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Kotak 50 Lakh Term Insurance

Securing your family's financial future involves detailed planning and a commitment towards keeping them free from all burdens. If you're unsure regarding when to start, now is a good time to explore the best term plan options for a Rs. 50 Lakhs life cover. Kotak Life Insurance offers affordable premiums for a 50 Lakhs term insurance, ensuring financial challenges won't be a concern. Let's look into the details of Kotak 50 Lakh Term Insurance here.

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What is the Kotak 50 Lakh Term Insurance Plan? 

Kotak 50 Lakh Term Insurance Plan offers financial security to your family in the unfortunate event of your death. Hence, a 50 Lakh term plan offered by Kotak Life Insurance helps by offering a cover amount of Rs. 50 Lakhs so that you can be assured that your loved ones are going to have a financially protected future.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Does Kotak 50 Lakh Term Insurance Work? 

Buying 50 Lakh Term Insurance Plan offered by Kotak Life Insurance for a certain policy term assists the assigned beneficiary/nominee in getting a death benefit of Rs. 50 Lakhs, in the case of your untimely demise. This term life insurance policy ensures the financial well-being of your family in rough times. With its cost-effective premium rates and comprehensive life coverage, the Kotak 50 Lakh term insurance plan stands out as a trustworthy choice for individuals seeking to safeguard their family's future. You can also use the 50 Lakh term plan premium calculator to get an estimate of your 50 lakh term plan premium.

Why Buy Kotak 50 Lakh Term Insurance? 

Here are some of the valid reasons why you should consider buying the Kotak 50 Lakh Term Insurance plan:

  • Affordable Coverage with High Benefits: The 50 Lakh term insurance plan is a budget-friendly term insurance plan. It allows you to enjoy all the advantages of a base term plan for premiums lower than many other term plans.

  • Additional Protective Features: The Kotak 50 Lakh term insurance plan enhances its coverage with extra benefits through riders, offering protection for risks like accidental death, terminal/critical illness, and premium waiver.

  • Supporting Your Family's Finances: The Kotak 50 Lakh Term Insurance plan ensures that your family's financial needs are taken care of in your absence. Moreover, beneficiaries can use the death benefit to settle loans, manage debts, or cover various household and personal expenses.

one crore term plan

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Term Plan Starting @ ₹449/month+

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How to Determine the Right Coverage Amount? 

Here is a list of all the factors that can help you in determining if buying Rs. 50 Lakh is the right cover amount for your term plan: 

  • Your Annual Income: When going for a term insurance plan, it's wise to ensure the coverage is at least 10 times your yearly earnings. For example, if you earn Rs. 3 Lakhs per year, you must surely aim for a term life insurance plan of at least Rs. 50 Lakhs life cover. You can use Policybazaar’s term insurance calculator for a more accurate estimate.

  • Current Age: Your age greatly impacts your term insurance coverage. As you grow older, health issues become more likely, and this results in higher premium rates. Going for the Kotak 50 Lakh term insurance plan at a younger age ensures a comprehensive life cover at much lower rates, thereby securing your loved ones' financial well-being and maintaining affordable premiums over time.

  • Financial Dependents and Their Needs: To figure out if Rs. 50 Lakhs is sufficient, consider your family's needs and your responsibilities. Think about how many family members depend on you financially and what they might need in the future, like education, career, marriage, and basic living expenses. It's important to make sure all your dependents, especially those relying on your support, have their financial needs covered.

  • Pay off Loans/Liabilities: When buying a term insurance plan, it is advised to have an idea of all your pre-existing loans/debts, like home loans, car loans or education loans. Choosing a 50 Lakh term insurance policy is wise as it gives you a relatively high coverage compared to other options, helping you achieve your life goals.

What are the Benefits of Kotak 50 Lakh Term Insurance? 

Here are some benefits of Kotak 50 Lakh Term Insurance:

  • Affordability: The cost of a 50 Lakh term insurance premium is quite reasonable, and if you buy term plan at a younger age, you can get it at a much lower premium rate.

  • Additional Benefits with Optional Add-ons: The Kotak 50 Lakh term insurance plan gives you comprehensive life cover and lets you boost it with extra add-ons such as critical illness, accidental death, and premium waiver riders. While not mandatory, these extra features provide more protection against various risks. It's important to remember that you can only include these riders when you first buy the policy.

  • Seamless Online Purchase: Getting a Kotak 50 Lakh Term Insurance plan online is easy and convenient, saving you from visiting a Kotak branch or standing in queues. Through Policybazaar, you can buy it comfortably from home and get a 10% discount on online purchases through the Policybazaar website or app.

  • Flexible Payout Options: Unlike many insurance companies who provide the death benefit of term insurance plans all at once, you have options for how you receive it. For example, you can decide to receive a lump sum or get monthly income payments, giving you more control over managing your expenses.

  • Tax Benefits: Another significant benefit of acquiring the best term plan for 50 Lakhs is eligibility for tax deductions under sections 80C and 10(10D) of the Income Tax Act, 1961.

How do you buy 50 Lakh Term Insurance from Policybazaar?

Here are the steps to buy a 50 Lakh term insurance plan from Policybazaar:

Step 1: Visit the official website of Policybazaar and click on ‘Term Insurance’ 

Step 2: Fill in your basic details like Name, DoB, and contact number and then click on ‘View Plans’. 

Step 3: Answer the questions about your smoking habits, your annual income, your type of occupation, and your qualifications. Do not forget to choose 50 Lakhs as your life cover.

Step 4: Next, a list of all available term insurance plans will be displayed. 

Step 5: Select the most suitable 50 Lakh term plan from the available list and pay using your preferred payment method.

FAQs

  • Q: What is a Kotak 50 Lakh Term Insurance Plan?

    Ans: Kotak 50 Lakh Term Insurance Plan is designed to provide a financial safety net for your loved ones in the event of your untimely demise, offering a sum assured or 'death benefit' of Rs. 50 Lakhs.
  • Q: How do you determine the right coverage amount?

    Ans: When evaluating the right cover amount, you must consider factors like annual income, age, financial dependents, future needs, and outstanding loans. You can easily use Policybazaar’s term insurance calculator for accurate calculations.
  • Q: Why Buy Kotak 50 Lakh Term Insurance?

    Ans: You must buy Kotak 50 Lakh Term Insurance plan to get high coverage at low premiums and additional benefits like accidental death coverage, terminal illness benefits, and waiver of premium riders.
  • Q: Who Should Choose Kotak 50 Lakh Term Insurance?

    Ans: Kotak 50 Lakh Term Insurance is a great choice for young individuals, self-employed/business owners, newly married couples, parents with children, single earning members, and individuals with debts.
  • Q: What are the key benefits of Kotak 50 Lakh Term Insurance?

    Ans: The key benefits of Kotak 50 Lakh Term Insurance are affordability, additional benefits through optional add-ons, online availability for easy purchase, flexible payout options, and tax benefits under sections 80C and 10(10D) of the Income Tax Act.

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