Kotak Life Term Insurance Plans
Kotak’s life term insurance plans are protection plans, which provide a sum assured to a family after the demise of a policyholder. It aims to provide financial security for a family and plan a better future by addressing their needs. It also covers inflation by offering a monthly payout which increases by 6% per annum.
Benefits of Kotak Life Term Insurance Plans
- The term plan by Kotak Life Insurance is available at a pocket-friendly price range, making them easily accessible by everyone.
- The term plans are quite flexible regarding coverage, policy term, and policy premium payment frequencies.
- There are special premium discounts for females and non-smokers.
- The company is known for excellent customer service that offers smooth pre-sales and post-sales services.
- Tax benefits are available under sections 80C and 10(10D) of the Income Tax Act,1961 for the premium paid and benefits received.
Term Plans offered by Kotak Life Insurance
1. Kotak Term Plan
It is a pure risk cover plan and a cost-effective way to provide comprehensive financial protection. In case of the sudden demise of the insured, the insurer pays the sum assured amount to the policy beneficiary, which helps the insured’s dependents lead a comfortable life. Under this plan, you get the flexibility to convert the Kotak term plan to another plan except for another term plan.
2. Kotak e-Term plan
It is a pure term insurance plan meant for safeguarding policyholder’s family with a financial shield in their absence. It offers coverage against accidental death to ensure peace of mind from high potential risks. The minimum sum assured by this plan is Rs 25 lakhs, and there is no maximum sum assured by the policy. Apart from that, the plan covers total and permanent disability to a policyholder.
3. Kotal Saral Jeevan Bima
This is a pure risk cover plan which provides long-term coverage for policyholders up to 70 years. It is a non-linked and non-participating plan that aims at offering more protection to a family. The policy pays sum assured death benefit to a nominee or beneficiary as a lump sum. The plan provides 125% of the single premium or absolute amount on death in case of accidental death. The plan offers regular, limited, and single payment options for policyholders enabling them to get maximum protection in the event of unexpected death.