Kotak Life Insurance is one of the top rated private life insurance companies of India. The insurer has some very good life covers on offer. This apart, the insurer also boasts of a high claim settlement ratio and an excellent customer support team. These factors make Kotak Life Insurance a favoured life insurance provider for many people. If you are looking for a new life insurance plan, you may consider getting a policy from Kotak Life Insurance. Read on to know why.
How to calculate your premium
The life insurance plans from Kotak are loaded with features. One of the main benefits of buying a Kotak life plan is the cost factor. The Kotak plans are very reasonably priced. Take a look at the points mentioned below to understand how the insurer calculates the premium on your Kotak life insurance plan:
- The cover: The first factor that gets weighed in is your cover. If you opt for a higher cover, your premium will automatically be high. If you opt for a lower cover, you will have to pay a lower premium.
- The duration of the cover: Next, we have the duration of the life cover. Let us assume you buy the life insurance policy from Kotak for 20 years. Your premium then will obviously be lower than that of a plan that is bought for 30 years. So the policy period is also considered when calculating the premium amount.
- Your age: Your age plays an important role in determining your life insurance premium. If you are younger, you are deemed to be fit carry a lower risk of dying. So you get your Kotak life insurance plan at a lower premium when you buy the plan early on in life.
- Lifestyle habit: Lifestyle habits such as smoking and drinking are determinant factors when calculating the life insurance premium. If you smoke or consume alcohol regularly, you will have to pay a higher premium for your Kotak life plan. This is because smoking and drinking cause health problems that can even lead to death.
These are some of the most impactful factors that are analysed when calculating the life insurance premium amount.
How to compare different premium policies
It is absolutely crucial for you to compare your life insurance policies. There are many advantages of doing this. You find the best rates, but more importantly, you also find the cover with the best features. Kotak Life has some great life insurance plan, but not every plan may be well-suited for you. You therefore need to compare the plans to see which one is ideal for you. When comparing, keep the following in mind:
- Type of cover: This is the single most important factor to consider when comparing life insurance. The life plans are available in different kinds such as term life insurance, endowment life insurance, money back life insurance, etc. You therefore have to understand what type of cover and benefits each plan offers. Then weigh them against your own needs and make your final selection.
- Duration of the cover: You next need to check the required policy period. You have to calculate all the financial milestones lying ahead in your life. Make an approximate estimate of how long it would take to reach the milestones. Your ideal life insurance plan should be taken for a similar duration.
- Cost of the plan: Last but not the least, you have to take the cost of the plan into account as well. The Kotak Life Insurance plans are available in various price ranges. Select a cover that is appropriate as well as affordable. This will help you in maintaining the perfect balance and keeping your life covered in a reasonable manner.
In a nutshell
The life insurance policies from Kotak are excellent indeed. They offer many benefits and you get a suitable life cover at a very competitive price. So do explore the Kotak Life Insurance plans and see which policy is the best policy for you. Keep the points mentioned above in mind and choose your cover wisely. You will not face any problems thereafter and will stay covered in a secured, reliable and affordable manner.