The sum assured in Kotak Life Insurance is the amount the insured will receive in the event of death or terminal illness. It is the lump sum amount you pay for the insurance cover and will vary depending on your personal factors including age, health, lifestyle choices and the kind of policy you have chosen.
It is important to remember that the sum assured should be sufficient to cover your family’s immediate financial needs in the event of your death or terminal illness. To achieve this, the sum assured should be equivalent to at least the combined yearly income of the insured and his/her family.
At Kotak Life Insurance, we provide assistance to calculate the right sum assured for your family’s needs. During the policy purchase process, our experts ask for details about the customer’s age, income, family members, debts, lifestyle choices and goals for the policy. These are then used to calculate the sum assured. An additional advantage of calculating your sum assured from these experts is that it keeps your family safe from unanticipated financial crisis.
To ensure that the sum assured you have chosen remains relevant in future, you can review it from time to time and make the necessary changes. If the sum assured is exhausted before the policy maturity, the policy will be lapsed and a new policy will have to purchased.
It is important to choose the right sum assured for your Kotak Life Insurance policy. If you need assistance with calculating the right sum assured for your family, feel free to reach out to us. Our experts will be happy to offer you the best advice and assistance to help you choose the right sum assured.
