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Term insurance is one of the most essential and simplest types of life insurance available, where you pay regular premiums, and in return, the insurer provides a death benefit to your family if you pass away during the policy term. ... Read more
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Term plan is a type of life insurance policy that provides financial security to your family in case of your untimely demise during the policy term. The death benefits offered under this policy can help your loved ones manage daily expenses, pay off debts, or achieve future goals.
As term life plans offer pure protection for a fixed term, you can get a larger cover (sum assured) at relatively low premiums. Their cost-effectiveness and extensive coverage make them a popular choice among those who want to prioritize the financial well-being of their loved ones. Find out more about what is term insurance policy and how it can benefit your family.
Let’s say you buy a ₹1 crore term insurance plan. This is how your premiums will look based on the age at which you buy the plan:
The Earlier You Buy, The Less Premiums You Pay!
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 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 a term life insurance plan, 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.
Before you buy term insurance, it’s important to understand how it works. Term life insurance offers pure life cover for a specific period, with no maturity benefit. It ensures your family receives a lump sum amount if you pass away during the policy term.
Choosing the right sum assured is key to ensuring adequate protection. Your coverage should factor in current lifestyle, future financial goals, existing liabilities, and inflation. A well-calculated cover ensures your family can sustain their standard of living in your absence.
Selecting a suitable policy tenure helps align coverage with your long-term responsibilities. Consider your retirement age, financial goals, and dependents' needs when deciding the duration. A well-matched tenure ensures protection during your most financially crucial years.
As long as you stay consistent in premium payments, your policy remains active. Premiums are determined based on factors such as age, health, lifestyle, sum assured and are paid as per your chosen mode.
Policy tenure refers to the duration for which the term insurance provides coverage. You can select a tenure like 10 years, 20 years, or 30 years that best aligns with your financial goals.
If you unfortunately pass away during the policy tenure, the insurer pays the death benefit to your nominee to help them maintain financial stability. However, if you survive the tenure, no maturity benefits are paid.
Most term plans offer optional term insurance ridersor add-ons to enhance coverage. For instance, a critical illness rider ensures a payout if you are diagnosed with severe diseases like cancer or heart conditions.
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.
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 Ratio of 98.29% and a group Claim Settlement Ratio of 99.23%. Here is a look at the claim settlement performance of Kotak Life Insurance over the past few years:
| Year | Claim Settlement Ratio |
|---|---|
| 2023-2024 | 98.29% |
| 2022-2023 | 98.25% |
| 2021-2022 | 98.82% |
| 2020-2021 | 98.50% |
| 2019-2020 | 96.30% |
| 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 to62%* with 5-Year Limited Pay Option on total premium | Variable as per term |
| Discounts | Online discounts of up to7.5% | Online discounts from5-8% |
| Option to Exit the Plan | Yes | Allowed |
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**
100% 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
A term insurance premium calculator is an online tool that helps estimate your premium based on factors like age, lifestyle habits, coverage amount, and policy term. It gives you a clear idea of how much you will need to pay for the coverage you are looking for.
You can use this tool to compare different policies and choose the one that fits your budget and needs. You can also check how adding certain riders will impact your policy cost and decide accordingly.
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.
If you already have life insurance, term insurance can supplement your existing policy. Purchasing additional term insurance like a ₹ 20 lakh term insurancecan help cover any gaps in your coverage during important life stages, giving you more peace of mind.
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.
The core benefit of a term insurance plan is the financial safety net it offers your family. In the event of your untimely demise, the payout ensures they can maintain their lifestyle, meet future goals, and stay financially independent.
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.
If you already have life insurance, term insurance can supplement your existing policy. Purchasing additional term insurance, like a ₹20 lakh term insurance, can help cover any gaps in your coverage during important life stages, giving you more peace of mind.
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. For those looking for lifelong coverage, whole life insurance can be a valuable alternative.
Many term insurance plans let you add critical 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.
