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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 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.
Note: Know more about what is term insurance first before reading this article.
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
Term Plans
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:
Having a term insurance plan for your housewife provides extra financial security and also secures your family members for the unforeseen future.
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.
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.
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.
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.
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.
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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 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.
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 | 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 |
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.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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