Kotak Term Insurance for Housewife

When you think of a term insurance plan, the simplest reason to purchase term insurance is if you are the breadwinner of your family. In these cases, your family solely depends on you for their survival and would need backup funds if you were no longer around to fulfill their requirements.

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Though, the reality is slightly different. Term insurance plan benefits are not only limited to the sole earning members of your family but also to those who are major caretakers of the family-like housewives. Various insurance companies offer term plans for housewives to enhance the protection of their families. Kotak term insurance for housewives is the safest plan as it can assure the financial security of your family members. 

This page will take you through the finest details of Kotak term plan, majorly focusing on the term plan for housewives offered by Kotak Life Insurance. 

Why Should Housewives Buy Kotak Term Insurance Plans? 

As the family grows, a number of requirements and responsibilities also increases. Married couples should be ready for the future with an extra layer of financial security for their family members. This will allow dependents such as kids, to live their lifestyle without any lack of funds. The Kotak term plan for housewives can support the rising education costs of children, expenses related to health, etc. in case of any unforeseen event. 

Following are the reasons why investing in the Kotak term plan for housewives is a smart option: 

  • It offers good assistance in good financial planning for long term 

  • It helps in providing corpus for the dependent family members

  • It helps you build a retirement fund 

  • It offers you good opportunities for the diversification in investment 

  • It offers significant tax benefits 

What are the Benefits of Buying a Kotak Term Insurance for Housewife? 

There are various benefits of purchasing a Kotak term insurance plan for your housewife. Here is a list of points that highlights the importance of term insurance: 

  1. Financial Security 

    Having a term insurance plan for your housewife provides extra financial security and also secures your family members for the unforeseen future. 

  2. Preparing for Emergencies 

    Even though your wife is not contributing directly to the finances related to the household, she carries various responsibilities that would create a financial burden for you in case of her absence. But a term insurance plan ensures that the life of your wife is secure and your children will not face any financial problems in case of any uncertainty. Additionally, the term plan for your wife also supports the long-term and instant requirements of your loved ones. They also provide better coverage at low premium rates. 

  3. Economical option: 

    You can purchase an online term plan at low premium rates. Term insurance plans are cost-effective and can provide value for money. The early you buy a term plan, the lower will be its premium as premium amounts increase with age. 

  4. Additional Benefits 

    Riders are add-on benefits that can be attached or added to a term plan. Some available riders are critical illness benefit, accidental death rider, or permanent disability rider. Riders such as critical illness protect housewives against the increasing cost of health care. 

  5. Flexibility in Paying Premiums 

    The plan provides the flexibility in paying premiums as per your requirement. Kotak e-term plan offers the option of monthly and yearly premium payment for your term plan. You can select the payment frequency according to your preference and income. 

  6. Tax Benefits 

    The tax savings benefit of term insurance helps save a lot. You can claim exemptions on tax u/s 80C, 80D, and 10(10D) of the Income Tax Act, 1961. 

    • Section 80D: The premium amount paid for a critical illness cover is also tax-exempted up to Rs. 25,000 pa. 

    • Section 80C: The premium amount for a term insurance plan is tax-deductible up to Rs. 1.5 lpa 

    • Section 10(10D): The death payout is free of taxes, subject to conditions. 

Different types of Plans

What Should You Check Before Purchasing a Kotak Term Plan for Housewife? 

Below are a few things that one must check before buying a term plan for housewives: 

  • Always look that the sum assured amount is adequate to protect your family members in case of an unforeseen incident 

  • Always check your family expenses, loans, liabilities, and children's education plans to decide the amount of a term plan 

  • Opt for a term insurance plan from a reliable insurer that has a high claim settlement ratio. Kotak life insurance has a high CSR of 98.50% and provides a smooth and quick claim settlement procedure. In addition to this, Kotak e-term plan is specifically designed to offer 100 percent assurance to your family at premiums that can easily fit into the budget. Also, the term plan offers long-term cover along with benefits such as flexible payouts, add-on riders, multiple plan options, etc. 

Let’s discuss the Kotak-e Term plan in detail for housewives: 

Kotak e-Term Plan for Housewives 

Kotak e-Term Plan is a pure risk term plan that provides protection to your family members. The plan offers high life cover at low premium rates and special discounts on premiums to women and non-tobacco users. Moreover, you can also choose extra coverage through critical illness plus benefit rider and permanent disability benefit rider on payment of an additional amount of premium, therefore making sure a complete cover against the unforeseen uncertainties. 