You can buy riders to add more layers of protection to your term plan. For instance, if you buy ₹ 1.5 crore term insurance, and add an accidental death benefit rider, your family will receive an extra ₹50 lakh if you pass away in an accident.
Buying term insurance is wise, but knowing how to avoid claim rejection is crucial. Here’s how you can prevent common mistakes and ensure a smooth claim process.
Provide accurate personal and financial details, including income sources, while applying for the policy.
Avoid hiding any facts related to your health, habits, or lifestyle that could affect claim approval.
List all past and current illnesses, surgeries, or treatments during the application process.
Be honest about habits like smoking or drinking, as these affect underwriting and premium rates.
Enable auto-debit or calendar reminders to ensure timely premium payments and uninterrupted coverage.
Keep your bank account funded to avoid auto-debit failures that could lapse your policy.
Fill in the correct full name and relationship of your nominee during policy purchase.
Change nominee details after life changes like marriage, divorce, or the death of an existing nominee.
Ensure your nominee knows about the policy, its benefits, and how to file a claim.
Read the policy document to understand its terms, conditions, and claim clauses.
Know what is covered and excluded to avoid surprises at the time of claim.
Ensure your nominee knows about the policy, its benefits, and how to file a claim.
Update your contact, medical, or personal details with the insurer whenever there's a change.
Inform the insurer without delay when a claim-triggering event occurs.
Check all sections of the application for mistakes or skipped details before submission.
Reverify every entry related to your health, identity, and lifestyle for accuracy.
Reach out to your advisor or insurer directly if you're unsure about any policy term.
In case of disputes, use the insurer’s grievance cell or escalate to the IRDAI if needed.
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 already 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 payment.
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 are allowed as a deduction under Section 80D. This then 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 with critical illness cover has a rider under which the policyholder or the beneficiary is given a lump sum in case a person gets diagnosed with a critical illness such as 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.
Under a limited pay term insurance, the policyholder pays premiums for a short duration while he is covered for a longer duration. For example: you shall pay the premium for only 10 years under a 20 year term insurance. You would pay premiums for a shorter duration but enjoy long-term protection.
Group term life insurance plans refer to those that are normally provided by employers or different associations to their staff or employees. It is a means by which life coverage is provided at relatively lower premiums on account of its group nature. Group term insurance is an effective means to provide financial security to many under a single insurance plan.
Pure Protection term plans basically focus on providing life coverage with no additional benefits or savings component. The plans are designed to offer maximum coverage at the least possible premium which makes them perfect for people looking for comprehensive protection without any investment element.
Some term insurance policies of today have wellness benefits that encourage a healthy lifestyle. Some of these benefits may include discounts given on premiums payable for maintaining a healthy lifestyle, periodic health checkups, and engagement in wellness programs.
The term insurance policies with health benefits normally provide protection for hospitalization expenses, including surgeries & other health related costs. These policies are also offered with riders, whereby a lump sum or reimbursement of medical expenses is offered. Before selecting an insurer, you should check whether they offer term insurance without medical testsor checkups.
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.
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.
When you are getting married or planning to start a family, it is essential to think about your loved ones’ financial security. A term policy ensures your partner and future children are protected in case something happens to you.
If you have taken 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.
My experience with Kotak e-Term Plan from filling the proposal form to policy issuance has been smoother. Uploading document 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
With so many insurance companies and innumerable policy options available in the market, choosing the best term policy seems to be a difficult and confusing task. You need to check and compare various factors before choosing a term life insurance policy from a particular insurer. Here is how you should proceed:
The sum assured forms the core of your term insurance plans. It is the amount your family receives in case of your untimely demise. Choosing an adequate sum ensures your loved ones can meet existing liabilities, maintain their lifestyle, and achieve future goals without financial hardship.
Assess your insurance needs based on your age, income, dependents, and financial goals. Young professionals may need lower coverage, while individuals with families and liabilities should consider a higher sum assured for better protection.
