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Securing your family's financial future demands a lot of financial planning and a dedication to financial stability. If you're unsure about how to begin, now is a right time to buy the ideal 75 lakh term insurance policy. Kotak Life Insurance presents an affordable 75 lakh term insurance plan, ensuring that financial pressures won't come upon them. Let's discuss the details of Kotak 75 Lakh Term Insurance in this article.
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Kotak 75 Lakh Term Insurance Plan is specifically designed to provide financial protection to your loved ones in case of your unfortunate demise. Hence, a 75 Lakh term plan offered by Kotak Life Insurance provides a death benefit/sum assured of Rs. 75 Lakhs.
Term Plans
Let’s understand how this life insurance plan works with the help of the following example:
You can select a 75 Lakh Term Insurance plan from Kotak Life Insurance for a specific policy term, and the assigned nominee will get a death benefit of Rs. 75 Lakhs, in the unfortunate event of your death. Offering a financial safety net for your loved ones during challenging times such as illness or death, the Kotak 75 Lakh term insurance plan stands out as a dependable choice with reasonable premium rates and comprehensive life cover for those seeking to safeguard their family's future.
Here are the reasons why you should buy Kotak 75 Lakh Term Insurance:
Comprehensive coverage at affordable premiums: Contrary to the misconception that Kotak 75 Lakh term insurance is a financially burdensome plan, starting off the plan at an early age enables you to enjoy its benefits with premiums as affordable as Rs. 596 per month.
Added Coverage Advantages: Kotak 75 Lakh term insurance offers extended coverage benefits, including features like accidental death benefits, terminal illness benefits, and premium waiver riders.
Financial support to family: Kotak 75 Lakh Term Insurance plans guarantee the fulfillment of your dependents' financial needs in your absence. Furthermore, the death benefit can be utilized by the nominees to settle loans, debts, and liabilities, or to cover household expenditures.
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Here is a list of some factors that can help determine if buying a 75 Lakh term life insurance plan is the right choice for you:
Your Annual Income: When assessing all the term plan options to buy the best term life insurance in India, it's smart to make sure that your cover amount is a minimum of 10 times of your yearly income. For example, if your annual income is Rs. 5 Lakhs, your term plan should be at least Rs. 75 Lakhs. You can easily use Policybazaar’s term policy calculator for better results.
Current age: Age is a major factor in determining the appropriate coverage for your term life insurance plans. As individuals grow older, they become more prone to acquiring health issues, thus, resulting in higher premium rates. Hence, it is advisable to buy the best 75 Lakh term insurance plan at a younger age. This approach enables you to secure comprehensive and high coverage at lower premium rates, ensuring financial security for your loved ones while keeping premiums affordable for an extended period.
Financial Dependents and Their Needs: Assessing the financial health of your dependents is crucial to determine if the 75 Lakh term insurance policy aligns with your goals and requirements. Make sure to consider the count of family members relying on you for financial support and contemplate their future needs, including education, marriage, loans, etc. It is imperative to ensure that the financial requirements of all your dependents, particularly those depending on your financial support, are thoroughly addressed.
Pay off Loans/Liabilities: When buying a term plan, remember to assess any outstanding loans or debts, such as home, car, or education loans. Choosing a 75 Lakh term insurance policy is beneficial as it provides a comprehensive life cover effectively addressing all your needs.
Here are the benefits of Kotak 75 Lakh Term Insurance:
Cost-Effectiveness: The premium rate of 75 Lakh term insurance is affordable, and if you buy term plan at a younger age, you can get this plan at low premium rates.
Additional Benefits with Base Cover (Add-ons): With the Kotak 75 Lakh term insurance plan offering comprehensive coverage for your loved ones’ security, you have the option to enhance it with extra add-ons like critical illness, premium waiver, and accidental death riders. While not mandatory, these riders provide additional protection tailored to your needs.
Buy Online Easily: Buying the Kotak 75 Lakh Term Insurance plan online is convenient and hassle-free, eliminating the need to visit Kotak's branch or office or stand in long lines. Additionally, through Policybazaar, you can enjoy a 10% discount when buying term plans online.
Flexible Payout Options: Unlike most insurance companies that usually provide the death benefit of term insurance plans as a lump sum, you can choose from various payout methods. For example, you can opt for a combination of a lump sum and monthly income payout, giving you better control over managing your expenses.
Tax Benefits: Another significant benefit of acquiring the best term plan for 75 Lakhs is eligibility for tax deductions under section 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 75 Lakh Term Insurance:
Young individuals
Self-employed/Business Owners
Sole earning member
Parents with children
People with Debts
Newly Married
Here are the steps to buy Kotak 75 Lakh Term Insurance from Policybazaar:
Step 1: Go to the 'Term Insurance' after visiting Policybazaar's official website.
Step 2: Provide your basic details like Name, Date of Birth, and contact number, then click on 'View Plans'.
Step 3: Answer necessary questions about smoking habits, annual income, occupation type, and educational qualifications.
Step 4: Choose 75 Lakhs as your life cover
Step 5: Once all details are submitted, a list of the best term insurance plans will be shown to you.
Step 6: Select the Kotak plan from the list and proceed to payment using your preferred mode.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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