If you have decided to get a term insurance policy, you have made a sound financial decision. It is a simple policy with a huge sum assured and affordable premiums. Now, your job is to find the best term plan as per the needs of your family members. Here’s offering you some assistance in this matter.

Important features noticed in the best term plans available in India

Though there are some basic features that are noted in any term plan, the following are the important qualities that make up the best term insurance policy:

The option of regular payouts

Though most term policies have the option of regular monthly payouts, don’t make the mistake of thinking that it is going to be there in every plan. Some insurers might only offer the option of a one-time lump sum payment. However, if you want your family to have a source of regular monthly income in your absence, then the option of monthly payouts is important. So, check whether the plan can fill the gap created by the absence of a monthly salary.

The premium waiver feature

When you calculate term insurance premium and make the monthly premium payments for a while, you might not be able to pay the premiums anymore. Such a situation can occur due to a loss of job from disability or terminal illness. Now, without making the payments, your policy will lapse, and you will lose all the benefits associated with it.

To prevent this from happening, the insurer needs to have the option of the premium waiver rider. With this rider, if the policyholder faces a loss of income due to critical illness or permanent disability, then all the pending premiums are waived off by the insurance company. The premiums are considered to have been paid in full.

Insurance coverage for a non-working spouse

A “non-working” spouse is someone who does not go to an office or run any business – a homemaker, in other words. It would be a good choice to go for a policy that lets you add your non-working spouse. After all, your spouse is the one taking care of the household and making it run smoothly. So, getting adequate insurance cover for them without actually facing the need to buy a new policy is a great option.

Kotak e-Term Plan – One of the best term insurance policies in India

With a claim settlement ratio of over 98.82% in 2021-2022, Kotak e-Term Plan is one of the best term insurance policies to consider in India. The minimum sum assured under this policy is ₹25 lakhs, and there is no upper limit to adhere to in this regard. The policy offers all the benefits mentioned above and more. The best part is that you can get this policy online without the need to actually visit the insurer’s office.

Start by determining the sum assured and riders you are going to need. You can get in touch with the insurer, and they can show you some direction in the matter.

Click here to know more about Kotak Term Insurance Plan: https://www.kotaklife.com/online-plans/online-term-insurance-plans