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Features
Ref. No. KLI/22-23/E-BB/492
A term plan is vital to secure your family’s future as it provides high coverage amounts and affordable premiums, making it suitable insurance coverage for all.
In a world full of uncertainty and unforeseen challenges, planning for the future has become more crucial than ever. Financial security is a cornerstone of a stable and fulfilling life, and one of the first steps towards achieving this security is investing in a term insurance plan.
While there are various financial instruments available, a term plan stands out as an essential foundation for safeguarding your future.
Let us now understand what term insurance should be your first step toward securing your future:
A term plan is a pure life insurance policy that provides a lump sum payout to the nominee in case of the policyholder’s demise during the policy term. Unlike other insurance products, term plans do not have a savings or investment component, making them more affordable. This affordability allows individuals to secure substantial coverage at a minimal cost, ensuring that their loved ones are financially protected in the event of their untimely demise.
One of the primary reasons for purchasing life insurance is to replace the income lost due to the policyholder’s death. Term plans serve this purpose effectively by providing a lump sum payout that can sustain the financial needs of the family, including daily expenses, education, and outstanding debts. This ensures that your dependents can maintain their standard of living even in your absence.
Various milestones, such as marriage, childbirth, and homeownership, mark life. Each of these stages brings with it new responsibilities and financial commitments. A term plan acts as a safety net during these critical life stages, ensuring that your family’s financial goals are not compromised in case of an unfortunate event. It offers peace of mind, allowing you to focus on building a secure and prosperous future for your loved ones.
Term insurance not only provides financial security but also offers tax benefits. The premiums paid towards a term plan are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit received by the nominee is tax-free. This dual advantage makes term plans attractive for individuals seeking tax efficiency in their financial planning.
Investing in a term plan at an early age allows you to secure coverage for an extended period. The premiums are typically lower for younger individuals, making it a cost-effective strategy for long-term financial planning. By securing a term plan early, you not only protect your family but also capitalize on the power of compounding to build a substantial financial safety net.
Term plans come with various options and riders that can be customized to suit your specific needs. Some plans offer the option to convert the term policy into a savings or investment plan in the future. This flexibility ensures that your insurance coverage aligns with your evolving financial goals and circumstances.
Thus, with so many benefits, a term plan is vital to secure your family’s future. The high coverage amounts and affordable premiums make it a suitable insurance cover for all. By investing in a term plan, you not only protect your loved ones but also lay the foundation for a stable and prosperous future. As life unfolds with its uncertainties, a term plan ensures that you and your family are well-prepared for any challenges that may come your way.
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.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