Key Features of Kotak e-term plan 

  • High cover at low premium rates 

  • 3 plan options are available to choose from 

  • 3 options of payout are offered: Immediate, Level recurring and increasing the recurring payout 

  • You can enhance your coverage at specific stages of your life using a step-up option. This option guarantees you extra cover at some important life stages in a hassle-free and cost-effective way. 

  • You can also enhance the coverage against total and permanent disability and accidental death. 

  • Special premium charges for non-tobacco users and women

  • You can get tax benefits u/s 80C and 10(10D) of ITA, 1961. 

Eligibility Criteria of Kotak e-term Plan 

Eligibility Criteria  Minimum  Maximum 
Age at Entry  18 years  65 years 
Age at Maturity  23 years  75 years 
Policy Term  5 years  Up to 40 years 
Premium Payment Term Regular Pay: Equivalent to the Policy term  Limited Pay: 5 pay, 7 pay, 10 pay, 15 pay  Single Pay: One-time Payment 
Premium Payment option  Single, regular, and limited 
Premium Payment Mode  Single/Yearly/Half-yearly/Quarterly/Monthly 
Sum Assured  25 Lakhs  No Limit 

Five things to know before buying Term Plan Five things to know before buying Term Plan

How to Buy Kotak Term Insurance for Housewife? 

Step 1: Premium estimation: Visit the Kotak life term insurance calculator to calculate the premium amount that is required to pay on a regular basis. This will also help you to compute the required sum assured against the premium amount to be paid. 

Step 2: Fill out the Proposal form: Visit the official website of the insurance company to buy a term plan and duly fill in all the personal information on the application form 

Step 3: Add riders: Once all the information is entered, you can add term riders to the plans 

Step 4: Other details: Choose other details such as premium payment frequency, policy tenure, etc. before moving to the payment 

Step 5: Make payment: After selecting the payment frequency, you will be able to check the premium amount you would require to pay regularly. Proceed with the payment and submit all the documents that are requested by the company.

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Kotak Term Insurance for Housewife Reviews & Ratings

4 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Boipariguda, March 02, 2021
Claim settlement is quick
One of my friend shared his review on this that the claim settlement of term plan is really good and quick. His plan was of kotak term insurance and it was really good plan with various benefits. The claim was settled on time. Thanks to team of policybazaar for suggesting some good plans.
Aul, February 19, 2021
Good plans
I have recently bought a term insurance plan from the kotak life insurance company and it was the process which was done with the help of policybazaar. I found the product into my budget and much convenient. Such a good plan.
Kheda, July 20, 2016
Kotak Insurance
Term insurance plan of mine is perfect one, and i bought this from kotak mahindra life insurance. Online renewals, updates regarding the policy and many more facilities which reduces tension of waiting in the queue. Nice investment for securing the future and it reduces taxes too.
Gauriganj, July 11, 2016
Term plan
My term plan is perfect one and investment is less. Policy coverage is high and the claims are good which can be easily cleared by the help of staff members of the insurance company. Service is quick and online portal facility makes hassle free documentations and even renewal of the policy can be done.
Ahmednagar, June 29, 2016
The term insurance plan I have is fantastic which has low premium and paybacks are high. Service provided is quick and on time. Internet web service is nice and simple to operate. Hassle free documentations and no paperwork.
Shahabad, April 25, 2016
I purchased kotak life term insurance plan. The premiums are ~Rs.35 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.
Kolkata, April 25, 2016
Perfect Policy
Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are are good and the payback amount is around Rs.32 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment.
Haldwani, April 25, 2016
Great term insurance policy plan i got from kotak mahindra life insurance. They has good in facilitate the fast services. Policy coverage is 81% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.
Delhi, April 25, 2016
Good Service
Kotak mahindra life insurance is one of the perfect insurance providers, i took term insurance policy plan. The policy is good in service and it can be buy online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. It save taxes also.
Lonavla, April 25, 2016
Poor Policy
The term policy plan i have is not up to the mark. The policy coverage is 66% and the claims are less. The premiums are 20 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site.
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