Kotak Life e-Term Plan
Kotak Life e-Term Plan Summary
Kotak Life e-Term Plan is an Individual, Non-Linked, Non-Participating, Pure Protection Term Life Insurance Plan. It 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. This policy can be purchased without the intervention of any agent and hence has low and affordable premiums. It is truly an economical means of providing a high level of protection. This plan offers special premium rates to non-tobacco users and women.
| Plan Name | e-Term Plan |
|---|---|
| Product Type | Term Life Insurance |
| UIN | 107N104V02 |
Key Features
Insurance offers the benefit of high cover at economical prices
- Life Option
- Life Plus Option
- Life Secure Option
- Immediate Payout
- Level Recurring Payout
- Increasing Recurring Payout
- Enhance Your Cover at specific events of life through Step-Up option
- Special Rates for Non-Tobacco Users & Women
| Events | Maximum Increase in Basic Sum Assured |
|---|---|
| Marriage | 50% of Basic Sum Assured |
| Purchase of first house after commencement of the policy | 50% of Basic Sum Assured (subject to maximum of loan amount) |
| Birth or legal adoption of a child | 25% of Basic Sum Assured for each child |
| On the 1st, 3rd and 5th policy anniversary | 25% of Basic Sum Assured |
| Policy Term | Up to 15 years | Above 15 years |
|---|---|---|
| Option Fees (as % of Original Basic Premium) | 3% | 5% |
- A charge of 500 shall be applicable in case you choose to exercise Step-Down Option
- Step-Down Option can only be exercised if the:
- Step-Up Option has not been opted under the policy or
- Step-Up Option has been opted under the policy but the same has not been exercised.
Benefits
The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act.
Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act
Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act
Variants
| Entry age | Policy Term | |||
|---|---|---|---|---|
| 25 years | 30 years | 35 years | 40 years | |
| 30 years | ₹9,100 | ₹9,600 | ₹9,800 | ₹10,200 |
| 35 years | ₹11,800 | ₹12,700 | ₹13,400 | ₹14,000 |
| 40 years | ₹17,300 | ₹18,400 | ₹19,600 | NA |
| 45 years | ₹25,700 | ₹27,700 | NA | NA |
| Entry age | Policy Term | |||
|---|---|---|---|---|
| 25 years | 30 years | 35 years | 40 years | |
| 30 years | ₹7,600 | ₹8,100 | ₹8,200 | ₹8,600 |
| 35 years | ₹9,900 | ₹10,600 | ₹11,200 | ₹11,800 |
| 40 years | ₹14,400 | ₹15,400 | ₹16,400 | NA |
| 45 years | ₹21,600 | ₹23,100 | NA | NA |
| Entry age | Policy Term | |||
|---|---|---|---|---|
| 25 years | 30 years | 35 years | 40 years | |
| 30 years | ₹11,500 | ₹12,200 | ₹12,400 | ₹12,900 |
| 35 years | ₹15,000 | ₹16,200 | ₹17,000 | ₹17,900 |
| 40 years | ₹22,000 | ₹23,600 | ₹25,100 | NA |
| 45 years | ₹33,200 | ₹35,500 | NA | NA |
How it works
Step 1: Choose your Coverage Amount & Policy Term & Premium Payment Term based on your requirement
Step 2: Select any one of the 3 Plan Options:
-
- Life
-
- Life Plus
-
- Life Secure
Step 3: Select from 3 Payout Options:
-
- Immediate Payout
-
- Level Recurring Payout
-
- Increasing Recurring Payout
Step 4: Choose -
-
- Premium Paying Mode as per your requirement
-
- Step-Up option to increase coverage on future life stage events
Step 5 (Optional): Choose Additional Cover through 2 Riders:
-
- Permanent Disability Benefit Rider
-
- Critical Illness Plus Benefit Rider
Tax Benefit
You may select any one of the 3 Plan Options available under this plan at inception based on your requirements. Once the Plan Option is chosen, the same cannot be changed during the policy term.
| Option | Benefit |
|---|---|
| Life Option | Sum Assured on Death |
| Life Plus Option | Sum Assured on Death + Accidental Death Benefit |
| Life Secure Option | Sum Assured on Death + Waiver of Premium on Total and Permanent Disability |
What are the Death Benefits under different Plan Options?
| Event | Life Option |
|---|---|
| Natural Death | 100% of “Sum Assured on Death” shall be payable |
| Accidental Death | |
| Total & Permanent Disability | Not Applicable |
| Event | Life Plus Option |
|---|---|
| Natural Death | 100% of “Sum Assured on Death” shall be payable |
| Accidental Death | 100% of Sum Assured on death shall be payable + Accidental Death Benefit shall be payable subject to max of ₹1 crore |
| Total & Permanent Disability | Not Applicable |
| Event | Life Plus Option |
|---|---|
| Natural Death | 100% of “Sum Assured on Death” shall be payable |
| Accidental Death | |
| Total & Permanent Disability | Waiver of all future Premiums on TPD and the Policy continues till the end of Policy Term. |
What is Sum Assured on Death in Kotak Life e-Term Plan?
| Premium Payment Options | Highest of: |
|---|---|
| Regular & Limited Pay |
|
| Single-Premium |
|
Eligibility
| Minimum | Maximum | |
|---|---|---|
| Sum assured | ₹25,00,000 | No limit |
| Age at entry | 18 years | 65 Years* |
| Maturity age | 23 years | 75 years |
| Premium Payment Option | Regular, Limited, and Single Pay | |
| Premium Payment Modes | Single, Yearly, Half-Yearly, Quarterly and Monthly | |
1. Regular Pay -
| Premium Payment Term | Policy Term |
|---|---|
| Same as Policy Term | Min: 5 Years Max: 40 Years or 75 minus Age at Entry |
2. Limited Pay -
| Premium Payment Term | Policy Term |
|---|---|
| 5 Pay | Min: 10 Years Max: 40 Years or 75 minus Age at Entry |
| 7 Pay* | Min: 12 Years Max: 40 Years or 75 minus Age at Entry |
| 10 Pay | Min: 15 Years Max: 40 Years or 75 minus Age at Entry |
| 15 Pay* | Min: 20 Years Max: 40 Years or 75 minus Age at Entry |
| Pay till 60 Years (Min PPT of 10 Years) |
Min: 15 Years Max: 40 Years or 75 minus Age at Entry |
*7 and 15 Pay shall not be available for Online Channel
3. Single Pay -
| Premium Payment Term | Policy Term |
|---|---|
| One Time Payment | Min: 5 Years Max: 40 Years or 75 minus Age at Entry |
Exclusions
In case of death due to suicide within 12 months from Date of Commencement of Risk of the Policy or from date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to, 80% of the Total Premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.
FAQs
1. What is Free-look Period? If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned. To know more about the Free-Look Period
2. What is Grace Period?In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days.
3. What is the Revival Period?A lapsed or a Reduced Paid-Up policy can be reinstated (with or without Riders) for full benefits on revival within 5 years from the date of first unpaid premium.
4. Are any Riders available? - Kotak Permanent Disability Benefit Rider - UIN: 107B002V03
- Kotak Critical Illness Plus Benefit Rider - UIN: 107B020V01
