Kotak Life Insurance Term Plan
Kotak Term Plan is a pure term plan from Kotak Life Insurance company where the nominee would get the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would be payable to the policyholder if the life insured survives. Hence there is no maturity or survival benefit in this case.
Key Features of Kotak Term Plan
§ It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
§ Women discount is available
§ 3 additional riders are available
§ Option to move to other non-term plans of Kotak Life Insurance
Benefits you get from Kotak Term Plan
Death Benefit – In case of death of the policy holder, 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 Term Plan
|
|
Minimum
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Maximum
|
|
Sum Assured (in Rs.)
|
3,00,000
|
24,99,999
|
|
Policy Term (in years)
|
5
|
30
|
|
Premium Payment Term (in years)
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Single
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Equal to policy term
|
|
Entry Age of Policyholder
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18
|
65
|
|
Age at Maturity
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-
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70
|
|
Single premium (in Rs.)
|
12,000
|
No Limit
|
|
Payment modes
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Single, Yearly, Half-yearly, Quarterly and Monthly
|
Sample illustration of premium amount in Kotak 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 Term Plan
Riders – There are 3 riders available in this policy
· Kotak Accidental Death Benefit (ADB): Lump sum benefit paid on accidental death.
· Kotak Permanent Disability Benefit (PDB): Installments paid on admission of a claim on becoming disabled.
· Kotak Critical Illness Benefit (CIB): Portion of basic Sum Assured paid in advance on admission of a claim on a critical illness.
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. You can however revive the policy within 2 years of lapsation.
You want to surrender the policy – Surrender Benefit option is available only to Single Premium policies according to the following formula:
Surrender Value = 75% x Premium Paid x (1 - 1 /Policy Term) x Outstanding Policy Term/Policy Term
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 Pure Protect Classic
LIC Amulya Jeevan
Bajaj Allianz New Risk Care II
Other term insurance plans from Kotak Life Insurance
Kotak Preferred Term Plan
Kotak e-Term Plan
Kotak e-Preferred Term Plan
