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

Term Insurance Policy- Find out when is the right time for buying a term insurance policy for yourself on this article. For more on term insurance visit Kotak Life website

  • 4,001 Views | Updated on: May 22, 2024

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.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
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