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A term insurance policy provides life insurance coverage for a specific period of time in exchange of premium paid. This fixed period is known as the policy's 'term'. If the insured person passes away during the active term, a death benefit is paid to the nominees.
The payout helps your family manage important costs. It can cover various costs like household expenses, ongoing education fees, and any medical bills. ... Read more
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A term plan is a life insurance policy that ensures your family’s financial security in case of your untimely demise during the policy tenure. The death benefit can help them manage household expenses, repay debts, or fulfil future goals in your absence.
These plans offer pure protection for a fixed duration, making it possible to get high coverage at relatively affordable premiums. Policyholders can also choose to pay premiums either as a lump sum or in regular intervals (monthly, quarterly, or yearly), adding flexibility to suit different budgets. For instance, a ₹1 crore term insurance plan can cost as little as ₹15 per day, offering extensive protection at minimal cost.
Their affordability, simplicity, and flexibility make term plans a preferred option for anyone looking to secure their loved ones’ future. Discover more aboutwhat is term insurance and how it can add value to your financial planning.
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Buying a term insurance plan ensures financial security and peace of mind for your loved ones when it matters most. Here are some meaningful reasons why you should consider purchasing a term insurance plan:
If you are the primary earning member, your family depends on you for their everyday needs and future goals. With term insurance, you can provide them with a financial safety net that ensures their life stays on track, even in your absence. It helps cover essentials like household expenses, children's education, and more.
Loans taken for a home, car, or education can become a heavy burden for your loved ones if something unexpected happens to you. A term life insurance plan offers a lump sum payout that your family can use to clear these debts, allowing them to retain the assets you worked hard to acquire.
With rising instances of lifestyle diseases, health risks have become a reality for many. Term insurance provides your family with crucial financial support during tough times, ensuring that the financial impact of critical illnesses or sudden loss does not disrupt their standard of living.
Life is unpredictable. As seen during unforeseen events like the COVID-19 pandemic, having a contingency plan like a COVID-19 term insurance is essential. This plan ensures that your loved ones have the funds they need to manage emergencies and continue with their lives comfortably.
Lifestyle diseases can lead to unexpected health complications, making financial planning essential. A term plan ensures your family remains financially secure in case of such unforeseen events, helping them manage expenses and maintain stability even during difficult times.
You can tailor your term insurance plan to match your unique needs by adding riders like critical illness cover, accidental death benefit, or waiver of premium. This flexibility allows you to enhance your protection without having to purchase separate policies.
Apart from protecting your family's future, term insurance offers financial security along with term insurance tax benefits. Premiums paid are eligible for deductions under Section 80C of the Income Tax Act, 1961, and the death benefit received is generally tax-free under Section 10(10D), subject to conditions.
When you buy term insurance plans, the insurer pays a death benefit to your nominees if you pass away during the policy term, helping your family maintain financial stability. An income replacement term plan ensures steady financial support in your absence.
Your term insurance journey begins with a formal agreement between you and the insurance provider. By agreeing to pay regular premiums, you receive financial coverage for a fixed term. In this contract, the person whose life is insured is referred to as the ‘life assured,’ while the insurer promises to pay a defined sum to the nominee in case of the life assured's demise during the policy term.
The proposal form is a vital part of the process where you submit essential personal and financial information such as age, income, lifestyle habits, occupation, and medical history. Accurate and honest disclosure ensures smooth underwriting and reduces the chances of future claim rejection.
Before finalizing the plan, evaluate your family’s financial responsibilities, such as loan repayments, children’s education, and regular living expenses. Based on this, you can determine the appropriate coverage amount, policy tenure, premium payment mode, and whether to add any optional riders for enhanced protection. If your long-term obligations are significant, opting for a ₹ 1.5 crore term insurance plan may offer the financial security your family needs in your absence.
Once the insurer reviews your proposal and approves the application, your premium is calculated. The policy is activated upon payment of the first premium. You can choose from flexible payment options (monthly, quarterly, or annually) based on your financial convenience.
Appointing a nominee is a crucial step to ensure the financial benefit reaches the intended beneficiary. The nominee will receive the sum assured in case of the life assured’s passing, making it important to choose someone trustworthy and update the nominee’s details after any major life events.
Your life cover needs to be at least 10 to 15 times your current annual income. You must then add the full amount of any large loans, like a home loan, plus the estimated future costs of your children's education. The final number should be enough to completely clear all debts and fully provide for your family's expenses.
You have control over how you pay your premiums. With "Regular Pay", you make payments for the entire policy duration. "Limited Pay" allows you to complete all premium payments in a shorter timeframe, such as 5, 10, or 15 years. Your coverage continues for the full term either way, but Limited Pay can create significant savings.
Riders give you extra, targeted protection. The Accidental Death Benefit rider provides a substantial additional payout. The Critical Illness rider gives you a lump sum payment immediately upon diagnosis of a serious illness. The Waiver of Premium rider is essential. It ensures your policy continues without any further payment from you if you become disabled.
Term plans have a few core, powerful features. They provide a massive life cover for a surprisingly low premium. You select the exact age you want coverage to last until (often up to age 70 or more). You can make premium payments monthly or yearly, and the final death benefit your family receives is completely tax-free.
Term life insurance is pure financial protection for your family. Its only job is to replace your income if you are no longer there to provide for them. You pay a small, regular premium. In exchange, the insurance company pays a large sum of money to your family if you pass away during the policy term.
Your term insurance must cover you until your major financial responsibilities are over. The baseline for coverage should be at least age 65, which is when retirement typically starts. Extending your coverage to age 75 or even longer is the correct strategy for leaving a guaranteed legacy.
