E-Term Plan is an online version of pure term plan from Kotak Life Insurance Company where the nominee gets the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would be paid to the policyholder if the life insured survives. Thus this policy can be purchased without any agent intervention and hence has low and affordable premiums.
Key Features of Kotak e-Term Plan
- It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit, which can be purchased online without any agent intervention.
- Option to move to other non-term plans of Kotak Life Insurance.
- Option to Step Up the life cover on any event without any medical underwriting with an additional premium.
- On Marriage- 50% of the Sum Assured can be increased.
- House Purchase- 50% of the Sum Assured can be increased.
- Birth or Legal Adoption of a child- 25% of the Sum Assured can be increased.
- On 1st, 3rd and 5th policy anniversary- 25% of the Sum Assured can be increased.
- This option can be exercised at one or more of the events listed above, provided your total revised Sum Assured is not more than 3 times your original Sum Assured.
- The policy can be Stepped Down also if further increase in sum assured is not required.
Benefits you get from Kotak e-Term Plan
Death Benefit – In case of death of the life insured, the nominee would receive the sum assured under this policy.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Kotak e-Term Plan
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Minimum
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Maximum
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|
Sum Assured (in Rs.)
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3,00,000
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24,99,999
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|
Policy Term (in years)
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5
|
30
|
|
Premium Payment Term (in years)
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Equal to policy term
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Equal to policy term
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Entry Age of Policyholder
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18
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65
|
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Age at Maturity
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-
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70
|
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Single premium (in Rs.)
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NA
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NA
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|
Payment modes
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Yearly, Half-yearly, Quarterly and Monthly
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Sample illustration of premium amount in Kotak e-Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 15 lakhs and Policy Term = 25 years
Additional Features and Benefits of Kotak e-Term Plan
Riders – There are no riders available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse and all benefits would stop. You can however revive the policy within 2 years of lapsation.
You want to surrender the policy – There are no surrender benefits in this plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate similar term plans from different insurance companies
ICICI Prudential iProtect Term Insurance Plan
Aegon Religare iTerm Plan
Met Protect from Met Life
Other term insurance plans from Kotak Life Insurance
Kotak Preferred Term Plan
Kotak Term Plan
Kotak e-Preferred Term Plan
Kotak Premium Return Plan
