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In the realm of financial planning, ensuring the well-being of your loved ones is paramount. Kotak Life Insurance recognizes this need and offers a comprehensive solution with its 1 Crore Term Insurance. Let’s discuss Kotak 1 crore term insurance offering's key features and benefits that help you decide on securing your family's future.
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Kotak 1 Crore Term Insurance is designed to provide substantial coverage of 1 crore rupees in the event of the policyholder's demise.
Note: Know more about what is term life insurance first before reading this article.
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Let's explore the features that set this policy apart.
Affordable Premiums: Kotak's 1 Crore Term Insurance is known for its cost-effective premium rates, making it accessible to many individuals. This affordability ensures that you can secure a significant sum assured without straining your financial resources.
Flexible Policy Terms: The policy offers flexibility in choosing the coverage tenure. Policyholders can select a term that aligns with their financial goals and the duration for which they want their family to be financially protected.
Comprehensive Coverage: With a coverage amount of one crore rupees, this term insurance plan provides a substantial financial cushion for your family. This lump-sum payout can be instrumental in meeting various financial obligations, including loan repayments, children's education, and daily living expenses.
Add-On Riders for Enhanced Protection: Kotak offers additional riders that can be attached to the base policy for added protection. These riders may include critical illness cover, accidental death benefit, and more, providing a comprehensive safety net for unforeseen circumstances.
Tax Benefits: Like many life insurance plans, Kotak 1 Crore Term Insurance offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. This allows policyholders to optimize their tax planning while securing their family's financial future.
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Determining the right amount of term insurance for your family's future is quite straightforward. It involves calculating the present value of all future goals and expenses minus your current wealth and assets.
Let's understand this with the help of an example:
Imagine you're considering buying term insurance, and your monthly expenses are Rs. 40,000. That adds up to ₹4.8 lakh annually. Experts suggest having a life cover of at least Rs. 10 times your yearly expenses. So, in this case, your term insurance should be at least Rs. 48 lakh. Now, let's consider other expenses. If you have outstanding car and home loans of around Rs. 55 lakhs, i.e., Rs. 20 lakhs for your children's education and an extra Rs. 80 lakh for your spouse's retirement, the total comes to around Rs. 2 crores. However, you might have some savings or assets to consider. Let's say you have Rs. 20 lakh in accessible investments. Subtracting this, your total insurance requirement would be ₹1.8 crores.
Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.
Step 1: Visit Policybazaar and go to the Term Insurance
Step 2: Fill in basic details such as Name, Date of Birth, and contact number, then click ‘View Plans’.
Step 3: Answer the questions about Smoking habits, annual income, type of occupation, and educational qualification.
Step 4: After submitting all the information, a list of all available 50 Lakh term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and pay.
Kotak 1 Crore Term Insurance emerges as a compelling choice for individuals seeking substantial life coverage at an affordable cost. By understanding the features and term insurance benefits of this policy, you can take a significant step towards securing the financial future of your loved ones. Before finalizing your decision, it's advisable to consult with Kotak representatives or financial advisors to ensure that the policy aligns perfectly with your specific needs and goals.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
Rajasthan, located in northwestern India, is the largest state
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Rajasthan, located in northwestern India, is the largest state
Read more
Rajasthan, located in northwestern India, is the largest state
Read more
Rajasthan, located in northwestern India, is the largest state
Read more
Rajasthan, located in northwestern India, is the largest state
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
