What is Life Insurance?
Traditionally, life insurance used to provide financial protection to your family and dependents in the event of any unforeseen event or your untimely death. But nowadays, life insurance has become synonymous with savings, wealth generation and protection. Life insurance companies-these days-provide plans through which you can not only secure the financial future of your dependents in the event of death but also build wealth for them and be financially secure from eventualities such as disease and disability.
Different Types of Life Insurance Plans
Traditional life insurance plans:
Traditional life insurance plans, also known as non-unit linked insurance plans, ensure that the majority of the investments made by the policyholders are in to safe debt instruments. These plans are ideal for risk-averse investors as they provide assurance of returns to a large extent.
Unit Linked Insurance Plans (ULIPs):
ULIPs, also known as market-linked life insurance plans, allow for investments made by the policyholders to get exposed to equities. ULIPs are suited for customers who aim for wealth creation over a long term.
Why Life Insurance?
Life insurance is required because of the following factors -
Life insurance takes care of those who are financially dependent on you even when you are not around to look after them.
Retirement planning takes care of your retirement, as there is no guarantee of a consistent income post retirement.
The expenses you may incur in future will keep increasing due to inflation, and thus even a fluctuation in your income may lead to a compromised lifestyle.
Savings plan enables individuals to secure their financial future by helping you to get attractive returns.
Why Kotak Life Insurance?
Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Ltd.) is one of the leading life insurance companies in India. It is a joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc, South Africa, one of the biggest life insurance companies in the world. We are committed to using our expertise in securing your future and ensuring that your investments keep giving you lucrative returns.