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

Why Renewal of Term Insurance Plan is Important

Why Renewal of Term Insurance Plan is Important
  • 8th Jul 2019 |
  • 2,472

There is no amount of certainty in our lives. From childhood, we learn to protect our loved ones. However, the methods that we implement to protect our loved ones change with time. Today, the best way to safeguard the future of your family is to avail of a term insurance plan. The policy offers financial security to the nominee of the policy in case of death of the insured. All you have to do is make regular premium payment and provide for the financial safety of your loved ones.

Why is it important to renew a term insurance plan?

The importance of term life insurance renewal can never be exaggerated enough. If you own a term plan and suffer a major illness just before the expiry of the policy, you will not be able to buy a fresh policy. When you renew term life insurance, you get a chance to extend the coverage because the company cannot refuse the renewal of the plan if the original policy had the option of policy renewal.

There is no medical test required for renewal. This indicates that your health history does not matter during the renewal of the policy. When there is an option of renewal in the policy, the insurance company will renew it without any additional requirements. The only requirement for term life insurance renewal is that the policyholder should be in the appropriate age bracket. Those with a consistent premium payment and an insurance cover, which has not lapsed yet, can renew the policy with ease and convenience. Here are a few reasons why you should renew term insurance.

1. To achieve the main purpose of insurance

If you fail to renew the policy on time, the coverage of your policy will lapse and if any eventually occurs during this period, then your beneficiary will not be able to receive the stipulated sum assured if an unfortunate event takes place. The purpose of the term plan is to secure the future of your loved ones in your absence. In order to achieve the same, you need to pay the premium on time and renew the policy.

2. To claim tax benefits

With an insurance policy, you not only provide for the financial security of your loved ones but also manage to save tax. Term insurance can act as an ideal investment. It is a saving tool to reach your financial goals. When you pay the premium on your policy, you can enjoy tax benefits under Section 80C. If you do fail to pay the premium, the policy will lapse and you will not be able to avail of tax benefit.

Having a term insurance plan is essential. No matter your age or your profession, it is important to invest in term insurance online to meet your financial requirements. Not all plans offer the option of a renewal, which is why you need to verify this option when you purchase a policy. You must make sure to buy a term insurance plan, which offers the option of renewal. Always remember to renew the policy on time to get the maximum benefit from the same. Timely renewal of the policy will ensure that you are covered at all times without any worries.

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Planning For Son or Daughter's Wedding

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

Term Plan with Spouse Cover

What are the Documents Required for Term Insurance Plan?

Term Life Insurance Plan for Smokers vs Non-Smokers

Eligibility Criteria for Buying Term Insurance in India

Choosing Riders for Insurance Plans

Can Senior Citizens Avail Term Insurance?

What All Documents Required For Term Insurance In India?

How Does A Term Life Insurance Work in India?

5 Benefits of Early Retirement Planning

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

Can Term Insurance Plans Be Purchased As A Gift?

Buying A Term Insurance Plan? Take These Factors into Account

What Is the Correct Age to Buy Term Insurance?

Does Term Insurance Cover Accidental Death?

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

Why Should New Parents Buy Term Life Insurance?

Term Plans are Definitely Cheaper than You Think!

Everything About Claim Settlement Ratio for Term Insurance

8 Factors to consider before choosing a Critical Illness Insurance

8 Benefits of Term Insurance You Should Know

Why Married People Should Buy Term Insurance Under MWP Act?

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

10-Year Term Life Insurance Policy - Explained in Detail

Term Insurance With Riders In India

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

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

Why is it important to buy term insurance plan?

Is term Insurance Needed for People With No Dependents?

Protection for your family

Term Insurance with Critical Illness

Importance of Term Insurance at Every Stage of Your Life

What are incremental term insurance plans?

What Should You opt for - Limited or Premium Pay?

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

All About Term Insurance Inbuilt Coverage

How Much Term Insurance Do I Need

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

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

Different Types of Premium in Term Insurance

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

Term Insurance Plans and Policies for Smokers

4 Reasons Why You Need Critical Illness Cover

Is Term Life Insurance Plan an Investment or Expense?

What Are the Best Term Insurance Plans for Planning Retirement?