Choose a policy tenure based on term insurance age limit , your financial liabilities, and goals. For instance, if you're in your 30s with young children, opt for a longer tenure that covers you until they become financially independent, ensuring their needs are secured even in your absence.
The sum assured is the payout your family receives upon your death. It should match liabilities and future income needs. A higher sum assures better protection but increases premiums. Balance your family's financial needs and premium affordability to choose an appropriate coverage amount.
Term insurance allows premium payments on a single, yearly, or monthly basis. Choose a frequency that matches your income flow. For instance, select monthly if your income is steady or yearly if irregular. This alignment helps you maintain the policy comfortably and without financial stress.
Carefully review policy terms to understand exclusions, waiting periods, and the term insurance grace period. To understand the policy better, try searching for what is term insurance in Hindi. Being informed helps avoid surprises during claims and ensures that your coverage matches expectations and responsibilities.
Buy from insurers with a high Claim Settlement Ratio^, which shows their claim-paying reliability. A higher ratio indicates trust and consistent approvals. Kotak Life, for instance, has a ratio of 98.29%, making it a trustworthy choice for claim resolution and long-term support.
Riders are optional add-ons to term insurance, such as critical illness, accidental death, and waiver of premium. These enhance your plan's coverage and offer extra financial support. Choose riders that suit your lifestyle and future risks to make your term insurance plan more comprehensive and reassuring.
Before making a final decision on the best term policy, you should compare multiple quotes from different insurers. Premium rates, coverage options, and riders can vary significantly from one provider to another. By comparing different plans, you can ensure that you are getting the most cost-effective solution that aligns with your needs.
The solvency ratio* indicates an insurance company’s ability to meet its financial obligations. A higher solvency ratio means better financial stability. Kotak Life Insurance has a solvency ratio* of 2.56% in FY 2023-2024, showcasing its strong financial position and reliability to meet claims.
Assess the insurance provider’s service quality such as customer support, efficiency in the process of claim, and ease of accessibility to information of the policies. You should choose the insurance companies that support the policyholders with online services so that you can easily and conveniently manage your policy.
Term insurance offers various payout options, like lump-sum or monthly payouts. Monthly payouts assist with regular expenses, while lump-sum payouts help settle debts or fund large investments. Choose the option that suits your financial needs for better long-term security.
Buying a term plan online offers convenience, quick processing, and easy access to the best term insurance plans available.
Buying term insurance online can lead to additional savings. Kotak Life offers an exclusive online discount of up to 7.5%. This discount reduces the premium you pay, making it a cost-effective way to secure comprehensive coverage while taking advantage of digital platforms' convenience and efficiency.
Purchasing a term plan online allows you to browse, compare, and buy policies at your own pace and from the comfort of your home. There’s no need for in-person meetings, making the process faster and easier for those with busy schedules.
Online platforms display all policy details clearly, allowing you to compare various features, premiums, and benefits across multiple insurers without any hidden information or pressure from agents. This transparency helps you make informed, confident decisions.
Online term plans are often more affordable since they cut out intermediaries, saving on commission and administrative costs. These savings are passed on to you in the form of lower premiums for the same coverage.
You can use online comparison tools to gather quotes from various insurance companies and compare their plans’ features. This will help you select the plan that offers comprehensive coverage at a reasonable cost.
Online purchases typically involve faster processing and instant policy issuance, with digital documents emailed to you directly. This makes it easier to manage, access, and store your policy details securely.
Unlike physical branches, online insurance platforms are accessible anytime. You can browse policies, make payments, and even access customer support 24/7 through chat support or FAQs.
Buying online often allows you to easily add riders, such as critical illness or accidental death benefits, with a few clicks. This flexibility ensures your policy can be tailored to cover specific needs.
