Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Top 4 Mistakes To Avoid While Planning For Your Retirement

Top 4 Mistakes To Avoid While Planning For Your Retirement
  • 22nd Dec 2021 |
  • 384

Retirement planning has now become one of the most crucial financial objectives among working professionals in India. As people have now started realizing that building the retirement of dreams is a time-consuming process, most start working towards it right from their 20s as soon as they are employed.

But as with anything else, some mistakes are bound to occur when you are new to the world of saving and investing for the future. Some of these mistakes could have long-term financial consequences and might even significantly derail your plans. Learning from the mistakes of others is an excellent approach to avoid committing them on your own.

Here are four common retirement planning mistakes that one should avoid at all costs-

1. I Am Too Young to Think About Retirement

If you are in your 20s or 30s, retirement might seem like a lifetime away. But as you progress through your professional and personal life, it’d be easy to get lost in the process of solidifying your present. Your family will grow, and so will your expenses. Retirement planning will mostly take a backseat throughout this period.

More importantly, money needs time to grow. Having 25-35 years to work towards your retirement will always be more profitable than having 10-15 years. Also, by starting early, you give yourself enough time to make mistakes and recover from them.

2. I Am Too Old To Start Retirement Planning Now

Generally, people in their 40s who haven’t started planning their retirement entirely give up the idea as they believe that they are now too old to begin. However, it is never too late to start saving and investing for your retirement. Rather than depending on your kids or selling off your assets to keep up with the retirement expenses, you can start planning it now as there is still a lot that can be done.

With products like an annuity and pension plans, you can start building your dream retirement even if you are in your 40s or 50s. But you should not wait till they reach their 50s to start retirement planning. While one can surely take corrective steps at this age, it is better to start early.

3. Not Knowing How Much Money You Will Need for Retirement

Just like every journey needs a destination, you need to have a clear idea about how much your retirement corpus should be. While it might not be possible to calculate the exact amount, you should at least have a fair approximation of what you might need to retire comfortably.

You must consider your lifestyle, monthly expenses, healthcare expenses, and inflation while determining the corpus you might need. Also, it is always better not to carry any debt to your retirement. Try to repay loans like home, car, personal, education, etc., before reaching your retirement age.

4. Purchasing a Bunch of Insurance Policies Without Knowing What You Need

You regularly hear people talking about the importance of purchasing insurance. While products like health insurance, life insurance, and pension plans are crucial for every individual, it is wise to understand what you are getting into before making a purchase.

With insurers offering different insurance products, it is very easy to end up with policies that do not serve your purpose. Choose a reputable insurer and let them recommend the right products that match your needs and expectations. You should also research and compare on your end before making the final decision.

The Right Way to Plan Your Retirement in India

After working for decades, retirement is the time when you’d like to relax and indulge in things that you genuinely enjoy. As finances play a vital role in every phase of our life, working towards your retirement from an early age can take you closer to living a financially independent and rewarding retirement life.

Make a note of these common retirement planning mistakes so that you can avoid them and build the retirement life of your dreams. Consider professional assistance whenever you cannot decide, as their expertise and knowledge can save you from severe long-term consequences.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is a Term Insurance Policy Portable?

What are incremental term insurance plans?

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

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

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

8 Factors to consider before choosing a Critical Illness Insurance

8 Things To Do After Buying Term Insurance

What Should You opt for - Limited or Premium Pay?

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance – Why You Must Include In Your Financial Planning?

Insuring Against Disability With Disability Insurance Rider

Can Senior Citizens Avail Term Insurance?

What Is a Renewable Term Insurance Policy?

Cost of Term Insurance Likely to Increase Soon

What are the Documents Required for Term Insurance Plan?

How Much Term Insurance Do I Need

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

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

Advantages of Buying Term Insurance in Your 50s

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

Why should single women purchase term life insurance?

Is Group Term Life Insurance Provided By Employer Sufficient?

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

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

Term Insurance with Critical Illness

Increasing Term Insurance and Riders

9 Ways to Help Family Members in Financial Trouble

Eligibility Criteria for Buying Term Insurance in India

Term Insurance Plans and Policies for Smokers

Do You Need Term Insurance Cover After Retirement?

Can I Extend the Tenure of My Term Insurance Plan?

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

Different Types of Premium in Term Insurance

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

Term Insurance With Riders In India

Term Insurance Calculator - Everythng You Need To Know

How To Change The Nominee in Term Insurance?

Insuring Against Accidents with an Accidental Death Insurance Rider

What is a short term insurance policy?

Why Buy Term Insurance Plan With a High Cover?

