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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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The confusion between Term Insurance Vs Endowment plans is very common. It is true that they both provide life covers, but there are many differences between term plan and endowment plan. They cater to different requirements depending on your specific needs. Let us have a look!
Simply put, term insurances are insurance covers that provide financial protection and security to your loved ones in the case of your sudden and unfortunate demise. Any kind of untoward incident or eventuality can cause a lot of emotional and financial stress - especially if you have a family with a higher number of dependents. This is why term insurance is important in such cases, as it provides a lump sum to your dependents, thereby securing their future and lifestyle.
What is an Endowment Life Insurance Policy? Endowment Plans have more to do with savings and are often referred to as a good investment tool. They allow you to invest your money in an organised way so that there are good returns in the future. Here are some of the features of these plans -
Knowing these basic differences between the two plans most definitely helps in making the right choice regarding which one will suit you and your family more. Financial experts are generally of the opinion that insurance plans should not be mixed with investment plans which is why term insurance is preferred over endowment plans. What matters most in the long run is being secure in terms of finances and family. It all depends on what your priorities are and how you act on them!
- A Consumer Education Initiative series by Kotak Life
Kotak Assured Savings Plan is an affordable protection plan that enables you to accumulate wealth and strengthens your finances for the future.Know more