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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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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.
Term Plans
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.
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.
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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 policy 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.
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.
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.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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