Planning For Son or Daughter's Wedding

How Not To Get Your Term Insurance Claim Rejected

Why Buy Term Insurance Even at Rising Rates?

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

Term Insurance Basics You Should Know

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

Ensure Protection Against Death, Disease & Disability With Life Insurance

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

Can You Increase Your Term Insurance Cover?

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

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

How Does Term Life Insurance Work? Learn the Benefits

Different Types of Protection Plans

Term Insurance: Smokers vs Non-Smokers

Calculating Term Insurance Premium

5 Benefits of Early Retirement Planning

9 Most Frequently Asked Questions on Term Insurance

Advantages & Disadvantages of Term Insurance in India

Is ₹1 Crore Term Insurance Good Enough Cover?

Comparing Term Plans – What Should You Look Out For

Why Should New Parents Buy Term Life Insurance?

10-Year Term Life Insurance Policy - Explained in Detail

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

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

Insurance Policy for Housewife In India

Insuring Protection Against Death With Death Insurance Rider

While Buying Term Insurance Compare Features, Not Just Premiums

What Are the Best Term Insurance Plans for Planning Retirement?

Should You Buy a Term Plan After 40?

Term Insurance Age Limit – Term Plan for All Age Groups

Tips to Choose the Right Term Period for Term Insurance Plan

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

How to Identify Term Insurance According to Your Needs?

Is Life Insurance Investment Worthy Enough

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

6 Types of Death not covered in Term Insurance Plan

How to Surrender Term Life Insurance When you have No Liabilities

Key Differences Between Term Insurance, ULIPs, And Health Insurance

5 Things To Consider While Buying Term Insurance Plan

Buying A Term Insurance Plan? Take These Factors into Account

Insuring yourself against Ill Health with a Critical Illness Rider

All you need to Know about Term Insurance Plans for Housewives

Why 1 Cr Term Plan Is Necessary For Family?

Can I Get Term Insurance on Behalf of My Spouse?

Best Investment Plans for Children - Secure Your Child's Future

Term Life Insurance Plan for Smokers vs Non-Smokers

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

Is term Insurance Needed for People With No Dependents?

Term Plan with Spouse Cover

Know How to Invest at Every Age for Larger Returns

8 Benefits of Term Insurance You Should Know

Why is it important to buy term insurance plan?

Is There Any Tax Benefit on Term Insurance?

Should You Have Multiple Term Life Insurance Policies?

How Much Cover Should I Take In A Term Plan?

Difference between Term Insurance and Life Insurance

Term Plans are Definitely Cheaper than You Think!

Importance of Term Insurance at Every Stage of Your Life

How to Buy 1 Crore Life Insurance Policy Without Medical Test

What Is the Correct Age to Buy Term Insurance?

How Does A Term Life Insurance Work in India?

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

How To Choose the Right Term Insurance Plan?

4 Methods to Calculate How Much Term Insurance You Need

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

Tax Benefits of Term Insurance in India

Planning For Children's Future

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

Can Term Insurance Plans Be Purchased As A Gift?

5 Term Insurance Benefits for Single Women

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

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

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

6 Reasons That Make Term Insurance a Must Buy

4 Things To Expect From Your Term Insurance Plan in India

Protection for your family

Understanding Term Insurance Riders

Why Term Insurance Is Better Than ULIP?

Which Death Type Does Your Term Plan Not Cover?

What is Critical Illness Policy

Endowment Plans vs Term Plans: Understanding the difference

4 Reasons Why You Need Critical Illness Cover

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

Is Term Life Insurance Plan an Investment or Expense?

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

What is Insurance Premium - A Detailed Guide

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

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Why Married People Should Buy Term Insurance Under MWP Act?

Do Beneficiaries Pay Taxes on Term Insurance?

Individual Life Insurance vs. Group Term Life Insurance

What Happens if you Hide Facts in your Term Insurance?

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

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

Why Premium Amount for Term Insurance is So Low?

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

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

Does Term Insurance Cover Accidental Death?

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

What is Term Insurance - A Complete Guide

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

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

What All Documents Required For Term Insurance In India?

Why does every working woman need life insurance?

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

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

Everything About Claim Settlement Ratio for Term Insurance

Steps on How to Buy Term Insurance Online

Choosing Riders for Insurance Plans

All About Term Insurance Inbuilt Coverage

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should You Buy Term Insurance in 2022?

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

Top 3 Reasons Why You Should Buy A Term Plan Now

How to Compare Term Insurance Online

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

Busting Myths and Facts About Term Insurance Policies