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

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. 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 insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

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

When is the Right Time to Buy Term Life Insurance Policy for Yourself?
  • 15th Dec 2020 |
  • 1,163

Given the hectic lives that we lead as young professionals, we are constantly worried about our security, well-being and health and that of our loved ones. A great way to secure your life financially is with the help of a term insurance cover. A term plan is a pure protection policy, which provides economic and comprehensive coverage. It aims to protect the life of the insured for a specific period. It is one of the best gifts to buy for yourself and your family, especially given the uncertain times today.

This is the right time to buy a term plan for yourself to avail the various advantages and also will secure your family’s future.

Advantages of buying a term insurance plan now:

1. A term insurance plan offers low premiums at a younger age: The earlier you get term insurance for yourself, the more advantages you can benefit from. That way, you can buy a wider coverage for yourself at low premiums, and also get a life stage increment with the advancement of age. Terms plans for early adopters are extremely affordable, and at a young age, you can enjoy higher coverage for small premiums. Depending on how young you are, the waiting period for the inclusion of certain diseases may pass by the time you need the term cover.

2. Term insurance provides general insurability, along with critical covers: A term plan offers pure life cover, as well as protection against COVID-19 with riders. Additional riders such as critical illness covers, disability, etc. increase the reach of the policy. This not only reduces the monetary burden but also assures that you get the best treatment possible, whenever needed.

3. Term insurance premiums are expected to rise soon, so best buy now at economical premiums: Term plans are one of the most coveted insurance plans due to their economical premiums. However, due to the rising mortality rates, insurance providers are likely to increase their premiums. There has been a suggested rise of about 40% in the charges post-April 2020. However, multiple insurance providers are still offering coverage at the lower premiums like before. So, make the most of the opportunity and buy the best term insurance plan for yourself at affordable premium prices.

Role of term insurance in safeguarding your future:

1. A term plan is a reliable asset when markets fall sharply: A term insurance plan do not bear any savings or investment component. It is unaffected from market fluctuations and thus, becomes a dependable asset for you. This has become even more relevant in the current COVID-19 situation and general economic slowdown, which has led to the fall of even the mightiest of economies. It has shrunk markets, dropped the value of stocks and reduced worth of assets, making even the most profitable investments worthless. In such a scenario, insurance becomes a reliable investment for your future.

2. Term insurance secures you against the financial impact of extreme vulnerabilities: Extreme conditions like the COVID-19 cause a huge financial burden. Loss of income, rising medical expenses and more can create a big dent in the pocket. With a term insurance cover, you will be safe from the financial crunch of such situations.

Kotak e-Term Plan

Download Brochure


  • 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

How to Compare Term Insurance Online

Busting Myths and Facts About Term Insurance Policies

Term Insurance with Critical Illness

Why Term Insurance Is Better Than ULIP?

All About Term Insurance Inbuilt Coverage

Tips to Choose the Right Term Period for Term Insurance Plan

Insuring Against Accidents with an Accidental Death Insurance Rider

Can Senior Citizens Avail Term Insurance?

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

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

Term Insurance With Riders In India

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

6 Types of Death not covered in Term Insurance Plan

Ensure Protection Against Death, Disease & Disability With Life Insurance

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

Know How to Invest at Every Age for Larger Returns

Is ₹1 Crore Term Insurance Good Enough Cover?

5 Benefits of Early Retirement Planning

How Much Cover Should I Take In A Term Plan?

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

What are the Documents Required for Term Insurance Plan?

Should You Buy a Term Plan After 40?

While Buying Term Insurance Compare Features, Not Just Premiums

Protection for your family

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

Advantages of Buying Term Insurance in Your 50s

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

Different Types of Protection Plans

Increasing Term Insurance and Riders

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

Form 16, Form 16A, and Form 16B?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

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

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

Why Buy Term Insurance Plan With a High Cover?

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

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

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

Should you buy a Renewable Term Life Policy?

Top 3 Reasons Why You Should Buy A Term Plan Now

8 Factors to consider before choosing a Critical Illness Insurance

What is Critical Illness Policy?

Individual Life Insurance vs. Group Term Life Insurance

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

Difference Between Term Insurance and Endowment Plan

How To Choose the Right Term Insurance Plan?

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

Do You Need Term Insurance Cover After Retirement?

Term Plans are Definitely Cheaper than You Think!

Insuring yourself against Ill Health with a Critical Illness Rider

Why does every working women need life insurance?

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

भारत में गृहणियों के लिए टर्म इंश्योरेंस

How to Surrender Term Life Insurance When You Have No Liabilities?

10 Ways to Mentally Refresh After a Stressful Day

What is Term Insurance? Term Plan Meaning and Definition

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

How Much Term Life Insurance Cover Do I Need?