Let’s take a look at who should buy a term insurance plan: anyone with financial dependents such as parents, single individuals with senior parents, professionals with debts, or those nearing retirement.
Age significantly influences term insurance premiums. As you get older, premiums increase due to a higher risk of health issues. Younger individuals are typically healthier, which means lower risk for insurers. To make the most of affordable coverage, it is advisable to purchase term insurance early in life. By doing so, you not only lock in lower premium rates but also secure long-term financial protection for your family without overburdening yourself later.
Health risks such as Hypertension, Diabetes, or heart conditions raise your insurer's risk, leading to higher premiums. These conditions become more common with age, which is why early policy purchase often results in better pricing.
Insurers use mortality risk to estimate life expectancy. A higher age typically equates to increased mortality risk, directly influencing the premium you pay for term insurance coverage.
Delaying your term insurance purchase can significantly increase your premium over time. By investing early, you benefit from lower rates and extended protection when it's most needed.
Figuring out the right amount of term coverage is a critical step. The goal is to choose a sum large enough to completely protect your family from financial hardship. This is not a guess. There are proven methods to calculate the exact amount you need.
A straightforward method is to secure a term cover that is at least 10 to 15 times your current annual income. This is the absolute minimum. The payout replaces your income. It is the money that allows your family to maintain its lifestyle without compromise.
This is a more precise calculation of your economic value to your family. The formula uses your age, your annual income, and any current insurance policies. Use an online HLV calculator to get a specific, personalized figure for the right amount of term coverage.
The D.I.M.E. formula is a comprehensive way to calculate your exact needs. It stands for Debt, Income, Mortgage, and Education. You add up all your debts, your mortgage balance, and the future cost of your children's education. To this total, you add your annual income multiplied by the number of years you want to provide for your family. This formula will help you get a good enough idea about how much term cover you need.
Life Cover till
85
years for Life & Life Secure OptionSpecial Rates
for
WomenSpecial Rates
for
Non-Tobacco Users3 Payout Options
Option to exit
the
policy with a premium refund at the age of 60*Free Medical
Check
Up every 5th year**High Insurance Cover at economical priceSpecial Discount for Female LifeInstant Payout on claim intimation of ₹2 LakhLonger Life Coverage up to Age 85 YearsInbuilt Health & Wellbeing BenefitsAdditional Discount for Salaried Customers100% Return of
Premium on survivalLife ROP and
Legacy
ROP plan optionsCover 2
generations
under 1 planAdditional 5%
life
cover for female livesEnhanced
Protection
with RidersTax Benefits u/s
80C
and 10(10d)Kotak Term Plan
Kotak Saral Jeevan Bima
Health Maximiser
Kotak Life offers a range of term insurance benefits designed to strengthen your financial security and ensure your family's well-being. With comprehensive coverage and flexible features, these plans help you prepare for uncertainties while securing long-term peace of mind:
Term insurance plans generally have affordable premiums, allowing you to opt for high coverage without straining your finances. The earlier you buy, the lower your premium, and rates stay fixed for the duration of the policy, helping you lock in cost-effective protection.
Many term plans ensure a guaranteed payout to the nominee upon the policyholder's death within the term. This assurance gives your family financial certainty during difficult times and helps them manage essential expenses without delay.
You can choose how the death benefit is paid to your nominee, whether as a lump sum, a regular monthly income, or a combination of both. This ensures your family receives financial support in a way that best meets their needs.
Some term plans come with a return of premium option, which refunds all the premiums paid if you survive the policy term. It combines the security of insurance with a savings element, so your investment is never entirely lost.
Term insurance gives the flexibility to customize how long your policy lasts and its coverage. You can pick a term that suits your needs and tweak the amount whenever you want. You can go for a ₹5 lakh term insurance or ₹10 lakh term insurance if you have limited needs or a ₹3 crore term insurance for more comprehensive protection.
You can use term insurance to create a steady income source, pay off estate taxes, or clear outstanding debts. With an extensive term life insurance plan like a ₹ 2 crore term insurance, you can secure your loved ones’ future.
Many term insurance plans let you addcritical illness riders. These add-ons pay out a lump sum amount if you get diseases like cancer, have a heart attack, or suffer a stroke. This can help you with hospital bills, which keeps your family's money safe.
If you end up with a lifelong disability from an accident, disability insurance riders can offer financial support. When you buy such a term plan, the insurer can help pay for your daily needs and medical care during recovery.
If the insured person passes away during the policy period, term insurance provides a lump sum payment to the beneficiaries. This money helps your family maintain their living standard, pay off any debts, and ensure they're okay in the future.
A term insurance policy is meant to protect your family, and a smooth claim process is a vital part of that promise. You can prevent the most common mistakes by following a few important guidelines when you purchase and maintain your policy.
When you fill out the application, you must be completely honest about your health, lifestyle, and income. An incorrect statement or a detail that is left out can, unfortunately, be a reason for the claim to be denied later.
For your coverage to continue, you need to pay your premiums on time. A policy will lapse after a missed payment, which ends your family’s protection. Setting up automatic payments from your bank is the most reliable way to avoid this.
Your nominee's information must be correct. Their name, relationship, and contact details have to be accurate and current. After major life events such as a marriage or divorce, this information must be updated immediately. The person also needs to be informed that they are your nominee.
Before buying any of the top term insurance plans, it is a good idea to read through the policy brochure. When you understand what the plan covers and what it excludes, you can avoid potential surprises for your family in the future.
