Kotak e-Term Plan
Kotak e-Term Plan
Kotak Mahindra Life Insurance Company Ltd. is among the fastest-growing private insurance companies in India. The company was founded in the year 2001 and offers an array of affordable term insurance plans.
Kotak e-Term plan is an individual non-linked pure protection plan which financially secures policyholders’ family during uncertain times such in their absence. This term plan by Kotak Life Insurance has been carefully designed to provide optimum life cover to the insured and their family. In case of the policyholder’s sudden demise, the policy nominee receives the Death Benefit as per the option selected.
Kotak e-Term Plan Features
- Kotak e-Term Plan provides high life cover at affordable premiums.
- The policy comes with several benefits and features to offer complete protection against the unfortunate eventualities.
- The policy offers special premium rates for women and non-tobacco users.
- Kotak e-Term Plan gives the option to enhance the policy coverage against accidental death, total and permanent disability through additional riders.
- It increases or decreases the life cover based on the policyholder’s life stage.
- The policy comes with 3 plan options to choose from – Life, Life Plus and Life Secure option.
- This term plan also provides 3 payout options to choose from – Immediate payout, Level Recurring payout and Increasing Recurring payout.
- Kotak e-term plan offers tax benefits under section 80C for the premiums paid towards the policy and also under section 10(10D) of the Income Tax Act for the death benefit paid.
Kotak e-Term Plan Eligibility Criteria
|Minimum/ Maximum Age at Entry||18 years/ 65 years (except for limited pay -Pay till 6o years) and 50 years (for limited pay – Pay till 60 years)|
|Minimum/ Maximum Maturity age||23 years/ 75 years|
|Minimum Sum Assured||Rs 25 lakhs|
|Maximum Sum Assured||No limit, Subject to Underwriting. However Accidental Death Benefit payable under Life Plus Option shall be subject to a maximum
of Rs 1 Crore
|Premium Payment Option||Regular, Limited and Single pay|
|Premium Paying Term||Regular Pay: Equal to policy term
Limited Pay: 5/ 7/ 10/ 15 pay
Single pay: Single payment
|Premium Payment Mode||Yearly, Half-yearly, Quarterly and Monthly|
Kotak e-Term Plan Benefits
- The various rider benefits offered under Kotak e-term plan includes Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider which are available on payment of additional premiums.
- Kotak e-term plan offers multiple plan options to choose between – Life, Life Plus or Life Secure option. Life option offers 100% sum assured on death, Life Plus option offers 100% sum assured on death plus accidental death benefit subject to a maximum of Rs 1 crore, if the death happens due to an accident. Whereas under Life Secure option, all future premium gets waived off if the policyholder becomes totally permanently disabled. The death benefit continues to be in force for the remaining policy tenure and on death 100% of the sum assured is payable.
- Kotak e-Term plan provides 3 payout benefit options – Immediate payout, Level Recurring payout and Increasing Recurring payout. Under Immediate payout, 100% of the sum assured as a lump sum is payable on death of the life insured. In level recurring payout, 10% of sum assured on death is paid immediately and 6% of sum assured is payable as annual installments at the end of every year for 15 years. Under Increasing Recurring payout, 10% of the sum assured on death is payable immediately at the time of claim settlements and 6% of sum assured is payable at the end of first year from the date of death post which the payout gets increased by 10 % every year.
Kotak e-Term Plan Exclusions
Kotak e-term does not cover death due to
- Self-inflicting injury like attempt to suicide.
- Breach of law with criminal intent.
- Participation in any illegal or unlawful act
- Use of drugs, alcohol, solvent, etc.
Kotak e-Term Plan Review
Kotak e-term plan offers complete protection to the policyholder’s family during uncertain times. It is backed by various features and benefits and also comes with various rider benefit options to offer a wholesome life cover to the policyholder. The policy includes several flexible options such as premium payment options, different premiums payment terms and mode, life cover options and payout options.
What is the Claim Settlement Ratio of Kotak Life Insurance?
Kotak Life features an impressive claim settlement ratio of 96.38% for FY 2019-2020 as per the IRDA annual report.
Can an NRI buy an Exide Life term insurance plan?
Yes, NRIs having legal citizenship of India can purchase Kotak life term insurance plans.
Is it possible to buy a Kotak life term insurance plan online?
Yes, it is possible to purchase Kotak Life term insurance plans online. The online process is fast and hassle-free with no paperwork. In addition, the online buying process also allows policyholders to compare different term insurance plans to get the maximum amount of coverage at the reasonable rate.
What will happen if I am unable to make the payment of the premium for the Kotak term insurance plan?
If you are unable to make a premium payment for your term insurance plan, then you should try to make it within 30 days of the grace period. On doing the same, all the policy benefits will remain intact and in case if you fail to do so then you will lose the benefits.
Is it possible to surrender Kotak life term insurance plan?
Yes, it is possible to surrender the term insurance policy by Kotak Life Insurance, in case the policyholder does not find the policy satisfactory.
What is the minimum age to purchase a Kotak Life Term Insurance plan?
The minimum age to buy the Kotak Life Term insurance plan is 18 years.