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Kotak 70 Lakh Term Insurance

Ensuring the financial well-being of your family requires careful financial planning and a commitment to economic security. If you're uncertain about how to start this important financial planning, now is an ideal time to consider buying a term insurance policy worth Rs. 70 Lakhs. Kotak Life Insurance offers a term insurance cover of 70 Lakhs with affordable premiums, making sure that you won't be pressurized by financial burden. Let's dive deeper into the details of Kotak 70 Lakh Term Insurance.

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What is Kotak 70 Lakh Term Insurance Plan? 

Kotak 70 Lakh Term Insurance Plan is especially designed to provide financial security to your loved ones in case of your untimely death. Therefore, a 70 Lakh term plan offered by Kotak Life Insurance offers a life cover/sum assured of Rs. 70 Lakhs, which can also be called a ‘death benefit.’

How Does Kotak 70 Lakh Term Insurance Works? 

Let’s understand how this life insurance plan works with the help of this example: 

You can go for a 70 Lac Term Insurance For 35 years old offered by Kotak Life Insurance for a certain policy term, and the assigned claimant/nominee will receive a death benefit of Rs. 70 Lakhs, in case of your untimely demise. This term plan ensures your loved ones are financially stable during difficult times. With cost-effective premium rates and comprehensive life cover, the Kotak 70 Lakh term insurance plan becomes a trustworthy choice for those looking to secure their family's 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+

Why Buy Kotak 70 Lakh Term Insurance? 

Here are the reasons why you should buy Kotak 70 Lakh Term Insurance:

  • High cover at low premiums: Most people consider 70 Lakh term insurance not to be very affordable, but that is not the case. When you buy term plan early in life (i.e. at an early age), you can get all the benefits of term insurance at a premium as low as Rs. 638/month. 

  • Additional Coverage Benefits: Kotak 70 Lakh term insurance also provides enhanced coverage benefits with riders such as accidental death benefits, terminal illness benefits, and waiver of premium riders. 

  • Financial family support: Kotak 70 Lakhs Term Insurance plans makes sure that your dependents’ financial requirements are taken care of when you are no longer there with them. Moreover, the death benefit can be used by the beneficiaries to pay off loans/debts and other liabilities or use the payout for household/personal expenses. 

How to Determine the Right Coverage Amount? 

Here is a list of factors that can help in determining if buying a 70 Lakh term plan is the right cover amount for you: 

  • Your Annual Income: When assessing all the term insurance plans to buy the best term life insurance in India, it's smart to confirm that the cover amount is at least 10 times the annual income. For example, if your annual income is Rs. 3 Lakhs, your term life insurance plan should be at least Rs. 70 Lakhs. You can also use Policybazaar’s term policy calculator for a better estimate.

  • Current age: Age is a crucial element in determining the right cover amount for term life insurance plans. As people age, they become more prone to acquiring health issues, resulting in higher premiums. Thus, it is advisable to buy the Kotak 70 Lakh term insurance plan at a younger age. This allows you to secure comprehensive and high coverage at comparatively lower premium rates, ensuring financial security for your loved ones while keeping the premiums affordable for an extended period.

  • Financial Dependents and Their Needs: Evaluating the financial stability of your dependents is essential in determining whether Rs. 70 Lakhs is the right coverage for you. You must take into account the number of family members depending on you for financial support, and also consider their future needs such as education, marriage, etc. It is important to guarantee that the financial needs of all your dependents, especially those relying on your financial support, are appropriately addressed.

  • Pay off Loans/Liabilities: When buying a term plan, keep in mind all of your loans or debts, like home/car or education loans. A 70 Lakh term insurance policy is a good cover choice because it gives you a good amount compared to other plans, covering your important goals and needs. 

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What are the Benefits of Kotak 70 Lakh Term Insurance? 

Here are the benefits of Kotak 70 Lakh Term Insurance:

  • Affordability: The premium rate of 70 Lakh term insurance is cost-effective, and if you buy term plan at a younger age, you can buy term plan at much lower premium rates. 

  • Availability of Additional Benefits (Add-ons): Kotak 70 Lakh term insurance plan offers comprehensive coverage, and you can also enhance it with optional add-ons like critical illness, accidental death and waiver of premium riders. These additional riders are not mandatory but offer extra protection as needed. Make sure you will only be able to add these riders in the beginning of the policy, i.e. when you buy it.