Your insurer should always have your current contact information. If you move to a new address, change your phone number, or have a major health update, you should inform them promptly to prevent future claim delays.
Your application form needs to be filled out with accuracy and care. Before you submit it, it is a good practice to double-check that every field is complete. It is always best to use official documents for information rather than relying on memory.
If you are unsure about any part of your term plan, please feel free to ask questions. An insurance advisor is there to help you understand any specific terms or features you find confusing.
A term insurance plan is a versatile financial tool for providing comprehensive support to your family. This flexibility helps address a wide range of financial obligations, keeping your long-term plans for your family’s security on track.
A term plan can function as a dedicated fund to secure your children’s educational future. The payout helps cover rising tuition costs for school and university. Their academic goals can be achieved without the family having to take on significant debt.
The immediate costs associated with a funeral and other final arrangements can be substantial. The death benefit provides the necessary liquidity. Your family can manage these expenses with dignity and without the stress of using their savings.
For business owners, a term plan is a key component of a sound succession strategy. The payout injects vital capital into the business to cover operational costs and settle outstanding debts. This ensures a stable and orderly transition, protecting the enterprise you built.
The death benefit plays a significant role in effective estate planning. It provides the funds to settle all estate-related taxes and legal fees. Your assets are then transferred to your heirs intact, without your family being forced to sell property to cover these costs.
Most families carry long-term liabilities, such as a home loan or car loan. The term plan’s payout is designed to eliminate these outstanding debts, immediately relieving your family of that financial burden and securing their ownership of those assets.
A primary function of a term insurance plan is to replace the future income you would have earned. The payout becomes a steady source of funds. It helps your family maintain their standard of living, cover daily expenses, and continue pursuing their long-term financial goals.
The tax-free death benefit is the central pillar of a term plan. It is the lump-sum payment that empowers your family to address all of these financial challenges. This capital is the resource that funds their education, clears debts, and provides for their daily needs, ensuring their complete financial security.
A term insurance policy comes with important features that provide affordable and reliable financial protection for you and your loved ones.
While the low premiums make these plans lucrative, different payment methods add to the benefits and suit a wider range of policy buyers. They may pay the premiums yearly, half-yearly, quarterly, or monthly, depending upon their convenience, and even as a single premium term insurance.
Term insurance offers massive coverage against liabilities such as home loans, personal loans, and other debts due. In the case of the untimely demise of the policyholder, this death benefit shall be used to help pay pending debts and hence save the surviving family members from the financial burden.
Most of the term insurance plans extend coverage up to a considerably high maturity age of 75 or even 100 years. This ensures long-term financial protection, peace of mind, and financial security for your loved ones, irrespective of when the event of death may occur.
Aterm plan with return of premiumfeature pays back all the premiums if the policyholder survives the policy term. This provides a financial cushion and a certain savings element that was lacking in pure protection given by term insurance. This is an example of zero cost term insurance, where the policyholder benefits from risk coverage and savings.
Since term insurance policy premiums usually do not have any investment components, the premium you pay for buying a term policy is normally less, unlike other life insurance products. Again, when one purchases a term plan while young, it usually results in cheaper premiums.
Other than Section 80C, the premium paid for any rider that covers health-related expenses, such as critical illness riders, is allowed as a deduction under Section 80D. This provides additional tax savings and makes a term insurance investment tax-efficient.
These plans provide a term policy that offers a lump sum payout on the occurrence of any of the critical illnesses specified in the policy document. Such a payout can be availed to compensate for loss of income, medical expenses, and other financial expenses throughout the recovery period. That is to say, one gets comprehensive financial support during times of health crisis
Accidental death and disability cover riders provide extra benefits in the event of death or disability due to an accident. The accidental death rider provides an additional payout, while an accidental disability rider allows one to seek financial support in cases of permanent or temporary disability through the coverage of treatment expenses and loss of income.
Term insurance plans come in various forms to suit different needs, life stages, and financial goals. Be it simple life coverage, added health benefits, or enhanced protection through riders, there's a term plan customized just for your requirements. Below are the different types of term insurance plans you can consider:
Basic term insurance offers your beneficiary the death benefit in the event of any untimely death during the policy term. Whether you buy a 5 year term insurance , a 10 years term insurance , or a 15 year term insurance, the insurer will offer a payout if you pass away during this term. Otherwise, no proceeds will be given out at the end of the term.
An increasing term plan is a type of dynamic policy, where the sum assured amount grows progressively over the years. The death benefit can have an upper cap on the sum assured's growing amount. This policy, just like the basic term policy, does not give any maturity benefits but does have life coverage.
In decreasing term policies, the death benefit amount goes on declining gradually as the policy term is about to end. Such policies usually have affordable premiums because their core purpose is to cover some specific debt or loans.
In a TROP plan, you can get back all the premiums paid throughout the policy term after the plan expires. All the premiums are returned to you under this arrangement. TROP plans also provide a maturity benefit, apart from life coverage being provided if you survive the policy term.
Term insurance can be coupled with critical illness cover, where the policyholder or the beneficiary can receive a lump sum upon a diagnosis of a critical illness like cancer, heart attack, or stroke.This can help cover the heavy costs of medical treatment for critical illnesses.
This type of term insurance may have an added feature of accidental death rider wherein the policyholder receives an additional payout if the cause of death is an accident. The accidental death benefit is usually a multiple of the basic sum assured and, therefore, gives additional financial protection to the policyholder's family in the case of an accidental death.
A convertible term plan gives you the flexibility to switch to a permanent life insurance plan (like whole life or endowment) during the policy term. This conversion typically requires no additional medical exams, making it ideal if your financial responsibilities or protection needs evolve over time.
