Life Insurance Plans for Individuals

A few years ago, most people bought life insurance plans to provide financial protection to their family in the event of their untimely death. Today, life insurance plans have become an important part of an individual's portfolio because it provides the dual benefit of risk protection as well as wealth creation in the long term. Even though there is no shortage of investment options to choose from, taking a life insurance plan depending on the life stage and requirement is always a wise decision. At Kotak life insurance we understand the change in needs and priorities an individual experiences as he progresses through different life stages. Our expertise in the field of investments has helped us design various life insurance plans aptly suited for every life stage need, be it protection, retirement planning, saving for a child or wealth creation.

Life insurance plans do not necessarily correspond to an individual's age and are generally tailored towards fulfilling particular needs that may arise at different stages in an individual's life.

To help you choose the right life insurance plan, we have listed the various life stages explaining the reasons for buying insurance at every stage. So go-ahead and choose the right life insurance plan today.

Life insurance plans for different Life Stages:

Single Adults

The best time to start thinking about life insurance plans is when you are a single young working professional; this is because, with life insurance, over a period of time, due to the power of compounding, you reap much greater benefits. Additionally the part of the premium that goes towards insuring your life is significantly low. Besides covering your life, these plans enable you to reduce your income tax burden and help you save small sums at regular intervals for the future.

Married (Without Children)

Securing your family from the start will keep you tension free from day one. As the liabilities increase, so does your need for converting your savings into sizable corpus. In such times, saving and investment based Unit Linked Life Insurance plans are the most suited for your needs. Such investment plans provide a risk cover (or may add to the existing cover that you may have) as well as provide wealth creation options that helps you build a sizable corpus over a period of time, which goes a long way in securing your family's future

Married (With Children)

As your family grows and the number of dependents increases, it is always advisable to re-assess the risk cover that you may need and plan accordingly. Additionally, as a parent, your priority is to fulfill your child's dreams and aspirations. Providing a good education or even a modest wedding has become an expensive proposition. You should plan for such milestones using a good children's plan. These plans enable you to start building regular savings today to help you secure your child's immediate and future needs even when you are not around.

Established Families

Our ability to earn for the rest of our lives decreases as we grow old. This leads to compromise in our post retirement lifestyle. An early retirement is something one should start planning for at the earliest, so that you don't experience any drop in the quality of lifestyle due to income fluctuations. A retirement based life insurance plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working.

Reference No. - KLI/09-10/E-WEB/132

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Life Insurance Plans for Individuals

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