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Enjoying the best that life has to offer is what you’ve always desired – be it for your family, your current life or your life after retirement. That’s why we present to you a spectrum of plans to ensure your life is filled with special moments that you will cherish forever.
Choose additional riders at nominal costs to enhance the benefits provided by your basic policy.Know More
Life insurance is a financial cover for unforeseen events related to human life. It is a legally binding agreement between you and the insurance provider. In this contract, you undertake to pay a specified premium for a fixed period in exchange for life coverage. The insurer, in turn, agrees to provide monetary benefits to your beneficiaries if any of the unfortunate incidents covered under the agreement occurs. Such benefits are demarcated in the contract terms, called the policy document.
Kotak Life offers a range of life insurance products that satisfy a range of insurance needs. From pure life protection of a Term Insurance Plans to the dual benefits of insurance and investment in Savings Plans, you can choose from a range of life insurance products from Kotak Life to ensure that your family is well taken care of, even in your absence.
Thus, a life insurance policy ensures that the loss of your income does not hamper your family’s financial standing. You can use savings-based life insurance products as investment tools to create wealth and fund long-term financial goals. Many such products can also act as a secondary source of income. Tax savings on the premiums paid is another perquisite of buying such insurance policies.
There are different types of riders in insurance. Some of the popular ones include:
These are pure risk protection plans that pay a pre-defined sum to your beneficiary if an unfortunate event occurs during the policy tenure.
Kotak Life Insurance offers the convenience of buying such term plans online. Life coverage starts at less than Rs.23 per day* and multiple payout options from lump sum to regular income suit every family’s needs. You can also add to your coverage or reduce it at different stages of your life.
Kotak Life offers different types of savings and investment life insurance plans:
Policies that fall under participating or non-participating categories can further be classified as follows:
Kotak Life enables you to personalize the protection as per your individual needs through riders. Some examples of such riders include:
The duration for which your family will need financial assistance should be your ideal policy term. For example:
You can estimate this value through the following steps:
You will arrive at a ballpark figure for the coverage you need.
Do keep in mind that inflation may erode your money’s worth. Nevertheless, insurance plans with investment elements, especially policies linked to the capital market can deliver inflation-beating revenues. Another economical option is to opt for term insurance that offers the flexibility to upgrade the life cover with changing circumstances.
The cost of the coverage is another vital consideration that affects your policy choice. You can research online for the best life insurance quotes.
For a nominal cost, you can club with your basic sum assured extra coverage against financial exigencies. For example, if you work in a high-risk profession, an accidental death benefit can be useful. It will provide extra payouts to your family if you meet an accident. Likewise, if you have a family history of critical ailments, you can buy a critical illness rider. It offers payouts if you contract a life-threatening health condition covered under the plan.
An expert can help you analyze the potential worth of your preferred policies and guide you towards the best life insurance policy for your needs. Reputed insurance companies offer the assistance of in-house advisors. You can discuss your requirements with them before making the final selection.
If you have financial dependents and liabilities, it is crucial to buy life insurance. In case of an unwanted upshot, your loved ones can suffer from a lack of adequate funds. Besides, if you have loans, your family can lose the asset if they default on the repayment. Thus, to protect your family from unpleasant circumstances, you can buy life insurance online from reputed insurers.
You procure life insurance in exchange for a payment known as premium. Parts of the premium provide the administrative charges of the insurer and the life coverage costs. In savings plans, the insurer invests another part into profit-making schemes. This portion earns revenues, which the insurer passes on to you as benefits.
If you are a wage earner and have relatives to sustain, you can buy life insurance for the family. Even homemakers need life insurance because their contribution has an economic value. Children need it as well to avoid risks on their future income potential. Retirees can also invest in pension plans as an alternative source of income. Thus, anyone can buy a life insurance policy. The age bracket for purchasing life insurance in India is usually between 18 and 65 years. You can check the criteria like minimum and maximum age of entry on your insurer’s website.
Several factors govern the ideal amount for your life coverage:
You can take the help of experienced life advisors to identify the best life insurance cover in keeping with your needs.
The moment you acquire the responsibility for the financial wellbeing of your retired parents, spouse, or children, becomes the correct time for buying life insurance. Even if you have just started to earn, you need to assemble funds for future goals and old age expenses. Life insurance costs increase with age. Thus, delaying the purchase of a life insurance policy will raise the premium you have to pay. However, the amount remains fixed throughout the policy tenure. Therefore, buying early will help you save on the premium outgo.
Online life insurance payment channels:
Electronic fund transfer
You can appoint as your nominee anyone you want to benefit from the life insurance funds. The general practice is to assign your close relatives like children, spouse, or parents. But, to secure your family’s finances, you need to evaluate the accountability of the person you choose. You can select multiple beneficiaries as well.
Moreover, if you want to nominate children below age 18, you have to appoint a custodian. The appointee will receive the payout unless the minor attains adulthood.
However, nominating an unrelated person who will not suffer any hardship from the loss of your income can be hazardous. Thus, insurance companies may refuse such a nominee.
You can change the nominee for your active life insurance policy any time during your policy term. Multiple nomination changes are permissible, and the latest nominee supersedes the previous ones. You can fill up the relevant amendment form mentioning the details of your new nominee and submit it to the insurer. The forms are available on the insurance provider’s website and branch offices.
Filing a claim is a straightforward process and involves the following steps:
The insurer will scrutinize the documents and verify the validity of the claim. Once satisfied, they will settle the payment. Your family will receive the benefits as a lump sum, a fixed, or increasing incomes as stated in the policy.
Reasons for buying life insurance include:
You can avail deductions up to ₹1.5 lakhs per financial year for your life insurance premiums, under Section 80C of the Income Tax Act, 1961. However, if your policy was issued before March 31, 2012, you can apply for such deductions when the total premium does not exceed 20% of the sum assured. For policies issued later, the total premium must not surpass 10% of the sum assured to be eligible for deductions.
Moreover, Section 10(10D) makes the maturity benefit tax-free if the total premium amount does not go beyond 10% of the sum assured. Besides, the death benefit paid to the nominee is exempt from taxes.
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