8 Factors to consider before choosing a Critical Illness Insurance

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Do term insurance policy have a waiting period after buying?

₹75 Lakh Term Insurance

Which Death Type Does Your Term Plan Not Cover?

Why You Need to Know About the Critical Illness Plan?

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

Is it Worth Buying Disability Rider on Term Insurance?

What is Salary Protection Insurance and Why You Need It

₹1.5 Crore Term Insurance

What Is the Correct Age to Buy Term Insurance?

Can Senior Citizens Avail Term Insurance?

Everything About Claim Settlement Ratio for Term Insurance

Why Buy Term Insurance Plan With a High Cover?

How to Buy a Term Life Insurance Online

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

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

A Term Insurance Guide for Disabled People

Why Renewal of the Life Insurance Policy is Important?

Is a Term Insurance Policy Portable?

How to Find the Best Term Insurance Plan in Seven Steps

Why Should You Buy Term Insurance in 2022?

Can You Buy Multiple Term Insurance Policy?

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Advantages & Disadvantages of Term Insurance in India

Importance of Term Insurance at Every Stage of Your Life

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

Why Term Insurance Is Must For Parents

6 Reasons That Make Term Insurance a Must Buy

How To Evaluate Your Term Insurance Quote?

How Much Term Life Insurance Cover Do I Need?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

4 Reasons Why You Need Critical Illness Cover

What is a short term insurance policy?

How Much Cover Should I Take In A Term Plan?

How To Change The Nominee in Term Insurance?

Why Should New Parents Buy Term Life Insurance?

Why Online Term Insurance Plans Cheap?

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

Can I Extend the Tenure of My Term Insurance Plan?

Here's why Renewal of Term Plan is Important

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

Eligibility Criteria for Buying Term Insurance in India

Term Insurance vs. Endowment Plan: Know the Differences

Why is it important to buy term insurance plan?

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

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

5 Term Insurance Benefits for Single Women

What is Term Insurance: Definition and Benefit of Term Plan

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Term Insurance Plans and Policies for Smokers

How Does Short-Term Life Insurance Work?

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

Steps on How to Buy Term Insurance Online

Make Your Online Term Plan Your Familys Monthly Payout

Can NRI Buy Life Insurance in India?

9 Most Frequently Asked Questions on Term Insurance

What Should be the Right Term Insurance Plan Duration?

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

Term Insurance: Smokers vs Non-Smokers

Should You Have Multiple Term Life Insurance Policies?

All you need to Know about Term Insurance Plans for housewives

Why Premium Amount for Term Insurance is So Low?

Alzheimer's Disease and How It’s Covered Under Health Insurance

Why should single women purchase term life insurance?

Term Insurance Trends You Must Know

Is ₹1 Crore Term Insurance Good Enough Cover?

Types of Deaths Not Covered by Term Insurance

Should Retirees Buy Term Insurance?

Why Should You Rethink Short Term Insurance Plans

Salient features of a Term Insurance Plan

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

Age Limit for Term Life Insurance

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

9 Questions You Should Ask Before Buying Term Insurance

Renewable Term Insurance

Cost of Term Insurance Likely to Increase Soon

Advantages of Buying Term Insurance in Your 50s

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

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

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

Term Plan with Spouse Cover

What Are the Best Term Insurance Plans for Planning Retirement?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

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

Choose the Nominee of a Term Life Insurance Plan Wisely

Understanding Term Insurance Riders

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

Why does every working women need life insurance?

Does Term Insurance Cover Accidental Death?

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

1 करोड़ का टर्म इंश्योरेंस प्लान क्या है?

How do I Calculate My Term Insurance Premium

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

Want to surrender your term insurance policy? Here's a guide

Calculating Term Insurance Premium

Term Life Insurance Vs Money Back Life Insurance

Take 100% Responsibility for Your Family with Term Life Insurance

Should you buy a Renewable Term Life Policy?

Can I Get Term Insurance on Behalf of My Spouse?

Term Plans are Definitely Cheaper than You Think!

How To Choose the Right Term Insurance Plan?

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

5 Things To Consider While Buying Term Insurance Plan

Term Insurance with Critical Illness

Reasons Why Term Insurance Claims Get Rejected

₹50 Lakh Term Insurance

How Not To Get Your Term Insurance Claim Rejected

Individual Life Insurance vs. Group Term Life Insurance

Difference Between Term Insurance and Endowment Plan

Endowment Plans vs Term Plans: Understanding the difference

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

Online vs Offline Term Insurance - A Comparison

How Does BMI Affect Your Term Insurance Premium?

Is There Any Tax Benefit on Term Insurance?

Should You Buy a Term Plan After 40?

Guide for Buying Online Term Insurance Plans for Senior Citizens

Things To Do After Buying Term Insurance

Do Beneficiaries Pay Taxes on Term Insurance?

What All Documents Required For Term Insurance In India?

Different Types of Premiums in Term Insurance?

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

5 methods to calculate how much term insurance you need

Why Should You Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Term Insurance As A Gift | Perfect gift for your Loved ones

₹5 Crore Term Insurance

Why Buy Term Insurance Even at Rising Rates?

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

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

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

Term life insurance: Should you opt for lump sum payout or staggered payout?

Term Insurance Tips for NRIs in India

Terms and Conditions of Term Insurance Plans

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

How to choose the right term insurance plan

6 Types of Death not covered in Term Insurance Plan

What Is Staggered Payment Option Under Term Insurance Policy?

Surrender Term Life Insurance Policy

Hiding vital facts while buying term insurance? Claims may be rejected

टर्म इंश्योरेंस क्लेम प्रक्रिया

Why Married People Should Buy Term Insurance Under MWP Act?

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

Why Term Insurance Is Better Than ULIP?

5 Things to Consider When Buying Term Insurance, if you are Single

Top 3 Reasons Why You Should Buy A Term Plan Now

All About Term Insurance Inbuilt Coverage

Can You Increase Your Term Insurance Cover?

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

Know the many types of life insurance policies in India

Tax Benefits of Term Insurance in India

Why 1 Cr Term Plan Is Necessary For Family?

10-Year Term Life Insurance Policy - Explained in Detail

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

Term Insurance Claim Process

Can You Get Term Insurance Without Income Proof?

Term Insurance With Riders In India

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

Insurance Policy for Housewife In India

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

Term Insurance Comparison – What Should You Look Out for?

₹2 crore Term Insurance

Why One Must Buy Term Insurance before 25 Years

Is term Insurance Needed for People With No Dependents?

Buying A Term Insurance Plan? Take These Factors into Account

Term Life Insurance Plan for Smokers vs Non-Smokers

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

Difference Between Short-Term and Long-Term Insurance

How Does Term Life Insurance Work? Learn the Benefits

How Does Term Life Insurance Work? Learn the Benefits

Which Death Types are Covered by Kotak E-Term Plan?

Term Insurance Basics You Should Know

While Buying Term Insurance Compare Features, Not Just Premiums