Joint life plans insure two people under one policy, often spouses or partners. The death benefit is usually paid on the first policyholder’s death, with some plans continuing coverage for the survivor. It offers an economical way to ensure shared financial responsibilities are protected in case of unexpected loss.
Term plans with riders provide added protection beyond basic coverage. Riders such as accidental death, critical illness, or premium waiver help address specific life risks. These customizations allow you to strengthen your policy’s effectiveness without purchasing multiple insurance products, all at an affordable additional premium.
When you invest in a term insurance policy, it is important to choose an insurer known for its reliability in settling claims. A high Claim Settlement Ratio (CSR) is a strong indicator of an insurer’s commitment to honoring its promises to policyholders and their families. Kotak Life Insurance has consistently maintained an impressive claim settlement track record, offering reassurance that your loved ones’ claims will be processed smoothly during difficult times.
As per the IRDAI’s Annual Report 2024, Kotak Life Insurance recorded an individual Claim Settlement Ratioof 98.61% and a group Claim Settlement Ratio of 99.63%. Here is a look at the claim settlement performance of Kotak Life Insurance over the past few years:
| Year | Claim Settlement Ratio |
|---|---|
| 2024-2025 | 98.61% |
| 2023-2024 | 98.29% |
| 2022-2023 | 98.25% |
| 2021-2022 | 98.82% |
| 2020-2021 | 98.50% |
| 2019-2020 | 96.20% |
| Parameters |  Kotak
e-Term |
Traditional Plans |
|---|---|---|
| Plan Options | 3 Plan Options | Majorly 1 or 2 plan options |
| Affordability | Premiums start at just ₹15/day* | Differs from ₹20-25/day |
| Cost Savings | Up to 62%* with 5-Year Limited Pay Option on total premium | Variable as per term |
| Discounts | Online discounts of up to 7.5% | Online discounts from 5-8% |
| Option to Exit the Plan | Yes | Allowed |
Several factors determine the premium you pay for term insurance. Here’s a breakdown of what affects the cost:
The younger you are when buying a term policy, the lower your premiums will be. Younger individuals are considered healthier and have a longer life expectancy, making them less risky to insure.
Habits like smoking or excessive drinking can raise your premiums. These lifestyle choices are linked to higher health risks, so insurers charge more to cover potential claims.
Sum assured is the amount of coverage provided in case of your untimely demise. The higher the coverage amount you choose, the higher your premium will be.
Your profession can also influence premiums. Jobs with higher risks, such as those in construction, mining, or aviation, may lead to higher premiums than desk jobs.
Statistically, women have a longer life expectancy than men. As a result, women often pay slightly lower premiums for the same coverage.
If you have pre-existing medical conditions or a history of serious illnesses, your premium may be higher to account for the increased risk.
Policy term refers to the duration of coverage you select. A longer policy term generally results in higher premiums.
Rider benefits are additional features added to the policy, such as critical illness or accidental death benefits. These increase your premium.
Engaging in adventurous activities like skydiving, scuba diving, or mountaineering can increase premiums. These hobbies are considered risky, and insurers factor in the additional danger.
Certain life events make it ideal to buy a term life insurance policy. You should consider getting insured under the following circumstances:
You should try to buy a health plan while you are relatively healthy, as it can help you secure lower premiums. If you are susceptible to any diseases or have a family history of illnesses, it is wise to get term insurance as early as possible.
Once you are married to someone or preparing to have children, you need to consider the financial stability of the ones you love. A term policy protects your partner and future children in the event of your death.
In case you have availed a home loan, car loan, or any significant financial liability, term insurance can help. It ensures that your family won’t have to worry about repaying debts in your absence.
Welcoming a child into your life brings immense joy but also financial responsibility. Term insurance gives your growing family a safety net to meet expenses like education, healthcare, and daily needs.
Are you switching jobs but worried about losing employer-provided life insurance benefits? An individual term life policy can avoid such concerns, as it provides consistent coverage, no matter where you work.
If you are considering leaving an inheritance or ensuring that your assets are passed on smoothly to your loved ones, term insurance is a smart choice. It can provide the funds needed for estate taxes or other expenses.
If it has been a few years since you purchased life insurance, reviewing your coverage is a good idea. Changes in your income, family size, or financial responsibilities might mean you need more comprehensive protection.
I recently bought a Kotak Life Term Insurance plan online and received a special discount. The premium lowers from second year onwards, making their 1Cr E-Term plan very affordable. The whole process was fast and seamless, which made buying the plan really easy.
- Sameer Mere
I always thought term insurance wasn’t useful, but Kotak Life helped me realize that it’s about protecting the people I care about. One thing I specifically liked about the plan is the special exit option because if nothing happens by the time I’m 60, I’ll get back all the premiums I paid for. That made me feel secure.
- Pankaj Kumar
I bought a Kotak Life term insurance plan and received a special discount for women, along with access to the wellness app, Happy You. The app offers free doctor consultations and health tasks that earn redeemable points. This unique benefit is truly valuable, as I couldn’t find anything like it offered by any other company.
- Unmani Joshi
My experience with Kotak e-Term Plan from filling the proposal form to policy issuance has been smoother. Uploading documents is generally challenging, but it was quite easier with Kotak Life. Their portal is responsive and intuitive. Keep up the good work.
- Mukund Solanke
Buying a term plan was long due for me. I found Kotak Life, logged in on their website and I got a call from their agent. I checked my eligibility through their portal, got a quote for the premium and I was in. My family's financial security was now in my hands. Now my life is stress-free.
