Kotak e-preferred or Bharti Axa life – eProtect

POSTED BY Mohit Asher ON November 16, 2013 10:51 am COMMENTS (10)

Hi All,

I am planning to take a term insurance of 50 Lacs. I have short listed Kotak e-preferred and Bharti Axa life – eProtect.

I have a query regarding the Policy Term. It allows as maximum of 30 years. I am bit confused on this as I will be around 59 by the time policy ends.

What is the option if I want to extend beyond this? Can I renew after 30 years or I should take multiple policies spreading the starting time?

Also,Please suggest which one is better of the above two.

Thanks,

Mohit

10 replies on this article “Kotak e-preferred or Bharti Axa life – eProtect”

  1. Kotak Support Team says:

    Dear Sir,

    Thank you for choosing Kotak Life Insurance as your preferred insurance provider.

    We request you to kindly provide your contact number and write to us at clientservicedesk@kotak.com for better assistance.

    Regards,
    Kotak Support Team

  2. ashalanshu says:

    Dear Mohit, why are you purchasing term cover? To cover financial risk of your family members arising out of your untimely death. From hereonwards till age 55-58, you should be able to fulfill all the financuial liabilities towards your family like house, kid’s education, career, marriage, general living…..

    If you feel, your financial liabilities ‘ll not be over till age 58-60, you seriously need to think over your financial planning.

    Hope i’m able to answer your query for insurance age.

    thanks

    Ashal

    1. Mohit Asher says:

      Thanks Ashal.

  3. ashalanshu says:

    Dear Mohit, do you really need insurance post age 59-60?

    thanks

    Ashal

    1. Mohit Asher says:

      Dear Ashal,
      I know the question is bit amateurish but new to term insurance and trying to learn different aspects.
      I would be glad if you can share your valuable suggestions.
      Thanks
      Mohit

  4. Mohit Asher says:

    Dear Experts,

    It would be great if you could help with the above queries.

    Thanks,
    Mohit

    1. Kumar_G says:

      Dear Mohit,

      You’ve not mentioned your income and dependents etc .Considering your age 29Yrs, you can go for Bharathi Axa or Aviva with 35Yrs policy term with low premium and decent claim ratio. Hope, most of your responsibilities will over by that time.

      Don’t split 50L cover, in most cases below 50L cover will have high premiums. You can review your needs and responsibilities and take adequate cover with other policy if needed.

      Kotak e-protect also good with step-up option but premium is bit high and 30 years term.

      Hope, answered your query!

      Thanks,
      Kumar.

      1. Mohit Asher says:

        Thanks a lot Kumar.
        So the plan should be by the 30 year term ends I should save adequate enough that I don’t need any cover.
        However, if a case is such that if I feel I need cover till 65 I may not start a new policy at that time so I think I can take one more policy after 3-4 years or a policy of 35 year term. Is my understanding correct?

        1. Kumar_G says:

          Dear Mohit,

          You can opt for 35 Yrs term policy at this time it self. Both Bharathi Axa or Aviva can give your cover till 65Yrs age. For term cover, premium will increase along with your age.

          Mr.Ashal rightly said.. think over insurance need post age 59-60. Search this forum and blogs to learn different aspects of term insurance and decide your self.

          Term insurance is not meant for saving/investment, its just a financial protection for a family in the absence of earning member.

          Thanks,
          Kumar.

          1. Mohit Asher says:

            Thanks a lot Kumar

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