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

Types of Life Insurance Or One Investment, Many Options

Types of Life Insurance Or One Investment, Many Options
  • 22nd Nov 2021 |
  • 478

In very basic terms, life insurance can be defined as a contract between a policy owner and an insurer which helps the policy owner gain assurance and peace of mind of having a good amount of sum assured for their beneficiaries in case something were to happen to them. There are various kinds of life insurance policies in the market that you can have a look at to choose one as per your needs.

From fulfilling the daily family expenses in the absence of a breadwinner to helping with larger financial expenses, different life insurance types render an array of unique benefits. Here are different types of life insurance options for you to consider:

Term Life Insurance

As the name suggests, in this plan, the policyholder can choose the term period for the policy and generally, it ranges between 10-30 years (some insurance companies offer more). The best policies help in balancing affordability with strengthening the financial aspect in the long term. It includes the following:

  • Decreasing term life insurance
  • Convertible term life insurance
  • Renewable term life insurance

Permanent Life Insurance

Permanent life insurance stays with the policy owner until they deny the premium payment or opt for surrendering the policy. These premiums for permanent life insurance are relatively higher than other kinds of life insurance policies and include the following variants -

  • Whole life
  • Universal life
  • Indexed universal
  • Variable universal

Selecting the Correct Life Insurance Policy for You

If you are wondering about how many types of life insurance are there and struggling with choosing one for you, here are some things you can look into.

- Begin with setting your goals and expectations. Also, it is imperative to look at the expenses that you incur on a regular and monthly basis before choosing a life insurance policy.

- There are different types of life insurance in the market. You should look for plans that best suit the needs of you and your family to have a financially stable future.

- Understand the market availability of the companies that offer life insurance types. Have a look at as many as possible and compare to see what works the best for you.

- Take a close call for the inclusions and exclusions of the different types of life insurance plans by looking into factors like life coverage, claim settlement ratio, and other important records.

- Opt for a professional consultation to avoid confusion amongst the various kinds of life insurance policy.

Advantages of Opting for a Life Insurance Policy

There are different types of life insurance with their unique features that have many advantages. Some of them are mentioned below.

  • The different life insurance types ensure that they reduce the hardships on the family of the deceased by enabling them to lead a comfortable lifestyle.
  • With the different types of life insurance available, there are many ways in which you can save a good amount of tax as per the Income Tax Act of 1961.
  • These kinds of life insurance policy add tax-free dividends and additional strategic opportunities for you to avail yourself the most benefits.

The kind of peace that comes with securing your loved ones is simply unparalleled. Once you know about how many types of life insurance are there, there are a lot of options in store for you. A life insurance policy is always a good backup plan for everyone out there!

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

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

5 Benefits of Early Retirement Planning

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

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

Can Senior Citizens Avail Term Insurance?

Term Plans are Definitely Cheaper than You Think!

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

4 Things To Expect From Your Term Insurance Plan in India

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

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

Different Types of Premium in Term Insurance

Individual Life Insurance vs. Group Term Life Insurance

Is There Any Tax Benefit on Term Insurance?

Insuring Against Disability With Disability Insurance Rider

Do You Need Term Insurance Cover After Retirement?

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should New Parents Buy Term Life Insurance?

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

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

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

All you need to Know about Term Insurance Plans for Housewives

Tips to Choose the Right Term Period for Term Insurance Plan

What All Documents Required For Term Insurance In India?

Term Plan with Spouse Cover

Which Death Type Does Your Term Plan Not Cover?

8 Benefits of Term Insurance You Should Know

Protection for your family

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

Increasing Term Insurance and Riders

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

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

Term Insurance: Smokers vs Non-Smokers

Why Buy Term Insurance Plan With a High Cover?

Should You Buy a Term Plan After 40?

10-Year Term Life Insurance Policy - Explained in Detail

Can Term Insurance Plans Be Purchased As A Gift?

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

How to Buy 1 Crore Life Insurance Policy Without Medical Test

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

How to Identify Term Insurance According to Your Needs?

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

How Does Term Life Insurance Work? Learn the Benefits

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

All About Term Insurance Inbuilt Coverage

What Is a Renewable Term Insurance Policy?

How Not To Get Your Term Insurance Claim Rejected

Why 1 Cr Term Plan Is Necessary For Family?