Buying a term plan online from Kotak Life ensures you have access to a wide range of comprehensive features that cater to your specific needs. You can choose from various riders, flexible premium payment options, and customizable policy terms that align with your financial goals.
Purchasing a Kotak Life Term Insurance plan online is a straightforward process. Here's a step-by-step guide to help you through the journey:
Step 1: Visit the Official Website
Go to the Kotak Life Term Insurance page at https://www.kotaklife.com/term-insurance.
Step 2: Click on "Customize Your Plan"
Click the “Check Premium” button to begin your online application journey.
Step 3: Fill in Basic Personal Details
You’ll be asked to enter your:
Then, click on “Get a Free Quote.”
Step 4: Enter Detailed Profile Information
You will be redirected to a new page, provide further details, including:
Step 5: Customize Your Plan
On the next screen, input following details to tailor your policy:
Step 6: Provide Additional Information
Share your general and contact details, including
Step 7: Make the Payment
Once all details are entered and reviewed, click on “Pay Now” to complete your purchase. Upon successful payment, your policy will be issued digitally
Kotak Life Insurance offers several riders that can enhance the benefits of a term policy. Here are the top 3 riders to consider for better coverage:
This rider waives future premiums if the policyholder suffers permanent disability due to an accident or illness. The term policy remains active, and the sum assured is paid as planned. It offers financial relief and ensures continued coverage even if the insured can no longer earn an income.
The Accidental Death Benefit rider offers an extra payout to the nominee if the policyholder dies in an accident. This amount is in addition to the base sum assured, providing added financial support to the family during difficult times and enhancing protection against unexpected events.
Kotak Life’s Critical Illness Rider is an add-on to a life insurance policy that provides financial protection if the policyholder is diagnosed with a specified critical illness like cancer, heart attack, or stroke. It offers a lump sum payout upon diagnosis, helping cover medical expenses, loss of income, and other financial burdens during recovery.
List of Covered Critical Illnesses:
Many believe term insurance for family is a waste of money because it doesn't provide cash value.
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:
If you choose this option, your nominee shall receive the outstanding amount in one installment. If you have chosen ₹ 75 lakh term insurance, for example, the entire amount of ₹75 lakhs 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 ₹ 25 lakh term insurance, ₹10 lakhs could be paid upfront as a lump sum, while the remaining ₹15 lakhs are distributed in fixed monthly or annual installments over a specified period.
A part of the death benefit is provided to the beneficiaries as a lump sum, accompanied by 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.
Having the right documents ready is key to a smooth term life insurance claim process. Here’s what you need to prepare.
Death Certificate
Policy Document
Identification Proof
Medical Records
Police Report (if applicable)
Nominee/Beneficiary ID
Bank Details
Proof of Relationship
Additional Documents
The official death certificate is a mandatory document to confirm the policyholder's demise. It’s issued by the municipal or local authority and serves as the primary proof for initiating the claim process.
The original term life insurance policy document must be submitted. This document contains all the details of the policy, including the terms, sum assured, and nominee information.
You will need the identification proof of the deceased policyholder, such as an Aadhaar card, PAN card, or passport, to verify their identity.
If the death was due to illness, the medical records and treatment history of the policyholder will be required to validate the claim. These records provide details of the illness and its progression.
In case of accidental death or unnatural causes, a police report or FIR (First Information Report) must be submitted. This helps verify the circumstances surrounding the death.
The nominee or beneficiary must provide their identification proof, such as an Aadhaar card or voter ID, to establish their identity and claim rights.
You must submit the nominee’s bank account details, including a canceled cheque or a copy of the passbook. This helps process the claim payout and ensures the funds are transferred directly.
A document proving the relationship between the policyholder and the nominee, such as a marriage certificate, birth certificate, or other legal papers, may be required.
Depending on the insurer’s requirements, additional documents like a post-mortem report or employer’s certificate may be requested for specific cases.
The official death certificate is a mandatory document to confirm the policyholder's demise. It’s issued by the municipal or local authority and serves as the primary proof for initiating the claim process.