- Rahul Gupta
Buying a term plan online sounded like a challenge as I am not used to buying critical insurance plans online. I came across Kotak Life when someone at work recommended to buy their Kotak e-Term plan. The plan is very simple, offered me plan options and I knew exactly that this was the right plan for me.
- Pranjal Gusain
I have a good financial portfolio but there was one thing missing, a term plan. I wanted to buy term plan was to ensure my spouse's financial future and keep her ready for any financial liabilities in my absence. After considering different plans, I finalized Kotak e-Term plan since it aligned perfectly with what I was looking for.
- Shehzan Merchant
Be it my family's financial future or my little one's happiness, Kotak e-Term plan helped me secure all of it in one insurance plan. They have affordable premiums, good life cover and some rider options that helped me manage many things at once. I strongly recommend you to buy a Kotak e-Term plan asap.
- Apurva Amod Gadikar
I was looking for a term plan when I came across Kotak e-Term plan and used their portal to calculate premium. They have a simple portal where you enter the information and get a quote. Beyond that, I just enjoyed the fact that their journey is easy to follow and their call centre team assists if you are stuck somewhere.
- Anil Kumar G
Kotak e-Term plan was one of the recommended term plan while I was researching about the same. The service by the call centre agents was good. Also, their online portal is perfect. The Kotak e-Term plan helped me to become stress-free about any financial liability that might fall on my family, after me.
- Apurva Amod Gadikar
Kotak e-Term plan was a term plan I came across in an ad while surfing social media. I could not find a better term plan. It is affordable and they have good service centre agents who help you with everything kindly and patiently. Buy a term plan if you want to live a stress-free life, save taxes and ensure your family's finance is in good hands.
- Rajaganesh Rj
A term plan is one of the insurance policies everyone should have, as per me. I bought Kotak e-Term plan and paying premiums for a year or more. The best part is it offered me flexible premium payment options that aligned with my financial commitments. Plus, they have different plan options that makes it easier for choosing the right cover as per your needs.
- Jayant Mohanrao Gaikwad
Buying a term plan online offers convenience, quick processing, and easy access to the best term insurance plans available.
Purchasing a Kotak Life Term Insurance plan online is a straightforward process. Follow these three simple steps to get started:
Start by estimating how much coverage you need. Consider your age, income, existing liabilities (like loans), number of dependents, and future goals such as your children’s education or marriage.
Use Kotak Life’s online calculator to determine an appropriate sum assured that will sufficiently protect your family's financial future.
Next, customize your policy by choosing your preferred plan type (e.g., Life, Life Plus, or Life Secure), policy term, premium payment term, and payout option (lump sum, recurring, or combination).
You can also add useful term insurance riders like critical illness or accidental death benefits for enhanced coverage. Once your preferences are set, click on “Get a Quote” to view your premium estimate.
Provide your personal and financial information, such as name, age, contact details, income, and health status. Ensure all data is accurate to avoid issues during claim settlement.
After reviewing your customized plan, proceed to make the payment online. Your policy documents will be issued digitally once the payment is successful.
Kotak Life Insurance offers riders to enhance your base term policy. They provide powerful benefits in specific situations. Here are three riders to consider for superior coverage:
This rider waives the future premiums on certain occasions when the policy owner is permanently disabled due to an accident or sickness. The policy will continue to work, and the sum assured will get paid in a calculated manner. It gives economic security and durable insurance in case the income-earning ability of the insured person is affected.
An accidental death benefit rider is an add-on that pays an extra amount of money to the nominee in case the policyholder dies in an accident. This money is over and above the base sum assured, offering an added financial help to the family against unforeseen circumstances.
This policy covers the medical bills if the insured person gets a critical illness, such as cancer, a heart attack, or a stroke. A diagnosis triggers a one-time lump sum payment. The money can then be used for medical treatments, lost income, or any other costs during their recovery.
List of Covered Critical Illnesses:
Your term insurance premium depends on a number of factors that include your age, your health status, lifestyle, and the features of the policy. You can adjust your premium by making wise decisions while still keeping the same coverage. These effective methods will help you cut your term insurance cost:
Purchasing a term insurance plan when you are young secures a low premium and can provide you with longer coverage. Insurance providers view the younger members as their best deals since they are less of a risk. A 25-year-old male in good health may perhaps pay ₹9,500~ per annum on a sum assured of ₹1 crore. One who is 35 years old may pay ₹15,000~ for the same plan.
Your lifestyle and health records directly affect your insurance policy rate. Simply by not smoking or drinking alcohol and ensuring that you are fit, you can reduce your insurance costs by a huge margin. An example would be that a smoker may pay twice the amount a non-smoker pays as a premium. In addition, by controlling conditions such as diabetes or hypertension, you will be able to secure lower premiums during underwriting as well.
Choose the sum assured on the basis of financial liabilities, such as loans, the education of your children, and monthly expenditures. You can estimate this using tools such as term insurance premium calculators. A ₹1.2 crore plan would come at around ₹23/day~, and a ₹2.5 crore plan would be around ₹39/day~, depending on your age and health factor.
This displays how a higher sum assured, which has been carefully calculated, can be affordable, especially when you purchase early and make the right choice in time. Also, choosing a longer term of premium payment with a specific retirement age in mind can help you sustain a lower amount of premium.
Internet plans have cut the middlemen, lowering the insurer costs of operation. Often these savings are reflected to the policyholders in the form of lower premiums. It is also a good financial choice since many insurers provide discounts on first-year premiums with an online application.
