If you have been thinking about the financial security of your family, the best option to go for is a term insurance policy. Once you have a term insurance policy, you can rest assured that your family will not have to worry about anything, especially if it is about managing the finances even if you are not around. Before we discuss the various types of term insurance policies, let us learn what a term insurance policy is.
What is a term insurance policy?
A term insurance policy is a life insurance product that you can buy at a cost-effective price. This kind of policy is helpful for the beneficiary on the sudden demise of the policyholder, within the term insurance tenure. The premiums for the term plans are affordable; thus, making these policies much sought-after. You can buy a term insurance policy for 5, 10, 20, or 30 years. However, the policyholders need to know that if they survive through the policy, they will not get any maturity benefit. The term plans continue till the time you pay your premiums.
If you are now confused about the company that you should go for one such term plan, you can any day consider Kotak Mahindra Life Insurance. Kotak Mahindra Life Insurance Ltd is one of the top insurance providers in the country that has been providing several products that have been designed to meet the requirements of the customers. There are several types of insurance products that are provided by this company, and one of them is term insurance. Some of the term insurance plans provided by the company include:
Kotak Income Protection Plan
The minimum entry age for this plan is 18 years and the maximum is 60 years. The maximum maturity age is 70 years. The minimum policy term for which you can opt is 10 years while the maximum is 30 years. As you buy this term plan, the beneficiary will get a monthly income after your demise, which is a minimum of INR 20,000. There is no limit for maximum monthly income. The annual premium payment depends on the coverage and tenure of the policy and the monthly income. The frequency on which you can pay the premiums can be monthly, quarterly, half-yearly, or annually.
Kotak Preferred e-Term Plan
This is an online term plan which comes with a minimum entry age of 18 years and a maximum of 65 years. The maturity age of the plan is a minimum of 28 years and a maximum of 75 years. The minimum policy term is 10 years while the maximum is 40 years. The minimum sum assured for this plan is INR 25 lakhs while there is no limit for the maximum term assured. Under this plan, you can either pay the premiums monthly or annually. As you purchase this plan, you can also opt for Kotak eAccident Death Benefit Rider. There are two types of death benefits options available with this plan, which include immediate Payout and Recurring Payout. As the Immediate Payout option is concerned, the entire amount of sum assured is paid to the nominee on the demise of the policyholder. Under the Recurring Payout option, 10% of the sum assured is paid to the nominee immediately after the death of the policyholder; and the remaining amount is paid over 15 years in annual installments at a 6% rate. The nominees can also choose to make monthly installments of the remaining amount.
Kotak Saral Suraksha
It is one of the term insurance plans offered by the company which provides death benefits at the most affordable premiums rates. To avail of the benefits of this plan, the policyholder either has to pay the premiums for a fixed period of 5 years or can pay the entire amount at the starting of the plan. On the untimely demise of the policyholder, the sum assured will be paid to the nominee. The minimum sum assured is INR 5000 and the maximum is INR 1 lakh. The entry age is 18 years or 55 years and the maturity age of the policy is 23 years or 65 years. The policy term is either 5 years or 10 years. You can pay the premiums either half-yearly or annually.
To know more about the Kotak Mahindra term insurance plans, you can visit the IIFL website. You can also find various other term plans there which may suit your needs. Upon comparing the term plans, you can choose the best of all.