The original term life insurance policy document must be submitted. This document contains all the details of the policy, including the terms, sum assured, and nominee information.
You will need the identification proof of the deceased policyholder, such as an Aadhaar card, PAN card, or passport, to verify their identity.
If the death was due to illness, the medical records and treatment history of the policyholder will be required to validate the claim. These records provide details of the illness and its progression.
In case of accidental death or unnatural causes, a police report or FIR (First Information Report) must be submitted. This helps verify the circumstances surrounding the death.
The nominee or beneficiary must provide their identification proof, such as an Aadhaar card or voter ID, to establish their identity and claim rights.
You must submit the nominee’s bank account details, including a canceled cheque or a copy of the passbook. This helps process the claim payout and ensures the funds are transferred directly.
A document proving the relationship between the policyholder and the nominee, such as a marriage certificate, birth certificate, or other legal papers, may be required.
Depending on the insurer’s requirements, additional documents like a post-mortem report or employer’s certificate may be requested for specific cases.
Here are some of the most common exclusions that may apply to term life insurance policies:
Most term insurance policies do not cover suicide in the first 12 months (or as specified in the policy). If the policyholder dies by suicide within this period, the insurance company may not pay the death benefit. After the exclusion period, suicide may be covered, but it depends on the insurer’s terms.
Example:
If a policyholder dies by suicide within the first year of purchasing the policy, the nominee may not receive the death benefit.
Death resulting from the consumption of drugs, alcohol, or other controlled substances is generally excluded in term insurance policies. If the policyholder’s death is caused by an overdose or alcohol-related accidents, the claim could be denied.
Example:
If a policyholder dies in an accident after consuming alcohol beyond the legal limit, the insurance company may reject the claim.
Insurance companies may not cover death or disability caused by pre-existing medical conditions. If the policyholder has a medical condition before purchasing the policy (and it is not disclosed to the insurer), the insurance company could refuse to pay the claim
Example:
If the policyholder had a heart condition prior to purchasing the policy and dies due to heart failure, the insurer may deny the claim if the condition was not disclosed at the time of purchase.
Death resulting from involvement in illegal activities such as criminal acts or acts of terrorism may not be covered under most term insurance policies. If the policyholder's death is due to engaging in unlawful activities, the insurer may refuse to pay the death benefit.
Example:
If a policyholder dies while committing a robbery, the insurance company will likely exclude the claim due to the illegal nature of the activity.
Term insurance policies generally exclude coverage for self-inflicted injuries. If the policyholder intentionally harms themselves, the death benefit may not be paid out.
Example:
If the policyholder dies due to injuries they inflicted on themselves, the insurance claim will typically be denied.
Insurance policies generally require the nominee to file a claim within a specified time after the policyholder’s death (usually within 90 days). If the claim is not filed within this period, the insurance company may reject the claim.
Example:
If the nominee fails to submit the required documents or claim form within the stipulated timeframe, the insurer may not approve the claim.
The number of years you need to pay for term insurance, known as the premium payment term, depends on the policy. It can range from a limited period (e.g., 10 or 15 years) to the entire policy tenure, which is typically up to the age of 60-75 years or as chosen by you.
A term insurance premium basically depends on the factors of age, sum assured, policy tenure, and health and lifestyle of the applicant. The online premium calculators provided by the insurance companies facilitate accurate estimates.
One can pay term insurance premiums online using net banking, debit or credit cards, UPI, or any digital wallet on the website or mobile app of the insurance company.
The options in a term insurance plan could be either on an annual, semi-annual, quarterly, or monthly premium paying basis, as per the insurance company's offerings.
The term insurance premium is decided by the insurance company, taking into consideration different factors, including age, coverage, policy tenure, medical background, occupation, and lifestyle habits.
