Why Buy Term Insurance Plan With a High Cover?

• 9th Mar 2021
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Why Buy Term Insurance with High Coverage Plan - Kotak Life

Term insurance is a one-way ticket to your family’s secure future. It enables you to safeguard your loved ones and ensure their wellbeing at a time when you are not around to do so yourself. When buying a a term it may be advised to pick a policy with the highest life insurance coverage.This does not only translate to a high sum assured but several other aspects too.

Find out why buying a high coverage plan is crucial.

1. A high sum assured can cater to all your needs.

While you may buy a term plan today, your family will likely use it many years from now. Over the course of time, their lifestyle, standard of living, needs, wants, etc. will evolve, and they would require more financial resources to lead a comfortable life as they do today. A high sum assured can take care of their requirements and offer them the necessary funds to lead a dignified life.

2. A high sum assured can battle rising inflation.

Inflation is constantly on the rise. The cost of education, healthcare, food, and other essentials has risen manifold in the last few decades. The coming years are expected to see the costs of goods and services rising further. Hence, the term insurance coverage you choose today should not only be sufficient in the present but also holds its value in the future. Picking a high sum assured will ensure that your family gets an amount that is able to beat inflation and yet be substantial to cover their needs.

3. High coverage with riders offers enhanced protection.

As stated above, high life insurance coverage is not limited to a high death benefit; it also contains riders that extend the scope of your policy. Adding riders, such as a critical illness rider, permanent disability rider, accidental death rider, and more, can offer you and your family increased protection in times of need. They ensure that every unexpected scenario is covered under the range of your policy and you never have to worry about anything.

4. A high policy term covers you for a longer duration.

Although each insurance provider and policy may have a different eligibility criterion to join, most plans offer long tenures to keep you covered for an extended period. The maximum age for the policy term can be up to the age of 75 years. This ensures that your loved ones stay secured for an increased amount of time.

5. A highly flexible plan can offer more peace of mind.

The more flexible the plan is the better term insurance coverage you can get. The ability to choose your payout options and frequency of premium payments must fit your budgetary requirements at the time. Similarly, a good term plan must offer the chance to customize the policy with riders and more. Picking a highly flexible plan is essential to lead a stress-free life with peace of mind.

Get high coverage with Kotak e-Term Plan

The Kotak e-Term Plan is an economical option that offers high term insurance coverage to fit in all your needs. Here are some features of this policy:

• The plan offers three payout options: Immediate, Level Recurring, and Increasing Recurring Payout.
• The plan lets you customize your policy and enhance your coverage with additional riders.
• You can buy a plan at a premium as low as ₹23 per day.

- A Consumer Education Initiative series by Kotak Life