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

How to make a budgetary choice between term insurance and car insurance, and how it’s important to insure your life as well as your car. To know more about how you decide read here!

  • Nov 18, 2019

Buying your dream car is like a dream come true. You take your time to pick the best color and then buy car insurance to protect your vehicle from uncertainties. Everyone does this religiously, but when it comes to insuring a life, many people tend to overlook it. You should not ignore the necessity of a life insurance plan, as doing so exposes your family to a financial danger.

What about life insurance

Buying term insurance is the most important investment you can make. However, it is a fact that many people avoid investing in it without realizing their families might be in trouble due to the absence of such a plan. Everyone believes that nothing unfortunate will happen to him or her; however, in case of any untoward circumstance, the family members have to go through the emotional and financial setback. Buying car insurance is mandatory; therefore, you opt for it. However,when it comes to life insurance, you need to have more awareness about the benefits it would provide in the future.

Importance of life insurance

The importance of life insurance is often understood only when it is too late. You should not leave any room to secure the future of your loved ones. Imagine what kind of financial trouble your family will be in if something unfortunate happens to you. If you are married with children, you surely want to provide the kids with the highest level of education and leave no financial liabilities for your wife. One of the core benefits of life insurance is that it provides cover for your family’s financial needs. If the policyholder passes away before the policy term is over then the nominees receive a lump sum of money. This protects them financially during your absence.

Life insurance costs less than half of car insurance

Buying a new car will cost you at least INR 5 lakh. Hence, it is understandable that you would buy an insurance plan to protect it. The price depends on different factors like the insurance company and car model, among others. An average comprehensive car insurance cover of approximately INR 3.3 lakh can cost you around INR 7,500 a year.

Comparatively, a term life insurance plan is much more affordable. Depending on the insurer, a term cover of approximately INR 25 lakh will cost you INR 3,600 annually. By paying less than half the premium, you can protect your family’s financial future as that is much more important than your car.

Term insurance provides double the protection in case of an accidental death

Apart from injuries, road accidents can also result in death. An accidental death of the bread earner of a family can destroy its members, emotionally, as well as, financially. A term insurance policy offers double protection to the nominees in case the policyholder dies in an accidental death. For example, if your term policy cover is INR 1 crore, the accidental death cover offered by the insurer is INR 2 crore.

Now that you know what is term insurance, you must understand that its importance is much more as compared to car insurance, and therefore, you must invest in a term plan without any delay.

Kotak e-Term

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  • 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*
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  • Free Medical Check Up every 5th year**

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


- A Consumer Education Initiative series by Kotak Life

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