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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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We can never foresee the future or any untimely occurrence for that matter. Hence, it is crucial for us to plan and provide financial security to our loved ones so that they can embrace a secure future.
Having said that, there are several insurance products available in the market today. They provide a variety of deliverables tailored to fit numerous requirements. And, amongst this comprehensive range of insurance products, term insurance plans qualify as the most prominent ones. In case of an untimely passing of the policyholder within the set tenure, they offer pure life cover or financial security to the beneficiaries. However, no such maturity benefit is rendered if the policyholder outlives the pre-defined tenure of the plan.
Such plans can truly help a policyholder’s beneficiaries sustain a secure future. But, when it comes to identifying the most suitable term insurance, one must always carefully consider and evaluate the following factors:
When it comes to monetary reimbursement, it is only essential to look for a plan with an effective claim settlement process. A higher claim settlement ratio by the insurer would endow the beneficiaries with a greater chance to receive the entire sum assured.
Keeping all these factors in mind, it would be wise to better understand your insurance needs and carefully choose the right term plan for you.
The solvency ratio is a measure of the ability of a company to pay off their long-term debt and interests to survive in the longer run. The ideal solvency ratio recommended by the IRDA is 150%. The insurer you choose should have a ratio which is closer to 150%. Even a high solvency ratio is not ideal.
Besides the death benefit provided by the basic term plans, you can also look at thenumerous term insurance benefits offered by other plans. Certain policies allow you to add riders to enhance your cover and minimize your risk. These may include riders, such as loss of critical illness cover, waiver of premium, disability cover, and more. You may even find a term plan with return of premium option being available in case the policyholder outlives the policy’s specified tenure. Here are some rider benefits that you can opt for:
After determining the type of life insurance plan you want and if you require any rider benefits, the cost of the premium will be the final deciding factor. Do not compromise on your policy just to pay a little less. You get tax benefits that you can claim under Section 80C which is why choosing the best insurance policy is vital.
Human Life Value (HLV) denotes the amount required by your family in the case of loss of income and an increase in liabilities like loans. You buy a policy just to provide for your family in the event of your death. So you need to consider the actual amount needed to survive and choose a plan that provides the HLV.
Your total income, and the number of dependent family members should be given careful consideration while choosing a term plan. Since the financial responsibilities may vary depending on the marital status of the policyholder, the coverage amount should be chosen accordingly. Moreover, this could aid your future financial planning.
While considering the number of dependent family members, you simply cannot miss assessing your family’s current lifestyle cost. The extent of the term plan’s cover should be based on your family’s lifestyle sustainability, and also in the growing inflation cost.
A majority of the people often possess a certain number of liabilities such as vehicle loans, personal loans, home loans, business loans, etc. Hence, in order to thwart the possible burden of loan repayments that may befall on your family members’ shoulders, it is extremely important to mention the repayable loan amount in the opted life cover.
While it may be a good idea to hear what experts and peers’ have to say, selecting a term insurance plan should always be based on your own independent needs.
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