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5 Things to Keep in Mind While Buying Life Insurance Policy 
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Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**
Want to Know More?
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Ref. No. KLI/22-23/E-BB/492

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5 Things to Keep in Mind While Buying Life Insurance Policy

Policy check is a must once you receive your policy document. Your policy won’t be of any use if there are any errors. Here are things to keep in mind to check policy.

  • 5,321 Views | Updated on: Jul 07, 2022
    Not written by AIHuman expertise, no AI
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Here are 5 things to keep in mind.

We are pleased that you have put your trust in us. Let’s take a look at some essential steps to take once you receive the policy document in your hand. If there is something amiss with it, you can take immediate corrective actions and save yourself trouble down the road.

Check the policy for errors, omissions and exclusions:

Always read the fine print of the policy document. Check all your personal information, bank details, contact details and nominee details correctly. Also review the policy benefits, sum assured, policy term, and the premium amount. If you have doubts, call the insurance company and get your answers.

Inform your loved ones about the policy:

It is a good practice to inform and maintain a written record about details of the policy and leave simple instructions that can be accessed by your dependents when you are not around to guide them.

Keep the policy document safe:

Your original policy bond is an important document that ought to be kept safely. It’s a good practice to keep digital records for your review.

Set a reminder for the next premium to be paid

If you have several insurance policies, keeping a track of their due dates will be exhausting. You can save yourself the hassle by automating your premium payments via your bank or credit card.

Educate the dependents on the claim process

It’s important to inform your nominee about the claim settlement process. In case of an unforeseen event, they should be able to claim without facing any difficulty.

Read more on: What to Do After Buying a Term Insurance

Stay Protected, Stay Secure. Jano Hamesha.
Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**
Want to Know More?
Invest NOW

Ref. No. KLI/22-23/E-BB/2435

T&C

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Insurance and investment in one plan.

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Kotak Signature Term Plan

Kotak Signature Term Plan

A plan that offers immediate or deferred stream of income.

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The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.

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