When you buy a term insurance policy, the Sum Assured on Death is one of the most important factors that you need to consider. This is the amount of money that will be paid out to your beneficiaries in case of your death.
If you have a spouse and children who rely on your income, then you need to have Kotak e-Term Plan, term life insurance policy by Kotak Life Insurance in place. This type of policy will provide them with a death benefit that can help cover outstanding loans, debts and other expenses.
In this blog post, we will discuss the Sum Assured on Death in Kotak e-Term Plan. We will also provide tips on how to calculate the term insurance premium for this policy.
What is Sum Assured on Death?
The Sum Assured on Death is the death benefit amount that will be paid out to your beneficiaries in case of your death. This amount is determined by you at the time of purchase, and it can range from ₹500,000 to ₹1 crore and even more.
How Much Insurance Cover Do You Need?
The first step in deciding the Sum Assured on Death in Kotak e-Term Plan is to determine how much insurance cover you need. There are a number of factors that you need to consider when calculating term insurance premiums, such as your age, health, lifestyle, and dependents. You can use an online life insurance calculator to help you calculate the right amount of coverage for your needs.
Once you have an idea of how much coverage you need, you can start looking at different policies and their features. When comparing policies, be sure to look at the death benefit payout options. Some policies will pay a lump sum, while others will provide monthly payments. Choose the option that best suits your needs.
Keep in mind that the Sum Assured on Death in Kotak e-Term Plan is just one of the features that you need to consider when choosing a policy. Be sure to read the fine print and compare all of the features before making your final decision.
Kotak e-Term Plan Sum Assured on Death
The basic sum assured on death in Kotak e-Term plan is a minimum of ₹25,000, and there is no limit to the maximum sum assured. It is one of the most affordable ways to get a life insurance policy with a death benefit.
But if you choose the Life Plus option under Kotak e-Term Plan, you get maximum coverage of ₹1 crore. The premium starts as low as ₹17 per day, depending on the sum assured and other factors.
With the Life Plus option, you also get additional benefits such as accidental death benefit. This is an important feature that can give you and your family financial security in case of an unexpected event.
To calculate the term insurance premium for Kotak e-Term Plan, you can use the online life insurance premium calculator. This tool will take into account your age, gender, smoking status, sum assured, and policy term to give you an estimate of what your premium will be.
You can also contact Kotak Life Insurance for more information about the Sum Assured on Death in Kotak e-Term Plan or any other queries that you may have.
Conclusion
Your Sum Assured on Death should be high enough to cover all of your debts and final expenses, as well as provide a financial safety net for your loved ones. If you are the primary breadwinner in your family, then you need to make sure that your Sum Assured on Death is sufficient to cover their living expenses in case of your death.