5 Things To Consider While Buying Term Insurance Plan

Steps on How to Buy Term Insurance Online

All you need to Know about Term Insurance Plans for Housewives

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

How Not To Get Your Term Insurance Claim Rejected

Why 1 Cr Term Plan Is Necessary For Family?

Is Life Insurance Investment Worthy Enough

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

Understanding Term Insurance Riders

Individual Life Insurance vs. Group Term Life Insurance

Can I Extend the Tenure of My Term Insurance Plan?

9 Ways to Help Family Members in Financial Trouble

5 Term Insurance Benefits for Single Women

Different Types of Protection Plans

Term Insurance: Smokers vs Non-Smokers

6 Reasons That Make Term Insurance a Must Buy

Why Buy Term Insurance Plan With a High Cover?

How to Compare Term Insurance Online

Is There Any Tax Benefit on Term Insurance?

4 Methods to Calculate How Much Term Insurance You Need

Planning For Children's Future

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

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

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

Why Should You Buy Term Insurance in 2022?

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

Term Insurance Calculator - Everythng You Need To Know

What Happens if you Hide Facts in your Term Insurance?

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

What is a short term insurance policy?

4 Things To Expect From Your Term Insurance Plan in India

How to Surrender Term Life Insurance When you have No Liabilities

Do Beneficiaries Pay Taxes on Term Insurance?

Difference between Term Insurance and Life Insurance

Advantages of Buying Term Insurance in Your 50s

Why does every working woman need life insurance?

Busting Myths and Facts About Term Insurance Policies

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

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

What is Insurance Premium - A Detailed Guide

How Does Term Life Insurance Work? Learn the Benefits

Why Term Insurance Is Better Than ULIP?

Tax Benefits of Term Insurance in India

Insurance Policy for Housewife In India

How To Choose the Right Term Insurance Plan?

Increasing Term Insurance and Riders

Can You Increase Your Term Insurance Cover?

Should You Buy a Term Plan After 40?

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

Should Youngsters, Working Couples Buy Term Insurance Plans?

While Buying Term Insurance Compare Features, Not Just Premiums

Which Death Type Does Your Term Plan Not Cover?

Insuring Against Disability With Disability Insurance Rider

Key Differences Between Term Insurance, ULIPs, And Health Insurance

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

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

How to Identify Term Insurance According to Your Needs?

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

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

6 Types of Death not covered in Term Insurance Plan

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

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

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Buy Term Insurance Even at Rising Rates?

Is a Term Insurance Policy Portable?

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

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

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

Advantages & Disadvantages of Term Insurance in India

Insuring Against Accidents with an Accidental Death Insurance Rider

How To Change The Nominee in Term Insurance?

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

Make Your Online Term Plan Your Familys Monthly Payout

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

Ensure Protection Against Death, Disease & Disability With Life Insurance

Can I Get Term Insurance on Behalf of My Spouse?

Do You Need Term Insurance Cover After Retirement?

Why should single women purchase term life insurance?

What is Critical Illness Policy

What Is a Renewable Term Insurance Policy?

Is ₹1 Crore Term Insurance Good Enough Cover?

Comparing Term Plans – What Should You Look Out For

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

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

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

Endowment Plans vs Term Plans: Understanding the difference

What is Term Insurance - A Complete Guide

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

Know How to Invest at Every Age for Larger Returns

Calculating Term Insurance Premium

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

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

Insuring yourself against Ill Health with a Critical Illness Rider

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

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

Should You Have Multiple Term Life Insurance Policies?

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

Top 3 Reasons Why You Should Buy A Term Plan Now

Insuring Protection Against Death With Death Insurance Rider

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

8 Things To Do After Buying Term Insurance

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

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

How Much Cover Should I Take In A Term Plan?

Term Insurance Basics You Should Know

Why Premium Amount for Term Insurance is So Low?

Tips to Choose the Right Term Period for Term Insurance Plan

Cost of Term Insurance Likely to Increase Soon

9 Most Frequently Asked Questions on Term Insurance

Term Insurance Age Limit – Term Plan for All Age Groups

Is Group Term Life Insurance Provided By Employer Sufficient?