Kotak Term Insurance Calculator

In case, the policyholder passes away while the policy is in force, then the nominee is entitled to receive the sum assured as per the terms and conditions of the policy.  The time an individual decides to buy a term insurance plan, it is recommended to use a Kotak term insurance premium calculator.

What is the Kotak Term Insurance Calculator?

The Kotak term plan calculator helps to have an estimate of the premium amount that an individual would end up paying consistently for the specified term plan.

The different factors such as type of plan, health conditions, age, plan tenure, the rider benefit, and sum assured determines the term insurance premium amount. The Kotak term plan calculator will help to evaluate the approximate sum of premium that an individual would end up with during the purchase of the policy. With the help of the Kotak term plan premium calculator, the policyholder can make an informed decision and select the plan that offers maximum coverage at cost-effective premium rates. Let us get into the nitty-gritty of the Kotak term insurance calculator.

What are the Details Required to Use Kotak Term Plan Calculator?

Any individual who is looking forward to buying the Kotak term plan should use the Kotak term, insurance calculator. The table below shows the basic details that will be required to use the Kotak term plan premium calculator:

What are the Benefits of Using Kotak Term Insurance Calculator?

The following are the key benefits of using the Kotak term plan calculator:

1. Free Cost 

   Kotak Term Insurance Calculator is free of cost and is easy to use. 

2. Save Time

   It is mostly understood that manual calculations are a time-taking process. The Kotak term insurance calculator helps to save time and simplifies the process of getting the quote within minutes. Use the Kotak term insurance premium calculator and generate the quote quickly.

3. Cost-Effective

   The Kotak term insurance calculator will help to determine the most cost-effective plan. Purchasing the plan online can also help an individual get the insurance plan at a special price. Using the Kotak term insurance calculator is not at all complex and determines the premium without taking much time.

4. Compare Plans

   The Kotak term plan calculator also enables one to compare the different plans at no cost. In case an individual contacts an agent for the same then would end up paying charges for creating different plans with the difference in premiums; however, the Kotak term insurance premium calculator does it in a hassle-free manner.

5. Accuracy

   When it comes to calculations, human beings can likely make errors. This does affect the calculation of the premium amount and that would impact an individuals’ purchasing decision to buy a Kotak term insurance plan. The Kotak term plan premium calculator provides accurate results. This online tool helps to get the quote with no mathematical error.

How to Use Kotak Term Plan Premium Calculator?

Kotak Term Insurance premium calculations are hassle-free and simple with an online premium calculator. Listed below are the steps to use the Kotak term plan premium calculator:

• Visit the official website of Kotak Life.

• Next, select ‘Online Plans’.

• Under ‘Tools and Calculator’ select ‘Term Insurance Calculator’.

• Provide all the required information correctly and then click on ‘Get Free Quote’.

• The approximate Kotak term insurance premium amount will be shown both monthly and annually.

Factors That Affect The Term Insurance Premium

Though the sum assured amount of a term insurance plan can be the same, the premium rate depends on number of factors and plays a huge role in deciding the premium charge. 

• Age: Age is a crucial metric considered while assessing premium quotes which is why it is recommended to buy insurance plans when you are younger. With age, the premium rates rise. At a younger age, you can get a good term insurance plan at low premium rates. 

• Coverage amount: The amount of coverage also decides the premium rates where a higher cover means higher premium rates. 

• Gender: As per the statistical data used by insurance companies, female policyholders are more likely to pay higher premium amounts. So the premium rates for men are comparatively higher than for women because of the lower life expectancy. 

• Policy Term: The policy term is decided by the life assured at the time of purchasing the policy. The term insurance premium rates are lower when the policy term is longer. Thus, if you select a longer tenure of the policy, you can get a less expensive amount of premium. 

• Mode of Purchasing: You can purchase term insurance online and offline. Online is quite easy and hassle-free than buying it offline, where you have to pay the agent if involved. 

Wrapping It Up!

A term insurance plan is one of the easiest and simplest forms of life insurance. The Kotak term insurance plan calculator will help to understand the financial requirements and the amount of sum assured that would be required by the family and the premium that needs to be paid.