  • Online Availability: You will be able to buy Kotak 70 Lakh Term Insurance plan online without visiting Kotak’s branch/office or by standing in long queues. However, with Policybazaar, you can buy easily from the comfort of your home and also avail 10% discount on buying plans online. 

  • Flexible Payout Options: While most insurance companies usually offer the death benefit of term insurance plans in a lump sum, you can choose from amongst multiple payout methods. For example, you may choose a combination of a lump sum and monthly income payout, providing better control over managing your expenses. 

  • Tax Benefits: Another important benefit of buying the best term plan for 70 Lakhs is tax deductions as per section 80C and 10(10D) of the Income Tax Act, 1961. 

Who Should Opt for Kotak 70 Lakh Term Insurance?

Here is a list of all eligible people who can buy 70 Lakh Term Insurance:

  • Young individuals

  • Self-employed/Business Owners

  • Newly Married

  • Parents with children 

  • Sole earning member 

  • People with Debts 

How do you buy Kotak 70 Lakh Term Insurance from Policybazaar?

Step 1: Visit 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 Tobacco/Smoking habits, annual income, type of occupation, and your qualifications. 

Step 4: After submitting all the information, a list of all available 70 Lakh term insurance plans will be displayed. 

Step 5: Choose the Kotak plan from the list and pay. 

FAQs

  • Q. What is Kotak 70 Lakh Term Insurance Plan?

    Ans: Kotak 70 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. 70 Lakhs.
  • Q. Why Buy Kotak 70 Lakh Term Insurance?

    Ans: You must buy Kotak 70 Lakh Term Insurance plan to get high coverage at low premiums, as well as additional benefits like accidental death coverage, terminal illness benefits, and waiver of premium riders.
  • Q. How to Determine the Right Coverage Amount?

    Ans: You must definitely consider factors like annual income, age, financial dependents, future needs, and outstanding loans when evaluating the right cover amount. Easily use Policybazaar’s term insurance calculator for accurate calculations.
  • Q. Who Should Choose Kotak 70 Lakh Term Insurance?

    Ans: Kotak 70 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 70 Lakh Term Insurance?

    Ans: The key benefits of Kotak 70 Lakh Term Insurance are: Affordability, additional benefits through optional add-ons, online availability for easy purchase, flexible payout options, and tax benefits under section 80C and 10(10D) of the Income Tax Act.
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term life insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term plan here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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Kotak 70 Lakh Term Insurance Reviews & Ratings

5 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Sumit
Rajasthan, July 22, 2024
Incredibly Easy
PolicyBazaar website made it incredibly easy to understand the different types of insurance and what each policy offered.
Mana
Maharashtra, July 22, 2024
Very Impressed With Impressed
I brougtht a term plan from the Policybazaar website and what impressed me most was the transparency and the detailed information of available at the platform.
Kabir
Maharashtra, July 22, 2024
Perfect and Simple
Found a perfect and simple plan from Kotak Life on Policybazaar. The detailed comparison made it easy to decide.
Adnan
Maharashtra, July 22, 2024
Detailed and Reliable
Policybazaar truly offers some of the most affordable premiums on term insurance plans online.
Shafibul
Andhra Pradesh, July 22, 2024
Affordable and Comprehensive
With HDFC Lifes C2P Super Term Insurance, I found an affordable and comprehensive solution to safeguard my family. As a single mother, its crucial to have high sum assured at an affordable premium. HDFC Life delivered exactly what I needed.
Akkash
Uttar Pradesh, July 22, 2024
Comprehensive and Trustworthy
Choosing HDFC Lifes Click 2 Protect Super was the best decision. The comprehensive coverage, including disability and disease protection, made it a trustworthy choice.
Yognder
Uttar Pradesh, July 22, 2024
Easy Application Process
Aegon iTerm Prime Term Plan had an easy application process, and the support team was very helpful. Now I feel my familys future is secure.
Gulab
West Bengal, July 22, 2024
Perfect for Growing Families
As our family grows, Aditya Birla term plan provided the extensive coverage we needed. The additional benefits like accidental death cover were very reassuring.
Rajiv
Gujarat, July 22, 2024
Easy Comparison
The comparison tool is very effective and easy to use at PB.
Raghunath
Rajasthan, July 22, 2024
User Friendly and Affordable
PNB MetLifes Online Term Plan was user-friendly and offered affordable premiums. It was the perfect choice for someone like me, balancing multiple financial responsibilities.
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