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In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Kotak e-Invest
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Ref. No. KLI/22-23/E-BB/492
ULIPs can offer a financial safety net by combining life insurance with investment opportunities, helping you build a corpus to cover future medical expenses and ensuring your family's financial security.
The ancient saying “health is wealth” is still true today. No matter how much you earn, nothing can top the feeling of knowing you have the strength and vitality to enjoy life. When your health is in trouble, you leave no stone unturned to seek the best possible treatment. This treatment might feel heavy on your pocket, but yet it is unavoidable.
Even with health insurance, out-of-pocket expenses can be significant when healthcare costs are overwhelming. To protect yourself financially, you should consider building a dedicated health fund. Unit-Linked Insurance Plans (ULIPs) offer a practical solution. They combine life insurance coverage with investment opportunities, allowing you to save for future medical expenses while ensuring your family’s financial security.
If you are looking for specific ULIP plans with health benefits, then the Unit Linked Health Plan (ULHP) is the answer. A ULHP combines the benefits of health insurance and investment. It provides health coverage and allows you to grow your wealth through investments in stocks, bonds, and mutual funds.
While ULIPs are primarily known for their investment and life insurance components, they can indirectly offer health benefits in several ways. They can act as a financial safety net, providing a corpus that can be used to cover unexpected medical expenses, such as hospitalization, surgeries, or long-term treatments. Many ULIPs offer optional riders that cover critical illnesses like cancer, heart disease, or kidney failure. These riders can help offset the financial burden associated with such ailments.
ULIPs can also help you accumulate funds for retirement, including potential healthcare expenses. By investing regularly, you can build a nest egg to cover medical costs during your golden years.
How can you be sure about buying a ULIP plan? The answer is to understand its benefits. ULIPs offer a powerful combination of life insurance and investment opportunities, making them a versatile financial tool.
Now that you know what the benefits of ULPs are, your next step should be buying them, but wait, aren’t you forgetting something? You guessed it right: how will you choose the best plan out of the sea of options? Take a quick look:
1
A ULIP combines life insurance and investment. It offers health benefits through optional riders that can be added to the policy, providing coverage for specific medical expenses.
2
You can typically add health coverage to your ULIP by purchasing a health rider. This rider provides additional benefits in addition to the life insurance coverage.
3
Common health riders include critical illness coverage, accidental death and disability benefits, and hospital cash benefits.
4
If you experience a covered event under a health rider, you will receive a lump sum payment or regular income, depending on the specific rider.
5
Yes, there may be limits on coverage, waiting periods, and exclusions. It’s important to review the specific terms and conditions of the health rider you choose.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Kotak e-Invest
Features
Ref. No. KLI/22-23/E-BB/521
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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