The decision to purchase a limited pay or a regular pay-term policy depends on the financial capacity and preference. Limited pay plans require higher premium payments for a shorter duration, while regular pay plans spread the premium payments over the policy term.
The tenure of a term insurance policy can vary, with options typically ranging from 10 to 40 years. The length of the policy tenure is chosen by the policyholder based on their financial needs and goals.
Most term insurance policies allow the policyholder to increase the sum assured during the term, but it may involve a change in premiums. Some policies also provide options to reduce the sum assured if your financial needs decrease.
Yes, you can cancel your term insurance policy. However, the premiums paid so far may not be refunded unless specified in the policy (in case of return-of-premium policies). It's advisable to consult your insurance provider for cancellation procedures and potential penalties.
It is an added advantage to be attached to a term insurance plan wherein the policyholder is provided with a lump sum amount if the life insured on that policy is diagnosed with any covered critical illness.
Riders with term insurance depend on your specific needs and requirements. Riders would add some features to your policy such as additional coverage of critical illnesses, accidental death, disability, and many others but they will come for an additional cost.
The premium for riders is entirely dependent on the type of rider, the sum insured, the age of the insured, and the term of the rider. Insurance companies provide specific details about rider premiums.
If you buy a rider, it increases the coverage of a basic term insurance plan by covering specific risks or requirements. It financially secures the person from critical illness, disability, and accidents, thus making the overall coverage of the rider more advantageous.
Yes, some insurers specifically provide term plans for smokers, considering the higher health risks that smoking brings to the table.
While term insurance is generally more cost-effective and provides pure life coverage, traditional life insurance plans combine insurance with savings or investing in some products. In many cases, it will depend on your needs and financial goals.
There is no compulsion to buy a rider with term insurance. It is purely optional and depends upon the needs and choice of a policyholder. Riders are add-ons that provide additional coverage and benefits in addition to the basic term insurance policy.
Yes, many insurers offer the option to add accidental death coverage as a rider to your term insurance policy. This rider provides an additional payout in the event of death due to an accident.
Term insurance does not typically cover critical illnesses by default. However, you can opt for a critical illness rider that provides a lump sum payout if you're diagnosed with a covered critical illness during the policy term.
Standard term insurance policies do not cover disability. However, disability coverage can be added through riders, such as the accidental disability rider, which provides financial support if you are disabled due to an accident.
Premiums payable towards a term insurance plan are eligible for a tax benefit under section 80C of the Income Tax Act, 1961, the maximum limit of which is governed by the income tax laws. Consult a tax professional for further details regarding the tax benefits of term insurance.
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.
The process of claiming the term insurance will need the nominee or legal beneficiary to inform the insurance company, submit all documents that prove the incidence of death through a death certificate, policy documents, and a duly completed claim form to the insurer, and completion of assessment or investigation processes and settlement of the claim dues.
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.
Once the policy term is over, the coverage provided under the term plan ceases and there are no further benefits payable under the term life plan unless specially mentioned in the policy through return of premium or survival benefit feature.
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.
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.
If the nominated person dies while holding the policy during the period the policy term is running, then the policyholder shall make a fresh nomination in favor of another person to ensure that the sum assured in case of death is paid to the appropriate beneficiary.
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.
To file a term insurance claim, the nominee must inform the insurer about the policyholder’s death and submit documents like the death certificate, claim form, and policy papers. After reviewing the claim and documents, the insurer processes and approves the claim as per the policy’s terms and conditions.
Yes, you can change your nominee at any time during the policy term by submitting a written request to the insurance company. Ensure that the nominee update is reflected in the policy records to avoid any confusion at the time of claim settlement.
If premiums are missed, the term insurance policy may lapse, ending coverage. Most plans offer a 30-60 day grace period to pay. If the policyholder dies during this time, the insurer may still honor the claim. After a lapse, reinstatement is possible by paying overdue premiums and meeting the insurer’s reinstatement conditions.
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 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
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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/24-25/E-WEB/1851
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