Term Insurance Calculator - Everythng You Need To Know

Why Buy Term Insurance Even at Rising Rates?

Difference Between Term Insurance vs Life Insurance

Different Types of Protection Plans

9 Ways to Help Family Members in Financial Trouble

What is a short term insurance policy?

Comparing Term Plans – What Should You Look Out For

Why should single women purchase term life insurance?

Term Insurance Plans and Policies for Smokers

What are the Documents Required for Term Insurance Plan?

What Happens if you Hide Facts in your Term Insurance?

Why does every working woman need life insurance?

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

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

6 Reasons That Make Term Insurance a Must Buy

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

8 Factors to consider before choosing a Critical Illness Insurance

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

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

What Should You opt for - Limited or Premium Pay?

Importance of Term Insurance at Every Stage of Your Life

How to Surrender Term Life Insurance When you have No Liabilities

Can I Get Term Insurance on Behalf of My Spouse?

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

Term Life Insurance Plan for Smokers vs Non-Smokers

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 is it important to buy term insurance plan?

What Is the Correct Age to Buy Term Insurance?

Is Group Term Life Insurance Provided By Employer Sufficient?

Steps on How to Buy Term Insurance Online

Ensure Protection Against Death, Disease & Disability With Life Insurance

8 Things To Do After Buying Term Insurance

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

Planning For Son or Daughter's Wedding

9 Most Frequently Asked Questions on Term Insurance

Term Insurance with Critical Illness

Eligibility Criteria for Buying Term Insurance in India

Why Term Insurance Is Better Than ULIP?

Can You Increase Your Term Insurance Cover?

Side Effects of Covid-19 Booster Doses

Is term Insurance Needed for People With No Dependents?

Busting Myths and Facts About Term Insurance Policies

Insuring yourself against Ill Health with a Critical Illness Rider

How Much Cover Should I Take In A Term Plan?

Is Term Life Insurance Plan an Investment or Expense?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Is ₹1 Crore Term Insurance Good Enough Cover?

5 Things To Consider While Buying Term Insurance Plan

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

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

Calculating Term Insurance Premium

Buying A Term Insurance Plan? Take These Factors into Account

Does Term Insurance Cover Accidental Death?

How To Choose the Right Term Insurance Plan?

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

Should You Have Multiple Term Life Insurance Policies?

Is a Term Insurance Policy Portable?

4 Methods to Calculate How Much Term Insurance You Need

Why Premium Amount for Term Insurance is So Low?

Choosing Riders for Insurance Plans

How to Compare Term Insurance Online

Advantages & Disadvantages of Term Insurance in India

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

While Buying Term Insurance Compare Features, Not Just Premiums

4 Reasons Why You Need Critical Illness Cover

Insurance Policy for Housewife In India

Term Insurance Age Limit – Term Plan for All Age Groups

What is Insurance Premium - A Detailed Guide

How Much Term Insurance Do I Need

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

Tax Benefits of Term Insurance in India

Top 3 Reasons Why You Should Buy A Term Plan Now

Can I Extend the Tenure of My Term Insurance Plan?

Understanding Term Insurance Riders

5 Term Insurance Benefits for Single Women

Everything About Claim Settlement Ratio for Term Insurance

Insuring Protection Against Death With Death Insurance Rider

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

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

Make Your Online Term Plan Your Familys Monthly Payout

Insuring Against Accidents with an Accidental Death Insurance Rider

What is Critical Illness Policy

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

What is Term Insurance - A Complete Guide

Planning For Children's Future

What are incremental term insurance plans?

Term Insurance With Riders In India

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

Do Beneficiaries Pay Taxes on Term Insurance?

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

6 Types of Death not covered in Term Insurance Plan

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

How Does A Term Life Insurance Work in India?

Endowment Plans vs Term Plans: Understanding the difference

Advantages of Buying Term Insurance in Your 50s

Cost of Term Insurance Likely to Increase Soon

Term Insurance Basics You Should Know

Know How to Invest at Every Age for Larger Returns

Why Married People Should Buy Term Insurance Under MWP Act?

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

Why Should You Buy Term Insurance in 2022?

What Are the Best Term Insurance Plans for Planning Retirement?

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

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

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

How To Change The Nominee in Term Insurance?

Is Life Insurance Investment Worthy Enough

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

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

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