9 Most Frequently Asked Questions on Term Insurance

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

What Should You opt for - Limited or Premium Pay?

Term Life Insurance Plan for Smokers vs Non-Smokers

Understanding Term Insurance Riders

How do I Calculate My Term Insurance Premium

What Is the Correct Age to Buy Term Insurance?

Why is it important to buy term insurance plan?

Why Married People Should Buy Term Insurance Under MWP Act?

How To Change The Nominee in Term Insurance?

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

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

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

Side Effects of Covid-19 Booster Doses

Why Spending Time with Friends is Essential for Your Mental Health?

Cost of Term Insurance Likely to Increase Soon

Why Buy Term Insurance Even at Rising Rates?

6 Reasons That Make Term Insurance a Must Buy

Can Term Insurance Plans Be Purchased As A Gift?

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

Term Insurance: Smokers vs Non-Smokers

Does Term Insurance Cover Accidental Death?

What are incremental term insurance plans?

8 Things To Do After Buying Term Insurance

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

Why 1 Cr Term Plan Is Necessary For Family?

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

Term Insurance Plans and Policies for Smokers

Calculating Term Insurance Premium

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

Is a Term Insurance Policy Portable?

Do Beneficiaries Pay Taxes on Term Insurance?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Steps on How to Buy Term Insurance Online

Why You Must Include In Your Financial Planning?

Choosing Riders for Insurance Plans

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Comparing Term Plans – What Should You Look Out For

Can You Increase Your Term Insurance Cover?

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

Different Types of Premiums in Term Insurance?

How Does Term Life Insurance Work? Learn the Benefits

What Happens if you Hide Facts in your Term Insurance?

How Not To Get Your Term Insurance Claim Rejected

What All Documents Required For Term Insurance In India?

10-Year Term Life Insurance Policy - Explained in Detail

Endowment Plans vs Term Plans: Understanding the difference

5 Things To Consider While Buying Term Insurance Plan

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

Is term Insurance Needed for People With No Dependents?

Can I Get Term Insurance on Behalf of My Spouse?

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

Should Youngsters, Working Couples Buy Term Insurance Plans?

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

Is There Any Tax Benefit on Term Insurance?

Insuring Against Disability With Disability Insurance Rider

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

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

What are the Tax Benefits of Sukanya Samriddhi Yojana (SSY)?

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

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

What is a short term insurance policy?

8 Benefits of Term Insurance You Should Know

Why should single women purchase term life insurance?

9 Tax Changes in Budget 2019 that may Impact Your Personal Financial Planning

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

Can I Extend the Tenure of My Term Insurance Plan?

4 Methods to Calculate How Much Term Insurance You Need

What is Insurance Premium - A Detailed Guide

3 Things to Consider When Buying Term Insurance, If You are Single

Importance of Term Insurance at Every Stage of Your Life

Why Should You Buy Term Insurance in 2022?

4 Reasons Why You Need Critical Illness Cover

Which Death Type Does Your Term Plan Not Cover?

Tax Benefits of Term Insurance in India

5 Term Insurance Benefits for Single Women

Is Life Insurance Investment Worthy Enough

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

9 Point Guide on how to File Income Tax Return Online

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

What Are the Best Term Insurance Plans for Planning Retirement?

All you need to Know about Term Insurance Plans for housewives

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

Why Should New Parents Buy Term Life Insurance?

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

All about Online Income Tax Calculator

Advantages & Disadvantages of Term Insurance in India

8 Types of Death not covered in Term Insurance Plan

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

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

How Does A Term Life Insurance Work in India?

Term Insurance Basics You Should Know

What Is a Renewable Term Insurance Policy?

Term Insurance Calculator - Everythng You Need To Know

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

Term Insurance Age Limit – Term Plan for All Age Groups

Buying A Term Insurance Plan? Take These Factors into Account

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

9 Ways to Help Family Members in Financial Trouble

How Much Term Insurance Do I Need

Planning For Children's Future

Should You Have Multiple Term Life Insurance Policies?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Insurance Policy for Housewife In India

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

Planning For Son or Daughter's Wedding

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

Eligibility Criteria for Buying Term Insurance in India

Is Term Life Insurance Plan an Investment or Expense?

Everything About Claim Settlement Ratio for Term Insurance

Is Group Term Life Insurance Provided By Employer Sufficient?

Insuring Protection Against Death With Death Insurance Rider

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

4 Things To Expect From Your Term Insurance Plan in India

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

Term Plan with Spouse Cover

How to Identify Term Insurance According to Your Needs?

Why Premium Amount for Term Insurance is So Low?

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance vs Life Insurance: Understand the Difference and Benefits