If you are interested in simplified processes and low rates, you can also find term insurance without medical tests online. These plans are meant to satisfy those who want a faster issuance with no medical formality, but they can be restricted in terms of coverage and usually have lower limits.
Premiums, riders, and terms vary across insurers. Use trusted comparison tools to evaluate options side-by-side. Comparison assists you in identifying policies that will provide the maximum benefits at the lowest cost without undermining crucial aspects of the policy.
While term insurance riders like critical illness or accidental death benefits provide added coverage, they also increase your premium. Select only the riders that fit your lifestyle and risk profile. For instance, if you frequently travel by road, an accidental death rider may be justified; otherwise, it can be skipped to save on costs.
Opting for annual payments instead of monthly or quarterly modes often comes with built-in discounts. Over the years, these savings add up. For instance, if your monthly premium is ₹850, you would pay ₹10,200 over a year. But with an annual payment mode, the premium might be reduced to ₹9,600, resulting in a yearly saving of ₹600, or nearly 6%.
Many believe term insurance for family is a waste of money because it doesn't provide cash value. However, its primary purpose is to offer financial protection to your family through a death benefit.
People often think health insurance covers all needs. While it pays for medical expenses, it doesn't provide financial support to your family if you pass away. Term insurance specifically secures your family’s financial future.
Insurance companies offerterm insurance for smokersas well as for those who have existing health issues. However, such individuals should disclose all information while buying the plans and may be required to undergo additional medical tests.hhk
There’s a common belief that term insurance premiums are high. In reality, term insurance is one of the most affordable life insurance options, especially for younger individuals in good health.
Some delay purchasing term insurance, thinking they can buy it later. However, premiums increase with age, and health issues may arise, making it more difficult or expensive to get coverage later.
Many assume only the primary income earner needs insurance. In reality, anyone contributing to the household, whether financially or through caregiving, should have coverage to protect their family’s standard of living.
Choosing the right term insurance policy period depends on your age and financial goals. Here’s how to decide the ideal duration.
When it comes to protection regarding the financial future of our loved ones, term life insurance offers indispensable security. You would need to understand different available payout options, such as an income replacement term plan, in order to arrive at a suitable decision. You can choose one of the following payout options for your term insurance cover:
In the case of one-time lump-sum payment option, your nominee gets the outstanding amount in a single installment. So, if you choose ₹75 lakh term insurance, for example, the entire amount of ₹75 lakh will be paid to your nominee once their claim has been processed.
This option combines a one-time lump-sum payment and consistent income.For example, in a ₹25 lakh term insurance, ₹10 lakh can be paid upfront as a lump sum, while the rest ₹15 lakh is distributed in fixed monthly or annual installments over a particular time frame.
A part of the death benefit is provided to the beneficiaries as a lump sum, along with regular monthly payments, which increase with time. Such plans provide a higher payout in the later years, thus catering to inflation and increased living costs.
While the coverage of term insurance is broad, it is essential to understand the specific situations that are covered and the exclusions that may lead to a claim being denied.
In most cases, a term insurance policy will pay the death benefit to the nominee regardless of the cause of death. Here are the common scenarios covered:
Insurers include specific exclusions to prevent fraud and manage risk. A claim may be rejected under the following circumstances:
Having the right documents ready is key to a smooth term life insurance claim process. Here is what you need to prepare:
The official death certificate is the primary document. It confirms the policyholder's passing and is issued by a local municipal authority.
You need the original term life insurance policy document. All policy details are here. It contains the terms, sum assured, and the nominee's information.
The deceased policyholder’s identification is required. An Aadhaar card, PAN card, or passport will work. This verifies their identity.
If death was due to an illness, medical records are necessary. The treatment history validates the claim by giving details about the sickness and its progression.
For an accidental or unnatural death, a police report or FIR is required. This document verifies the circumstances of the death.
The nominee must prove their own identity. An Aadhaar card or voter ID is needed to establish who they are and their right to the claim.
You must give the nominee’s bank account information. A canceled cheque or a copy of a bank passbook is required. This allows for the direct transfer of the claim payment.
A document is needed to prove the link between the policyholder and nominee. A marriage certificate or birth certificate is standard.
Depending on the insurer’s requirements, additional documents like a post-mortem report or employer’s certificate may be requested for specific cases.
Choosing a term plan is not just about the premium. You have to match the policy to your income, life stage, and responsibilities. The right term insurance plan protects your family with sufficient coverage for the correct amount of time. Below are three powerful ways to find a plan tailored to you:
The correct policy term keeps your family secure through all key life stages. Choose a duration that lasts until major debts are gone. Your home loan should be paid off, and your children's education funded. Common term options to consider:
Age has a huge impact on your premium and options. Starting younger gives you access to cheaper and more flexible plans. These are typical plans based on age:
Your salary dictates the right sum assured. Your goal is to maintain your family's lifestyle. The rule of thumb is to get coverage that is 10 to 15 times your yearly income. This amount ensures your family can handle future costs without worry. Examples based on income:
Here are some of the most common exclusions that may apply to term life insurance policies:
Most term insurance policies do not cover the deaths caused by the insured themselves. If the policyholder passes away because of their own choice/decision within the first 12 months of purchasing the policy, the claim is not payable. After this initial phase, such cases are usually covered, depending on the insurer's terms.
Example:
If a person passes away due to self-inflicted injuries, personal distress or self-harm within the first year of policy issuance, their nominee will not be able to claim the death benefit.
Insurers mostly do not cover deaths caused due to excessive alcohol consumption or substance misuse. The reason behind this is that these are considered avoidable risks.
