Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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With the cost of living skyrocketing by the day, insurance policies come as a blessing as they ensure that your family is secured for the future during an unfortunate event. Accidents or other calamities do not come with a warning. It is not in our hands to be able to avoid them or deal with them. However, what is in our hands is how we ensure that our family deals with the aftermath of it. Gone are the days when people thought that insurance was not necessary.Today, it is necessary; not for you but for your loved ones. Losing a loved one
may be unfathomable but in case it happens, at least the financial part of the burden is taken care of by the insurance policy.
Life insurancepolicies can be of two types - whole life insurance policy and term insurance policy.There has always been a debate about term insurance vs. life insurance. The most important question that you may be concerned about is that should you buy term plan or whole life insurance? It is important to understand the features, benefits, and differences between both of them before making a decision on which to pick.
A term insurance policy is a policy, which offers a death benefit to the beneficiary in case of the death of the policyholder. However, if the policyholder survives, the entire term of the insurance, the policy does not offer any maturity benefit. One of the main advantages of the term insurance policy is that the premium is very affordable and can be bought by most people. Hence,this policy attracts many young buyers who are just starting their careers and have a lot of financial responsibilities and milestones to achieve in life. The later you opt for a term insurance policy, the more you need to pay as premium. The increasing premiums, as well as the no maturity benefit feature, are the factors that make consumers hesitate before opting for this type of insurance, especially if they are looking for long term savings plan.
A whole life insurance policy is also known as a permanent insurance policy. You will have to pay a higher premium as compared to the premium of a term insurance plan. The advantage here is that the premium amount is fixed. In addition, along with the death benefit, you also get income benefits, as the cash amount that is accumulated over time is exempt from taxes. This amount can be used at the discretion of the owner of the policy. You could use this amount for retirement planning or for paying the future premiums of your insurance. If you are in your late 30s or above 40, it is recommended that you go for whole life insurance, as you may have more responsibility towards your family such as children’s education. You will need higher financial security. As the premium is quite high, many people think twice before choosing this insurance.
There are a large number of insurance providers in the market, no matter which type of insurance you are looking to purchase. So, the question of choosing a term or whole life insurance remains unanswered. If you opt for a term insurance policy, you can avail an attractive premium rate for a fixed period of time but there will be no maturity benefit available in the policy. But if you choose whole life policy then you will be able to enjoy protection for an extended period and get a maturity benefit though the premiums could go heavy on your pocket. For example, a youngster in his early twenties could initially opt for a term insurance plan to save on premium amount in his early years and then go for a whole life insurance plan after a few years when his responsibilities increase.
Here are some key differences between a term plan and a whole life policy that you should know:
1. Premium of the Policy
2.Tenure of the Policy
3.Cash Value of the Policy
The term Insurance vs. life Insurance debate can go on. There is no right or wrong answer to the question - should you buy term or whole life insurance? No matter which type of insurance you choose, ensure that you do your homework well and understand what both of these insurance policies include and exclude. Comparing policies online can actually help understand what is available and what suits you the best. Life insurance policy is very subjective to your personal requirements; hence, study the available insurers well and make an informed decision by keeping your personal necessities in mind.
- A Consumer Education Initiative series by Kotak Life
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