Example:
A policyholder dies in a car crash while driving over the legal alcohol limit. In this case, the insurer may reject the claim.
When you are buying a policy, it is vital that you declare all your health conditions honestly to your insurer. If a death happens due to an illness that was kept hidden at the time of application, the insurer can reject the claim because it counts as misrepresentation.
Example:
A policyholder with a known heart condition fails to disclose it. If they die from heart failure, the insurer can deny their claim.
Any death that happens while committing an unlawful act is excluded from coverage. Insurers treat this as a high-risk situation that falls outside the scope of protection.
Example:
An individual loses their life while committing a robbery. Then in that case, the insurance company will exclude the claim because of the illegal activity.
Term policies exclude coverage for self-inflicted injuries. An intentional act of harm that leads to death means the benefit will not be paid.
Example:
The policyholder dies from injuries they deliberately inflicted on themselves. The claim will be denied.
Policies have a time limit for filing a claim. A nominee usually has around 90 days after the death. If they miss this window, the insurer may reject the claim.
Example:
If the nominee submits the claim long after the deadline, the insurer might not release the benefit amount.
It depends on the payment option that you choose. You can opt to "pay regularly" throughout the policy term, or "pay for a limited period" (like 10 or 15 years), which coverage continues for the full term, or even "pay once at the start" with a single premium. Your coverage can last up to the age limit offered by your insurer (ideally 75 to 85 years), even if you stop paying earlier under limited pay.
The most simple definition of tenure is the number of years that the term insurance covers you. It may be between 10 years to 40 years. To finalise a duration that works for you, assess your needs and goals. For example, most individuals buy a coverage that expires when they retire or when their children grow and can support themselves.
If the life assured passes away within the policy tenure, the term insurance policy will pay back the death benefit, or the sum assured, to the nominee or legal beneficiary as chosen by the policyholder.
When your policy term ends, your life coverage also ends. Unless your plan has a return of premium option, the policy ends without any payout or advantages.
If on survival the policyholder lives or sees the age of the cover end, in a pure term insurance plan there would be no benefits payable for maturity or survival except the return of premium provided on survival of the term. If you outlive the plan, there is no maturity payout. The only exception is if you have chosen a “return of premium” plan, where the premiums you paid are refunded.
In a pure-term insurance plan, usually, no amount of benefit would be payable on maturity or survival at the end of the policy term unless specifically included under the return of premium/survival benefit feature in a policy. With a return of premium feature, however, you get your paid premiums back once the term ends.
If your chosen nominee has passed away for any reason, you should update the nomination as soon as you can. This makes sure that in your passing, the insurance benefit goes smoothly to the right person without any legal complications or delays.
Yes, the term plan claim can be rejected in case the insurance company finds that the policyholder has given any wrong information or hidden some important facts, or the cause of death is under their exclusion in the policy coverage. The key to avoiding the rejection of the claim is making a disclosure of facts at the time of buying the policy.
Upon the passing of the policyholder, the nominee notifies the insurance company of their death. Then they submit all required paperwork, like the death certificate and claim form. The insurer then reviews the documents and proceeds with the payment after the final assessment.
Yes, you can. Most insurance providers let you update/change your nominee at any time during the policy term. All you need to do is submit a written request or form to the insurance company. Make sure that the updated nominee details are officially recorded in the insurer's system to avoid any disputes or delays during claim settlement.
Most term insurance plans will have suicidal death covered under a policy after a certain period from the inception date of the policy, which is usually one year from the date of commencement of the policy. The policy terms can vary. Check your policy document for the specific details.
To file a term insurance claim, the nominee needs to first notify the insurance company about the policyholder's death as soon as possible. Then, they must provide the requested paperwork and documents. Once they have submitted the claim form, the insurer verifies the details and might ask for additional information if required. Upon final assessment, the insurer will release the claim amount to the nominee's account.
This requires you to assess your financial and personal objectives. Term insurance offers a high cover at a lower cost. This is ideal when you want maximum financial protection for your family. On the other hand, traditional life insurance combines protection with savings or investment benefits, but the coverage amount is lower compared to term plans.
Based on age, gender, sum assured, policy term, smoking status, and health profile. Use online calculators.
Through insurer websites, mobile apps, wallets, net banking, UPI, credit/debit cards, etc.
Regular pay, limited pay (fixed years), or single premium.
Insurers decide based on underwriting, mortality rates, and risk profile. The premium is fixed by calculating your personal risk based on factors like your age, lifestyle and medical history.
Limited pay suits those who want to finish payments early. Regular pay spreads costs over time.
If you buy a term plan, the premiums that you pay for the insurance qualify for tax deductions under Section 80C of the Income Tax Act. Moreover, the payout that your family gets is tax-free under Section 10(10D). For further information and personalised guidance, it's always best to consult a tax advisor.
If you miss your premium payments, your policy will lapse and your coverage will end. There is a grace period (15–30 days). If missed, the policy may lapse but can be revived within a certain time.
A rider that pays a lump sum on diagnosis of listed critical illnesses, irrespective of actual treatment cost. This amount can be used for recovery, treatment costs, or any other financial needs.
Yes, if you want enhanced protection at low additional cost. For example, a critical illness rider or accidental death rider can provide you extra financial support during difficult situations.
It varies based on the rider, age, sum assured, and insurer. It’s added to the base premium.
Additional financial protection for events like disability, accidents, or illnesses.
No, but they’re recommended for added benefits. Optional based on personal needs.
Yes, through an Accidental Death Benefit rider that offers extra payout in case of death due to accident.
Not by default. You need a separate Critical Illness Rider.
Disability is not automatically covered when you get a normal term insurance plan. To get this protection, you need to add a disability rider. This ensures your financial protection and provides you the necessary support if an accident leaves you permanently or partially disabled and affects your ability to earn.
Some plans allow increasing/decreasing cover at life milestones. Otherwise, you may need a new policy.
Yes, you can cancel your term insurance policy. But, in a regular term plan, you will not get back your premiums after cancellation. The only exception is if you have a "return of premium" plan, where the premiums may get refunded at maturity. It is always best to check with your insurer for the exact cancellation process.
Yes, but premiums are higher due to elevated health risks.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Tax Benefits and Disclaimers
Tax benefits are subject to conditions specified under the Income-tax Act, 1961. Tax benefits are subject to change as per tax laws. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant.
The example is for a non-smoker healthy male aged 25 year old; Plan: Life; Payout Options: Immediate Payout; PPT: 35 years (pay till age 60); PT: 50 years (cover till age 75); Salaried or non-salaried: Non-salaried
Claim Settlement and Solvency ratio*disclaimer:
^Figures arrived are basis the company’s latest annual audited figures for Individual Policy Claims for 2023-24
*https://www.kotak.com/content/dam/Kotak/investor-relation/Financial-Result/QuarterlyReport/FY-2024/q4/investor-presentation/Q4FY24%20Investor-Presentation.pdfGet 1 Crore Life Cover @₹15/day*Disclaimer:
≈The above illustration is for a 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.15 [Rs. 5,400 Annualized Premium / 365 days = Rs. 14.79].
Get 1.5 Crore Life Cover @₹22day*Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.22 [Rs. 8,100 Annualized Premium / 365 days = Rs. 22.19].
Get 2 Crore Life Cover @₹30/day*Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.2 Crore. The per day premium is Rs.30 [Rs. 10,800 Annualized Premium / 365 days = Rs. 29.59].
Get 5 Crore Life Cover @₹67/day*Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.67 [Rs. 24,500 Annualized Premium / 365 days = Rs. 67.12].
Get 75 Lakh Life Cover @₹16/day*Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.16 [Rs. 5,775 Annualized Premium / 365 days = Rs. 15.82].
Get 51 Lakh Life Cover @₹11/day*Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.11 [Rs. 3,927 Annualized Premium / 365 days = Rs. 10.75].
The Above premium figures are exclusive of Goods and Services Tax and cess. Goods and Services Tax and Cess thereon, shall be charged as per the prevalent tax laws over and above the said premiums. The channel selected is Online.
You may avail of tax benefits as per the Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. You are advised to consult your Tax Advisor for details. Goods and Services Tax and Cess, as applicable shall be levied over and above premium amount shown here as per applicable tax laws.
Kotak Gen2Gen Protect UIN: 107N132V02, Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider - 107B020V02, Kotak Accidental Death Benefit Rider - UIN: 107B001V04. This is a non-participating non-linked life insurance individual savings product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak e-Term: UIN No.: 107N129V03, Kotak Critical Illness Plus Benefit Rider UIN No.: 107B020V02, Kotak Permanent Disability Benefit Rider UIN No.: 107B002V03. This is a non-participating non-linked life insurance individual pure risk product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders, please read the Rider Brochure.
Kotak Signature Term Plan - UIN: 107N139V01.Kotak Permanent Disability Benefit Rider - UIN: 107B002V03,Kotak Critical Illness Plus Benefit Rider - UIN: 107B020V02,Kotak Accidental Death Benefit Rider – UIN: 107B001V04. This is a Non-Participating Non-Linked Life Insurance Individual Pure Risk Product. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak Term Plan UIN No.: 107N005V06, Kotak Accidental Death Benefit Rider - UIN: 107B001V04, Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V02. This is a non-participating non-linked life insurance individual pure risk product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak Saral Jeevan Bima UIN No.: 107N120V01. This is a Non-Participating Non-Linked Life Insurance Individual Pure Risk Product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Health MaximiseUIN No.: ZUKHLIP24026V022324 is a Combi Product with both protection & health benefits, where protection benefits are being offered by Kotak Mahindra Life Insurance Company Ltd. under Kotak Term Plan - UIN 107N005V06 and health benefits are being offered by Zurich Kotak General Insurance Company (India) Limited under Health Premier – UIN ZUKHLIP23109V052223. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
This website content only gives the salient features of the plan.
*Get your premiums back through Special Exit Value, under your policy, if your policy term is:
40 years: Earlier of 25th policy year OR during the policy year, when you attain 60 years
> 40 years: Earlier of 30th policy year OR during the policy year, when you attain 60 years
5% Discount on Salary Infographic Disclaimer:
The 5% discount is only on the first year of the policy.
**Free Medical Checkup every 5th year starting from 5th policy year onwards
Section 41-
Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. (2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.
Section 45-
Fraud, Misstatement and Forfeiture would be dealt with in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. Please visit our website for more details: https://www.kotaklife.com/assets/images/uploads/why_kotak/section38_39_45_of_insurance_act_1938.pdf
https://www.kotaklife.com/assets/images/uploads/why_kotak/section38_39_45_of_insurance_act_1938.pdfRegd. Office:
Kotak Mahindra Life Insurance Company Ltd. Reg No. 107 | CIN: U66030MH2000PLC1285038th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 | Toll Free: 1800 209 8800 | Website: https://www.kotaklife.com | Email: kli.in/WECARE ARN No: KLI/25-26/E-WEB/946
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